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Trust Investments (Tables)

9 Months Ended

Sep. 30, 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						September 30, 2021
Preneed cemetery trust investments, at market value			$	89,081					$	100,318
Less: allowance for contract cancellation			(2,477)						(2,829)
Preneed cemetery trust investments			$	86,604					$	97,489

Cost and fair market values associated with preneed cemetery trust investments

The cost and market values associated with preneed cemetery trust investments at September 30, 2021 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	1,645					$	—					$	—					$	1,645
Fixed income securities:
Foreign debt			2						17,434						2,381						(801)						19,014
Corporate debt			2						12,101						1,484						(18)						13,567
Preferred stock			2						12,366						1,241						(422)						13,185
Common stock			1						39,372						4,411						(3,750)						40,033
Mutual funds:
Equity			1						28						5						—						33
Fixed Income			2						11,358						706						(344)						11,720
Trust securities									$	94,304					$	10,228					$	(5,335)					$	99,197
Accrued investment income									$	1,121																	$	1,121
Preneed cemetery trust investments																											$	100,318
Market value as a percentage of cost																											105.2%

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			11,492
Due in five to ten years			6,868
Thereafter			27,406
Total fixed income securities			$	45,766

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 September 30, 2021, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			September 30, 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			$	4,280					$	(427)					$	682					$	(374)					$	4,962					$	(801)
Corporate debt			746						(18)						—						—						746						(18)
Preferred stock			41						(28)						4,059						(394)						4,100						(422)
Total fixed income securities with an unrealized loss			$	5,067					$	(473)					$	4,741					$	(768)					$	9,808					$	(1,241)

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 September 30,												Nine months ended September 30,
			2020						2021						2020						2021
Investment income			$	449					$	441					$	1,421					$	1,570
Realized gains			2,857						2,207						6,392						16,315
Realized losses			(918)						(214)						(4,490)						(6,563)
Unrealized gains (losses), net			1,235						(3,966)						(2,726)						4,893
Expenses and taxes			(357)						(546)						(982)						(1,308)
Net change in deferred preneed cemetery receipts held in trust			(3,266)						2,078						385						(14,907)
			$	—					$	—					$	—					$	—

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 September 30,												Nine months ended September 30,
			2020						2021						2020						2021
Purchases			$	(10,297)					$	(7,532)					$	(42,750)					$	(34,740)
Sales			9,200						6,446						34,566						33,847

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						September 30, 2021
Preneed funeral trust investments, at market value			$	104,166					$	111,587
Less: allowance for contract cancellation			(2,931)						(3,183)
Preneed funeral trust investments			$	101,235					$	108,404

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			$	—
Due in one to five years			10,164
Due in five to ten years			6,184
Thereafter			25,241
Total fixed income securities			$	41,589

Cost and fair market values associated with preneed funeral trust investments

The cost and market values associated with preneed funeral trust investments at September 30, 2021 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	19,132					$	—					$	—					$	19,132
Fixed income securities:
U.S treasury debt			1						16,554						2,224						(749)						18,029
Foreign debt			2						10,518						1,325						(17)						11,826
Corporate debt			2						11,011						1,119						(396)						11,734
Preferred stock			2						—						—						—						—
Common stock			1						35,602						4,055						(3,357)						36,300
Mutual funds:
Equity			1						26						4						—						30
Fixed income			2						9,398						539						(269)						9,668
Other investments			2						3,846						—						—						3,846
Trust securities									$	106,087					$	9,266					$	(4,788)					$	110,565
Accrued investment income									$	1,022																	$	1,022
Preneed funeral trust investments																											$	111,587
Market value as a percentage of cost																											104.2%

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 September 30, 2021, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			September 30, 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			$	4,339					$	(423)					$	599					$	(326)					$	4,938					$	(749)
Corporate debt			700						(17)						—						—						700						(17)
Preferred stock			39						(26)						3,809						(370)						3,848						(396)
Total fixed income securities with an unrealized loss			$	5,078					$	(466)					$	4,408					$	(696)					$	9,486					$	(1,162)

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 September 30,												Nine months ended September 30,
			2020						2021						2020						2021
Investment income			$	373					$	357					$	1,235					$	1,261
Realized gains			2,821						2,072						6,978						15,331
Realized losses			(911)						(201)						(4,093)						(6,097)
Unrealized gains (losses), net			1,197						(3,728)						(2,188)						4,478
Expenses and taxes			(296)						(409)						(646)						(1,041)
Net change in deferred preneed funeral receipts held in trust			(3,184)						1,909						(1,286)						(13,932)
			$	—					$	—					$	—					$	—

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 September 30,												Nine months ended September 30,
			2020						2021						2020						2021
Purchases			$	(9,869)					$	(6,729)					$	(41,560)					$	(32,219)
Sales			8,975						6,864						36,831						32,153

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

			Three months ended September 30,												Nine months ended September 30,
			2020						2021						2020						2021
Purchases			$	(7,960)					$	(5,049)					$	(33,638)					$	(24,105)
Sales			7,168						4,431						29,319						23,695

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						September 30, 2021
Cemetery perpetual care trust investments, at market value			$	70,828					$	71,640
Obligations due from trust			(1,121)						(680)
Care trusts’ corpus			$	69,707					$	70,960

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 September 30, 2021, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			September 30, 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			$	2,736					$	(270)					$	517					$	(286)					$	3,253					$	(556)
Corporate debt			501						(12)						—						—						501						(12)
Preferred stock			28						(19)						2,726						(265)						2,754						(284)
Total fixed income securities with an unrealized loss			$	3,265					$	(301)					$	3,243					$	(551)					$	6,508					$	(852)

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 September 30,												Nine months ended September 30,
			2020						2021						2020						2021
Realized gains			$	773					$	275					$	1,921					$	2,224
Realized losses			(249)						(26)						(1,534)						(942)
Unrealized gains (losses), net			1,108						(3,070)						(2,349)						3,747
Net change in Care trusts’ corpus			(1,632)						2,821						1,962						(5,029)
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 September 30,												Nine months ended September 30,
			2020						2021						2020						2021
Investment income			$	2,531					$	2,881					$	5,879					$	8,104
Realized gains (losses), net			63						(278)						53						(557)
Total			$	2,594					$	2,603					$	5,932					$	7,547

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