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Cemetery Perpetual Care Trust Investments (Tables) | 6 Months Ended
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Jun. 30, 2017
Cemetery Perpetual Care Trust Investments [Abstract] |
Components of care trusts' corpus | The components of Care trusts’ corpus as of December 31, 2016 and June 30, 2017 were as follows (in thousands):
| December 31, 2016 |  | June 30, 2017
Trust assets, at market value | $ | 46,889 |  |  | $ | 47,539 |
Obligations due from trust | (599 | ) |  | (524 | )
Care trusts’ corpus | $ | 46,290 |  |  | $ | 47,015 |
Cost and fair market values associated with the trust investments held in perpetual care trust funds | The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at June 30, 2017 (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 3,106 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,106 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 3,546 |  |  | 164 |  |  | (176 | ) |  | 3,534 |
Corporate debt | 2 |  | 13,121 |  |  | 639 |  |  | (424 | ) |  | 13,336 |
Preferred stock | 2 |  | 11,396 |  |  | 126 |  |  | (348 | ) |  | 11,174 |
Mortgage-backed securities | 2 |  | 695 |  |  | 159 |  |  | (13 | ) |  | 841 |
Common stock | 1 |  | 14,609 |  |  | 1,450 |  |  | (1,883 | ) |  | 14,176 |
Mutual funds: |  |  |  |  |  |  |  |  |
Fixed Income | 2 |  | 904 |  |  | 52 |  |  | (1 | ) |  | 955 |
Trust securities |  |  | $ | 47,377 |  |  | $ | 2,590 |  |  | $ | (2,845 | ) |  | $ | 47,122 |
Accrued investment income |  |  | $ | 417 |  |  |  |  |  |  | $ | 417 |
Cemetery perpetual care investments |  |  |  |  |  |  |  |  | $ | 47,539 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 99.5 | %
Estimated maturities of fixed perpetual care trust income securities | The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less | $ | 9 |
Due in one to five years | 1,876 |
Due in five to ten years | 3,843 |
Thereafter | 23,157 |
| $ | 28,885 |
Cost and fair market values associated with trust investments held in perpetual care trust funds | The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2016 (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 6,522 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,522 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Municipal bonds | 2 |  | 365 |  |  | 13 |  |  | (3 | ) |  | 375 |
Foreign debt | 2 |  | 5,100 |  |  | 99 |  |  | (435 | ) |  | 4,764 |
Corporate debt | 2 |  | 13,715 |  |  | 966 |  |  | (821 | ) |  | 13,860 |
Preferred stock | 2 |  | 11,323 |  |  | 5 |  |  | (664 | ) |  | 10,664 |
Mortgage-backed securities | 2 |  | 569 |  |  | 223 |  |  | (3 | ) |  | 789 |
Common stock | 1 |  | 8,259 |  |  | 1,382 |  |  | (1,146 | ) |  | 8,495 |
Mutual funds: |  |  |  |  |  |  |  |  |
Fixed income | 2 |  | 855 |  |  | 76 |  |  | — |  |  | 931 |
Trust securities |  |  | $ | 46,708 |  |  | $ | 2,764 |  |  | $ | (3,072 | ) |  | $ | 46,400 |
Accrued investment income |  |  | $ | 489 |  |  |  |  |  |  | $ | 489 |
Cemetery perpetual care investments |  |  |  |  |  |  |  |  | $ | 46,889 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 99.3 | %
Schedule of fair market value and unrealized loss on perteptual care trust investments | Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended June 30, 2017 are shown in the following table (in thousands):
| June 30, 2017
| In Loss Position Less than 12 months |  | In Loss Position Greater than 12 months |  | Total
