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Trust Investments (Tables)

3 Months Ended

Mar. 31, 2022

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, 2021						March 31, 2022
Preneed cemetery trust investments, at market value			$	103,808					$	105,459
Less: allowance for contract cancellation			(2,905)						(2,926)
Preneed cemetery trust investments			$	100,903					$	102,533

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, 2022 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	521					$	—					$	—					$	521
Fixed income securities:
U.S. agency obligations			2						803						—						(24)						779
Foreign debt			2						9,729						1,534						(300)						10,963
Corporate debt			2						12,442						623						(843)						12,222
Preferred stock			2						12,509						604						(327)						12,786
Certificates of deposit			2						79						—						(3)						76
Common stock			1						49,894						9,592						(2,898)						56,588
Mutual funds:
Equity			1						28						6						—						34
Fixed income			2						11,497						151						(1,238)						10,410
Trust securities									$	97,502					$	12,510					$	(5,633)					$	104,379
Accrued investment income									$	1,080																	$	1,080
Preneed cemetery trust investments																											$	105,459
Market value as a percentage of cost																											107.1%

The cost and market values associated with preneed cemetery trust investments at December 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						$	3,088					$	—					$	—					$	3,088
Fixed income securities:
Foreign debt			2						15,846						2,025						(953)						16,918
Corporate debt			2						12,965						1,374						(49)						14,290
Preferred stock			2						12,455						1,111						(344)						13,222
Common stock			1						40,992						6,906						(4,079)						43,819
Mutual funds:
Equity			1						28						8						—						36
Fixed income			2						11,443						615						(567)						11,491
Trust Securities									$	96,817					$	12,039					$	(5,992)					$	102,864
Accrued investment income									$	944																	$	944
Preneed cemetery trust investments																											$	103,808
Market value as a percentage of cost																											106.2%

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			$	1,153
Due in one to five years			7,455
Due in five to ten years			6,242
Thereafter			21,976
Total fixed income securities			$	36,826

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, 2022, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2022
			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:
U.S. agency obligations			$	779					$	(24)					$	—					$	—					$	779					$	(24)
Foreign debt			1,036						(12)						783						(288)						1,819						(300)
Corporate debt			7,257						(843)						—						—						7,257						(843)
Preferred stock			4,448						(113)						3,121						(214)						7,569						(327)
Certificates of deposit			76						(3)						—						—						76						(3)
Total fixed income securities with an unrealized loss			$	13,596					$	(995)					$	3,904					$	(502)					$	17,500					$	(1,497)

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

			December 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			$	4,228					$	(517)					$	629					$	(436)					$	4,857					$	(953)
Corporate debt			1,037						(49)						—						—						1,037						(49)
Preferred stock			1,301						(63)						2,913						(281)						4,214						(344)
Total fixed income securities with an unrealized loss			$	6,566					$	(629)					$	3,542					$	(717)					$	10,108					$	(1,346)

The following table summarized our fixed income securities (excluding mutual funds) within our cemetery perpetual care trust investment in an unrealized loss position at March 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2022
			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			$	763					$	(9)					$	586					$	(216)					$	1,349					$	(225)
Corporate debt			5,004						(610)						—						—						5,004						(610)
Preferred stock			2,973						(76)						2,682						(148)						5,655						(224)
Total fixed income securities with an unrealized loss			$	8,740					$	(695)					$	3,268					$	(364)					$	12,008					$	(1,059)

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

			December 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			$	2,649					$	(321)					$	468					$	(326)					$	3,117					$	(647)
Corporate debt			846						(32)						—						—						846						(32)
Preferred stock			856						(41)						1,917						(185)						2,773						(226)
Total fixed income securities with an unrealized loss			$	4,351					$	(394)					$	2,385					$	(511)					$	6,736					$	(905)

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,
			2021						2022
Investment income			$	467					$	491
Realized gains			4,092						2,023
Realized losses			(2,518)						(63)
Unrealized gains, net			9,708						6,877
Expenses and taxes			(327)						(364)
Net change in deferred preneed cemetery receipts held in trust			(11,422)						(8,964)
			$	—					$	—

