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Preneed Trust Investments (Tables) | 9 Months Ended
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Sep. 30, 2017
Preneed Trust Investments [Abstract] |
Components of preneed cemetery trust investments | The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2016 and September 30, 2017 were as follows (in thousands):
| December 31, 2016 |  | September 30, 2017
Preneed cemetery trust investments, at market value | $ | 71,834 |  |  | $ | 73,889 |
Less: allowance for contract cancellation | (2,138 | ) |  | (2,161 | )
Preneed cemetery trust investments, net | $ | 69,696 |  |  | $ | 71,728 |
Cost and fair market values associated with preneed cemetery trust investments | The cost and fair market values associated with preneed cemetery trust investments at September 30, 2017 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 4,698 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,698 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 4,834 |  |  | 275 |  |  | (168 | ) |  | 4,941 |
Corporate debt | 2 |  | 19,335 |  |  | 1,145 |  |  | (553 | ) |  | 19,927 |
Preferred stock | 2 |  | 16,329 |  |  | 383 |  |  | (524 | ) |  | 16,188 |
Mortgage-backed securities | 2 |  | 1,089 |  |  | 240 |  |  | (23 | ) |  | 1,306 |
Common stock | 1 |  | 24,574 |  |  | 3,376 |  |  | (3,119 | ) |  | 24,831 |
Mutual funds: |  |  |  |  |  |  |  |  |
Fixed Income | 2 |  | 1,200 |  |  | 81 |  |  | — |  |  | 1,281 |
Trust securities |  |  | $ | 72,059 |  |  | $ | 5,501 |  |  | $ | (4,387 | ) |  | $ | 73,173 |
Accrued investment income |  |  | $ | 716 |  |  |  |  |  |  | $ | 716 |
Preneed cemetery trust investments |  |  |  |  |  |  |  |  | $ | 73,889 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 101.5 | %
The cost and fair market values associated with preneed cemetery trust investments at December 31, 2016 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 10,852 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,852 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Municipal bonds | 2 |  | 496 |  |  | 18 |  |  | (4 | ) |  | 510 |
Foreign debt | 2 |  | 7,574 |  |  | 160 |  |  | (656 | ) |  | 7,078 |
Corporate debt | 2 |  | 20,621 |  |  | 1,569 |  |  | (1,123 | ) |  | 21,067 |
Preferred stock | 2 |  | 16,287 |  |  | 8 |  |  | (947 | ) |  | 15,348 |
Mortgage-backed securities | 2 |  | 949 |  |  | 372 |  |  | (4 | ) |  | 1,317 |
Common stock | 1 |  | 13,250 |  |  | 2,191 |  |  | (1,838 | ) |  | 13,603 |
Mutual funds: |  |  |  |  |  |  |  |  |
Fixed income |  |  | 1,223 |  |  | 107 |  |  | — |  |  | 1,330 |
Trust securities |  |  | $ | 71,252 |  |  | $ | 4,425 |  |  | $ | (4,572 | ) |  | $ | 71,105 |
Accrued investment income |  |  | $ | 729 |  |  |  |  |  |  | $ | 729 |
Preneed cemetery trust investments |  |  |  |  |  |  |  |  | $ | 71,834 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 99.8 | %
Estimated maturities of fixed preneed cemetery trust income securities | The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less | $ | 15 |
Due in one to five years | 2,718 |
Due in five to ten years | 5,751 |
Thereafter | 33,879 |
Total | $ | 42,363 |
Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments | Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of September 30, 2017 are shown in the following table (in thousands):
| September 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 | $ | 153 |  |  | $ | (2 | ) |  | $ | 1,657 |  |  | $ | (166 | ) |  | $ | 1,810 |  |  | $ | (168 | )
Corporate debt | 2,158 |  |  | (410 | ) |  | 624 |  |  | (143 | ) |  | 2,782 |  |  | (553 | )
Preferred stock | 273 |  |  | (2 | ) |  | 8,111 |  |  | (522 | ) |  | 8,384 |  |  | (524 | )
Mortgage-backed securities | 200 |  |  | (23 | ) |  | — |  |  | — |  |  | 200 |  |  | (23 | )
Common stock | 8,473 |  |  | (2,247 | ) |  | 1,936 |  |  | (872 | ) |  | 10,409 |  |  | (3,119 | )
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |
Fixed Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total temporary impaired securities | $ | 11,257 |  |  | $ | (2,684 | ) |  | $ | 12,328 |  |  | $ | (1,703 | ) |  | $ | 23,585 |  |  | $ | (4,387 | )
Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of 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 | $ | 228 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | — |  |  | $ | 228 |  |  | $ | (4 | )
