Preneed Cemetery Receivables |
The following table summarizes the activity in our allowance for credit losses by portfolio segment for the year ended December 31, 2021 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | January 1, 2021 | | Provision for Credit Losses | | Write Offs | | Recoveries | | December 31, 2021 | Trade and financed receivables: | | | | | | | | | | Funeral | $ | (327) | | | $ | (915) | | | $ | 2,193 | | | $ | (1,316) | | | $ | (365) | | Cemetery | (960) | | | (325) | | | 660 | | | — | | | (625) | | Total allowance for credit losses on Trade and financed receivables | $ | (1,287) | | | $ | (1,240) | | | $ | 2,853 | | | $ | (1,316) | | | $ | (990) | |
The following table summarizes the activity in our allowance for credit losses for Preneed cemetery receivables, net for the year ended December 31, 2021 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | January 1, 2021 | | Provision for Credit Losses | | Write Offs | | December 31, 2021 | Total allowance for credit losses on Preneed cemetery receivables, net | $ | (1,644) | | | $ | (543) | | | $ | 1,108 | | | $ | (1,079) | |
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Aging of Past Due Financing Receivables |
The aging of past due preneed cemetery receivables as of December 31, 2021 is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 31-60 Past Due | | 61-90 Past Due | | 91-120 Past Due | | >120 Past Due | | Total Past Due | | Current | | Total Financing Receivables | Recognized revenue | $ | 777 | | | $ | 738 | | | $ | 210 | | | $ | 1,919 | | | $ | 3,644 | | | $ | 34,214 | | | $ | 37,858 | | Deferred revenue | 271 | | | 159 | | | 57 | | | 467 | | | 954 | | | 14,043 | | | 14,997 | | Total contracts | $ | 1,048 | | | $ | 897 | | | $ | 267 | | | $ | 2,386 | | | $ | 4,598 | | | $ | 48,257 | | | $ | 52,855 | |
The aging of past due preneed cemetery receivables as of December 31, 2020 is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 31-60 Past Due | | 61-90 Past Due | | 91-120 Past Due | | >120 Past Due | | Total Past Due | | Current | | Total Financing Receivables | Recognized revenue | $ | 759 | | | $ | 348 | | | $ | 174 | | | $ | 1,763 | | | $ | 3,044 | | | $ | 32,219 | | | $ | 35,263 | | Deferred revenue | 220 | | | 130 | | | 42 | | | 557 | | | 949 | | | 11,010 | | | 11,959 | | Total contracts | $ | 979 | | | $ | 478 | | | $ | 216 | | | $ | 2,320 | | | $ | 3,993 | | | $ | 43,229 | | | $ | 47,222 | |
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Schedule of Accounts, Notes, Loans and Financing Receivable |
Accounts receivable is comprised of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | Funeral | | Cemetery | | Corporate | | Total | Trade and financed receivables | $ | 10,728 | | | $ | 13,629 | | | $ | — | | | $ | 24,357 | | Other receivables | 329 | | | 1,433 | | | 185 | | | 1,947 | | Allowance for credit losses | (365) | | | (625) | | | — | | | (990) | | Accounts receivable, net | $ | 10,692 | | | $ | 14,437 | | | $ | 185 | | | $ | 25,314 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | Funeral | | Cemetery | | Corporate | | Total | Trade and financed receivables | $ | 11,448 | | | $ | 12,230 | | | $ | — | | | $ | 23,678 | | Other receivables | 367 | | | 2,144 | | | 201 | | | 2,712 | | Allowance for credit losses | (327) | | | (960) | | | — | | | (1,287) | | Accounts receivable, net | $ | 11,488 | | | $ | 13,414 | | | $ | 201 | | | $ | 25,103 | |
Preneed Cemetery Receivables Our preneed cemetery receivables are comprised of the following (in thousands): | | | | | | | | | | | | | December 31, 2020 | | December 31, 2021 | Interment rights | $ | 36,425 | | | $ | 40,863 | | Merchandise and services | 6,449 | | | 7,348 | | Unearned finance charges | 4,348 | | | 4,644 | | Preneed cemetery receivables | $ | 47,222 | | | $ | 52,855 | |
The components of our preneed cemetery receivables are as follows (in thousands): | | | | | | | | | | | | | December 31, 2020 | | December 31, 2021 | Preneed cemetery receivables | $ | 47,222 | | | $ | 52,855 | | Less: unearned finance charges | (4,348) | | | (4,644) | | Preneed cemetery receivables, at amortized cost | $ | 42,874 | | | $ | 48,211 | | Less: allowance for credit losses | (2,604) | | | (1,704) | | Less: balances due on undelivered cemetery preneed contracts | (7,919) | | | (10,353) | | Less: amounts in accounts receivable | (11,270) | | | (13,004) | | Preneed cemetery receivables, net | $ | 21,081 | | | $ | 23,150 | |
The amortized cost basis of our preneed cemetery receivables by year of origination as of December 31, 2021 is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | | Prior | | Total | Total preneed cemetery receivables, at amortized cost | $ | 24,644 | | | $ | 10,955 | | | $ | 6,723 | | | $ | 3,158 | | | $ | 1,198 | | | $ | 1,533 | | | $ | 48,211 | |
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