XML 43 R32.htm IDEA: XBRL DOCUMENT v3.21.1
PERPETUAL CARE TRUSTS (Tables)
3 Months Ended
Mar. 31, 2021
Schedule Of Available For Sale Securities [Line Items]  
Reconciliation of Trust Activities

A reconciliation of the Company’s merchandise trust activities for the three months ended March 31, 2021 and 2020 is presented below (in thousands):  

 

 

 

Three months ended March 31,

 

 

 

2021

 

 

2020

 

Balance—beginning of period

 

$

516,284

 

 

$

517,192

 

Contributions

 

 

13,089

 

 

 

10,697

 

Distributions

 

 

(14,801

)

 

 

(14,029

)

Interest and dividends

 

 

9,594

 

 

 

5,704

 

Capital gain distributions

 

 

379

 

 

 

68

 

Realized gains and losses, net

 

 

223

 

 

 

218

 

Other than temporary impairment

 

 

(136

)

 

 

 

Taxes

 

 

(247

)

 

 

118

 

Fees

 

 

(805

)

 

 

(3,022

)

Unrealized change in fair value

 

 

16,454

 

 

 

(59,181

)

Total

 

 

540,034

 

 

 

457,765

 

Less: Assets held for sale

 

 

(15,411

)

 

 

(20,127

)

Balance—end of period

 

$

524,623

 

 

$

437,638

 

Cost and Market Value Associated with Assets Held in Trusts

The cost and market value associated with the assets held in the merchandise trusts as of March 31, 2021 and December 31, 2020 were as follows (in thousands):  

 

March 31, 2021

 

Fair Value

Hierarchy

Level

 

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

Short-term investments

 

1

 

$

78,231

 

 

$

12

 

 

$

 

 

$

78,243

 

Fixed maturities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. governmental securities

 

2

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Corporate debt securities

 

2

 

 

2,883

 

 

 

695

 

 

 

(2

)

 

 

3,576

 

Other debt securities

 

2

 

 

23,703

 

 

 

3,397

 

 

 

 

 

 

27,100

 

Total fixed maturities

 

 

 

 

26,587

 

 

 

4,092

 

 

 

(2

)

 

 

30,677

 

Mutual funds—debt securities

 

1

 

 

6,097

 

 

 

134

 

 

 

(2

)

 

 

6,229

 

Mutual funds—equity securities

 

1

 

 

26,237

 

 

 

5,066

 

 

 

 

 

 

31,303

 

Other investment funds(1)

 

 

 

 

303,414

 

 

 

32,832

 

 

 

(5,749

)

 

 

330,497

 

Equity securities

 

1

 

 

38,768

 

 

 

11,630

 

 

 

(1,299

)

 

 

49,099

 

Other invested assets

 

2

 

 

3,812

 

 

 

84

 

 

 

 

 

 

3,896

 

Total investments

 

 

 

 

483,146

 

 

 

53,850

 

 

 

(7,052

)

 

 

529,944

 

West Virginia Trust Receivable

 

 

 

 

10,311

 

 

 

 

 

 

(221

)

 

 

10,090

 

Total

 

 

 

$

493,457

 

 

$

53,850

 

 

$

(7,273

)

 

 

540,034

 

Less: Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,411

)

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

524,623

 

 

 

(1)

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. This asset class is composed of fixed income funds and equity funds, which have redemption periods ranging from 1 to 30 days, and private credit funds, which have lockup periods of zero to ten years with three potential one year extensions at the discretion of the funds’ general partners. As of March 31, 2021, there were $74.6 million in unfunded investment commitments to the private credit funds, which are callable at any time.  

 

December 31, 2020

 

Fair Value

Hierarchy

Level

 

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

Short-term investments

 

1

 

$

41,039

 

 

$

12

 

 

$

 

 

$

41,051

 

Fixed maturities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. governmental securities

 

2

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Corporate debt securities

 

2

 

 

2,818

 

 

 

638

 

 

 

 

 

 

3,456

 

Other debt securities

 

2

 

 

23,165

 

 

 

1,578

 

 

 

(1,332

)

 

 

23,411

 

Total fixed maturities

 

 

 

 

25,984

 

 

 

2,216

 

 

 

(1,332

)

 

 

26,868

 

Mutual funds—debt securities

 

1

 

 

6,097

 

 

 

306

 

 

 

 

 

 

6,403

 

Mutual funds—equity securities

 

1

 

 

26,356

 

 

 

43

 

 

 

(154

)

 

 

26,245

 

Other investment funds(1)

 

 

 

 

