XML 45 R14.htm IDEA: XBRL DOCUMENT v3.23.1

Trust Investments

3 Months Ended

Mar. 31, 2023

Preneed Trust Investments [Abstract]

Trust Investments

TRUST INVESTMENTSPreneed trust investments represent trust fund assets that we are generally permitted to withdraw as the services and merchandise are provided to customers. Preneed funeral and cemetery contracts are secured by payments from customers, less amounts not required by law to be deposited into trust. These earnings are recognized in Other revenue on our Consolidated Statements of Operations, when a service is performed or merchandise is delivered. Trust management fees charged by CSV RIA are included as revenue in the period in which they are earned. Our investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery.

Cemetery perpetual care trust investments represent a portion of the proceeds from the sale of cemetery property interment rights that we are required by various state laws to deposit into perpetual care trust funds. The income earned from these perpetual care trusts offsets maintenance expenses for cemetery property and memorials. This trust fund income is recognized in Other revenue.

Changes in the fair value of our trust fund assets (Preneed funeral, cemetery and perpetual care trust investments) are offset by changes in the fair value of our trust fund liabilities (Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus) and reflected in Other, net. There is no impact on earnings until such time the services are performed or the merchandise is delivered, causing the contract to be withdrawn from the trust in accordance with state regulations and the gain or loss is allocated to the contract.

We rely on our trust investments to provide funding for the various contractual obligations that arise upon maturity of the underlying preneed contracts. Because of the long-term relationship between the establishment of trust investments and the required performance of the underlying contractual obligations, the impact of current market conditions that may exist at any given time is not necessarily indicative of our ability to generate profit on our future performance obligations.

Preneed Cemetery Trust Investments

The components of Preneed cemetery trust investments on our Consolidated Balance Sheet are as follows (in thousands):

			December 31, 2022						March 31, 2023
Preneed cemetery trust investments, at market value			$	98,269					$	89,473
Less: allowance for contract cancellation			(3,204)						(3,014)
Preneed cemetery trust investments			$	95,065					$	86,459

The cost and market values associated with preneed cemetery trust investments at March 31, 2023 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	4,677					$	—					$	—					$	4,677
Fixed income securities:
U.S. agency obligations			2						803						—						(55)						748
Foreign debt			2						11,679						728						(703)						11,704
Corporate debt			2						15,241						168						(5,260)						10,149
Preferred stock			2						12,012						438						(1,701)						10,749
Certificates of deposit			2						79						—						(8)						71
Common stock			1						39,861						4,811						(7,491)						37,181
Limited partnership fund									3,730						10						—						3,740
Mutual funds:
Equity			1						572						—						(72)						500
Fixed income			2						11,803						11						(3,029)						8,785
Trust securities									$	100,457					$	6,166					$	(18,319)					$	88,304
Accrued investment income									$	1,169																	$	1,169
Preneed cemetery trust investments																											$	89,473
Market value as a percentage of cost																											87.9%

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

Due in one year or less			$	1,291
Due in one to five years			9,682
Due in five to ten years			4,285
Thereafter			18,163
Total fixed income securities			$	33,421

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
Certificate 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 following table summarizes our fixed income securities (excluding mutual funds) within our preneed cemetery trust investments in an unrealized loss position at March 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2023
			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			$	—					$	—					$	748					$	(55)					$	748					$	(55)
Foreign debt			3,899						(309)						1,649						(394)						5,548						(703)
Corporate debt			4,032						(566)						3,084						(4,694)						7,116						(5,260)
Preferred stock			4,460						(974)						4,794						(727)						9,254						(1,701)
Certificates of deposit			—						—						71						(8)						71						(8)
Total fixed income securities with an unrealized loss			$	12,391					$	(1,849)					$	10,346					$	(5,878)					$	22,737					$	(7,727)

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)

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,
			2022						2023
Investment income			$	491					$	590
Realized gains			2,023						1,273
Realized losses			(63)						(877)
Unrealized gains (losses), net			6,877						(12,153)
Expenses and taxes			(364)						(306)
Net change in deferred preneed cemetery receipts held in trust			(8,964)						11,473
			$	—					$	—

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

			Three months ended March 31,
			2022						2023
Purchases			$	(1,315)					$	(6,354)
Sales			200						3,045

Preneed Funeral Trust Investments

Preneed funeral trust investments represent trust fund assets that we are permitted to withdraw as services and merchandise are provided to customers. Preneed funeral contracts are secured by payments from customers, less retained amounts not required to be deposited into trust.

