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Trust Investments (Tables)

3 Months Ended

Mar. 31, 2021

Preneed Trust Investments [Abstract]

Components of preneed cemetery trust investments

The components of Preneed cemetery trust investments on our Consolidated Balance Sheet are as follows (in thousands):

			December 31, 2020						March 31, 2021
Preneed cemetery trust investments, at market value			$	89,081					$	94,882
Less: allowance for contract cancellation			(2,477)						(2,519)
Preneed cemetery trust investments			$	86,604					$	92,363

Cost and fair market values associated with preneed cemetery trust investments

The cost and market values associated with preneed cemetery trust investments at March 31, 2021 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	1,464					$	—					$	—					$	1,464
Fixed income securities:
Foreign debt			2						15,996						2,244						(620)						17,620
Corporate debt			2						14,509						1,849						(91)						16,267
Preferred stock			2						11,922						689						(360)						12,251
Mortgage-backed securities			2						—						—						—						—
Common stock			1						31,925						7,912						(3,508)						36,329
Mutual funds:
Equity			1						27						1						—						28
Fixed Income			2						8,110						1,729						(137)						9,702
Trust securities									$	83,953					$	14,424					$	(4,716)					$	93,661
Accrued investment income									$	1,221																	$	1,221
Preneed cemetery trust investments																											$	94,882
Market value as a percentage of cost																											111.6		%

The cost and 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		%

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			13,602
Due in five to ten years			8,505
Thereafter			24,031
Total fixed income securities			$	46,138

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

The following table summarized our fixed income securities (excluding mutual funds) within our preneed cemetery trust investments in an unrealized loss position at March 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2021
			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			$	2,590					$	(114)					$	509					$	(506)					$	3,099					$	(620)
Corporate debt			735						(9)						682						(82)						1,417						(91)
Preferred stock			3,912						(324)						837						(36)						4,749						(360)
Total fixed income securities with an unrealized loss			$	7,237					$	(447)					$	2,028					$	(624)					$	9,265					$	(1,071)

The following table summarized our fixed income securities (excluding mutual funds) within our preneed cemetery trust investments 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			$	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)

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):

			Three months ended March 31,
			2020						2021
Investment income			$	319					$	467
Realized gains			1,916						4,092
Realized losses			(1,372)						(2,518)
Unrealized gains (losses), net			(16,305)						9,708
Expenses and taxes			(187)						(327)
Net change in deferred preneed cemetery receipts held in trust			15,629						(11,422)
			$	—					$	—

Purchases and sales of investments in preneed cemetary trusts

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

			Three months ended March 31,
			2020						2021
Purchases			$	(18,857)					$	(8,411)
Sales			13,231						8,049

Components of preneed funeral trust investments

The components of Preneed funeral trust investments on our Consolidated Balance Sheet are as follows (in thousands):

			December 31, 2020						March 31, 2021
Preneed funeral trust investments, at market value			$	104,166					$	108,131
Less: allowance for contract cancellation			(2,931)						(2,930)
Preneed funeral trust investments			$	101,235					$	105,201

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			$	821
Due in one to five years			12,143
Due in five to ten years			7,855
Thereafter			22,043
Total fixed income securities			$	42,862

Cost and fair market values associated with preneed funeral trust investments

The cost and market values associated with preneed funeral trust investments at March 31, 2021 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	18,119					$	—					$	—					$	18,119
Fixed income securities:
U.S treasury debt			1						816						5						—						821
Foreign debt			2						14,959						2,142						(551)						16,550
Corporate debt			2						12,826						1,639						(87)						14,378
Preferred stock			2						10,816						637						(340)						11,113
Common stock			1						29,618						7,546						(3,120)						34,044
Mutual funds:
Equity			1						26						1						—						27
Fixed income			2						6,600						1,534						(87)						8,047
Other investments			2						3,901						—						—						3,901
Trust securities									$	97,681					$	13,504					$	(4,185)					$	107,000
Accrued investment income									$	1,131																	$	1,131
Preneed funeral trust investments																											$	108,131
Market value as a percentage of cost																											109.5		%

The cost and 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		%

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

The following table summarized our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at March 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2021
			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			$	2,270					$	(100)					$	456					$	(451)					$	2,726					$	(551)
Corporate debt			705						(9)						654						(78)						1,359						(87)
Preferred stock			3,750						(311)						599						(29)						4,349						(340)
Total fixed income securities with an unrealized loss			$	6,725					$	(420)					$	1,709					$	(558)					$	8,434					$	(978)

The following table summarized our fixed income securities (excluding mutual funds) within our preneed funeral 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			$	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)

Preneed funeral trust investment security transactions

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

			Three months ended March 31,
			2020						2021
Investment income			$	258					$	369
Realized gains			2,551						3,871
Realized losses			(1,129)						(2,368)
Unrealized gains (losses), net			(15,274)						9,319
Expenses and taxes			(97)						(196)
Net change in deferred preneed funeral receipts held in trust			13,691						(10,995)
			$	—					$	—

Purchases and sales of investments in preneed funeral trusts

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

			Three months ended March 31,
			2020						2021
Purchases			$	(18,538)					$	(7,628)
Sales			15,968						7,524

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

			Three months ended March 31,
			2020						2021
Purchases			$	(14,612)					$	(6,137)
Sales			12,694						5,956

Components of care trusts' corpus

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, 2020						March 31, 2021
Cemetery perpetual care trust investments, at market value			$	70,828					$	75,815
Obligations due from trust			(1,121)						(455)
Care trusts’ corpus			$	69,707					$	75,360

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

The following table summarized our fixed income securities (excluding mutual funds) within our perpetual care trust investment in an unrealized loss position at March 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2021
			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			$	1,800					$	(79)					$	430					$	(429)					$	2,230					$	(508)
Corporate debt			559						(7)						519						(62)						1,078						(69)
Preferred stock			2,973						(246)						1,318						(53)						4,291						(299)
Total fixed income securities with an unrealized loss			$	5,332					$	(332)					$	2,267					$	(544)					$	7,599					$	(876)

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)

Preneed Funeral Trust Investment Security Transactions [Table Text Block]

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

			Three months ended March 31,
			2020						2021
Realized gains			$	709					$	691
Realized losses			(679)						(420)
Unrealized gains (losses), net			(13,525)						7,699
Net change in Care trusts’ corpus			13,495						(7,970)
Total			$	—					$	—

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

			Three months ended March 31,
			2020						2021
Investment income			$	1,405					$	2,513
Realized losses, net			(36)						(138)
Total			$	1,369					$	2,375

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PRENEED TRUST INVESTMENTS

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