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Trust Investments (Tables)

6 Months Ended

Jun. 30, 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						June 30, 2022
Preneed cemetery trust investments, at market value			$	103,808					$	94,435
Less: allowance for contract cancellation			(2,905)						(3,083)
Preneed cemetery trust investments			$	100,903					$	91,352

Cost and fair market values associated with preneed cemetery trust investments

The cost and market values associated with preneed cemetery trust investments at June 30, 2022 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	11,852					$	—					$	—					$	11,852
Fixed income securities:
U.S. agency obligations			2						803						—						(46)						757
Foreign debt			2						10,914						752						(791)						10,875
Corporate debt			2						13,837						214						(2,869)						11,182
Preferred stock			2						12,647						224						(1,324)						11,547
Certificates of deposit			2						79						—						(5)						74
Common stock			1						40,998						3,160						(5,560)						38,598
Mutual funds:
Equity			1						29						—						(3)						26
Fixed income			2						11,612						23						(2,875)						8,760
Trust securities									$	102,771					$	4,373					$	(13,473)					$	93,671
Accrued investment income									$	764																	$	764
Preneed cemetery trust investments																											$	94,435
Market value as a percentage of cost																											91.1%

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%

The following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at June 30, 2022 (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	7,600					$	—					$	—					$	7,600
Fixed income securities:
Foreign debt			2						7,637						480						(566)						7,551
Corporate debt			2						9,449						209						(1,974)						7,684
Preferred stock			2						9,630						143						(951)						8,822
Common stock			1						26,615						2,210						(3,771)						25,054
Mutual funds:
Equity			1						18						—						(2)						16
Fixed Income			2						8,312						28						(1,922)						6,418
Trust securities									$	69,261					$	3,070					$	(9,186)					$	63,145
Accrued investment income									$	558																	$	558
Cemetery perpetual care investments																											$	63,703
Market value as a percentage of cost																											91.2%

The following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at December 31, 2021 (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	1,447					$	—					$	—					$	1,447
Fixed income securities:
Foreign debt			2						10,949						1,401						(647)						11,703
Corporate debt			2						9,139						1,065						(32)						10,172
Preferred stock			2						9,742						803						(226)						10,319
Common stock			1						27,853						4,990						(3,008)						29,835
Mutual funds:
Equity			1						19						5						—						24
Fixed income			2						8,141						530						(460)						8,211
Trust securities									$	67,290					$	8,794					$	(4,373)					$	71,711
Accrued investment income									$	689																	$	689
Cemetery perpetual care investments																											$	72,400
Market value as a percentage of cost																											106.6%

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			$	1,372
Due in one to five years			7,092
Due in five to ten years			6,137
Thereafter			19,834
Total fixed income securities			$	34,435

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

Due in one year or less			$	875
Due in one to five years			4,217
Due in five to ten years			4,177
Thereafter			14,788
Total fixed income securities			$	24,057

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 June 30, 2022, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			June 30, 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			$	757					$	(46)					$	—					$	—					$	757					$	(46)
Foreign debt			6,018						(323)						616						(468)						6,634						(791)
Corporate debt			8,298						(2,869)						—						—						8,298						(2,869)
Preferred stock			6,574						(868)						3,430						(456)						10,004						(1,324)
Certificates of deposit			74						(5)						—						—						74						(5)
Total fixed income securities with an unrealized loss			$	21,721					$	(4,111)					$	4,046					$	(924)					$	25,767					$	(5,035)

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 June 30, 2022, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			June 30, 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			$	4,401					$	(225)					$	446					$	(341)					$	4,847					$	(566)
Corporate debt			5,511						(1,974)						—						—						5,511						(1,974)
Preferred stock			5,137						(634)						2,831						(317)						7,968						(951)
Total fixed income securities with an unrealized loss			$	15,049					$	(2,833)					$	3,277					$	(658)					$	18,326					$	(3,491)

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 June 30,												Six months ended June 30,
			2021						2022						2021						2022
Investment income			$	662					$	571					$	1,129					$	1,062
Realized gains			10,016						6,870						14,108						8,893
Realized losses			(3,831)						(2,320)						(6,349)						(2,383)
Unrealized gains (losses), net			(849)						(15,977)						8,859						(9,100)
Expenses and taxes			(435)						(507)						(762)						(871)
Net change in deferred preneed cemetery receipts held in trust			(5,563)						11,363						(16,985)						2,399
			$	—					$	—					$	—					$	—

