Cemetery Perpetual Care Trust Investments (Tables)

6 Months Ended

Jun. 30, 2019

Cemetery Perpetual Care Trust Investments [Abstract]

The components of Care trusts’ corpus as of December 31, 2018 and June 30, 2019 are as follows (in thousands):



	December 31, 2018			June 30, 2019
Trust assets, at market value	$	44,071		$	48,969
Obligations due from trust	(577		)	(527		)
Care trusts’ corpus	$	43,494		$	48,442

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, 2019 (in thousands, except percentages):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	5,113	$	—	$	—		$	5,113
Fixed income securities:
Foreign debt	2	4,239		81		(196		)	4,124
Corporate debt	2	9,807		499		(384		)	9,922
Preferred stock	2	10,162		432		(240		)	10,354
Mortgage-backed securities	2	379		6		(50		)	335
Common stock	1	17,760		1,169		(2,063		)	16,866
Mutual funds:
Fixed Income	2	1,855		60		(64		)	1,851
Trust securities		$	49,315	$	2,247	$	(2,997	)	$	48,565
Accrued investment income		$	404						$	404
Cemetery perpetual care investments									$	48,969
Market value as a percentage of cost									98.5		%

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	$	—
Due in one to five years	1,996
Due in five to ten years	6,497
Thereafter	16,242
Total	$	24,735

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, 2018 (in thousands, except percentages):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	11,144	$	—	$	—		$	11,144
Fixed income securities:
Foreign debt	2	2,872		27		(385		)	2,514
Corporate debt	2	9,956		227		(730		)	9,453
Preferred stock	2	8,141		37		(820		)	7,358
Mortgage-backed securities	2	417		101		(9		)	509
Common stock	1	15,562		542		(3,395		)	12,709
Trust securities		$	48,092	$	934	$	(5,339	)	$	43,687
Accrued investment income		$	384						$	384
Cemetery perpetual care investments									$	44,071
Market value as a percentage of cost									90.8		%

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, 2019 are shown in the following table (in thousands):



	June 30, 2019
	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	$	995	$	(29	)	$	811	$	(167	)	$	1,806	$	(196	)
Corporate debt	1,464		(80		)	3,273		(304		)	4,737		(384		)
Preferred stock	969		(16		)	4,816		(224		)	5,785		(240		)
Mortgage-backed securities	—		—			219		(50		)	219		(50		)
Common stock	7,671		(1,335		)	1,473		(728		)	9,144		(2,063		)
Mutual Funds:
Fixed Income	533		(64		)	—		—			533		(64		)
Total temporary impaired securities	$	11,632	$	(1,524	)	$	10,592	$	(1,473	)	$	22,224	$	(2,997	)

Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended December 31, 2018 are shown in the following table (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	$	1,619	$	(189	)	$	639	$	(196	)	$	2,258	$	(385	)
Corporate debt	7,006		(587		)	301		(143		)	7,307		(730		)
Preferred stock	3,586		(279		)	2,787		(541		)	6,373		(820		)
Mortgage-backed securities	—		—			32		(9		)	32		(9		)
Common stock	9,010		(2,557		)	733		(838		)	9,743		(3,395		)
Total temporary impaired securities	$	21,221	$	(3,612	)	$	4,492	$	(1,727	)	$	25,713	$	(5,339	)

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, 2018 and 2019 are as follows (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2019			2018			2019
Realized gains	$	22		$	670		$	304		$	1,024
Realized losses	(312		)	(270		)	(526		)	(441		)
Net change in care trusts’ corpus	290			(400		)	222			(583		)
Total	$	—		$	—		$	—		$	—

Perpetual care trust investment security transactions recorded in cemetery revenue

Perpetual care trust investment security transactions recorded in Other revenue for the three and six months ended June 30, 2018 and 2019 are as follows (in thousands):



	Three Months Ended June 30,					Six Months Ended June 30,
	2018			2019		2018			2019
Investment income	$	1,463		$	1,107	$	2,996		$	2,194
Realized gains (losses), net	(398		)	10		(715		)	(280		)
Total	$	1,065		$	1,117	$	2,281		$	1,914

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, 2018 and 2019 are as follows (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2019			2018			2019
Purchases	$	(4,742	)	$	(5,117	)	$	(6,670	)	$	(14,274	)
Sales	4,431			6,278			9,397			7,980