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Trust Investments (Tables)

12 Months Ended

Dec. 31, 2020

Preneed Trust Investments [Abstract]

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, 2020 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	1,859					$	—					$	—					$	1,859
Fixed income securities:
Foreign debt			2						15,953						2,083						(702)						17,334
Corporate debt			2						14,856						1,820						(358)						16,318
Preferred stock			2						11,886						980						(336)						12,530
Mortgage-backed securities			2						272						—						(159)						113
Common stock			1						30,253						7,642						(6,601)						31,294
Mutual funds:
Fixed Income			2						7,494						1,331						(185)						8,640
Trust securities									$	82,573					$	13,856					$	(8,341)					$	88,088
Accrued investment income									$	993																	$	993
Preneed cemetery trust investments																											$	89,081
Market value as a percentage of cost																											106.7%

The cost and market values associated with preneed cemetery trust investments at December 31, 2019 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	5,729					$	—					$	—					$	5,729
Fixed income securities:
Foreign debt			2						5,609						312						(243)						5,678
Corporate debt			2						16,916						1,044						(649)						17,311
Preferred stock			2						14,206						904						(164)						14,946
Mortgage-backed securities			2						517						—						(114)						403
Common stock			1						28,569						2,766						(3,017)						28,318
Mutual funds:
Fixed Income			2						1,463						72						(85)						1,450
Trust Securities									$	73,009					$	5,098					$	(4,272)					$	73,835
Accrued investment income									$	737																	$	737
Preneed cemetery trust investments																											$	74,572
Market value as a percentage of cost																											101.1%

Estimated maturities of fixed preneed cemetery trust income securities

The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands): 

Due in one year or less			$	—
Due in one to five years			11,727
Due in five to ten years			9,810
Thereafter			24,758
Total fixed income securities			$	46,295

Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments

			December 31, 2020
			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			$	2,517					$	(57)					$	371					$	(645)					$	2,888					$	(702)
Corporate debt			784						(99)						542						(259)						1,326						(358)
Preferred stock			709						(118)						4,049						(218)						4,758						(336)
Mortgage-backed securities			—						—						112						(159)						112						(159)
Total fixed income securities with an unrealized loss			$	4,010					$	(274)					$	5,074					$	(1,281)					$	9,084					$	(1,555)

The following table summarized our fixed income securities within our preneed cemetery trust investments in an unrealized loss position at December 31, 2019, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			December 31, 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			$	268					$	(42)					$	758					$	(201)					$	1,026					$	(243)
Corporate debt			1,368						(168)						4,520						(481)						5,888						(649)
Preferred stock			4,135						(164)						—						—						4,135						(164)
Mortgage-backed securities			—						—						402						(114)						402						(114)
Total fixed income securities with an unrealized loss			$	5,771					$	(374)					$	5,680					$	(796)					$	11,451					$	(1,170)

Preneed cemetery trust investment security transactions

Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):

			Years ended December 31,
			2018						2019						2020
Investment income			$	1,596					$	1,743					$	2,175
Realized gains			4,546						6,353						8,922
Realized losses			(5,817)						(4,677)						(5,090)
Unrealized gains (losses), net			(6,610)						826						5,515
Expenses and taxes			(907)						(1,313)						(1,354)
Net change in deferred preneed cemetery receipts held in trust			7,192						(2,932)						(10,168)
			$	—					$	—					$	—

Purchases and sales of investments in preneed cemetary trusts

Purchases and sales of investments in the preneed cemetery trusts are as follows (in thousands):

			Years ended December 31,
			2018						2019						2020
Purchases			$	(27,006)					$	(40,984)					$	(48,824)
Sales			39,180						29,635						41,178

Estimated maturities of fixed preneed funeral trust income securities

The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):

Due in one year or less			$	825
Due in one to five years			11,103
Due in five to ten years			8,615
Thereafter			23,115
Total fixed income securities			$	43,658

