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7) Business Segments

3 Months Ended

Mar. 31, 2019

Notes

7) Business Segments

7)      Business Segment Information

Description of Products and Services by Segment

The Company has three reportable business segments: life insurance, cemetery and mortuary, and mortgage. The Company’s life insurance segment consists of life insurance premiums and operating expenses from the sale of insurance products sold by the Company’s independent agency force and net investment income derived from investing policyholder and segment surplus funds. The Company’s cemetery and mortuary segment consists of revenues and operating expenses from the sale of at-need cemetery and mortuary merchandise and services at its mortuaries and cemeteries, pre-need sales of cemetery spaces after collection of 10% or more of the purchase price and the net investment income from investing segment surplus funds. The Company’s mortgage segment consists of fee income and expenses from the originations of residential mortgage loans and interest earned and interest expenses from warehousing loans held for sale.

Measurement of Segment Profit or Loss and Segment Assets

The accounting policies of the reportable segments are the same as those described in the Significant Accounting Principles of the Form 10-K for the year ended December 31, 2018. Intersegment revenues are recorded at cost plus an agreed upon intercompany profit, and are eliminated upon consolidation.

Factors Management Used to Identify the Enterprise’s Reportable Segments

The Company’s reportable segments are business units that are managed separately due to the different products provided and the need to report separately to the various regulatory jurisdictions. The Company regularly reviews the quantitative thresholds and other criteria to determine when other business segments may need to be reported.

		Life Insurance		Cemetery/ Mortuary		Mortgage		Intercompany Eliminations		Consolidated
For the Three Months Ended
March 31, 2019
Revenues from external customers		$  30,505,368		$   4,359,285		$   26,629,182		$                -		$     61,493,835
Intersegment revenues		895,372		116,651		126,358		(1,138,381)		-
Segment profit before income taxes		2,085,341		1,184,865		(838,047)		-		2,432,159
				-
Identifiable Assets		935,021,695		87,087,362		155,695,585		(125,548,998)		1,052,255,644
Goodwill		2,765,570		750,745		-		-		3,516,315
Total Assets		937,787,265		87,838,107		155,695,585		(125,548,998)		1,055,771,959
For the Three Months Ended
March 31, 2018
Revenues from external customers		$  50,860,529		$   3,775,745		$   27,439,835		$                -		$     82,076,109
Intersegment revenues		819,292		109,017		133,370		(1,061,679)		-
Segment profit before income taxes		23,711,809		860,763		(3,385,391)		-		21,187,181
Identifiable Assets		873,263,596		92,747,811		163,896,491		(134,701,132)		995,206,766
Goodwill		2,765,570		-		-				2,765,570
Total Assets		876,029,166		92,747,811		163,896,491		(134,701,132)		997,972,336

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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