| Fair Market Value |  | Unrealized Losses |  | Fair Market Value |  | Unrealized Losses |  | Fair Market Value |  | Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Foreign debt | $ | 304 |  |  | $ | (19 | ) |  | $ | 1,090 |  |  | $ | (157 | ) |  | $ | 1,394 |  |  | $ | (176 | )
Corporate debt | 3,695 |  |  | (320 | ) |  | 350 |  |  | (104 | ) |  | 4,045 |  |  | (424 | )
Preferred stock | 244 |  |  | (1 | ) |  | 6,139 |  |  | (347 | ) |  | 6,383 |  |  | (348 | )
Mortgage-backed securities | 133 |  |  | (13 | ) |  | — |  |  | — |  |  | 133 |  |  | (13 | )
Common stock | 4,883 |  |  | (1,215 | ) |  | 1,723 |  |  | (668 | ) |  | 6,606 |  |  | (1,883 | )
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |
Fixed Income | 339 |  |  | (1 | ) |  | — |  |  | — |  |  | 339 |  |  | (1 | )
Total temporary impaired securities | $ | 9,598 |  |  | $ | (1,569 | ) |  | $ | 9,302 |  |  | $ | (1,276 | ) |  | $ | 18,900 |  |  | $ | (2,845 | )
Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended December 31, 2016 are shown in the following table (in thousands):
| December 31, 2016
| In Loss Position Less than 12 months |  | In Loss Position Greater than 12 months |  | Total
| Fair Market Value |  | Unrealized Losses |  | Fair Market Value |  | Unrealized Losses |  | Fair Market Value |  | Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Municipal bonds | $ | 137 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | 137 |  |  | $ | (3 | )
Foreign debt | 1,619 |  |  | (120 | ) |  | 1,961 |  |  | (315 | ) |  | 3,580 |  |  | (435 | )
Corporate debt | 4,679 |  |  | (152 | ) |  | 1,439 |  |  | (669 | ) |  | 6,118 |  |  | (821 | )
Preferred stock | 2,038 |  |  | (77 | ) |  | 8,329 |  |  | (587 | ) |  | 10,367 |  |  | (664 | )
Mortgage-backed securities | 31 |  |  | (3 | ) |  | — |  |  | — |  |  | 31 |  |  | (3 | )
Common stock | 1,563 |  |  | (121 | ) |  | 2,004 |  |  | (1,025 | ) |  | 3,567 |  |  | (1,146 | )
Total temporary impaired securities | $ | 10,067 |  |  | $ | (476 | ) |  | $ | 13,733 |  |  | $ | (2,596 | ) |  | $ | 23,800 |  |  | $ | (3,072 | )
Perpetual care trust investment security transactions recorded in interest income and other, net | Perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2017 were as follows (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2016 |  | 2017 |  | 2016 |  | 2017
Realized gains | $ | 65 |  |  | $ | 644 |  |  | $ | 112 |  |  | $ | 925 |
Realized losses | (433 | ) |  | (481 | ) |  | (1,682 | ) |  | (630 | )
Decrease (increase) in care trusts’ corpus | 368 |  |  | (163 | ) |  | 1,570 |  |  | (295 | )
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Perpetual care trust investment security transactions recorded in cemetery revenue | Perpetual care trust investment security transactions recorded in Revenues: Cemetery for the three and six months ended June 30, 2016 and 2017 were as follows (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2016 |  | 2017 |  | 2016 |  | 2017
Investment income | $ | 1,504 |  |  | $ | 1,586 |  |  | $ | 2,980 |  |  | $ | 3,292 |
Realized gain, net | (195 | ) |  | (108 | ) |  | (458 | ) |  | (608 | )
Total | $ | 1,309 |  |  | $ | 1,478 |  |  | $ | 2,522 |  |  | $ | 2,684 |
Purchases and sales of investments in perpetual care trusts | Purchases and sales of investments in the perpetual care trusts for the three and six months ended June 30, 2016 and 2017 were as follows (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2016 |  | 2017 |  | 2016 |  | 2017
Purchases | $ | (5,194 | ) |  | $ | (6,861 | ) |  | $ | (11,952 | ) |  | $ | (11,874 | )
Sales | $ | 3,122 |  |  | $ | 4,503 |  |  | $ | 7,870 |  |  | $ | 8,390 |

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