337,565

 

 

 

32,461

 

 

 

(8,812

)

 

 

361,214

 

Equity securities

 

1

 

 

35,055

 

 

 

5,544

 

 

 

(19

)

 

 

40,580

 

Other invested assets

 

2

 

 

3,875

 

 

 

79

 

 

 

 

 

 

3,954

 

Total investments

 

 

 

 

475,971

 

 

 

40,661

 

 

 

(10,317

)

 

 

506,315

 

West Virginia Trust Receivable

 

 

 

 

10,190

 

 

 

 

 

 

(221

)

 

 

9,969

 

Total

 

 

 

$

486,161

 

 

$

40,661

 

 

$

(10,538

)

 

 

516,284

 

Less: Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,831

)

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

501,453

 

 

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. This asset class is composed of fixed income funds and equity funds, which have redemption periods ranging from 1 to 30 days, and private credit funds, which have lockup periods of zero to five years with three potential one year extensions at the discretion of the funds’ general partners. As of December 31, 2020, there were $47.8 million in unfunded investment commitments to the private credit funds, which are callable at any time
Contractual Maturities of Debt Securities Held in Trusts

The contractual maturities of debt securities as of March 31, 2021 and December 31, 2020 were as follows (in thousands):  

 

March 31, 2021

 

Less than

1 year

 

 

1 year

through

5 years

 

 

6 years

through

10 years

 

 

More than

10 years

 

U.S. governmental securities

 

$

 

 

$

1

 

 

$

 

 

$

 

Corporate debt securities

 

 

 

 

 

3,576

 

 

 

 

 

 

 

Other debt securities

 

 

21,875

 

 

 

5,225

 

 

 

 

 

 

 

Total fixed maturities

 

$

21,875

 

 

$

8,802

 

 

$

 

 

$

 

 

December 31, 2020

 

Less than

1 year

 

 

1 year

through

5 years

 

 

6 years

through

10 years

 

 

More than

10 years

 

U.S. governmental securities

 

$

 

 

$

1

 

 

$

 

 

$

 

Corporate debt securities

 

 

 

 

 

3,456

 

 

 

 

 

 

 

Other debt securities

 

 

18,392

 

 

 

5,019

 

 

 

 

 

 

 

Total fixed maturities

 

$

18,392

 

 

$

8,476

 

 

$

 

 

$

 

Aging of Unrealized Losses on Investments in Fixed Maturities and Equity Securities Held in Trusts

An aging of unrealized losses on the Company’s investments in debt and equity securities within the merchandise trusts as of March 31, 2021 and December 31, 2020 is presented below (in thousands):  

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

March 31, 2021

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

Fixed maturities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. governmental securities

 

$

 

 

$

 

 

$

297

 

 

$

 

 

$

297

 

 

$

 

Corporate debt securities

 

 

 

 

 

 

 

 

620

 

 

 

2

 

 

 

620

 

 

 

2

 

Other debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed maturities

 

 

 

 

 

 

 

 

917

 

 

 

2

 

 

 

917

 

 

 

2

 

Mutual funds—debt securities

 

 

3

 

 

 

2

 

 

 

 

 

 

 

 

 

3

 

 

 

2

 

Mutual funds—equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investment funds

 

 

32,593

 

 

 

5,749

 

 

 

 

 

 

 

 

 

32,593

 

 

 

5,749

 

Equity securities

 

 

2,627

 

 

 

1,299

 

 

 

 

 

 

 

 

 

2,627

 

 

 

1,299

 

Total

 

$

35,223

 

 

$

7,050

 

 

$

917

 

 

$

2

 

 

$

36,140

 

 

$

7,052

 

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

December 31, 2020

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

Fixed maturities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. governmental securities

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Corporate debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other debt securities

 

 

18,392

 

 

 

1,332

 

 

 

 

 

 

 

 

 

18,392

 

 

 

1,332

 

Total fixed maturities

 

 

18,392

 

 

 

1,332

 

 

 

 

 

 

 

 

 

18,392

 

 

 

1,332

 

Mutual funds—debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds—equity securities

 

 

128

 

 

 

154

 

 

 

 

 

 

 

 

 

128

 

 

 

154

 

Other investment funds

 

 

75,799

 

 

 

8,812

 

 

 

 

 

 

 

 

 

75,799

 

 

 

8,812

 

Equity securities

 

 

82

 

 

 

19

 

 

 

 

 

 

 

 

 

82

 

 

 

19

 

Total

 

$

94,401

 

 

$

10,317

 

 

$

 

 

$

 