The components of Preneed funeral trust investments on our Consolidated Balance Sheet are as follows (in thousands):

			December 31, 2022						March 31, 2023
Preneed funeral trust investments, at market value			$	107,995					$	104,795
Less: allowance for contract cancellation			(3,442)						(3,429)
Preneed funeral trust investments			$	104,553					$	101,366

The cost and market values associated with preneed funeral trust investments at March 31, 2023 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	23,031					$	—					$	—					$	23,031
Fixed income securities:
U.S treasury debt			1						484						—						(35)						449
Foreign debt			2						11,219						709						(661)						11,267
Corporate debt			2						13,980						156						(4,787)						9,349
Preferred stock			2						11,084						426						(1,621)						9,889
Common stock			1						36,620						4,625						(6,688)						34,557
Limited partnership fund									3,633						11						—						3,644
Mutual funds:
Equity			1						431						—						(64)						367
Fixed income			2						10,247						11						(2,667)						7,591
Other investments			2						3,556						—						—						3,556
Trust securities									$	114,285					$	5,938					$	(16,523)					$	103,700
Accrued investment income									$	1,095																	$	1,095
Preneed funeral trust investments																											$	104,795
Market value as a percentage of cost																											90.7%

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

Due in one year or less			$	1,204
Due in one to five years			8,770
Due in five to ten years			4,022
Thereafter			16,958
Total fixed income securities			$	30,954

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 following table summarizes our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at March 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2023
			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			$	—					$	—					$	449					$	(35)					$	449					$	(35)
Foreign debt			3,749						(302)						1,520						(359)						5,269						(661)
Corporate debt			3,904						(550)						2,548						(4,237)						6,452						(4,787)
Preferred stock			3,888						(899)						4,545						(722)						8,433						(1,621)
Total fixed income securities with an unrealized loss			$	11,541					$	(1,751)					$	9,062					$	(5,353)					$	20,603					$	(7,104)

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)

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,
			2022						2023
Investment income			$	366					$	486
Realized gains			1,743						1,240
Realized losses			(58)						(837)
Unrealized gains (losses), net			6,527						(10,585)
Expenses and taxes			(215)						(192)
Net change in deferred preneed funeral receipts held in trust			(8,363)						9,888
			$	—					$	—

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

			Three months ended March 31,
			2022						2023
Purchases			$	(590)					$	(6,063)
Sales			500						2,943

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, 2022						March 31, 2023
Cemetery perpetual care trust investments, at market value			$	66,307					$	65,322
Obligations due from trust			(812)						(970)
Care trusts’ corpus			$	65,495					$	64,352

The following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at March 31, 2023 (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	2,703					$	—					$	—					$	2,703
Fixed income securities:
Foreign debt			2						8,926						514						(583)						8,857
Corporate debt			2						11,344						180						(4,030)						7,494
Preferred stock			2						10,004						309						(1,357)						8,956
Common stock			1						28,291						3,469						(5,319)						26,441
Limited partnership fund									2,637						8						—						2,645
Mutual funds:
Equity			1						419						—						(54)						365
Fixed Income			2						9,188						30						(2,240)						6,978
Trust securities									$	73,512					$	4,510					$	(13,583)					$	64,439
Accrued investment income									$	883																	$	883
Cemetery perpetual care investments																											$	65,322
Market value as a percentage of cost																											87.7%

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

Due in one year or less			$	817
Due in one to five years			6,400
Due in five to ten years			3,243
Thereafter			14,847
Total fixed income securities			$	25,307

The following table reflects the cost and market values associated with the trust investments held in cemetery 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 following table summarizes our fixed income securities (excluding mutual funds) within our cemetery perpetual care trust investment in an unrealized loss position at March 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2023
			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			$	3,204					$	(273)					$	1,300					$	(310)					$	4,504					$	(583)
Corporate debt			2,930						(410)						2,098						(3,620)						5,028						(4,030)
Preferred stock			3,862						(812)						4,037						(545)						7,899						(1,357)
Total fixed income securities with an unrealized loss			$	9,996					$	(1,495)					$	7,435					$	(4,475)					$	17,431					$	(5,970)

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)

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,
			2022						2023
Realized gains			$	250					$	160
Realized losses			(8)						(177)
Unrealized gains (losses), net			4,728						(9,073)
Net change in care trusts’ corpus			(4,970)						9,090
Total			$	—					$	—

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

			Three months ended March 31,
			2022						2023
Investment income			$	2,762					$	3,197
Realized losses, net			(346)						(456)
Total			$	2,416					$	2,741

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

			Three months ended March 31,
			2022						2023
Purchases			$	(131)					$	(4,401)
Sales			—						2,210

X

- Definition

PRENEED TRUST INVESTMENTS

+ References

No definition available.

+ Details

Name:	csv_PreneedTrustInvestmentsAbstract
Namespace Prefix:	csv_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

This note represents disclosures relating to preneed funeral and cemetery activity and major accounts which also include: (1) fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments; (2) variable interest entities; and (3)all other required (as defined) and desired information.

+ References

No definition available.

+ Details

Name:	csv_PreneedTrustInvestmentsTextBlock
Namespace Prefix:	csv_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration