XML 26 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
Preneed Funeral Activities Level 3 (Tables)
 12 Months Ended
Dec. 31, 2012
Preneed funeral receivables net and trust investments [Line Items]  
Preneed Funeral Receivables, Net and Trust Investments [Table Text Block]
The activity in Preneed funeral receivables, net and trust investments for the years ended December 31 was as follows:
 
2012
 
2011
 
2010
 
 
 
(In thousands)
 
 
Beginning balance — Preneed funeral receivables and trust investments
$
1,478,865

 
$
1,424,557

 
$
1,356,353

Net preneed contract sales
127,588

 
111,447

 
126,121

Cash receipts from customers, net of refunds
(125,625
)
 
(106,489
)
 
(99,142
)
Deposits to trust
81,601

 
72,750

 
80,027

Acquisitions (dispositions) of businesses, net
6,021

 
143,252

 
29,607

Net undistributed investment (losses) earnings (1)
84,611

 
(11,348
)
 
82,097

Maturities and distributed earnings
(126,130
)
 
(148,820
)
 
(140,593
)
Change in cancellation allowance
1,758

 
(30
)
 
(1,140
)
Effect of foreign currency and other
3,539

 
(6,454
)
 
(8,773
)
Ending balance — Preneed funeral receivables and trust investments
$
1,532,228

 
$
1,478,865

 
$
1,424,557

_________________________________
(1)
Includes both realized and unrealized investment earnings (losses).
Deferred Preneed Funeral Revenues [Table Text Block]
The following table summarizes the activity in Deferred preneed funeral revenues for the years ended December 31 were as follows:
 
2012
 
2011
 
2010
 
(In thousands)
Beginning balance — Deferred preneed funeral revenues, net
$
575,546

 
$
580,223

 
$
596,966

Net preneed contract sales
103,341

 
105,866

 
112,678

(Dispositions) acquisitions of businesses, net
(4,491
)
 
142,026

 
26,816

Net investment (losses) earnings (1)
83,788

 
(12,164
)
 
83,605

Recognized deferred preneed revenues
(164,037
)
 
(182,408
)
 
(151,484
)
Change in cancellation allowance
1,304

 
(1,526
)
 
(761
)
Change in deferred preneed funeral receipts held in trust
(61,068
)
 
(57,936
)
 
(69,694
)
Effect of foreign currency and other
2,264

 
1,465

 
(17,903
)
Ending balance — Deferred preneed funeral revenues, net
$
536,647

 
$
575,546

 
$
580,223

_________________________________
(1)
Includes both realized and unrealized investment earnings (losses).
Funeral [Member]
  
Preneed funeral receivables net and trust investments [Line Items]  
Investment related activities [Table Text Block]
The table below sets forth certain investment-related activities associated with our preneed funeral merchandise and service trusts for the years ended December 31:
 
2012
 
2011
 
2010
 
 
 
(In thousands)
 
 
Deposits
$
81,601

 
$
72,750

 
$
80,027

Withdrawals
100,635

 
109,013

 
103,418

Purchases of available-for-sale securities
563,628

 
527,681

 
467,221

Sales of available-for-sale securities
555,709

 
610,917

 
479,128

Realized gains from sales of available-for-sale securities
60,833

 
61,272

 
36,807

Realized losses from sales of available-for-sale securities
(21,454
)
 
(41,162
)
 
(46,601
)
Long-term receivable and investment components [Table Text Block]
The components of Preneed funeral receivables, net and trust investments in our consolidated balance sheet at December 31 were as follows:
 
2012
 
2011
 
(In thousands)
Trust investments, at market
$
977,973

 
$
892,685

Cash and cash equivalents
85,943

 
101,111

Insurance-backed fixed income securities
273,098

 
277,650

Trust investments
1,337,014

 
1,271,446

Receivables from customers
236,796

 
246,601

Unearned finance charge
(8,645
)
 
(5,425
)
 
1,565,165

 
1,512,622

Allowance for cancellation
(32,937
)
 
(33,757
)
Preneed funeral receivables and trust investments
$
1,532,228

 
$
1,478,865
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]
The cost and market values associated with our funeral merchandise and service trust investments recorded at fair market value at December 31, 2012 and 2011 are detailed below. Cost reflects the investment (net of redemptions) of control holders in common trust funds, mutual funds, and private equity investments. Fair market value represents the value of the underlying securities held by the common trust funds, mutual funds at published values, and the estimated market value of private equity investments.
 
