Preneed Trust Investments (Tables)

12 Months Ended

Dec. 31, 2018

Debt Securities, Available-for-sale [Line Items]

Components of Preneed Cemetery Trust Investments

The components of Preneed cemetery trust investments on our Consolidated Balance Sheet at December 31, 2017 and 2018 were as follows (in thousands):



	December 31, 2017			December 31, 2018
Preneed cemetery trust investments, at market value	$	75,992		$	64,549
Less: allowance for contract cancellation	(2,139		)	(2,117		)
Preneed cemetery trust investments, net	$	73,853		$	62,432

Cost and fair market values associated with preneed cemetery trust investments

The cost and fair market values associated with preneed cemetery trust investments at December 31, 2018 are detailed below (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	16,194	$	—	$	—		$	16,194
Fixed income securities:
Foreign debt	2	3,802		43		(511		)	3,334
Corporate debt	2	13,987		362		(1,026		)	13,323
Preferred stock	2	11,068		54		(1,146		)	9,976
Mortgage-backed securities	2	666		161		(14		)	813
Common stock	1	24,867		903		(5,436		)	20,334
Trust securities		$	70,584	$	1,523	$	(8,133	)	$	63,974
Accrued investment income		$	575						$	575
Preneed cemetery trust investments									$	64,549
Market value as a percentage of cost									90.6		%

The cost and market values associated with preneed cemetery trust investments at December 31, 2017 are detailed below (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	3,132	$	—	$	—		$	3,132
Fixed income securities:
Municipal bonds	2	—		—		—			—
Foreign debt	2	4,834		292		(193		)	4,933
Corporate debt	2	18,238		1,184		(273		)	19,149
Preferred stock	2	16,421		510		(588		)	16,343
Mortgage-backed securities	2	1,018		249		(24		)	1,243
Common stock	1	26,465		5,250		(2,460		)	29,255
Mutual funds:
Fixed Income	2	1,198		50		(11		)	1,237
Trust Securities		$	71,306	$	7,535	$	(3,549	)	$	75,292
Accrued investment income		$	700						$	700
Preneed cemetery trust investments									$	75,992
Market value as a percentage of cost									105.6		%

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	$	—
Due in one to five years	2,116
Due in five to ten years	3,847
Thereafter	21,483
Total fixed income securities	$	27,446

Preneed cemetery trust investment security transactions

Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the years ended December 31, 2016, 2017 and 2018 were as follows (in thousands):



	Year ended December 31,
	2016			2017			2018
Investment income	$	2,250		$	2,250		$	1,596
Realized gains	2,141			2,218			4,546
Realized losses	(6,559		)	(2,384		)	(5,817		)
Expenses and taxes	(1,266		)	(1,308		)	(907		)
Net change in deferred preneed cemetery receipts held in trust	3,434			(776		)	582
	$	—		$	—		$	—

Purchases and sales of investments in preneed cemetary trusts

Purchases and sales of investments in the preneed cemetery trusts for the years ended December 31, 2016, 2017 and 2018 were as follows (in thousands):



	Year ended December 31,
	2016			2017			2018
Purchases	$	(25,643	)	$	(21,966	)	$	(27,006	)
Sales	25,846			14,002			39,180

Components of preneed funeral trust investments

The components of Preneed funeral trust investments on our Consolidated Balance Sheet at December 31, 2017 and 2018 were as follows (in thousands):



	December 31, 2017			December 31, 2018
Preneed funeral trust investments, at market value	$	93,341		$	84,803
Less: allowance for contract cancellation	(2,659		)	(2,729		)
Preneed funeral trust investments, net	$	90,682		$	82,074

Cost and fair market values associated with preneed funeral trust investments

The cost and market values associated with preneed funeral trust investments at December 31, 2017 are detailed below (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	14,349	$	—	$	—		$	14,349
Fixed income securities:
U.S. treasury debt	1	1,490		10		(15		)	1,485
Municipal bonds	2	—		—		—			—
Foreign debt	2	4,870		298		(189		)	4,979
Corporate debt	2	18,963		1,197		(278		)	19,882
Preferred stock	2	16,335		501		(585		)	16,251
Mortgage-backed securities	2	1,187		263		(27		)	1,423
Common stock	1	26,129		5,253		(2,468		)	28,914
Mutual funds:
Fixed income	2	1,974		52		(48		)	1,978
Other investments	2	3,341		—		—			3,341
Trust securities		$	88,638	$	7,574	$	(3,610	)	$	92,602
Accrued investment income		$	739						$	739
Preneed funeral trust investments									$	93,341
Market value as a percentage of cost									104.5		%

