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Trust Investments (Tables)

6 Months Ended

Jun. 30, 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):

			June 30, 2024						December 31, 2023
Preneed cemetery trust investments, at market value			$	103,516					$	99,461
Less: allowance for contract cancellation			(3,231)						(3,087)
Preneed cemetery trust investments			$	100,285					$	96,374

Cost and fair market values associated with preneed cemetery trust investments

The cost and market values associated with preneed cemetery trust investments at June 30, 2024 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	20,809					$	—					$	—					$	20,809
Fixed income securities:
U.S. agency obligations			2						665						—						(55)						610
Foreign debt			2						8,914						1,464						(11)						10,367
Corporate debt			2						14,280						210						(2,897)						11,593
Preferred stock			2						11,477						503						(1,788)						10,192
Certificates of deposit			2						79						—						(7)						72
Common stock			1						32,774						2,868						(3,265)						32,377
Limited partnership fund									3,675						410						—						4,085
Mutual funds:
Equity			1						944						71						(5)						1,010
Fixed income			2						14,079						56						(2,490)						11,645
Trust securities									$	107,696					$	5,582					$	(10,518)					$	102,760
Accrued investment income									$	756																	$	756
Preneed cemetery trust investments																											$	103,516
Market value as a percentage of cost																											95.4%

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			$	137
Due in one to five years			13,451
Due in five to ten years			939
Thereafter			18,307
Total fixed income securities			$	32,834

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 June 30, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			June 30, 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			$	—					$	—					$	610					$	(55)					$	610					$	(55)
Foreign debt			—						—						217						(11)						217						(11)
Corporate debt			3,994						(251)						2,148						(2,646)						6,142						(2,897)
Preferred stock			775						(3)						7,856						(1,785)						8,631						(1,788)
Certificates of deposit			—						—						72						(7)						72						(7)
Total fixed income securities with an unrealized loss			$	4,769					$	(254)					$	10,903					$	(4,504)					$	15,672					$	(4,758)

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 June 30, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			June 30, 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			$	—					$	—					$	175					$	(9)					$	175					$	(9)
Corporate debt			3,196						(202)						1,969						(2,318)						5,165						(2,520)
Preferred stock			589						(2)						6,979						(1,555)						7,568						(1,557)
Total fixed income securities with an unrealized loss			$	3,785					$	(204)					$	9,123					$	(3,882)					$	12,908					$	(4,086)

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 June 30,												Six months ended June 30,
			2024						2023						2024						2023
Investment income			$	844					$	689					$	1,383					$	1,279
Realized gains			924						728						11,500						2,001
Realized losses			(4,747)						(269)						(8,511)						(1,146)
Unrealized gains (losses), net			2,023						3,439						(4,936)						(8,714)
Expenses and taxes			(705)						(316)						(1,339)						(622)
Net change in deferred preneed cemetery receipts held in trust			1,661						(4,271)						1,903						7,202
			$	—					$	—					$	—					$	—

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 June 30,												Six months ended June 30,
			2024						2023						2024						2023
Purchases			$	(6,784)					$	(2,784)					$	(11,110)					$	(9,138)
Sales			5,177						2,817						21,737						5,862

Components of preneed funeral trust investments

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

			June 30, 2024						December 31, 2023
Preneed funeral trust investments, at market value			$	113,196					$	111,247
Less: allowance for contract cancellation			(3,495)						(3,405)
Preneed funeral trust investments			$	109,701					$	107,842

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			$	81
Due in one to five years			12,046
Due in five to ten years			767
Thereafter			16,418
Total fixed income securities			$	29,312

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			10,739
Due in five to ten years			881
Thereafter			15,594
Total fixed income securities			$	27,214