 
December 31, 2012
 
Fair Value Hierarchy Level
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 

 
 

 
 

 
 

U.S. Treasury
2
$
105,594

 
$
5,072

 
$
(880
)
 
$
109,786

Canadian government
2
110,399

 
861

 
(113
)
 
111,147

Corporate
2
51,611

 
2,531

 
(623
)
 
53,519

Residential mortgage-backed
2
3,123

 
57

 
(8
)
 
3,172

Asset-backed
2
129

 
3

 
—

 
132

Equity securities:
 
 

 
 

 
 

 
 

Preferred stock
2
3,603

 
211

 
(103
)
 
3,711

Common stock:
 
 

 
 

 
 

 
 

United States
1
230,971

 
38,514

 
(6,903
)
 
262,582

Canada
1
23,284

 
2,598

 
(1,271
)
 
24,611

Other international
1
18,089

 
1,874

 
(658
)
 
19,305

Mutual funds:
 
 

 
 

 
 

 
 

Equity
1
145,589

 
10,097

 
(6,728
)
 
148,958

Fixed income
1
225,365

 
7,314

 
(10,252
)
 
222,427

Private equity
3
36,626

 
221

 
(18,968
)
 
17,879

Other
3
542

 
202

 
—

 
744

Trust investments
 
$
954,925

 
$
69,555

 
$
(46,507
)
 
$
977,973

 
 
December 31, 2011
 
Fair Value Hierarchy Level
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 

 
 

 
 

 
 

U.S. Treasury
2
$
77,299

 
$
4,565

 
$
(373
)
 
$
81,491

Canadian government
2
114,586

 
838

 
(109
)
 
115,315

Corporate
2
49,210

 
1,849

 
(770
)
 
50,289

Residential mortgage-backed
2
3,292

 
71

 
(34
)
 
3,329

Asset-backed
2
126

 
6

 
—

 
132

Equity securities:
 
 

 
 

 
 

 
 

Preferred stock:
2
2,041

 
50

 
(153
)
 
1,938

Common stock:
 
 

 
 

 
 

 
 

United States
1
258,738

 
40,992

 
(22,715
)
 
277,015

Canada
1
23,986

 
2,511

 
(1,771
)
 
24,726

Other international
1
18,954

 
1,045

 
(1,296
)
 
18,703

Mutual funds:
 
 

 
 

 
 

 
 

Equity
1
134,383

 
2,384

 
(18,982
)
 
117,785

Fixed income
1
193,134

 
5,044

 
(13,114
)
 
185,064

Private equity
3
35,017

 
218

 
(19,249
)
 
15,986

Other
3
484

 
428

 
—

 
912

Trust investments
 
$
911,250

 
$
60,001

 
$
(78,566
)
 
$
892,685
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The change in our market-based funeral merchandise and service trust investments with significant unobservable inputs (Level 3) is as follows for the years ended December 31, 2012, 2011, and 2010 (in thousands):
 
2012
 
2011
 
2010
Fair market value, beginning balance at January 1,
$
16,898

 
$
21,359

 
$
12,052

Net unrealized losses included in Accumulated other comprehensive income (1)
(562
)
 
(5,234
)
 
(3,949
)
Net realized losses included in Other income (expense), net (2)
(60
)
 
(92
)
 
(530
)
Purchases
—

 
18

 
7,343

Sales
(9
)
 
(8,156
)
 
(108
)
Contributions
4,664

 
10,392

 
7,213

Distributions and other
(2,308
)
 
(1,389
)
 
