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Preneed Funeral Activities (Tables)
 6 Months Ended
Jun. 30, 2014
Preneed funeral receivables net and trust investments [Line Items]  
Schedule of Unrealized Loss on Investments
Our cemetery merchandise and service trust investment unrealized losses, their associated fair values and the duration of unrealized losses as of June 30, 2014 are shown in the following tables:
 
June 30, 2014
 
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
$
10,545

 
$
(297
)
 
$
56,621

 
$
(5,024
)
 
$
67,166

 
$
(5,321
)
Canadian government
9,798

 
(59
)
 
2,688

 
(71
)
 
12,486

 
(130
)
Corporate
10,069

 
(316
)
 
3,532

 
(180
)
 
13,601

 
(496
)
      Residential mortgage-backed
16

 
—

 
46

 
(2
)
 
62

 
(2
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
1,469

 
(31
)
 
—

 
—

 
1,469

 
(31
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
69,634

 
(5,750
)
 
4,315

 
(264
)
 
73,949

 
(6,014
)
Canada
940

 
(79
)
 
2,146

 
(577
)
 
3,086

 
(656
)
Other international
5,763

 
(493
)
 
765

 
(35
)
 
6,528

 
(528
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
15,779

 
(109
)
 
14,532

 
(913
)
 
30,311

 
(1,022
)
Fixed income
15,194

 
(189
)
 
125,779

 
(24,023
)
 
140,973

 
(24,212
)
Private equity
—

 
—

 
5,257

 
(3,910
)
 
5,257

 
(3,910
)
Total temporarily impaired securities
$
139,207

 
$
(7,323
)
 
$
215,681

 
$
(34,999
)
 
$
354,888

 
$
(42,322
)


 
December 31, 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
$
45,120

 
$
(6,040
)
 
$
25,043

 
$
(2,836
)
 
$
70,163

 
$
(8,876
)
Canadian government
9,424

 
(120
)
 
3,066

 
(141
)
 
12,490

 
(261
)
Corporate
15,050

 
(424
)
 
3,073

 
(222
)
 
18,123

 
(646
)
Residential mortgage-backed
145

 
(2
)
 
2

 
—

 
147

 
(2
)
Asset-backed
3,257

 
(13
)
 
—

 
—

 
3,257

 
(13
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
5,604

 
(123
)
 
—

 
—

 
5,604

 
(123
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
46,317

 
(2,648
)
 
3,489

 
(583
)
 
49,806

 
(3,231
)
Canada
1,569

 
(502
)
 
1,935

 
(433
)
 
3,504

 
(935
)
Other international
4,344

 
(124
)
 
702

 
(76
)
 
5,046

 
(200
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
3,858

 
(54
)
 
14,477

 
(1,650
)
 
18,335

 
(1,704
)
Fixed income
134,669

 
(5,527
)
 
64,009

 
(28,122
)
 
198,678

 
(33,649
)
Private equity
—

 
—

 
6,589

 
(5,153
)
 
6,589

 
(5,153
)
Other
—

 
—

 
282

 
(33
)
 
282

 
(33
)
Total temporarily impaired securities
$
269,357

 
$
(15,577
)
 
$
122,667

 
$
(39,249
)
 
$
392,024

 
$
(54,826
)
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, 2014
 
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
$
855

 
$
(9
)
 
$
8

 
$
(1
)
 
$
863

 
$
(10
)
Canadian government
15,559

 
(105
)
 
4,400

 
(125
)
 
19,959

 
(230
)
Corporate
7,226

 
(99
)
 
4,981

 
(245
)
 
12,207

 
(344
)
Residential mortgage-backed
86

 
(2
)
 
251

 
(8
)
 
337

 
(10
)
Asset-backed
405

 
(5
)
 
32

 
—

 
437

 
(5
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
—

 
—

 
50

 
(2
)
 
50

 
(2
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
13,690

 
(542
)
 
4,910

 
(485
)
 
18,600

 
(1,027
)
Canada
145

 
(6
)
 
1,490

 
(412
)
 
1,635

 
(418
)
Other international
527

 
(11
)
 
451

 
(67
)
 
978

 
(78
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
28,576

 
(373
)
 
131

 
(8
)
 
28,707

 
(381
)
Fixed income
35,090


(143
)

28,926


(367
)

64,016


(510
)
Private equity
—

 
—

 
9,262

 
(4,494
)
 
9,262

 
(4,494
)
Other
12

 
(9
)
 
4,541

 
—

 
4,553

 
(9
)
Total temporarily impaired securities
$
102,171

 
$
(1,304
)
 
$
59,433

 
$
(6,214
)
 
$
161,604

 
$
(7,518
)

 
December 31, 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
$
1,339

 
$
(14
)
 
$
20

 
$
—

 
$
1,359

 
$
(14
)
Canadian government
15,777

 
(214
)
 
5,131

 
(245
)
 
20,908

 
(459
)
Corporate
22,534

 
(129
)
 
3,299

 
(134
)
 
25,833

 
(263
)
Residential mortgage-backed
2,960

 
(18
)
 
10

 
(1
)
 
2,970

 
(19
)
Asset-backed
2,835

 
(10
)
 
15

 
(1
)
 
2,850

 
(11
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
14,650

 
(245
)
 
44

 
(7
)
 
14,694


(252
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
23,825

 
(1,561
)
 
3,254

 
(526
)
 
27,079

 
(2,087
)
Canada
667

 
(129
)
 
1,794

 
(494
)
 
2,461

 
(623
)
Other international
1,540

 
(54
)
 
525

 
(113
)
 
2,065

 
(167
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
391

 
(14
)
 
163

 
(21
)
 
554

 
(35
)
Fixed income
181,701

 
(2,090
)
 
28,507

 
(508
)
 
210,208

 
(2,598
)
Private equity
—

 
—

 
19,242

 
(9,002
)
 
19,242

 
(9,002
)
Other
—

 
—

 
9,738

 
(84
)
 
9,738

 
(84
)
Total temporarily impaired securities
$
268,219

 
$
(4,478
)
 
$
71,742

 
$
(11,136
)
 
$
339,961

 
$
(15,614
)
Funeral
  
Preneed funeral receivables net and trust investments [Line Items]  
Investment related activities
The table below sets forth certain investment-related activities associated with our preneed funeral merchandise and service trusts:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
Deposits
$
24,949

 
$
21,416

 
$
52,872

 
$
43,615

Withdrawals
31,955

 
35,544

 
75,692

 
68,249

Purchases of available-for-sale securities
79,305

 
116,847

 
140,790

 
177,826

Sales of available-for-sale securities
107,199

 
149,946

 
171,250

 
246,650

Realized gains from sales of available-for-sale securities
15,911

 
17,330

 
32,012

 
28,701

Realized losses from sales of available-for-sale securities
(2,665
)
 
(4,445
)
 
(4,139
)
 
(6,166
)
Long-term receivable and investment components
The components of Preneed funeral receivables, net and trust investments in our unaudited condensed consolidated balance sheet at June 30, 2014 and December 31, 2013 are as follows:
 
June 30, 2014
 
December 31, 2013
 
(In thousands)
Trust investments, at fair value
$
1,390,801

 
$
1,422,942

Cash and cash equivalents
163,170

 
128,216

Assets associated with businesses held for sale
(155,114
)
 
(184,854
)
Insurance-backed fixed income securities
279,349

 
280,969

Trust investments
1,678,206

 
1,647,273

Receivables from customers
256,575

 
259,793

Unearned finance charge
(10,384
)
 
(10,094
)
 
1,924,397

 
1,896,972

Allowance for cancellation
(43,930
)
 
(45,339
)
Preneed funeral receivables, net and trust investments
$
1,880,467

 
$
1,851,633
Schedule of Available-for-sale Securities Reconciliation
Our funeral merchandise and service trust investments are recorded at fair value. The costs and fair values at June 30, 2014 and December 31, 2013 are detailed below. Cost reflects the investment (net of redemptions) of control holders in common trust funds, mutual funds, and private equity investments. Fair value represents the market value of the underlying securities held by the common trust funds, mutual funds at published values, and the estimated fair value of private equity investments (including debt as well as the estimated fair value related to the contract holder’s equity in majority-owned real estate investments).
 
June 30, 2014
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury
2
 
$
107,491

 
$
1,996

 
$
(3,517
)
 
$
105,970

Canadian government
2
 
99,308

 
217

 
(963
)
 
98,562

Corporate
2
 
47,997

 
3,617

 
(374
)
 
51,240

Residential mortgage-backed
2
 
1,610

 
28

 
(21
)
 
1,617

Asset-backed
2
 
2,733

 
50

 
(1
)
 
2,782

Equity securities:
 
 
 
 
 
 
 
 
 
Preferred stock
2
 
20,045

 
1,959

 
(30
)
 
21,974

Common stock:
 
 
 
 
 
 
 
 
 
United States
1
 
324,908

 
74,621

 
(6,053
)
 
393,476

Canada
1
 
23,088

 
5,686

 
(810
)
 
27,964

Other international
1
 
29,487

 
5,825

 
(391
)
 
34,921

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
292,246

 
31,697

 
(1,230
)
 
322,713

Fixed income
1
 
302,917

 
8,555

 
(13,698
)
 
297,774

Private equity
3
 
30,640

 
3,619

 
(6,920
)
 
27,339

Other
3
 
4,070

 
399

 
—

 
4,469

Trust investments
 
 
$
1,286,540

 
$
138,269

 
$
(34,008
)
 
$
1,390,801


 
December 31, 2013
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury
2
 
$
110,511

 
$
1,299

 
$
(5,599
)
 
$
106,211

Canadian government
2
 
100,263

 
81

 
(1,113
)
 
99,231

Corporate
2
 
64,042

 
3,515

 
(691
)
 
66,866

Residential mortgage-backed
2
 
2,408

 
23

 
(33
)
 
2,398

Asset-backed
2
 
3,366

 
—

 
(10
)
 
3,356

Equity securities:
 
 
 
 
 
 
 
 
 
Preferred stock
2
 
30,107

 
754

 
(235
)
 
30,626

Common stock:
 
 
 
 
 
 
 
 
 
United States
1
 
364,721

 
77,963

 
(2,928
)
 
439,756

Canada
1
 
27,634

 
4,346

 
(1,216
)
 
30,764

Other international
1
 
35,519

 
4,986

 
(199
)
 
40,306

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
257,256

 
22,530

 
(2,303
)
 
277,483

Fixed income
1
 
313,606

 
3,228

 
(19,577
)
 
297,257

Private equity
3
 
32,909

 
2,702

 
(8,726
)
 
26,885

Other
3
 
1,545

 
291

 
(33
)
 
1,803

Trust investments
 
 
$
1,343,887

 
$
121,718

 
$
(42,663
)
 
$
1,422,942
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The change in our market-based funeral merchandise and service trust investments with significant unobservable inputs (Level 3) is as follows:
 
Three Months Ended

June 30, 2014

June 30, 2013
 
Private Equity

Other

Private Equity

Other

(in thousands)
Fair value, beginning balance
$
27,514


$
3,839


$
25,731


$
1,252

Net unrealized gains (losses) included in Accumulated other comprehensive income(1)
(1,165
)

820


1,761


361

Net realized losses included in Other income (expense), net(2)
(6
)

(1
)

(6
)

(1
)
Purchases
1,068

 
—

 
—

 
—

Contributions
490


—


1,565


—

Distributions
(562
)

(189
)

(2,718
)