 

$

94,401

 

 

$

10,317

 

Variable Interest Entity, Primary Beneficiary | Perpetual care trusts  
Schedule Of Available For Sale Securities [Line Items]  
Reconciliation of Trust Activities

A reconciliation of the Company’s perpetual care trust activities for the three months ended March 31, 2021 and 2020 is presented below (in thousands):

 

 

 

Three months ended March 31,

 

 

 

2021

 

 

2020

 

Balance—beginning of period

 

$

316,746

 

 

$

343,619

 

Contributions

 

 

2,136

 

 

 

1,952

 

Distributions

 

 

(9,229

)

 

 

(6,294

)

Interest and dividends

 

 

10,357

 

 

 

6,624

 

Capital gain distributions

 

 

604

 

 

 

99

 

Realized gains and losses, net

 

 

(129

)

 

 

163

 

Other than temporary impairment

 

 

(55

)

 

 

 

Taxes

 

 

(219

)

 

 

(37

)

Fees

 

 

(940

)

 

 

(913

)

Unrealized change in fair value

 

 

4,545

 

 

 

(38,464

)

Total

 

 

323,816

 

 

 

306,749

 

Less: Assets held for sale

 

 

(4,641

)

 

 

(21,917

)

Balance—end of period

 

$

319,175

 

 

$

284,832

 

 

Cost and Market Value Associated with Assets Held in Trusts

The cost and market value associated with the assets held in the perpetual care trusts as of March 31, 2021 and December 31, 2020 were as follows (in thousands):

 

March 31, 2021

 

Fair Value

Hierarchy

Level

 

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

Short-term investments

 

1

 

$

44,842

 

 

$

 

 

$

 

 

$

44,842

 

Fixed maturities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. governmental securities

 

2

 

 

17

 

 

 

3

 

 

 

 

 

 

20

 

Corporate debt securities

 

2

 

 

383

 

 

 

92

 

 

 

(1

)

 

 

474

 

Other debt securities

 

2

 

 

439

 

 

 

37

 

 

 

 

 

 

476

 

Total fixed maturities

 

 

 

 

839

 

 

 

132

 

 

 

(1

)

 

 

970

 

Mutual funds—debt securities

 

1

 

 

1,982

 

 

 

39

 

 

 

(16

)

 

 

2,005

 

Mutual funds—equity securities

 

1

 

 

9,856

 

 

 

2,266

 

 

 

(16

)

 

 

12,106

 

Other investment funds(1)

 

 

 

 

226,686

 

 

 

19,378

 

 

 

(8,301

)

 

 

237,763

 

Equity securities

 

1

 

 

21,749

 

 

 

4,423

 

 

 

(52

)

 

 

26,120

 

Other invested assets

 

2

 

 

9

 

 

 

1

 

 

 

 

 

 

10

 

Total investments

 

 

 

$

305,963

 

 

$

26,239

 

 

$

(8,386

)

 

 

323,816

 

Less: Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,641

)

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

319,175

 

 

(1)

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. This asset class is composed of fixed income funds and equity funds, which have a redemption period ranging from 1 to 30 days, and private credit funds, which have lockup periods ranging from zero to ten years with three potential one year extensions at the discretion of the funds’ general partners. As of March 31, 2021 there were $54.2 million in unfunded investment commitments to the private credit funds, which are callable at any time.

 

December 31, 2020

 

Fair Value

Hierarchy

Level

 

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

Short-term investments

 

1

 

$

21,217

 

 

$

 

 

$

 

 

$

21,217

 

Fixed maturities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. governmental securities

 

2

 

 

48

 

 

 

4

 

 

 

 

 

 

52

 

Corporate debt securities

 

2

 

 

505

 

 

 

92

 

 

 

(44

)

 

 

553

 

Other debt securities

 

2

 

 

433

 

 

 

 

 

 

(28

)

 

 

405

 

Total fixed maturities

 

 

 

 

986

 

 

 

96

 

 

 

(72

)

 

 

1,010

 

Mutual funds—debt securities

 

1

 

 

2,386

 

 

 

62

 

 

 

(9

)

 

 

2,439

 

Mutual funds—equity securities

 

1

 

 

9,240

 

 

 

1,244

 

 

 

(7

)

 

 

10,477

 

Other investment funds(1)

 

 

 

 

247,845

 

 

 

21,952

 

 

 

(10,813

)

 

 

258,984

 

Equity securities

 

1

 

 

21,748

 

 

 

873

 

 

 

(19

)

 

 

22,602

 

Other invested assets

 

2

 

 

16

 

 

 

1

 

 

 

 

 

 

17

 

Total investments

 

 

 

$

303,438

 

 

$

24,228

 

 

$

(10,920

)

 

 

316,746

 

Less: Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,518

)

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

312,228

 

 

(1)

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. This asset class is composed of fixed income funds and equity funds, which have a redemption period ranging from 1 to 30 days, and private credit funds, which have lockup periods ranging from zero to six years with three potential one year extensions at the discretion of the funds’ general partners. As of December 31, 2020, there were $41.1 million in unfunded investment commitments to the private credit funds, which are callable at any time.