(662
)
Fair market value, ending balance at December 31,
$
18,623

 
$
16,898

 
$
21,359

_______________________________________
(1)
All unrealized losses recognized in Accumulated other comprehensive income for our funeral merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust.
(2)
All losses recognized in Other income (expense), net for our funeral merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust.
Investments Classified by Contractual Maturity Date [Table Text Block]
Maturity dates of our fixed income securities range from 2013 to 2053. Maturities of fixed income securities at December 31, 2012 are estimated as follows:
 
Fair Market Value
 
(In thousands)
Due in one year or less
$
130,132

Due in one to five years
61,407

Due in five to ten years
51,279

Thereafter
34,938

 
$
277,756
Schedule of Unrealized Loss on Investments [Table Text Block]
Our funeral merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the years ended December 31, 2012 and 2011, are shown in the following tables.
 
December 31, 2012
 
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
 
 
 
 
 
(In thousands)
 
 
 
 
Fixed income securities:
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury
$
22,357

 
$
(803
)
 
$
6,741

 
$
(77
)
 
$
29,098

 
$
(880
)
Canadian government
7,912

 
(113
)
 
—

 
—

 
7,912

 
(113
)
Corporate
7,809

 
(347
)
 
4,283

 
(276
)
 
12,092

 
(623
)
Residential mortgage-backed
956

 
(8
)
 
—

 
—

 
956

 
(8
)
Equity securities:
 

 
 

 
 

 
 

 


 


Preferred Stock
1,220

 
(93
)
 
52

 
(10
)
 
1,272

 
(103
)
Common stock:
 

 
 

 
 

 
 

 
 

 
 

United States
70,752

 
(4,694
)
 
9,089

 
(2,209
)
 
79,841

 
(6,903
)
Canada
6,592

 
(652
)
 
2,516

 
(619
)
 
9,108

 
(1,271
)
Other international
7,606

 
(521
)
 
608

 
(137
)
 
8,214

 
(658
)
Mutual funds:
 

 
 

 
 

 
 

 


 


Equity
6,779

 
(126
)
 
26,340

 
(6,602
)
 
33,119

 
(6,728
)
Fixed income
38,686

 
(1,021
)
 
24,131

 
(9,231
)
 
62,817

 
(10,252
)
Private equity
—

 
—

 
17,389

 
(18,968
)
 
17,389

 
(18,968
)
Total temporarily impaired securities
$
170,669

 
$
(8,378
)
 
$
91,149

 
$
(38,129
)
 
$
261,818

 
$
(46,507
)
 
December 31, 2011
 
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
 
 
 
 
 
(In thousands)
 
 
 
 
Fixed income securities:
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury
$
6,977

 
$
(90
)
 
$
8,709

 
$
(283
)
 
$
15,686

 
$
(373
)
Canadian government
9,597

 
(109
)
 
—

 
—

 
9,597

 
(109
)
Corporate
17,328

 
(692
)
 
662

 
(78
)
 
17,990

 
(770
)
Residential mortgage-backed
600

 
(4
)
 
295

 
(30
)
 
895

 
(34
)
Equity securities:
 

 
 

 
 

 
 

 
 

 
 

Preferred Stock
1,244

 
(153
)
 
—

 
—

 
1,244

 
(153
)
Common stock:
 

 
 

 
 

 
 

 
 

 
 

United States
84,450

 
(18,120
)
 
14,924

 
(4,595
)
 
99,374

 
(22,715
)
Canada
8,448

 
(1,491
)
 
513

 
(280
)
 
8,961

 
(1,771
)
Other international
7,263

 
(615
)
 
2,403

 
(681
)
 
9,666

 
(1,296
)
Mutual funds:
 

 
 

 
 

 
 

 
 

 
 

Equity
76,559

 
(9,173
)
 
26,053

 
(9,809
)
 
102,612

 
(18,982
)
Fixed income
68,378

 
(5,500
)
 
9,314

 
(7,614
)
 
77,692

 
(13,114
)
Private equity
1,977

 
(3,499
)
 
13,502

 
(15,750
)
 
15,479

 
(19,249
)
Total temporarily impaired securities
$
282,821

 
$
(39,446
)
 
$
76,375

 
$
(39,120
)
 
$
359,196

 
$
(78,566
)