Foreign debt | 2,523 |  |  | (180 | ) |  | 2,868 |  |  | (475 | ) |  | 5,391 |  |  | (655 | )
Corporate debt | 6,939 |  |  | (233 | ) |  | 2,168 |  |  | (890 | ) |  | 9,107 |  |  | (1,123 | )
Preferred stock | 3,217 |  |  | (121 | ) |  | 11,635 |  |  | (826 | ) |  | 14,852 |  |  | (947 | )
Mortgage-backed securities | 51 |  |  | (5 | ) |  | — |  |  | — |  |  | 51 |  |  | (5 | )
Common stock | 2,608 |  |  | (202 | ) |  | 3,385 |  |  | (1,636 | ) |  | 5,993 |  |  | (1,838 | )
Total temporary impaired securities | $ | 15,566 |  |  | $ | (745 | ) |  | $ | 20,056 |  |  | $ | (3,827 | ) |  | $ | 35,622 |  |  | $ | (4,572 | )
Preneed cemetery trust investment security transactions | Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2017 were as follows (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2016 |  | 2017 |  | 2016 |  | 2017
Investment income | $ | 578 |  |  | $ | 474 |  |  | $ | 1,546 |  |  | $ | 1,755 |
Realized gains | 126 |  |  | — |  |  | 415 |  |  | 2,215 |
Realized losses | (673 | ) |  | — |  |  | (4,081 | ) |  | (1,312 | )
Expenses and taxes | (139 | ) |  | (336 | ) |  | (832 | ) |  | (1,213 | )
Decrease (increase) in deferred preneed cemetery receipts held in trust | 108 |  |  | (138 | ) |  | 2,952 |  |  | (1,445 | )
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchases and sales of investments in preneed cemetary trusts | Purchases and sales of investments in the preneed cemetery trusts for the three and nine months ended September 30, 2016 and 2017 were as follows (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2016 |  | 2017 |  | 2016 |  | 2017
Purchases | $ | (1,434 | ) |  | $ | (915 | ) |  | $ | (19,540 | ) |  | $ | (19,355 | )
Sales | $ | 5,973 |  |  | $ | — |  |  | $ | 18,003 |  |  | $ | 13,189 |
Components of preneed funeral trust investments | The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2016 and September 30, 2017 were as follows (in thousands):
| December 31, 2016 |  | September 30, 2017
Preneed funeral trust investments, at market value | $ | 91,980 |  |  | $ | 92,151 |
Less: allowance for contract cancellation | (2,740 | ) |  | (2,707 | )
Preneed funeral trust investments, net | $ | 89,240 |  |  | $ | 89,444 |
Estimated maturities of fixed preneed funeral trust income securities | The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less | $ | 78 |
Due in one to five years | 4,320 |
Due in five to ten years | 6,208 |
Thereafter | 35,000 |
Total | $ | 45,606 |
Cost and fair market values associated with preneed funeral trust investments | The cost and fair market values associated with preneed funeral trust investments at September 30, 2017 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 15,636 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,636 |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S treasury debt | 1 |  | 1,490 |  |  | 13 |  |  | (4 | ) |  | 1,499 |
Foreign debt | 2 |  | 4,882 |  |  | 282 |  |  | (166 | ) |  | 4,998 |
Corporate debt | 2 |  | 20,244 |  |  | 1,165 |  |  | (571 | ) |  | 20,838 |
Preferred stock | 2 |  | 16,837 |  |  | 457 |  |  | (526 | ) |  | 16,768 |
Mortgage-backed securities | 2 |  | 1,273 |  |  | 255 |  |  | (25 | ) |  | 1,503 |
Common stock | 1 |  | 24,488 |  |  | 3,392 |  |  | (3,133 | ) |  | 24,747 |
Mutual funds: |  |  |  |  |  |  |  |  |
Fixed income | 2 |  | 1,998 |  |  | 87 |  |  | (38 | ) |  | 2,047 |
Other investments | 2 |  | 3,374 |  |  | — |  |  | — |  |  | 3,374 |
Trust securities |  |  | $ | 90,222 |  |  | $ | 5,651 |  |  | $ | (4,463 | ) |  | $ | 91,410 |
Accrued investment income |  |  | $ | 741 |  |  |  |  |  |  | $ | 741 |
Preneed funeral trust investments |  |  |  |  |  |  |  |  | $ | 92,151 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 101.3 | %
The cost and fair market values associated with preneed funeral trust investments at December 31, 2016 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 22,787 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,787 |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. treasury debt | 1 |  | 1,491 |  |  | 21 |  |  | (10 | ) |  | 1,502 |
Municipal bonds | 2 |  | 447 |  |  | 17 |  |  | (4 | ) |  | 460 |
Foreign debt | 2 |  | 7,692 |  |  | 170 |  |  | (677 | ) |  | 7,185 |
