Cemetery Perpetual Care Trust Investments (Tables)
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3 Months Ended |
Mar. 31, 2014
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Cemetery Perpetual Care Trust Investments [Abstract] |
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Components of care trusts' corpus |
The components of Care trusts’ corpus as of December 31, 2013 and March 31, 2014 were as follows (in thousands): | | | | | | | | | | December 31, 2013 | | March 31, 2014 | Trust assets, at fair value | $ | 42,342 |
| | $ | 43,529 |
| Obligations due to (from) trust | (449 | ) | | 37 |
| Care trusts’ corpus | $ | 41,893 |
| | $ | 43,566 |
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Cost and fair market values associated with the trust investments held in perpetual care trust funds |
The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at March 31, 2014 (in thousands): | | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy Level | | Cost | | Unrealized Gains | | Unrealized Losses | | Fair Market Value | Cash and money market accounts | 1 | | $ | 602 |
| | $ | — |
| | $ | — |
| | $ | 602 |
| Fixed income securities: | | | | | | | | | | Foreign debt | 2 | | 2,378 |
| | 149 |
| | (3 | ) | | 2,524 |
| Corporate debt | 2 | | 18,641 |
| | 323 |
| | (839 | ) | | 18,125 |
| Preferred stock | 2 | | 11,244 |
| | 376 |
| | (86 | ) | | 11,534 |
| Mortgage back securities | 2 | | 1 |
| | — |
| | — |
| | 1 |
| Common stock | 1 | | 8,478 |
| | 2,052 |
| | (414 | ) | | 10,116 |
| Trust securities | | | $ | 41,344 |
| | $ | 2,900 |
| | $ | (1,342 | ) | | $ | 42,902 |
| Accrued investment income | | | $ | 627 |
| | | | | | $ | 627 |
| Cemetery perpetual care trust investments | | | | | | | | | $ | 43,529 |
| Fair market value as a percentage of cost | | | | | | | | | 103.8 | % |
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Estimated maturities of fixed perpetual care trust income securities |
The estimated maturities of the fixed income securities included above are as follows (in thousands): | | | | | Due in one year or less | $ | — |
| Due in one to five years | 3,871 |
| Due in five to ten years | 5,969 |
| Thereafter | 22,344 |
| | $ | 32,184 |
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Cost and fair Market Values Associated with Trust Investments Held in Perpetual Care Trust Funds [Table Text Block] |
The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2013 (in thousands): | | | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy Level | | Cost | | Unrealized Gains | | Unrealized Losses | | Fair Market Value | Cash and money market accounts | 1 | | $ | 973 |
| | $ | — |
| | $ | — |
| | $ | 973 |
| Fixed income securities: | | | | | | | | | | Foreign debt | 2 | | 2,062 |
| | 87 |
| | (2 | ) | | 2,147 |
| Corporate debt | 2 | | 19,773 |
| | 236 |
| | (691 | ) | | 19,318 |
| Preferred stock | 2 | | 10,668 |
| | 110 |
| | (165 | ) | | 10,613 |
| Common stock | 1 | | 7,539 |
| | 1,417 |
| | (178 | ) | | 8,778 |
| Trust securities | | | $ | 41,015 |
| 41,015,000 |
| $ | 1,850 |
| | $ | (1,036 | ) | | $ | 41,829 |
| Accrued investment income | | | $ | 513 |
| | | | | | $ | 513 |
| Cemetery perpetual care investments | | | | | | | | | $ | 42,342 |
| Market value as a percentage of cost | | | | | | | | | 102.0 | % |
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Schedule of fair market value and unrealized loss on perteptual care trust investments |
Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended March 31, 2014 and December 31, 2013, respectively, are shown in the following tables (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2014 | | 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 | $ | 261 |
| | $ | (3 | ) | | $ | — |
| | $ | — |
| | $ | 261 |
| | $ | (3 | ) | Corporate debt | 3,630 |
| | (362 | ) | | 1,732 |
| | (477 | ) | | 5,362 |
| | (839 | ) | Preferred stock | 2,995 |
| | (86 | ) | | — |
| | — |
| | 2,995 |
| | (86 | ) | Common stock | 2,019 |
| | (403 | ) | | 69 |
| | (11 | ) | | 2,088 |
| | (414 | ) | Total temporary impaired securities | $ | 8,905 |
| | $ | (854 | ) | | $ | 1,801 |
| | $ | (488 | ) | | $ | 10,706 |
| | $ | (1,342 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | 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 | $ | 478 |
| | $ | (2 | ) | | $ | — |
| | $ | — |
| | $ | 478 |
| | $ | (2 | ) | Corporate debt | 6,948 |
| | (332 | ) | | 462 |
| | (359 | ) | | 7,410 |
| | (691 | ) | Preferred stock | 5,811 |
| | (165 | ) | | — |
| | — |
| | 5,811 |
| | (165 | ) | Common stock | 716 |
| | (114 | ) | | 470 |
| | (64 | ) | | 1,186 |
| | (178 | ) | Total temporary impaired securities | $ | 13,953 |
| | $ | (613 | ) | | $ | 932 |
| | $ | (423 | ) | | $ | 14,885 |
| | $ | (1,036 | ) |
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Perpetual care trust investment security transactions recorded in interest income and other, net |
Perpetual care trust investment security transactions recorded in Interest expense in our Consolidated Statements of Operations for the three months ended March 31, 2013 and 2014 were as follows (in thousands): | | | | | | | | | | For the Three Months Ended March 31, | | 2013 | | 2014 | Undistributable realized gains | $ | 24 |
| | $ | 417 |
| Undistributable realized losses | (295 | ) | | (149 | ) | Increase (decrease) in Care trusts’ corpus | 271 |
| | (268 | ) | Total | $ | — |
| | $ | — |
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Perpetual care trust investment security transactions recorded in cemetery revenue |
Perpetual care trust investment security transactions recorded in Cemetery revenues for the three months ended March 31, 2013 and 2014 were as follows (in thousands): | | | | | | | | | | For the Three Months Ended March 31, | | 2013 | | 2014 | Investment income | $ | 1,411 |
| | $ | 1,281 |
| Realized gains (losses), net | 398 |
| | (242 | ) | Total | $ | 1,809 |
| | $ | 1,039 |
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Purchases and sales of investments in perpetual care trusts |
Purchases and sales of investments in the perpetual care trusts were as follows (in thousands): | | | | | | | | | | For the Three Months Ended March 31, | | 2013 | | 2014 | Purchases | $ | (2,587 | ) | | $ | (4,935 | ) | Sales | 3,121 |
| | 5,181 |
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