XML 33 R21.htm IDEA: XBRL DOCUMENT
v3.21.2

Revenues from Contracts with Customers | 9 Months Ended
--- | ---
Sep. 30, 2021
Revenue from Contract with Customer [Abstract] |
Revenues from Contracts with Customers | 14) Revenues from Contracts with Customers The Company reports revenues from contracts with customers pursuant to ASC No. 606, Revenue from Contracts with Customers. Information about Performance Obligations and Contract Balances The Company’s cemetery and mortuary segment sells a variety of goods and services to customers in both at-need and pre-need situations. Due to the timing of the fulfillment of the obligation, revenue is deferred until that obligation is fulfilled. The Company’s three types of future obligations are as follows: Pre-need Merchandise and Service Revenue: All pre-need merchandise and service revenue is deferred and the funds are placed in trust until the need arises, the merchandise is received or the service is performed. The trust is then relieved, and the revenue and commissions are recognized. At-need Specialty Merchandise Revenue: At-need specialty merchandise revenue consists of customizable merchandise ordered from a manufacturer such as markers and bases. When specialty merchandise is ordered, it can take time to manufacture and deliver the product. Revenue is deferred until the at-need merchandise is delivered to the Company. Deferred Pre-need Land Revenue: Deferred pre-need revenue and corresponding commissions are deferred until 10% of the funds are received from the customer through regular monthly payments. Deferred pre-need land revenue is not placed in trust. Complete payment of the contract does not constitute fulfillment of the performance obligation. Goods or services are deferred until such time the service is performed or merchandise is received. Pre-need contracts are required to be paid in full prior to a customer using a good or service from a pre-need contract. Goods and services from pre-need contracts can be transferred when paid in full from one owner to another. In such cases, the Company will act as an agent in transferring the requested goods and services. A transfer of goods and services does not fulfill an obligation and revenue remains deferred. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2021 (Unaudited) 14) Revenues from Contracts with Customers (Continued) The opening and closing balances of the Company’s receivables, contract assets and contract liabilities are as follows: Schedule of Opening and Closing Balances of Receivables, Contract Assets and Contract Liabilities
|  | Contract Balances |
|  | Receivables (1) |  |  | Contract Asset |  |  | Contract Liability |
Opening (1/1/2021) |  | $ | 4,119,988 |  |  | $ | — |  |  | $ | 13,080,179 |
Closing (9/30/2021) |  |  | 4,952,257 |  |  |  | — |  |  |  | 14,184,328 |
Increase/(decrease) |  |  | 832,269 |  |  |  | — |  |  |  | 1,104,149 |
|  | Contract Balances |
|  | Receivables (1) |  |  | Contract Asset |  |  | Contract Liability |
Opening (1/1/2020) |  | $ | 2,778,879 |  |  | $ | — |  |  | $ | 12,607,978 |
Closing (12/31/2020) |  |  | 4,119,988 |  |  |  | — |  |  |  | 13,080,179 |
Increase/(decrease) |  |  | 1,341,109 |  |  |  | — |  |  |  | 472,201 |
(1) | Included in Receivables, net on the condensed consolidated balance sheets
The amount of revenue recognized and included in the opening contract liability balance for the three months ended September 30, 2021 and 2020 was $1,143,745 and $ 1,427,418, respectively, and for the nine months ended September 30, 2021 and 2020 was $3,588,682 and $ 3,258,824, respectively The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. Disaggregation of Revenue The following table disaggregates revenue for the Company’s cemetery and mortuary contracts for the periods presented: Schedule of Revenues of the Cemetery and Mortuary Contracts
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Major goods/service lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At-need |  | $ | 4,129,203 |  |  | $ | 4,272,816 |  |  | $ | 12,172,631 |  |  | $ | 10,915,712 |
Pre-need |  |  | 1,838,472 |  |  |  | 1,098,899 |  |  |  | 6,055,568 |  |  |  | 3,614,872 |
Net mortuary and cemetery sales |  | $ | 5,967,675 |  |  | $ | 5,371,715 |  |  | $ | 18,228,199 |  |  | $ | 14,530,584 |
Timing of Revenue Recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goods transferred at a point in time |  | $ | 4,132,050 |  |  | $ | 3,559,431 |  |  | $ | 12,882,878 |  |  | $ | 9,641,751 |
Services transferred at a point in time |  |  | 1,835,625 |  |  |  | 1,812,284 |  |  |  | 5,345,321 |  |  |  | 4,888,833 |
Net mortuary and cemetery sales |  | $ | 5,967,675 |  |  | $ | 5,371,715 |  |  | $ | 18,228,199 |  |  | $ | 14,530,584 |
The following table reconciles revenues from cemetery and mortuary contracts to Note 7 – Business Segment Information for the Cemetery/Mortuary Segment for the periods presented: Schedule of Reconciliation of Revenues from Cemetery and Mortuary Contracts to Business Segment Information
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net mortuary and cemetery sales |  | $ | 5,967,675 |  |  | $ | 5,371,715 |  |  | $ | 18,228,199 |  |  | $ | 14,530,584 |
Gains (losses) on investments and other assets |  |  | (112,828 | ) |  |  | (66,673 | ) |  |  | 913,058 |  |  |  | (244,413 | )
Net investment income |  |  | 826,008 |  |  |  | 168,478 |  |  |  | 1,296,899 |  |  |  | 444,971 |
Other revenues |  |  | 24,492 |  |  |  | 22,470 |  |  |  | 74,378 |  |  |  | 84,849 |
Revenues from external customers |  |  | 6,705,347 |  |  |  | 5,495,990 |  |  |  | 20,512,534 |  |  |  | 14,815,991 |

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration