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Receivables | 9 Months Ended
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Sep. 30, 2020
Preneed Cemetery Receivables [Abstract] |
Receivables | RECEIVABLES Accounts Receivable Accounts receivable is comprised of the following at December 31, 2019 and September 30, 2020 (in thousands):
| December 31, 2019
| Funeral |  | Cemetery |  | Corporate |  | Total
Trade and financed receivables | $ | 10,046 |  |  | $ | 10,508 |  |  | $ | — |  |  | $ | 20,554 |
Other receivables | 935 |  |  | 157 |  |  | 681 |  |  | 1,773 |
Allowance for bad debt and contract cancellation | (223) |  |  | (626) |  |  | — |  |  | (849) |
Accounts receivable, net | $ | 10,758 |  |  | $ | 10,039 |  |  | $ | 681 |  |  | $ | 21,478 |
| September 30, 2020
| Funeral |  | Cemetery |  | Corporate |  | Total
Trade and financed receivables | $ | 9,364 |  |  | $ | 11,726 |  |  | $ | — |  |  | $ | 21,090 |
Other receivables | 351 |  |  | 1,886 |  |  | 180 |  |  | 2,417 |
Allowance for credit losses | (269) |  |  | (961) |  |  | — |  |  | (1,230) |
Accounts receivable, net | $ | 9,446 |  |  | $ | 12,651 |  |  | $ | 180 |  |  | $ | 22,277 |
During the nine months ended September 30, 2020, we increased our allowance for credit losses on our Accounts Receivables by $0.1 million as a result of the economic impact of COVID-19. Other receivables include supplier rebates, commissions due from third party insurance companies and perpetual care income receivables. We do not provide an allowance for credit losses for these receivables as we have historically not had any collectability issues nor do we expect any in the foreseeable future. The following table summarizes the activity in our allowance for credit losses by portfolio segment for nine months ended September 30, 2020 (in thousands):
| January 1, 2020 |  | Provision for Credit Losses |  | Allowance Recorded at Acquisition |  | Write Offs |  | Recoveries |  | September 30, 2020
Trade and financed receivables: |  |  |  |  |  |  |  |  |  |  |
Funeral | $ | (223) |  |  | $ | (880) |  |  | $ | — |  |  | $ | 1,611 |  |  | $ | (777) |  |  | $ | (269) |
Cemetery | (626) |  |  | (386) |  |  | (287) |  |  | 338 |  |  | — |  |  | (961) |
Total allowance for credit losses on Trade and financed receivables | $ | (849) |  |  | $ | (1,266) |  |  | $ | (287) |  |  | $ | 1,949 |  |  | $ | (777) |  |  | $ | (1,230) |
As noted in Note 3, we acquired preneed cemetery receivables in connection with the funeral home and cemetery combination business in Lafayette, California acquired on January 3, 2020. We recorded an allowance for credit losses of $0.6 million on these acquired receivables ($0.3 million current portion shown above in Accounts Receivable, net and $0.3 million non-current portion shown below in Preneed Cemetery Receivables, net as noted in the respective allowance rollforward tables under Allowance Recorded at Acquisition). We accounted for the allowance for credit losses on these purchased financed assets using specific identification as these assets have a unique set of risk characteristics. For these specifically identified receivables, we determined the allowance to be 100% of the face value. Bad debt expense for accounts receivable totaled $0.3 million and $0.8 million for the three and nine months ended September 30, 2019. Preneed Cemetery Receivables Our preneed cemetery receivables are comprised of the following at December 31, 2019 and September 30, 2020 (in thousands):
| December 31, 2019 |  | September 30, 2020
Cemetery interment rights | $ | 31,366 |  |  | $ | 35,084 |
Cemetery merchandise and services | 9,950 |  |  | 10,255 |
Preneed cemetery receivables | $ | 41,316 |  |  | $ | 45,339 |
The components of our preneed cemetery receivables at December 31, 2019 and September 30, 2020 are as follows (in thousands):
| December 31, 2019 |  | September 30, 2020
Preneed cemetery receivables | $ | 41,316 |  |  | $ | 45,339 |
Less: unearned finance charges | (4,522) |  |  | (4,166) |
Preneed cemetery receivables, at amortized cost | $ | 36,794 |  |  | $ | 41,173 |
Less: allowance for contract cancellation and credit losses | (1,916) |  |  | (2,925) |
Less: balances due on undelivered cemetery preneed contracts | (4,823) |  |  | (7,159) |
Less: amounts in accounts receivable | (9,882) |  |  | (10,765) |
Preneed cemetery receivables, net | $ | 20,173 |  |  | $ | 20,324 |
The following table summarizes the activity in our allowance for credit losses for Preneed cemetery receivables, net for the nine months ended September 30, 2020 (in thousands):
| January 1, 2020 |  | Provision for Credit Losses |  | Allowance Recorded at Acquisition |  | Write Offs |  | September 30, 2020
Total allowance for credit losses on Preneed cemetery receivables, net | $ | (1,290) |  |  | $ | (571) |  |  | $ | (318) |  |  | $ | 215 |  |  | $ | (1,964) |
During the nine months ended September 30, 2020, we increased our allowance for credit losses on our Preneed cemetery receivables, net by $0.4 million as a result of the economic impact of COVID-19. Bad debt expense for our preneed cemetery receivables totaled $0.2 million and $0.4 million for the three and nine months ended September 30, 2019. The amortized cost basis of our preneed cemetery receivables by year of origination as of September 30, 2020 is as follows (in thousands):
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Total
Total preneed cemetery receivables, at amortized cost | $ | 14,933 |  |  | $ | 11,853 |  |  | $ | 6,576 |  |  | $ | 3,953 |  |  | $ | 1,894 |  |  | $ | 1,964 |  |  | $ | 41,173 |
The aging of past due preneed cemetery receivables as of September 30, 2020 is as follows (in thousands):
| 31-60 Past Due |  | 61-90 Past Due |  | 91-120 Past Due |  | >120 Past Due |  | Total Past Due |  | Current |  | Total
Recognized revenue | $ | 599 |  |  | $ | 281 |  |  | $ | 193 |  |  | $ | 2,090 |  |  | $ | 3,163 |  |  | $ | 31,191 |  |  | $ | 34,354 |
Deferred revenue | 312 |  |  | 105 |  |  | 49 |  |  | 167 |  |  | 633 |  |  | 10,352 |  |  | 10,985 |
Total contracts | $ | 911 |  |  | $ | 386 |  |  | $ | 242 |  |  | $ | 2,257 |  |  | $ | 3,796 |  |  | $ | 41,543 |  |  | $ | 45,339 |

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- Definition This note represents disclosures relating to preneed cemetary receivables. + References No definition available. + Details
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Data Type: | nonnum:textBlockItemType
Balance Type: | na
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