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Trust Investments (Tables)

12 Months Ended

Dec. 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						December 31, 2022
Preneed cemetery trust investments, at market value			$	103,808					$	98,269
Less: allowance for contract cancellation			(2,905)						(3,204)
Preneed cemetery trust investments			$	100,903					$	95,065

Cost and fair market values associated with preneed cemetery trust investments

The cost and market values associated with preneed cemetery trust investments at December 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						$	10,434					$	—					$	—					$	10,434
Fixed income securities:
U.S. agency obligations			2						803						—						(72)						731
Foreign debt			2						12,241						910						(644)						12,507
Corporate debt			2						15,066						104						(4,139)						11,031
Preferred stock			2						12,560						436						(1,789)						11,207
Certificates of deposit			2						79						—						(8)						71
Common stock			1						42,929						5,102						(6,228)						41,803
Mutual funds:
Equity			1						362						—						(33)						329
Fixed income			2						12,324						10						(3,310)						9,024
Trust securities									$	106,798					$	6,562					$	(16,223)					$	97,137
Accrued investment income									$	1,132																	$	1,132
Preneed cemetery trust investments																											$	98,269
Market value as a percentage of cost																											91.0%

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			$	1,176
Due in one to five years			8,655
Due in five to ten years			6,292
Thereafter			19,424
Total fixed income securities			$	35,547

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

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

			December 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			$	732					$	(72)					$	—					$	—					$	732					$	(72)
Foreign debt			5,394						(308)						744						(336)						6,138						(644)
Corporate debt			8,037						(3,922)						563						(217)						8,600						(4,139)
Preferred stock			7,146						(1,271)						2,517						(518)						9,663						(1,789)
Certificates of deposit			71						(8)						—						—						71						(8)
Total fixed income securities with an unrealized loss			$	21,380					$	(5,581)					$	3,824					$	(1,071)					$	25,204					$	(6,652)

The following table summarizes 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)

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):

			Years ended December 31,
			2020						2021						2022
Investment income			$	2,175					$	2,147					$	2,219
Realized gains			8,922						18,321						10,619
Realized losses			(5,090)						(6,626)						(2,548)
Unrealized gains (losses), net			5,515						6,047						(9,661)
Expenses and taxes			(1,354)						(1,715)						(1,748)
Net change in deferred preneed cemetery receipts held in trust			(10,168)						(18,174)						1,119
			$	—					$	—					$	—

Purchases and sales of investments in preneed cemetary trusts

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

			Years ended December 31,
			2020						2021						2022
Purchases			$	(48,824)					$	(41,414)					$	(8,336)
Sales			41,178						43,265						8,248

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						December 31, 2022
Preneed funeral trust investments, at market value			$	116,973					$	107,995
Less: allowance for contract cancellation			(3,315)						(3,442)
Preneed funeral trust investments			$	113,658					$	104,553

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			$	1,057
Due in one to five years			7,203
Due in five to ten years			5,428
Thereafter			16,803
Total fixed income securities			$	30,491

Cost and fair market values associated with preneed funeral trust investments

The cost and market values associated with preneed funeral trust investments at December 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						$	29,641					$	—					$	—					$	29,641
Fixed income securities:
U. S. treasury debt			1						484						—						(45)						439
Foreign debt			2						10,851						818						(555)						11,114
Corporate debt			2						12,735						89						(3,443)						9,381
Preferred stock			2						10,730						391						(1,564)						9,557
Common stock			1						36,478						4,485						(5,187)						35,776
Mutual funds:
Equity			1						326						—						(30)						296
Fixed income			2						9,907						9						(2,691)						7,225
Other investments			2						3,592						—						—						3,592
Trust securities									$	114,744					$	5,792					$	(13,515)					$	107,021
Accrued investment income									$	974																	$	974
Preneed funeral trust investments																											$	107,995
Market value as a percentage of cost																											93.3%

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 summarizes our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at December 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			December 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			$	439					$	(45)					$	—					$	—					$	439					$	(45)
Foreign debt			4,766						(274)						626						(281)						5,392						(555)
Corporate debt			6,742						(3,248)						506						(195)						7,248						(3,443)
Preferred stock			5,908						(1,099)						2,261						(465)						8,169						(1,564)
Total fixed income securities with an unrealized loss			$	17,855					$	(4,666)					$	3,393					$	(941)					$	21,248					$	(5,607)

The following table summarizes 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)

Purchases and sales of investments in preneed funeral trusts

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

			Years ended December 31,
			2020						2021						2022
Purchases			$	(47,315)					$	(38,175)					$	(6,239)
Sales			43,270						40,658						7,419

Cemetery Perpetual Care Trust Investments

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						December 31, 2022
Cemetery perpetual care trust investments, at market value			$	72,400					$	66,307
Obligations due from trust			(1,244)						(812)
Care trusts’ corpus			$	71,156					$	65,495

The following table reflects the cost and market values associated with the trust investments held in perpetual care trust funds at December 31, 2022 (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	5,326					$	—					$	—					$	5,326
Fixed income securities:
Foreign debt			2						8,746						600						(470)						8,876
Corporate debt			2						10,540						118						(2,961)						7,697
Preferred stock			2						9,831						287						(1,374)						8,744
Common stock			1						28,625						3,443						(4,297)						27,771
Mutual funds:
Equity			1						345						2						(22)						325
Fixed income			2						9,046						26						(2,310)						6,762
Trust securities									$	72,459					$	4,476					$	(11,434)					$	65,501
Accrued investment income									$	806																	$	806
Cemetery perpetual care investments																											$	66,307
Market value as a percentage of cost																											90.4%

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

Due in one year or less			$	776
Due in one to five years			5,361
Due in five to ten years			4,332
Thereafter			14,848
Total fixed income securities			$	25,317

The following table reflects the cost and market values associated with the trust investments held in 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%

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

			December 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			$	4,123					$	(218)					$	554					$	(252)					$	4,677					$	(470)
Corporate debt			5,413						(2,818)						371						(143)						5,784						(2,961)
Preferred stock			6,066						(1,032)						1,659						(342)						7,725						(1,374)
Total fixed income securities with an unrealized loss			$	15,602					$	(4,068)					$	2,584					$	(737)					$	18,186					$	(4,805)

The following table summarizes our fixed income securities 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)

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

			Years ended December 31,
			2020						2021						2022
Realized gains			$	2,602					$	2,474					$	1,454
Realized losses			(1,695)						(950)						(309)
Unrealized gains (losses), net			4,355						4,421						(6,958)
Net change in care trusts’ corpus			(5,262)						(5,945)						5,813
Total			$	—					$	—					$	—

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

			Years ended December 31,
			2020						2021						2022
Investment income			$	8,461					$	10,443					$	11,425
Realized losses			(387)						(118)						(2,427)
Total			$	8,074					$	10,325					$	8,998

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

			Years ended December 31,
			2020						2021						2022
Purchases			$	(38,168)					$	(28,317)					$	(4,872)
Sales			34,316						29,829						5,444

Preneed funereal trust investment security transactions

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

			Years ended December 31,
			2020						2021						2022
Investment income			$	1,907					$	1,747					$	1,700
Realized gains			9,441						17,091						9,446
Realized losses			(4,677)						(6,155)						(2,301)
Unrealized gains (losses), net			5,555						5,665						(7,723)
Expenses and taxes			(878)						(1,221)						958
Net change in deferred preneed funeral receipts held in trust			(11,348)						(17,127)						(2,080)
			$	—					$	—					$	—

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