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,
			2021						2022
Purchases			$	(8,411)					$	(1,315)
Sales			8,049						200

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, 2021						March 31, 2022
Preneed funeral trust investments, at market value			$	116,973					$	116,605
Less: allowance for contract cancellation			(3,315)						(3,273)
Preneed funeral trust investments			$	113,658					$	113,332

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			$	1,052
Due in one to five years			6,099
Due in five to ten years			5,381
Thereafter			19,314
Total fixed income securities			$	31,846

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, 2022 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	21,654					$	—					$	—					$	21,654
Fixed income securities:
U.S treasury debt			1						550						—						(16)						534
Foreign debt			2						8,733						1,396						(255)						9,874
Corporate debt			2						10,544						548						(732)						10,360
Preferred stock			2						10,850						528						(300)						11,078
Common stock			1						43,740						8,691						(2,432)						49,999
Mutual funds:
Equity			1						26						5						—						31
Fixed income			2						9,308						114						(1,020)						8,402
Other investments			2						3,716						—						—						3,716
Trust securities									$	109,121					$	11,282					$	(4,755)					$	115,648
Accrued investment income									$	957																	$	957
Preneed funeral trust investments																											$	116,605
Market value as a percentage of cost																											106.0%

The cost and market values associated with preneed funeral trust investments at December 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						$	23,438					$	—					$	—					$	23,438
Fixed income securities:
Foreign debt			2						14,936						1,874						(887)						15,923
Corporate debt			2						11,231						1,223						(46)						12,408
Preferred stock			2						11,001						986						(319)						11,668
Common stock			1						36,694						6,417						(3,574)						39,537
Mutual funds:
Equity			1						26						7						—						33
Fixed income			2						9,396						454						(470)						9,380
Other investments			2						3,754						—						—						3,754
Trust securities									$	110,476					$	10,961					$	(5,296)					$	116,141
Accrued investment income									$	832																	$	832
Preneed funeral trust investments																											$	116,973
Market value as a percentage of cost																											105.1%

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, 2022, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2022
			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:
U.S. treasury debt			$	534					$	(16)					$	—					$	—					$	534					$	(16)
Foreign debt			908						(10)						668						(245)						1,576						(255)
Corporate debt			5,920						(732)						—						—						5,920						(732)
Preferred stock			4,062						(103)						2,849						(197)						6,911						(300)
Total fixed income securities with an unrealized loss			$	11,424					$	(861)					$	3,517					$	(442)					$	14,941					$	(1,303)

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

			December 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			$	4,251					$	(509)					$	548					$	(378)					$	4,799					$	(887)
Corporate debt			965						(46)						—						—						965						(46)
Preferred stock			1,211						(58)						2,710						(261)						3,921						(319)
Total fixed income securities with an unrealized loss			$	6,427					$	(613)					$	3,258					$	(639)					$	9,685					$	(1,252)

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,
			2021						2022
Investment income			$	369					$	366
Realized gains			3,871						1,743
Realized losses			(2,368)						(58)
Unrealized gains, net			9,319						6,527
Expenses and taxes			(196)						(215)
Net change in deferred preneed funeral receipts held in trust			(10,995)						(8,363)
			$	—					$	—

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,
			2021						2022
Purchases			$	(7,628)					$	(590)
Sales			7,524						500

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

			Three months ended March 31,
			2021						2022
Purchases			$	(6,137)					$	(131)
Sales			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, 2021						March 31, 2022
Cemetery perpetual care trust investments, at market value			$	72,400					$	73,525
Obligations due from trust			(1,244)						(678)
Care trusts’ corpus			$	71,156					$	72,847

Preneed Funeral Trust Investment Security Transactions [Table Text Block]

Cemetery 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,
			2021						2022
Realized gains			$	691					$	250
Realized losses			(420)						(8)
Unrealized gains, net			7,699						4,728
Net change in Care trusts’ corpus			(7,970)						(4,970)
Total			$	—					$	—

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

			Three months ended March 31,
			2021						2022
Investment income			$	2,513					$	2,762
Realized losses, net			(138)						(346)
Total			$	2,375					$	2,416

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