XML 37 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Preneed Cemetery Activities Level 3 (Tables)
6 Months Ended
Jun. 30, 2013
Preneed Cemetery Receivables, Net and Trust Investments [Line Items]  
Schedule of Unrealized Loss on Investments [Table Text Block]
Our cemetery merchandise and service trust investment unrealized losses, their associated fair values and the duration of unrealized losses as of June 30, 2013 are shown in the following tables:
 
June 30, 2013
 
In Loss Position
Less Than 12 Months
 
In Loss Position
Greater Than 12 Months
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
 
 
 
 
(In thousands)
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
52,474

 
$
(5,504
)
 
$
16,491

 
$
(1,523
)
 
$
68,965

 
$
(7,027
)
Canadian government
3,341

 
(84
)
 
2,878

 
(85
)
 
6,219

 
(169
)
Corporate
15,974

 
(624
)
 
2,268

 
(183
)
 
18,242

 
(807
)
      Residential mortgage-backed
67

 
(1
)
 

 

 
67

 
(1
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
1,143

 
(34
)
 

 

 
1,143

 
(34
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
61,271

 
(4,934
)
 
7,359

 
(1,482
)
 
68,630

 
(6,416
)
Canada
2,693

 
(473
)
 
1,830

 
(824
)
 
4,523

 
(1,297
)
Other international
13,549

 
(1,194
)
 
1,203

 
(251
)
 
14,752

 
(1,445
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
75,468

 
(3,484
)
 
32,146

 
(5,882
)
 
107,614

 
(9,366
)
Fixed income
121,882

 
(10,602
)
 
24,748

 
(21,972
)
 
146,630

 
(32,574
)
Private equity

 

 
7,690

 
(4,741
)
 
7,690

 
(4,741
)
Other

 

 
348

 
(31
)
 
348

 
(31
)
Total temporarily impaired securities
$
347,862

 
$
(26,934
)
 
$
96,961

 
$
(36,974
)
 
$
444,823

 
$
(63,908
)


 
December 31, 2012
 
In Loss Position
Less Than 12 Months
 
In Loss Position
Greater Than 12 Months
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
 
 
 
 
(In thousands)
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
28,626

 
$
(841
)
 
$

 
$

 
$
28,626

 
$
(841
)
Canadian government
5,319

 
(83
)
 

 

 
5,319

 
(83
)
Corporate
14,060

 
(571
)
 
2,137

 
(204
)
 
16,197

 
(775
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
1,497

 
(143
)
 
126

 
(53
)
 
1,623

 
(196
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
82,989

 
(5,624
)
 
11,131

 
(2,092
)
 
94,120

 
(7,716
)
Canada
3,114

 
(461
)
 
1,115

 
(385
)
 
4,229

 
(846
)
Other international
9,056

 
(655
)
 
741

 
(202
)
 
9,797

 
(857
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
28,132

 
(1,427
)
 
43,172

 
(8,494
)
 
71,304

 
(9,921
)
Fixed income
54,533

 
(2,205
)
 
29,104

 
(17,145
)
 
83,637

 
(19,350
)
Private equity
46

 
(17
)
 
17,136

 
(15,158
)
 
17,182

 
(15,175
)
Other
8

 

 
378

 
(1
)
 
386

 
(1
)
Total temporarily impaired securities
$
227,380

 
$
(12,027
)
 
$
105,040

 
$
(43,734
)
 
$
332,420

 
$
(55,761
)
Our cemetery perpetual care trust investment unrealized losses, their associated fair values and the duration of unrealized losses, are shown in the following tables.
 