Cost and fair market values associated with preneed funeral trust investments

The cost and market values associated with preneed funeral trust investments at June 30, 2024 are detailed below (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	38,395					$	—					$	—					$	38,395
Fixed income securities:
U.S. treasury debt			1						406						—						(37)						369
Foreign debt			2						8,115						1,340						(10)						9,445
Corporate debt			2						12,857						192						(2,545)						10,504
Preferred stock			2						10,144						461						(1,611)						8,994
Common stock			1						28,205						2,505						(2,624)						28,086
Limited partnership fund									3,365						375						—						3,740
Mutual funds:
Equity			1						757						35						(5)						787
Fixed income			2						11,697						48						(2,099)						9,646
Other investments			2						2,560						—						—						2,560
Trust securities									$	116,501					$	4,956					$	(8,931)					$	112,526
Accrued investment income									$	670																	$	670
Preneed funeral trust investments																											$	113,196
Market value as a percentage of cost																											96.6%

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 June 30, 2024 (in thousands):

			Fair Value Hierarchy Level						Cost						Unrealized Gains						Unrealized Losses						Fair Market Value
Cash and money market accounts			1						$	16,604					$	—					$	—					$	16,604
Fixed income securities:
Foreign debt			2						7,473						1,191						(9)						8,655
Corporate debt			2						12,044						210						(2,520)						9,734
Preferred stock			2						9,977						405						(1,557)						8,825
Common stock			1						26,513						2,367						(2,727)						26,153
Limited partnership fund									2,960						330						—						3,290
Mutual funds:
Equity			1						762						54						(4)						812
Fixed income			2						12,019						76						(2,045)						10,050
Trust securities									$	88,352					$	4,633					$	(8,862)					$	84,123
Accrued investment income									$	657																	$	657
Cemetery perpetual care investments																											$	84,780
Market value as a percentage of cost																											95.2%

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 June 30, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):

			June 30, 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			$	—					$	—					$	369					$	(37)					$	369					$	(37)
Foreign debt			—						—						199						(10)						199						(10)
Corporate debt			3,633						(230)						1,880						(2,315)						5,513						(2,545)
Preferred stock			670						(2)						6,895						(1,609)						7,565						(1,611)
Total fixed income securities with an unrealized loss			$	4,303					$	(232)					$	9,343					$	(3,971)					$	13,646					$	(4,203)

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 June 30,												Six months ended June 30,
			2024						2023						2024						2023
Investment income			$	675					$	577					$	1,111					$	1,063
Realized gains			846						703						10,626						1,943
Realized losses			(4,295)						(260)						(7,504)						(1,097)
Unrealized gains (losses), net			1,873						3,380						(3,975)						(7,205)
Expenses and taxes			(296)						(202)						(667)						(394)
Net change in deferred preneed funeral receipts held in trust			1,197						(4,198)						409						5,690
			$	—					$	—					$	—					$	—

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 June 30,												Six months ended June 30,
			2024						2023						2024						2023
Purchases			$	(6,211)					$	(2,687)					$	(10,214)					$	(8,750)
Sales			4,608						2,742						19,726						5,685

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

			Three months ended June 30,												Six months ended June 30,
			2024						2023						2024						2023
Purchases			$	(5,464)					$	(2,310)					$	(9,113)					$	(6,711)
Sales			4,469						8,694						19,130						10,904

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):

			June 30, 2024						December 31, 2023
Cemetery perpetual care trust investments, at market value			$	84,780					$	85,331
Obligations due to (due from) trust			1,414						(980)
Care trusts’ corpus			$	86,194					$	84,351

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 June 30,												Six months ended June 30,
			2024						2023						2024						2023
Realized gains			$	113					$	671					$	1,419					$	831
Realized losses			(663)						(293)						(1,089)						(470)
Unrealized gains (losses), net			1,840						1,746						(4,229)						(7,327)
Net change in care trusts’ corpus			(1,290)						(2,124)						3,899						6,966
Total			$	—					$	—					$	—					$	—

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

			Three months ended June 30,												Six months ended June 30,
			2024						2023						2024						2023
Investment income			$	3,495					$	2,881					$	6,624					$	6,078
Realized losses, net			(751)						(18)						(1,125)						(474)
Total			$	2,744					$	2,863					$	5,499					$	5,604

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PRENEED TRUST INVESTMENTS

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Schedule of Unrealized Loss on Preneed Funeral Trust Investments [Table Text Block]

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