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Trust Investments

12 Months Ended

Dec. 31, 2023

Preneed Trust Investments [Abstract]

TRUST INVESTMENTS

TRUST INVESTMENTS

Preneed 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on earnings until such time the services are performed or the merchandise is delivered, causing the contract to be withdrawn from the trust in accordance with state regulations and the gain or loss is allocated to the contract.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						December 31, 2023
Preneed cemetery trust investments, at market value			$	98,269					$	99,461
Less: allowance for contract cancellation			(3,204)						(3,087)
Preneed cemetery trust investments			$	95,065					$	96,374

The cost and market values associated with preneed cemetery trust investments at December 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						$	9,643					$	—					$	—					$	9,643
Fixed income securities:
U.S. agency obligations			2						803						1						(51)						753
Foreign debt			2						7,764						1,371						(17)						9,118
Corporate debt			2						15,071						342						(3,657)						11,756
Preferred stock			2						10,965						473						(1,572)						9,866
Certificates of deposit			2						79						—						(7)						72
Common stock			1						43,057						9,466						(7,935)						44,588
Limited partnership fund									3,575						—						(3)						3,572
Mutual funds:
Equity			1						553						10						(30)						533
Fixed income			2						11,369						16						(2,759)						8,626
Trust securities									$	102,879					$	11,679					$	(16,031)					$	98,527
Accrued investment income									$	934																	$	934
Preneed cemetery trust investments																											$	99,461
Market value as a percentage of cost																											95.8%

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

Due in one year or less			$	140
Due in one to five years			9,177
Due in five to ten years			5,657
Thereafter			16,591
Total fixed income securities			$	31,565

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 December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			December 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			$	—					$	—					$	613					$	(51)					$	613					$	(51)
Foreign debt			284						(5)						209						(12)						493						(17)
Corporate debt			666						(62)						4,239						(3,595)						4,905						(3,657)
Preferred stock			45						—						7,821						(1,572)						7,866						(1,572)
Certificates of deposit			—						—						72						(7)						72						(7)
Total fixed income securities with an unrealized loss			$	995					$	(67)					$	12,954					$	(5,237)					$	13,949					$	(5,304)

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):

			Years ended December 31,
			2021						2022						2023
Investment income			$	2,147					$	2,219					$	2,479
Realized gains			18,321						10,619						3,492
Realized losses			(6,626)						(2,548)						(2,507)
Unrealized gains (losses), net			6,047						(9,661)						(4,352)
Expenses and taxes			(1,715)						(1,748)						(1,653)
Net change in deferred preneed cemetery receipts held in trust			(18,174)						1,119						2,541
			$	—					$	—					$	—

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

			Years ended December 31,
			2021						2022						2023
Purchases			$	(41,414)					$	(8,336)					$	(22,478)
Sales			43,265						8,248						18,378

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						December 31, 2023
Preneed funeral trust investments, at market value			$	107,995					$	111,247
Less: allowance for contract cancellation			(3,442)						(3,405)
Preneed funeral trust investments			$	104,553					$	107,842

The cost and market values associated with preneed funeral trust investments at December 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						$	26,707					$	—					$	—					$	26,707
Fixed income securities:
U. S. treasury debt			1						451						—						(34)						417
Foreign debt			2						7,300						1,297						(16)						8,581
Corporate debt			2						13,848						323						(3,255)						10,916
Preferred stock			2						9,786						442						(1,468)						8,760
Common stock			1						38,600						8,858						(6,855)						40,603
Limited partnership fund									3,383						—						(2)						3,381
Mutual funds:
Equity			1						401						3						(29)						375
Fixed income			2						9,513						15						(2,383)						7,145
Other investments			2						3,510						—						—						3,510
Trust securities									$	113,499					$	10,938					$	(14,042)					$	110,395
Accrued investment income									$	852																	$	852
Preneed funeral trust investments																											$	111,247
Market value as a percentage of cost																											97.3%

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

Due in one year or less			$	46
Due in one to five years			8,317
Due in five to ten years			5,193
Thereafter			15,118
Total fixed income securities			$	28,674

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 December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			December 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			$	—					$	—					$	371					$	(34)					$	371					$	(34)
Foreign debt			269						(5)						198						(11)						467						(16)
Corporate debt			630						(59)						3,802						(3,196)						4,432						(3,255)
Preferred stock			—						—						7,078						(1,468)						7,078						(1,468)
Total fixed income securities with an unrealized loss			$	899					$	(64)					$	11,449					$	(4,709)					$	12,348					$	(4,773)

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 our Consolidated Statements of Operations are as follows (in thousands):

			Years ended December 31,
			2021						2022						2023
Investment income			$	1,747					$	1,700					$	2,004
Realized gains			17,091						9,446						3,354
Realized losses			(6,155)						(2,301)						(2,170)
Unrealized gains (losses), net			5,665						(7,723)						(3,104)
Expenses and taxes			(1,221)						958						(848)
Net change in deferred preneed funeral receipts held in trust			(17,127)						(2,080)						764
			$	—					$	—					$	—

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

			Years ended December 31,
			2021						2022						2023
Purchases			$	(38,175)					$	(6,239)					$	(21,425)
Sales			40,658						7,419						17,300

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						December 31, 2023
Cemetery perpetual care trust investments, at market value			$	66,307					$	85,331
Obligations due from trust			(812)						(980)
Care trusts’ corpus			$	65,495					$	84,351

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

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	6,688					$	—					$	—					$	6,688
Fixed income securities:
Foreign debt			2						7,101						1,177						(18)						8,260
Corporate debt			2						13,491						334						(3,367)						10,458
Preferred stock			2						10,723						415						(1,435)						9,703
Common stock			1						36,413						8,098						(6,580)						37,931
Limited partnership fund									3,042						—						(2)						3,040
Mutual funds:
Equity			1						467						5						(26)						446
Fixed income			2						10,326						14						(2,382)						7,958
Trust securities									$	88,251					$	10,043					$	(13,810)					$	84,484
Accrued investment income									$	847																	$	847
Cemetery perpetual care investments																											$	85,331
Market value as a percentage of cost																											95.7%

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

Due in one year or less			$	—
Due in one to five years			7,563
Due in five to ten years			5,005
Thereafter			15,853
Total fixed income securities			$	28,421

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

			December 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			$	440					$	(8)					$	178					$	(10)					$	618					$	(18)
Corporate debt			567						(53)						3,879						(3,314)						4,446						(3,367)
Preferred stock			—						—						7,301						(1,435)						7,301						(1,435)
Total fixed income securities with an unrealized loss			$	1,007					$	(61)					$	11,358					$	(4,759)					$	12,365					$	(4,820)

The following table summarizes our fixed income securities 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)

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,
			2021						2022						2023
Realized gains			$	2,474					$	1,454					$	1,025
Realized losses			(950)						(309)						(639)
Unrealized gains (losses), net			4,421						(6,958)						(3,767)
Net change in care trusts’ corpus			(5,945)						5,813						3,381
Total			$	—					$	—					$	—

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

			Years ended December 31,
			2021						2022						2023
Investment income			$	10,443					$	11,425					$	12,824
Realized losses			(118)						(2,427)						(1,583)
Total			$	10,325					$	8,998					$	11,241

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

			Years ended December 31,
			2021						2022						2023
Purchases			$	(28,317)					$	(4,872)					$	(18,024)
Sales			29,829						5,444						21,613

X

- Definition

PRENEED TRUST INVESTMENTS

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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.

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