Cost and fair market values associated with preneed funeral trust investments

The cost and fair market values associated with preneed funeral trust investments at December 31, 2020 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	18,478					$	—					$	—					$	18,478
Fixed income securities:
U. S. treasury debt			1						819						6						—						825
Foreign debt			2						15,144						2,018						(634)						16,528
Corporate debt			2						13,292						1,638						(310)						14,620
Preferred stock			2						10,944						900						(298)						11,546
Mortgage-backed securities			2						293						1						(155)						139
Common stock			1						28,327						7,364						(6,052)						29,639
Mutual funds:
Fixed income			2						6,475						1,198						(121)						7,552
Other investments			2						3,928						—						—						3,928
Trust securities									$	97,700					$	13,125					$	(7,570)					$	103,255
Accrued investment income									$	911																	$	911
Preneed funeral trust investments																											$	104,166
Market value as a percentage of cost																											105.7%

The cost and market values associated with preneed funeral trust investments at December 31, 2019 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	24,160					$	—					$	—					$	24,160
Fixed income securities:
U.S. treasury debt			1						822						—						—						822
Foreign debt			2						5,587						309						(232)						5,664
Corporate debt			2						16,109						992						(646)						16,455
Preferred stock			2						14,094						874						(198)						14,770
Mortgage-backed securities			2						585						—						(117)						468
Common stock			1						27,652						2,773						(2,869)						27,556
Mutual funds:
Equity			1						772						617						(4)						1,385
Fixed income			2						4,364						107						(107)						4,364
Other investments			2						2,902						—						—						2,902
Trust securities									$	97,047					$	5,672					$	(4,173)					$	98,546
Accrued investment income									$	700																	$	700
Preneed funeral trust investments																											$	99,246
Market value as a percentage of cost																											101.5%

Schedule of fair market value and unrealized loss on preneed funeral trust investments

			December 31, 2020
			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			$	2,225					$	(55)					$	337					$	(579)					$	2,562					$	(634)
Corporate debt			763						(96)						528						(214)						1,291						(310)
Preferred stock			506						(87)						3,942						(211)						4,448						(298)
Mortgage-backed securities			—						—						111						(155)						111						(155)
Total fixed income securities with an unrealized loss			$	3,494					$	(238)					$	4,918					$	(1,159)					$	8,412					$	(1,397)

The following table summarized our fixed income securities within our preneed funeral trust investment in an unrealized loss position at December 31, 2019, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			December 31, 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			$	274					$	(43)					$	723					$	(189)					$	997					$	(232)
Corporate debt			1,403						(172)						4,433						(474)						5,836						(646)
Preferred stock			4,412						(198)						—						—						4,412						(198)
Mortgage-backed securities			—						—						439						(117)						439						(117)
Total fixed income securities with an unrealized loss			$	6,089					$	(413)					$	5,595					$	(780)					$	11,684					$	(1,193)

Purchases and sales of investments in preneed funeral trusts

Purchases and sales of investments in the preneed funeral trusts are as follows (in thousands):

			Years ended December 31,
			2018						2019						2020
Purchases			$	(28,264)					$	(38,984)					$	(47,315)
Sales			39,955						29,983						43,270

Cemetery Perpetual Care Trust Investments

Care trusts’ corpus on our Consolidated Balance Sheet represent the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus are as follows (in thousands): 

			December 31, 2019						December 31, 2020
Cemetery perpetual care trust investments, at market value			$	64,047					$	70,828
Obligations due from trust			(631)						(1,121)
Care trusts’ corpus			$	63,416					$	69,707

The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2020 (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	686					$	—					$	—					$	686
Fixed income securities:
Foreign debt			2						12,539						1,641						(582)						13,598
Corporate debt			2						11,684						1,506						(240)						12,950
Preferred stock			2						10,444						819						(355)						10,908
Mortgage-backed securities			2						206						—						(121)						85
Common stock			1						23,662						6,108						(5,255)						24,515
Mutual funds:
Fixed income			2						6,444						1,054						(220)						7,278
Trust securities									$	65,665					$	11,128					$	(6,773)					$	70,020
Accrued investment income									$	808																	$	808
Cemetery perpetual care investments																											$	70,828
Market value as a percentage of cost																											106.6%

The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):

Due in one year or less			$	—
Due in one to five years			8,819
Due in five to ten years			7,789
Thereafter			20,933
Total fixed income securities			$	37,541

The following table reflects the cost and market values associated with the trust investments held in perpetual care trust funds at December 31, 2019 (in thousands): 

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	4,624					$	—					$	—					$	4,624
Fixed income securities:
Foreign debt			2						4,200						238						(175)						4,263
Corporate debt			2						11,658						802						(534)						11,926
Preferred stock			2						10,782						666						(106)						11,342
Mortgage-backed securities			2						324						—						(71)						253
Common stock			1						21,594						3,399						(1,911)						23,082
Mutual funds:
Equity			1						233						146						(1)						378
Fixed income			2						7,156						618						(107)						7,667
Trust securities									$	60,571					$	5,869					$	(2,905)					$	63,535
Accrued investment income									$	512																	$	512
Cemetery perpetual care investments																											$	64,047
Market value as a percentage of cost																											104.9		%

The following table summarized our fixed income securities (excluding mutual funds) within our perpetual care trust investment in an unrealized loss position at December 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			December 31, 2020
			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			$	1,728					$	(43)					$	312					$	(539)					$	2,040					$	(582)
Corporate debt			592						(74)						410						(166)						1,002						(240)
Preferred stock			1,142						(191)						3,060						(164)						4,202						(355)
Mortgage-backed securities			—						—						85						(121)						85						(121)
Total fixed income securities with an unrealized loss			$	3,462					$	(308)					$	3,867					$	(990)					$	7,329					$	(1,298)

The following table summarized our fixed income securities within our perpetual care trust investment in an unrealized loss position at December 31, 2019, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			December 31, 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			$	168					$	(26)					$	549					$	(149)					$	717					$	(175)
Corporate debt			1,057						(196)						3,253						(338)						4,310						(534)
Preferred stock			2,989						(106)						—						—						2,989						(106)
Mortgage-backed securities			—						—						252						(71)						252						(71)
Total fixed income securities with an unrealized loss			$	4,214					$	(328)					$	4,054					$	(558)					$	8,268					$	(886)

Perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):

			Years ended December 31,
			2018						2019						2020
Realized gains			$	1,364					$	1,663					$	2,602
Realized losses			(1,896)						(1,258)						(1,695)
Unrealized gains (losses), net			(4,405)						2,964						4,355
Net change in Care trusts’ corpus			4,937						(3,369)						(5,262)
Total			$	—					$	—					$	—

Perpetual care trust investment security transactions recorded in Other revenue are as follows (in thousands):

			Years ended December 31,
			2018						2019						2020
Investment income			$	5,934					$	4,500					$	8,461
Realized losses			(1,355)						(377)						(387)
Total			$	4,579					$	4,123					$	8,074

Purchases and sales of investments in the perpetual care trusts are as follows (in thousands):

			Years ended December 31,
			2018						2019						2020
Purchases			$	(17,313)					$	(26,573)					$	(38,168)
Sales			25,786						17,588						34,316

Preneed funereal trust investment security transactions

Preneed funeral trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):

			Years ended December 31,
			2018						2019						2020
Investment income			$	1,623					$	1,753					$	1,907
Realized gains			6,662						6,214						9,441
Realized losses			(5,882)						(4,612)						(4,677)
Unrealized gains (losses), net			(6,727)						1,499						5,555
Expenses and taxes			(885)						(1,129)						(878)
Net change in deferred preneed funeral receipts held in trust			5,209						(3,725)						(11,348)
			$	—					$	—					$	—

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PRENEED TRUST INVESTMENTS

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