Corporate debt | 2 |  | 21,454 |  |  | 1,566 |  |  | (1,134 | ) |  | 21,886 |
Preferred stock | 2 |  | 17,037 |  |  | 64 |  |  | (970 | ) |  | 16,131 |
Mortgage-backed securities | 2 |  | 1,165 |  |  | 400 |  |  | (5 | ) |  | 1,560 |
Common stock | 1 |  | 13,675 |  |  | 2,256 |  |  | (1,850 | ) |  | 14,081 |
Mutual funds: |  |  |  |  |  |  |  |  |
Fixed income | 2 |  | 2,124 |  |  | 115 |  |  | (66 | ) |  | 2,173 |
Other investments | 2 |  | 3,463 |  |  | — |  |  | — |  |  | 3,463 |
Trust securities |  |  | $ | 91,335 |  |  | $ | 4,609 |  |  | $ | (4,716 | ) |  | $ | 91,228 |
Accrued investment income |  |  | $ | 752 |  |  |  |  |  |  | $ | 752 |
Preneed funeral trust investments |  |  |  |  |  |  |  |  | $ | 91,980 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 99.9 | %
Schedule of fair market value and unrealized loss on preneed funeral trust investments | Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of September 30, 2017 are shown in the following table (in thousands):
| September 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: |  |  |  |  |  |  |  |  |  |  |
U.S. treasury debt | $ | 837 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | — |  |  | $ | 837 |  |  | $ | (4 | )
Foreign debt | 170 |  |  | (4 | ) |  | 1,628 |  |  | (163 | ) |  | 1,798 |  |  | (167 | )
Corporate debt | 2,273 |  |  | (430 | ) |  | 609 |  |  | (141 | ) |  | 2,882 |  |  | (571 | )
Preferred stock | 191 |  |  | (6 | ) |  | 8,183 |  |  | (520 | ) |  | 8,374 |  |  | (526 | )
Mortgage-backed securities | 234 |  |  | (24 | ) |  | 9 |  |  | — |  |  | 243 |  |  | (24 | )
Common stock | 8,497 |  |  | (2,241 | ) |  | 1,934 |  |  | (892 | ) |  | 10,431 |  |  | (3,133 | )
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |
Fixed income | 79 |  |  | (1 | ) |  | 608 |  |  | (37 | ) |  | 687 |  |  | (38 | )
Total temporary impaired securities | $ | 12,281 |  |  | $ | (2,710 | ) |  | $ | 12,971 |  |  | $ | (1,753 | ) |  | $ | 25,252 |  |  | $ | (4,463 | )
Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of 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: |  |  |  |  |  |  |  |  |  |  |
U.S. treasury debt | $ | 834 |  |  | $ | (10 | ) |  | $ | — |  |  | $ | — |  |  | $ | 834 |  |  | $ | (10 | )
Municipal bonds | 244 |  |  | (5 | ) |  | — |  |  | — |  |  | 244 |  |  | (5 | )
Foreign debt | 2,654 |  |  | (186 | ) |  | 2,905 |  |  | (490 | ) |  | 5,559 |  |  | (676 | )
Corporate debt | 6,977 |  |  | (215 | ) |  | 2,234 |  |  | (919 | ) |  | 9,211 |  |  | (1,134 | )
Preferred stock | 3,420 |  |  | (128 | ) |  | 11,750 |  |  | (842 | ) |  | 15,170 |  |  | (970 | )
Mortgage-backed securities | 55 |  |  | (5 | ) |  | 11 |  |  | (1 | ) |  | 66 |  |  | (6 | )
Common stock | 2,795 |  |  | (216 | ) |  | 3,390 |  |  | (1,634 | ) |  | 6,185 |  |  | (1,850 | )
Mutual funds: |  |  |  |  |  |  |  |  |  |  |
Fixed income | 97 |  |  | (7 | ) |  | 644 |  |  | (58 | ) |  | 741 |  |  | (65 | )
Total temporary impaired securities | $ | 17,076 |  |  | $ | (772 | ) |  | $ | 20,934 |  |  | $ | (3,944 | ) |  | $ | 38,010 |  |  | $ | (4,716 | )
Preneed funeral trust investment security transactions | Preneed funeral trust investment security transactions recorded in Other, net on the Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2017 were as follows (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2016 |  | 2017 |  | 2016 |  | 2017
Investment income | $ | 596 |  |  | $ | 524 |  |  | $ | 1,639 |  |  | $ | 1,801 |
Realized gains | 131 |  |  | — |  |  | 525 |  |  | 2,296 |
Realized losses | (716 | ) |  | (2 | ) |  | (4,090 | ) |  | (1,314 | )
Expenses and taxes | (253 | ) |  | (390 | ) |  | (946 | ) |  | (1,106 | )
Decrease (increase) in deferred preneed funeral receipts held in trust | 242 |  |  | (132 | ) |  | 2,872 |  |  | (1,677 | )
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchases and sales of investments in preneed funeral trusts | Purchases and sales of investments in the preneed funeral trusts for the three and nine months ended September 30, 2016 and 2017 were as follows (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2016 |  | 2017 |  | 2016 |  | 2017
Purchases | $ | (1,486 | ) |  | $ | (966 | ) |  | $ | (19,917 | ) |  | $ | (19,548 | )
Sales | $ | 6,336 |  |  | $ | 23 |  |  | $ | 19,005 |  |  | $ | 13,266 |

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