Cemetery Perpetual Care Trust Investments (Tables)

6 Months Ended

Jun. 30, 2018

Cemetery Perpetual Care Trust Investments [Abstract]

The components of Care trusts’ corpus as of December 31, 2017 and June 30, 2018 were as follows (in thousands):



	December 31, 2017			June 30, 2018
Trust assets, at market value	$	50,229		$	48,600
Obligations due from trust	(373		)	(446		)
Care trusts’ corpus	$	49,856		$	48,154

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, 2018 (in thousands, except percentages):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	4,936	$	—	$	—		$	4,936
Fixed income securities:
Foreign debt	2	3,395		83		(183		)	3,295
Corporate debt	2	12,403		363		(564		)	12,202
Preferred stock	2	8,392		51		(393		)	8,050
Mortgage-backed securities	2	575		203		(9		)	769
Common stock	1	17,384		2,835		(2,152		)	18,067
Mutual funds:
Fixed Income	2	926		17		(49		)	894
Trust securities		$	48,011	$	3,552	$	(3,350	)	$	48,213
Accrued investment income		$	387						$	387
Cemetery perpetual care investments									$	48,600
Market value as a percentage of cost									100.4		%

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	$	11
Due in one to five years	2,460
Due in five to ten years	2,995
Thereafter	18,850
	$	24,316

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, 2017 (in thousands, except percentages):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	1,906	$	—	$	—		$	1,906
Fixed income securities:
Foreign debt	2	3,580		227		(134		)	3,673
Corporate debt	2	12,557		805		(187		)	13,175
Preferred stock	2	11,545		364		(411		)	11,498
Mortgage-backed securities	2	621		152		(15		)	758
Common stock	1	16,326		3,116		(1,595		)	17,847
Mutual funds:
Fixed income	2	913		42		(10		)	945
Trust securities		$	47,448	$	4,706	$	(2,352	)	$	49,802
Accrued investment income		$	427						$	427
Cemetery perpetual care investments									$	50,229
Market value as a percentage of cost									105.0		%

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, 2018 are shown in the following table (in thousands):



	June 30, 2018
	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	$	1,426	$	(78	)	$	722	$	(105	)	$	2,148	$	(183	)
Corporate debt	6,204		(417		)	709		(147		)	6,913		(564		)
Preferred stock	3,662		(103		)	3,438		(290		)	7,100		(393		)
Mortgage-backed securities	—		—			42		(9		)	42		(9		)
Common stock	5,987		(901		)	1,939		(1,251		)	7,926		(2,152		)
Mutual Funds:
Fixed Income	633		(49		)	—		—			633		(49		)
Total temporary impaired securities	$	17,912	$	(1,548	)	$	6,850	$	(1,802	)	$	24,762	$	(3,350	)

Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended December 31, 2017 are shown in the following table (in thousands):



	December 31, 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	$	92	$	(3	)	$	1,128	$	(131	)	$	1,220	$	(134	)
Corporate debt	2,621		(59		)	555		(128		)	3,176		(187		)
Preferred stock	29		—			5,492		(411		)	5,521		(411		)
Mortgage-backed securities	76		(10		)	16		(5		)	92		(15		)
Common stock	5,119		(991		)	1,108		(604		)	6,227		(1,595		)
Mutual funds:
Fixed income	433		(10		)	—		—			433		(10		)
Total temporary impaired securities	$	8,370	$	(1,073	)	$	8,299	$	(1,279	)	$	16,669	$	(2,352	)

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, 2017 and 2018 were as follows (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2018			2017			2018
Realized gains	$	644		$	22		$	925		$	304
Realized losses	(481		)	(312		)	(630		)	(526		)
Net change in care trusts’ corpus	(163		)	290			(295		)	222
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, 2017 and 2018 were as follows (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2018			2017			2018
Investment income	$	1,586		$	1,463		$	3,292		$	2,996
Realized gain, net	(108		)	(398		)	(608		)	(715		)
Total	$	1,478		$	1,065		$	2,684		$	2,281

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, 2017 and 2018 were as follows (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2018			2017			2018
Purchases	$	(6,861	)	$	(4,742	)	$	(11,874	)	$	(6,670	)
Sales	4,503			4,431			8,390			9,397