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Trust Investments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023						March 31, 2024
Preneed cemetery trust investments, at market value			$	99,461					$	101,990
Less: allowance for contract cancellation			(3,087)						(3,233)
Preneed cemetery trust investments			$	96,374					$	98,757

Cost and fair market values associated with preneed cemetery trust investments

The cost and market values associated with preneed cemetery trust investments at March 31, 2024 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	21,052					$	—					$	—					$	21,052
Fixed income securities:
U.S. agency obligations			2						664						—						(56)						608
Foreign debt			2						7,849						1,454						(14)						9,289
Corporate debt			2						15,489						257						(2,508)						13,238
Preferred stock			2						11,296						492						(1,790)						9,998
Certificates of deposit			2						79						—						(7)						72
Common stock			1						34,679						2,459						(5,314)						31,824
Limited partnership fund									3,611						301						—						3,912
Mutual funds:
Equity			1						546						33						(21)						558
Fixed income			2						12,490						34						(2,279)						10,245
Trust securities									$	107,755					$	5,030					$	(11,989)					$	100,796
Accrued investment income									$	1,194																	$	1,194
Preneed cemetery trust investments																											$	101,990
Market value as a percentage of cost																											93.5%

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
Certificate 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%

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			$	136
Due in one to five years			12,662
Due in five to ten years			3,303
Thereafter			17,104
Total fixed income securities			$	33,205

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 March 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2024
			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			$	—					$	—					$	608					$	(56)					$	608					$	(56)
Foreign debt			—						—						501						(14)						501						(14)
Corporate debt			685						(16)						5,046						(2,492)						5,731						(2,508)
Preferred stock			941						(4)						7,708						(1,786)						8,649						(1,790)
Certificates of deposit			—						—						73						(7)						73						(7)
Total fixed income securities with an unrealized loss			$	1,626					$	(20)					$	13,936					$	(4,355)					$	15,562					$	(4,375)

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 cemetery perpetual care trust investment in an unrealized loss position at March 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2024
			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			$	—					$	—					$	622					$	(15)					$	622					$	(15)
Corporate debt			578						(13)						4,588						(2,302)						5,166						(2,315)
Preferred stock			757						(4)						7,151						(1,605)						7,908						(1,609)
Total fixed income securities with an unrealized loss			$	1,335					$	(17)					$	12,361					$	(3,922)					$	13,696					$	(3,939)

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)

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 March 31,
			2023						2024
Investment income			$	590					$	539
Realized gains			1,273						10,576
Realized losses			(877)						(3,764)
Unrealized losses, net			(12,153)						(6,959)
Expenses and taxes			(306)						(634)
Net change in deferred preneed cemetery receipts held in trust			11,473						242
			$	—					$	—

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 March 31,
			2023						2024
Purchases			$	(6,354)					$	(4,326)
Sales			3,045						16,560

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, 2023						March 31, 2024
Preneed funeral trust investments, at market value			$	111,247					$	113,377
Less: allowance for contract cancellation			(3,405)						(3,544)
Preneed funeral trust investments			$	107,842					$	109,833

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			$	80
Due in one to five years			11,310
Due in five to ten years			2,962
Thereafter			15,466
Total fixed income securities			$	29,818

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			10,687
Due in five to ten years			2,905
Thereafter			15,472
Total fixed income securities			$	29,064

Cost and fair market values associated with preneed funeral trust investments

The cost and market values associated with preneed funeral trust investments at March 31, 2024 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	39,108					$	—					$	—					$	39,108
Fixed income securities:
U.S treasury debt			1						405						—						(37)						368
Foreign debt			2						7,217						1,346						(13)						8,550
Corporate debt			2						13,931						237						(2,162)						12,006
Preferred stock			2						10,084						455						(1,645)						8,894
Common stock			1						30,277						2,170						(4,557)						27,890
Limited partnership fund									3,342						278						—						3,620
Mutual funds:
Equity			1						397						8						(19)						386
Fixed income			2						10,353						27						(1,936)						8,444
Other investments			2						3,046						—						—						3,046
Trust securities									$	118,160					$	4,521					$	(10,369)					$	112,312
Accrued investment income									$	1,065																	$	1,065
Preneed funeral trust investments																											$	113,377
Market value as a percentage of cost																											95.1%

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 following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at March 31, 2024 (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	17,744					$	—					$	—					$	17,744
Fixed income securities:
Foreign debt			2						7,116						1,239						(15)						8,340
Corporate debt			2						13,736						258						(2,315)						11,679
Preferred stock			2						10,239						415						(1,609)						9,045
Common stock			1						29,301						2,135						(4,563)						26,873
Limited partnership fund									3,047						254						—						3,301
Mutual funds:
Equity			1						458						24						(18)						464
Fixed income			2						11,167						78						(1,952)						9,293
Trust securities									$	92,808					$	4,403					$	(10,472)					$	86,739
Accrued investment income									$	1,063																	$	1,063
Cemetery perpetual care investments																											$	87,802
Market value as a percentage of cost																											93.5%

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

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 March 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			March 31, 2024
			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			$	—					$	—					$	368					$	(37)					$	368					$	(37)
Foreign debt			—						—						464						(13)						464						(13)
Corporate debt			635						(14)						4,423						(2,148)						5,058						(2,162)
Preferred stock			830						(4)						6,817						(1,641)						7,647						(1,645)
Total fixed income securities with an unrealized loss			$	1,465					$	(18)					$	12,072					$	(3,839)					$	13,537					$	(3,857)

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)

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 March 31,
			2023						2024
Investment income			$	486					$	436
Realized gains			1,240						9,780
Realized losses			(837)						(3,209)
Unrealized losses, net			(10,585)						(5,848)
Expenses and taxes			(192)						(371)
Net change in deferred preneed funeral receipts held in trust			9,888						(788)
			$	—					$	—

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 March 31,
			2023						2024
Purchases			$	(6,063)					$	(4,003)
Sales			2,943						15,118

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

			Three months ended March 31,
			2023						2024
Purchases			$	(4,401)					$	(3,649)
Sales			2,210						14,661

Components of care trusts' corpus

Care trusts’ corpus on our Consolidated Balance Sheet represents the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus are as follows (in thousands):

			December 31, 2023						March 31, 2024
Cemetery perpetual care trust investments, at market value			$	85,331					$	87,802
Obligations (due from) due to trust			(980)						198
Care trusts’ corpus			$	84,351					$	88,000

Cemetery perpetual care trust investment security transactions recorded on Consolidated Statements of Operations

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,
			2023						2024
Realized gains			$	160					$	1,306
Realized losses			(177)						(426)
Unrealized losses, net			(9,073)						(6,069)
Net change in care trusts’ corpus			9,090						5,189
Total			$	—					$	—

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

			Three months ended March 31,
			2023						2024
Investment income			$	3,197					$	3,129
Realized losses, net			(456)						(374)
Total			$	2,741					$	2,755

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PRENEED TRUST INVESTMENTS

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