The cost and fair market values associated with preneed funeral trust investments at December 31, 2018 are detailed below (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	31,375	$	—	$	—		$	31,375
Fixed income securities:
U.S. treasury debt	1	1,319		3		(19		)	1,303
Foreign debt	2	3,748		44		(503		)	3,289
Corporate debt	2	14,195		294		(1,025		)	13,464
Preferred stock	2	11,500		54		(1,194		)	10,360
Mortgage-backed securities	2	772		168		(18		)	922
Common stock	1	24,803		887		(5,389		)	20,301
Mutual funds:
Fixed income	2	275		—		(29		)	246
Other investments	2	3,006		—		—			3,006
Trust securities		$	90,993	$	1,450	$	(8,177	)	$	84,266
Accrued investment income		$	537						$	537
Preneed funeral trust investments									$	84,803
Market value as a percentage of cost									92.6		%

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	$	495
Due in one to five years	3,054
Due in five to ten years	3,816
Thereafter	21,973
Total fixed income securities	$	29,338

Preneed funereal trust investment security transactions

Preneed funeral trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the years ended December 31, 2016, 2017 and 2018 were as follows (in thousands):



	Year ended December 31,
	2016			2017			2018
Investment income	$	2,344		$	2,420		$	1,623
Realized gains	2,287			2,386			6,662
Realized losses	(6,642		)	(2,396		)	(5,882		)
Expenses and taxes	(1,174		)	(1,290		)	(885		)
Net change in deferred preneed funeral receipts held in trust	3,185			(1,120		)	(1,518		)
	$	—		$	—		$	—

Purchases and sales of investments in preneed funeral trusts

Purchases and sales of investments in the preneed funeral trusts for the years ended December 31, 2016, 2017 and 2018 were as follows (in thousands):



	Year ended December 31,
	2016			2017			2018
Purchases	$	(26,457	)	$	(21,954	)	$	(28,264	)
Sales	27,425			14,463			39,955

Preneed Cemetery Trust Investments

Debt Securities, Available-for-sale [Line Items]

Schedule of unrealized loss position, fair value

Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2018 are shown in the following tables (in thousands):



	December 31, 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	$	2,140	$	(245	)	$	895	$	(266	)	$	3,035	$	(511	)
Corporate debt	9,918		(813		)	443		(213		)	10,361		(1,026		)
Preferred stock	5,253		(399		)	3,767		(747		)	9,020		(1,146		)
Mortgage-backed securities	—		—			51		(14		)	51		(14		)
Common stock	14,191		(4,012		)	1,190		(1,424		)	15,381		(5,436		)
Total temporary impaired securities	$	31,502	$	(5,469	)	$	6,346	$	(2,664	)	$	37,848	$	(8,133	)

Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2017 are shown in the following tables (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	$	151	$	(6	)	$	1,637	$	(187	)	$	1,788	$	(193	)
Corporate debt	3,735		(72		)	846		(201		)	4,581		(273		)
Preferred stock	48		—			8,109		(588		)	8,157		(588		)
Mortgage-backed securities	127		(15		)	27		(9		)	154		(24		)
Common stock	8,249		(1,512		)	1,742		(948		)	9,991		(2,460		)
Mutual funds:
Fixed Income	496		(11		)	—		—			496		(11		)
Total temporary impaired securities	$	12,806	$	(1,616	)	$	12,361	$	(1,933	)	$	25,167	$	(3,549	)

Preneed Funeral Trust Investments

Debt Securities, Available-for-sale [Line Items]

Schedule of unrealized loss position, fair value



	December 31, 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:
U.S. treasury debt	$	—	$	—		$	1,181	$	(19	)	$	1,181	$	(19	)
Foreign debt	2,180		(251		)	850		(252		)	3,030		(503		)
Corporate debt	9,990		(814		)	434		(211		)	10,424		(1,025		)
Preferred stock	5,967		(460		)	3,673		(734		)	9,640		(1,194		)
Mortgage-backed securities	11		—			120		(18		)	131		(18		)
Common Stock	14,327		(4,035		)	1,155		(1,354		)	15,482		(5,389		)
Mutual funds:
Fixed income	—		—			246		(29		)	246		(29		)
Total temporary impaired securities	$	32,475	$	(5,560	)	$	7,659	$	(2,617	)	$	40,134	$	(8,177	)

Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2017 are shown the the following tables (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:
U.S. treasury debt	$	1,325	$	(15	)	$	—	$	—		$	1,325	$	(15	)
Foreign debt	159		(6		)	1,608		(183		)	1,767		(189		)
Corporate debt	3,770		(74		)	842		(203		)	4,612		(277		)
Preferred stock	50		—			8,184		(585		)	8,234		(585		)
Mortgage-backed securities	221		(17		)	36		(10		)	257		(27		)
Common Stock	8,001		(1,496		)	1,728		(972		)	9,729		(2,468		)
Mutual funds:
Fixed income	549		(12		)	615		(37		)	1,164		(49		)
Total temporary impaired securities	$	14,075	$	(1,620	)	$	13,013	$	(1,990	)	$	27,088	$	(3,610	)