June 30, 2013
 
In Loss Position
Less Than 12 Months
 
In Loss Position
Greater Than 12 Months
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
 
 
 
 
(In thousands)
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
388

 
$
(6
)
 
$
18

 
$

 
$
406

 
$
(6
)
Canadian government
5,363

 
(127
)
 
5,299

 
(165
)
 
10,662

 
(292
)
Corporate
7,323

 
(119
)
 
1,676

 
(32
)
 
8,999

 
(151
)
Residential mortgage-backed
484

 
(9
)
 
3

 

 
487

 
(9
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
832

 
(30
)
 
3,261

 
(687
)
 
4,093

 
(717
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
24,108

 
(2,192
)
 
2,494

 
(292
)
 
26,602

 
(2,484
)
Canada
1,169

 
(80
)
 
1,776

 
(760
)
 
2,945

 
(840
)
Other international
3,844

 
(431
)
 
473

 
(220
)
 
4,317

 
(651
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
219

 
(9
)
 
196

 
(57
)
 
415

 
(66
)
Fixed income
201,159

 
(2,559
)
 
25,431

 
(878
)
 
226,590

 
(3,437
)
Private equity

 

 
18,159

 
(9,293
)
 
18,159

 
(9,293
)
Total temporarily impaired securities
$
244,889

 
$
(5,562
)
 
$
58,786

 
$
(12,384
)
 
$
303,675

 
$
(17,946
)

 
December 31, 2012
 
In Loss Position
Less Than 12 Months
 
In Loss Position
Greater Than 12 Months
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
 
 
 
 
(In thousands)
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
373

 
$
(1
)
 
$

 
$

 
$
373

 
$
(1
)
Canadian government
9,145

 
(140
)
 

 

 
9,145

 
(140
)
Corporate
5,439

 
(33
)
 
1,886

 
(18
)
 
7,325

 
(51
)
Residential mortgage-backed
183

 
(2
)
 

 

 
183

 
(2
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
3,115

 
(639
)
 
973

 
(299
)
 
4,088

 
(938
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
38,323

 
(2,403
)
 
7,495

 
(986
)
 
45,818

 
(3,389
)
Canada
1,246

 
(281
)
 
1,055

 
(450
)
 
2,301

 
(731
)
Other international
4,712

 
(389
)
 
696

 
(58
)
 
5,408

 
(447
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
2,654

 
(127
)
 
404

 
(84
)
 
3,058

 
(211
)
Fixed income
10,552

 
(37
)
 
31,837

 
(404
)
 
42,389

 
(441
)
Private equity

 

 
10,752

 
(13,943
)
 
10,752

 
(13,943
)
Other

 

 
6,308

 
(3,104
)
 
6,308

 
(3,104
)
Total temporarily impaired securities
$
75,742

 
$
(4,052
)
 
$
61,406

 
$
(19,346
)
 
$
137,148

 
$
(23,398
)

Cemetery [Member]
 
Preneed Cemetery 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 cemetery merchandise and service trusts:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
 
(In thousands)
 
(In thousands)
Deposits
$
28,344

 
$
25,512

 
$
53,612

 
$
50,707

Withdrawals
33,458

 
22,630

 
63,339

 
47,363

Purchases of available-for-sale securities
190,675

 
58,981

 
296,397

 
329,064

Sales of available-for-sale securities
208,589

 
61,270

 
334,332

 
316,687

Realized gains from sales of available-for-sale securities
29,743

 
8,610

 
46,319

 
47,882

Realized losses from sales of available-for-sale securities
(6,885
)
 
(4,296
)
 
(9,055
)
 
(18,066
)
Long-term receivable and investment components [Table Text Block]
The components of Preneed cemetery receivables, net and trust investments in our unaudited condensed consolidated balance sheet at June 30, 2013 and December 31, 2012 are as follows:
 
June 30, 2013
 
December 31, 2012
 
(In thousands)
Trust investments, at fair value
$
1,229,781

 
$
1,204,084

Cash and cash equivalents
101,801

 
86,923

Insurance-backed fixed income securities
15

 
9

Trust investments
1,331,597

 
1,291,016

Receivables from customers
655,167

 
614,599

Unearned finance charges
(29,930
)
 
(29,471
)
 
1,956,834

 
1,876,144

Allowance for cancellation
(52,694
)
 
(49,309
)
Preneed cemetery receivables, net and trust investments
$
1,904,140

 
$
1,826,835

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]
 
June 30, 2013
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury
2
 
$
106,573

 
$
2,183

 
$
(7,027
)
 
$
101,729

Canadian government
2
 
16,588

 
245

 
(169
)
 
16,664

Corporate
2
 
45,657

 
3,079

 
(807
)
 