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 June 30,												Six months ended June 30,
			2021						2022						2021						2022
Purchases			$	(18,797)					$	(309)					$	(27,208)					$	(1,624)
Sales			19,352						461						27,401						661

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						June 30, 2022
Preneed funeral trust investments, at market value			$	116,973					$	106,232
Less: allowance for contract cancellation			(3,315)						(3,389)
Preneed funeral trust investments			$	113,658					$	102,843

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			$	1,241
Due in one to five years			5,844
Due in five to ten years			5,297
Thereafter			17,270
Total fixed income securities			$	29,652

Cost and fair market values associated with preneed funeral trust investments

The cost and market values associated with preneed funeral trust investments at June 30, 2022 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	31,673					$	—					$	—					$	31,673
Fixed income securities:
U.S treasury debt			1						551						—						(31)						520
Foreign debt			2						9,728						681						(684)						9,725
Corporate debt			2						11,713						185						(2,394)						9,504
Preferred stock			2						10,881						203						(1,181)						9,903
Common stock			1						35,408						2,851						(4,665)						33,594
Mutual funds:
Equity			1						26						0						(2)						24
Fixed income			2						9,312						20						(2,383)						6,949
Other investments			2						3,677						—						—						3,677
Trust securities									$	112,969					$	3,940					$	(11,340)					$	105,569
Accrued investment income									$	663																	$	663
Preneed funeral trust investments																											$	106,232
Market value as a percentage of cost																											93.4%

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 June 30, 2022, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			June 30, 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			$	520					$	(31)					$	—					$	—					$	520					$	(31)
Foreign debt			5,365						(289)						522						(395)						5,887						(684)
Corporate debt			6,951						(2,394)						—						—						6,951						(2,394)
Preferred stock			5,683						(762)						3,009						(419)						8,692						(1,181)
Total fixed income securities with an unrealized loss			$	18,519					$	(3,476)					$	3,531					$	(814)					$	22,050					$	(4,290)

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 June 30,												Six months ended June 30,
			2021						2022						2021						2022
Investment income			$	535					$	481					$	904					$	847
Realized gains			9,388						6,147						13,259						7,890
Realized losses			(3,528)						(2,088)						(5,896)						(2,146)
Unrealized gains (losses), net			(1,113)						(13,927)						8,206						(7,400)
Expenses and taxes			(436)						(322)						(632)						(537)
Net change in deferred preneed funeral receipts held in trust			(4,846)						9,709						(15,841)						1,346
			$	—					$	—					$	—					$	—

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 June 30,												Six months ended June 30,
			2021						2022						2021						2022
Purchases			$	(17,863)					$	—					$	(25,491)					$	(590)
Sales			17,765						30						25,289						530

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

			Three months ended June 30,												Six months ended June 30,
			2021						2022						2021						2022
Purchases			$	(12,919)					$	(280)					$	(19,056)					$	(411)
Sales			13,307						441						19,263						441

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						June 30, 2022
Cemetery perpetual care trust investments, at market value			$	72,400					$	63,703
Obligations due from trust			(1,244)						(699)
Care trusts’ corpus			$	71,156					$	63,004

Preneed Funeral Trust Investment Security Transactions

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 June 30,												Six months ended June 30,
			2021						2022						2021						2022
Realized gains			$	1,258					$	994					$	1,949					$	1,244
Realized losses			(496)						(281)						(916)						(289)
Unrealized gains (losses), net			(882)						(10,844)						6,817						(6,116)
Net change in Care trusts’ corpus			120						10,131						(7,850)						5,161
Total			$	—					$	—					$	—					$	—

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

			Three months ended June 30,												Six months ended June 30,
			2021						2022						2021						2022
Investment income			$	2,710					$	2,776					$	5,223					$	5,538
Realized losses, net			(141)						(258)						(279)						(604)
Total			$	2,569					$	2,518					$	4,944					$	4,934

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PRENEED TRUST INVESTMENTS

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