 

Contractual Maturities of Debt Securities Held in Trusts

The contractual maturities of debt securities as of March 31, 2021 and December 31, 2020 were as follows (in thousands):

 

March 31, 2021

 

Less than

1 year

 

 

1 year through

5 years

 

 

6 years through

10 years

 

 

More than

10 years

 

U.S. governmental securities

 

$

 

 

$

2

 

 

$

 

 

$

18

 

Corporate debt securities

 

 

 

 

 

474

 

 

 

 

 

 

 

Other debt securities

 

 

476

 

 

 

 

 

 

 

 

 

 

Total fixed maturities

 

$

476

 

 

$

476

 

 

$

 

 

$

18

 

 

December 31, 2020

 

Less than

1 year

 

 

1 year through

5 years

 

 

6 years through

10 years

 

 

More than

10 years

 

U.S. governmental securities

 

$

25

 

 

$

6

 

 

$

 

 

$

21

 

Corporate debt securities

 

 

 

 

 

553

 

 

 

 

 

 

 

Other debt securities

 

 

405

 

 

 

 

 

 

 

 

 

 

Total fixed maturities

 

$

430

 

 

$

559

 

 

$

 

 

$

21

 

Aging of Unrealized Losses on Investments in Fixed Maturities and Equity Securities Held in Trusts

An aging of unrealized losses on the Company’s investments in debt and equity securities within the perpetual care trusts as of March 31, 2021 and December 31, 2020 is presented below (in thousands):

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

March 31, 2021

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

Fixed maturities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. governmental securities

 

$

 

 

$

 

 

$

990

 

 

$

 

 

$

990

 

 

$

 

Corporate debt securities

 

 

 

 

 

 

 

 

1,959

 

 

 

1

 

 

 

1,959

 

 

 

1

 

Other debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed maturities

 

 

 

 

 

 

 

 

2,949

 

 

 

1

 

 

 

2,949

 

 

 

1

 

Mutual funds—debt securities

 

 

1,055

 

 

 

16

 

 

 

2

 

 

 

 

 

 

1,057

 

 

 

16

 

Mutual funds—equity securities

 

 

583

 

 

 

16

 

 

 

 

 

 

 

 

 

583

 

 

 

16

 

Other investment funds

 

 

42,704

 

 

 

8,301

 

 

 

 

 

 

 

 

 

42,704

 

 

 

8,301

 

Equity securities

 

 

113

 

 

 

52

 

 

 

 

 

 

 

 

 

113

 

 

 

52

 

Total

 

$

44,455

 

 

$

8,385

 

 

$

2,951

 

 

$

1

 

 

$

47,406

 

 

$

8,386

 

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

December 31, 2020

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

Fixed maturities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. governmental securities

 

$

 

 

$

 

 

$

990

 

 

$

 

 

$

990

 

 

$

 

Corporate debt securities

 

 

 

 

 

 

 

 

1,959

 

 

 

44

 

 

 

1,959

 

 

 

44

 

Other debt securities

 

 

405

 

 

 

28

 

 

 

 

 

 

 

 

 

405

 

 

 

28

 

Total fixed maturities

 

 

405

 

 

 

28

 

 

 

2,949

 

 

 

44

 

 

 

3,354

 

 

 

72

 

Mutual funds—debt securities

 

 

600

 

 

 

9

 

 

 

 

 

 

 

 

 

600

 

 

 

9

 

Mutual funds—equity securities

 

 

288

 

 

 

7

 

 

 

 

 

 

 

 

 

288

 

 

 

7

 

Other investment funds

 

 

74,885

 

 

 

10,813

 

 

 

 

 

 

 

 

 

74,885

 

 

 

10,813

 

Equity securities

 

 

45

 

 

 

4

 

 

 

19

 

 

 

15

 

 

 

64

 

 

 

19

 

Total

 

$

76,223

 

 

$

10,861

 

 

$

2,968

 

 

$

59

 

 

$

79,191

 

 

$

10,920