47,929

Residential mortgage-backed
2
 
141

 
2

 
(1
)
 
142

Equity securities:
 
 
 
 
 
 
 
 
 
Preferred stock
2
 
7,114

 
694

 
(34
)
 
7,774

Common stock:
 
 
 
 
 
 
 
 
 
United States
1
 
351,487

 
94,150

 
(6,416
)
 
439,221

Canada
1
 
14,429

 
3,192

 
(1,297
)
 
16,324

Other international
1
 
38,736

 
5,316

 
(1,445
)
 
42,607

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
280,278

 
22,846

 
(9,366
)
 
293,758

Fixed income
1
 
262,374

 
5,948

 
(32,574
)
 
235,748

Private equity
3
 
28,275

 
3,093

 
(4,741
)
 
26,627

Other
3
 
1,093

 
196

 
(31
)
 
1,258

Trust investments
 
 
$
1,152,745

 
$
140,944

 
$
(63,908
)
 
$
1,229,781


 
December 31, 2012
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury
2
 
$
99,630

 
$
7,925

 
$
(841
)
 
$
106,714

Canadian government
2
 
17,562

 
402

 
(83
)
 
17,881

Corporate
2
 
43,515

 
2,456

 
(775
)
 
45,196

Residential mortgage-backed
2
 
150

 
4

 

 
154

Equity securities:
 
 
 
 
 
 
 
 
 
Preferred stock
2
 
5,840

 
334

 
(196
)
 
5,978

Common stock:
 
 
 
 
 
 
 
 
 
United States
1
 
363,190

 
71,613

 
(7,716
)
 
427,087

Canada
1
 
16,026

 
2,862

 
(846
)
 
18,042

Other international
1
 
29,889

 
3,687

 
(857
)
 
32,719

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
279,265

 
19,520

 
(9,921
)
 
288,864

Fixed income
1
 
251,687

 
10,975

 
(19,350
)
 
243,312

Private equity
3
 
32,785

 
77

 
(15,175
)
 
17,687

Other
3
 
407

 
44

 
(1
)
 
450

Trust investments
 
 
$
1,139,946

 
$
119,899

 
$
(55,761
)
 
$
1,204,084

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The change in our market-based cemetery merchandise and service trust investments with significant unobservable inputs (Level 3) is as follows (in thousands):
 
Three Months Ended
 
June 30, 2013
 
June 30, 2012
 
Private Equity
 
Other
 
Private Equity
 
Other
Fair market value, beginning balance
$
25,957

 
$
1,035

 
$
14,935

 
$
443

Net unrealized gains (losses) included in Accumulated other comprehensive income(1)
1,830

 
389

 
(126
)
 
(6
)
Net realized losses included in Other income, net(2)
(6
)
 
(1
)
 
(7
)
 

Contributions
1,673

 

 
1,360

 

Distributions and other
(2,827
)
 
(165
)
 
(366
)
 
(4
)
Fair market value, ending balance
$
26,627

 
$
1,258

 
$
15,796

 
$
433



 
Six Months Ended
 
June 30, 2013
 
June 30, 2012
 
Private Equity
 
Other
 
Private Equity
 
Other
Fair market value, beginning balance
$
17,687

 
$
450

 
$
15,219

 
$
436

Net unrealized gains (losses) included in Accumulated other comprehensive income(1)
13,230

 
976

 
(1,479
)
 
2

Net realized losses included in Other income, net(2)
(13
)
 
(3
)
 
(18
)
 
(1
)
Contributions
2,335

 

 
2,716

 

Distributions and other
(6,612
)
 
(165
)
 
(642
)
 
(4
)
Fair market value, ending balance
$
26,627

 
$
1,258

 
$
15,796

 
$
433

Investments Classified by Contractual Maturity Date [Table Text Block]
Maturity dates of our fixed income securities range from 2013 to 2043. Maturities of fixed income securities, excluding mutual funds, at June 30, 2013 are estimated as follows:
 
Fair Value
 
(In thousands)
Due in one year or less
$
25,379

Due in one to five years
49,652

Due in five to ten years
44,845

Thereafter
46,588

 
$
166,464