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Trust Investments (Tables)

9 Months Ended

Sep. 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						September 30, 2022
Preneed cemetery trust investments, at market value			$	103,808					$	90,130
Less: allowance for contract cancellation			(2,905)						(3,100)
Preneed cemetery trust investments			$	100,903					$	87,030

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, 2022 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	6,852					$	—					$	—					$	6,852
Fixed income securities:
U.S. agency obligations			2						803						—						(76)						727
Foreign debt			2						11,146						533						(1,024)						10,655
Corporate debt			2						14,073						37						(3,311)						10,799
Preferred stock			2						12,568						367						(1,665)						11,270
Certificates of deposit			2						79						—						(7)						72
Common stock			1						45,169						2,483						(7,816)						39,836
Mutual funds:
Equity			1						309						—						(63)						246
Fixed income			2						12,324						8						(3,603)						8,729
Trust securities									$	103,323					$	3,428					$	(17,565)					$	89,186
Accrued investment income									$	944																	$	944
Preneed cemetery trust investments																											$	90,130
Market value as a percentage of cost																											86.3%

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 September 30, 2022 (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	3,889					$	—					$	—					$	3,889
Fixed income securities:
Foreign debt			2						7,872						344						(757)						7,459
Corporate debt			2						9,705						63						(2,349)						7,419
Preferred stock			2						9,673						237						(1,238)						8,672
Common stock			1						29,510						1,651						(5,289)						25,872
Mutual funds:
Equity			1						199						—						(40)						159
Fixed Income			2						8,895						5						(2,473)						6,427
Trust securities									$	69,743					$	2,300					$	(12,146)					$	59,897
Accrued investment income									$	672																	$	672
Cemetery perpetual care investments																											$	60,569
Market value as a percentage of cost																											85.9%

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) at September 30, 2022 included above are as follows (in thousands):

Due in one year or less			$	1,515
Due in one to five years			6,815
Due in five to ten years			6,435
Thereafter			18,758
Total fixed income securities			$	33,523

The estimated maturities of the fixed income securities (excluding mutual funds) at September 30, 2022 included above are as follows (in thousands):

Due in one year or less			$	978
Due in one to five years			4,038
Due in five to ten years			4,400
Thereafter			14,134
Total fixed income securities			$	23,550

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

			September 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			$	728					$	(76)					$	—					$	—					$	728					$	(76)
Foreign debt			6,829						(528)						583						(496)						7,412						(1,024)
Corporate debt			7,886						(3,111)						580						(200)						8,466						(3,311)
Preferred stock			6,438						(1,088)						3,356						(577)						9,794						(1,665)
Certificates of deposit			72						(7)						—						—						72						(7)
Total fixed income securities with an unrealized loss			$	21,953					$	(4,810)					$	4,519					$	(1,273)					$	26,472					$	(6,083)

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

			September 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			$	4,939					$	(393)					$	427					$	(364)					$	5,366					$	(757)
Corporate debt			5,237						(2,219)						374						(130)						5,611						(2,349)
Preferred stock			4,937						(814)						2,782						(424)						7,719						(1,238)
Total fixed income securities with an unrealized loss			$	15,113					$	(3,426)					$	3,583					$	(918)					$	18,696					$	(4,344)

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 September 30,												Nine months ended September 30,
			2021						2022						2021						2022
Investment income			$	441					$	556					$	1,570					$	1,618
Realized gains			2,207						392						16,315						9,285
Realized losses			(214)						(105)						(6,563)						(2,488)
Unrealized gains (losses), net			(3,966)						(5,037)						4,893						(14,137)
Expenses and taxes			(546)						(482)						(1,308)						(1,353)
Net change in deferred preneed cemetery receipts held in trust			2,078						4,676						(14,907)						7,075
			$	—					$	—					$	—					$	—

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,
			2021						2022						2021						2022
Purchases			$	(7,532)					$	(459)					$	(34,740)					$	(2,083)
Sales			6,446						—						33,847						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						September 30, 2022
Preneed funeral trust investments, at market value			$	116,973					$	102,028
Less: allowance for contract cancellation			(3,315)						(3,390)
Preneed funeral trust investments			$	113,658					$	98,638

Estimated maturities of fixed preneed funeral trust income securities

The estimated maturities of the fixed income securities (excluding mutual funds) at September 30, 2022 included above are as follows (in thousands):

Due in one year or less			$	1,382
Due in one to five years			5,678
Due in five to ten years			5,623
Thereafter			16,464
Total fixed income securities			$	29,147

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, 2022 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	26,473					$	—					$	—					$	26,473
Fixed income securities:
U.S treasury debt			1						551						—						(51)						500
Foreign debt			2						10,018						486						(897)						9,607
Corporate debt			2						12,024						32						(2,772)						9,284
Preferred stock			2						10,898						335						(1,477)						9,756
Common stock			1						39,081						2,234						(6,655)						34,660
Mutual funds:
Equity			1						282						—						(57)						225
Fixed income			2						10,028						7						(2,979)						7,056
Other investments			2						3,635						—						—						3,635
Trust securities									$	112,990					$	3,094					$	(14,888)					$	101,196
Accrued investment income									$	832																	$	832
Preneed funeral trust investments																											$	102,028
Market value as a percentage of cost																											89.6%

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

			September 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			$	500					$	(51)					$	—					$	—					$	500					$	(51)
Foreign debt			6,151						(475)						498						(422)						6,649						(897)
Corporate debt			6,676						(2,589)						529						(183)						7,205						(2,772)
Preferred stock			5,436						(953)						2,973						(524)						8,409						(1,477)
Total fixed income securities with an unrealized loss			$	18,763					$	(4,068)					$	4,000					$	(1,129)					$	22,763					$	(5,197)

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 September 30,												Nine months ended September 30,
			2021						2022						2021						2022
Investment income			$	357					$	398					$	1,261					$	1,245
Realized gains			2,072						357						15,331						8,247
Realized losses			(201)						(96)						(6,097)						(2,242)
Unrealized gains (losses), net			(3,728)						(4,394)						4,478						(11,794)
Expenses and taxes			(409)						(214)						(1,041)						(751)
Net change in deferred preneed funeral receipts held in trust			1,909						3,949						(13,932)						5,295
			$	—					$	—					$	—					$	—

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,
			2021						2022						2021						2022
Purchases			$	(6,729)					$	—					$	(32,219)					$	(590)
Sales			6,864						8						32,153						538

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

			Three months ended September 30,												Nine months ended September 30,
			2021						2022						2021						2022
Purchases			$	(5,049)					$	(233)					$	(24,105)					$	(644)
Sales			4,431						—						23,695						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						September 30, 2022
Cemetery perpetual care trust investments, at market value			$	72,400					$	60,569
Obligations due from trust			(1,244)						(502)
Care trusts’ corpus			$	71,156					$	60,067

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 September 30,												Nine months ended September 30,
			2021						2022						2021						2022
Realized gains			$	275					$	48					$	2,224					$	1,292
Realized losses			(26)						(13)						(942)						(302)
Unrealized gains (losses), net			(3,070)						(3,730)						3,747						(9,846)
Net change in Care trusts’ corpus			2,821						3,695						(5,029)						8,856
Total			$	—					$	—					$	—					$	—

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

			Three months ended September 30,												Nine months ended September 30,
			2021						2022						2021						2022
Investment income			$	2,881					$	3,075					$	8,104					$	8,613
Realized losses, net			(278)						(739)						(557)						(1,343)
Total			$	2,603					$	2,336					$	7,547					$	7,270

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