(155
)
Fair value, ending balance
$
27,339


$
4,469


$
26,333


$
1,457



 
Six Months Ended
 
June 30, 2014
 
June 30, 2013
 
Private Equity
 
Other
 
Private Equity
 
Other
 
(in thousands)
Fair value, beginning balance
$
26,885

 
$
1,803

 
$
17,879

 
$
744

Net unrealized gains included in Accumulated other comprehensive income(1)
(1,635
)
 
2,856

 
12,611

 
870

Net realized losses included in Other income (expense), net(2)
(14
)
 
(1
)
 
(11
)
 
(2
)
Purchases
2,955

 
—

 
—

 
—

Contributions
957

 
—

 
2,202

 
—

Distributions
(1,809
)
 
(189
)
 
(6,348
)
 
(155
)
Fair value, ending balance
$
27,339

 
$
4,469

 
$
26,333

 
$
1,457
Investments Classified by Contractual Maturity Date
Maturity dates of our fixed income securities range from 2014 to 2043. Maturities of fixed income securities, excluding mutual funds, at June 30, 2014 are estimated as follows:
 
Fair Value
 
(In thousands)
Due in one year or less
$
132,052

Due in one to five years
55,053

Due in five to ten years
42,680

Thereafter
30,386

 
$
260,171
Schedule of Unrealized Loss on Investments
Our funeral merchandise and service trust investment unrealized losses, their associated fair values, and the duration of unrealized losses as of June 30, 2014 and December 31, 2013, respectively, are shown in the following tables:
 
June 30, 2014
 
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
$
7,752

 
$
(283
)
 
$
38,290

 
$
(3,234
)
 
$
46,042

 
$
(3,517
)
Canadian government
5,045

 
(19
)
 
19,903

 
(944
)
 
24,948

 
(963
)
Corporate
9,106

 
(253
)
 
2,853

 
(121
)
 
11,959

 
(374
)
Residential mortgage-backed
168


(5
)

401


(16
)

569


(21
)
   Asset-backed
464

 
(1
)
 
—

 
—

 
464

 
(1
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
903

 
(30
)
 
—

 
—

 
903

 
(30
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
74,480

 
(5,480
)
 
2,935

 
(573
)
 
77,415

 
(6,053
)
Canada
1,763

 
(126
)
 
1,958

 
(684
)
 
3,721

 
(810
)
Other international
3,311

 
(339
)
 
538

 
(52
)
 
3,849

 
(391
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
15,493

 
(179
)
 
9,525

 
(1,051
)
 
25,018

 
(1,230
)
Fixed income
19,286

 
(268
)
 
77,428

 
(13,430
)
 
96,714

 
(13,698
)
Private equity
—

 
—

 
12,440

 
(6,920
)
 
12,440

 
(6,920
)
Total temporarily impaired securities
$
137,771

 
$
(6,983
)
 
$
166,271

 
$
(27,025
)
 
$
304,042

 
$
(34,008
)

 
December 31, 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
$
28,693

 
$
(3,595
)
 
$
19,351

 
$
(2,004
)
 
$
48,044

 
$
(5,599
)
Canadian government
9,546

 
(120
)
 
18,981

 
(993
)
 
28,527

 
(1,113
)
Corporate
21,357

 
(346
)
 
5,654

 
(345
)
 
27,011

 
(691
)
Residential mortgage-backed
1,381

 
(25
)
 
172

 
(8
)
 
1,553

 
(33
)
Asset-backed
3,275

 
(10
)
 
—

 
—

 
3,275

 
(10
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
14,028

 
(235
)
 
—

 
—

 
14,028

 
(235
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
46,544

 
(2,153
)
 
3,327

 
(775
)
 
49,871

 
(2,928
)
Canada
2,433

 
(576
)
 
1,992

 
(641
)
 
4,425

 
(1,217
)
Other international
3,396

 
(138
)
 
369

 
(60
)
 
3,765

 
(198
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
16,206

 
(337
)
 
12,456

 
(1,966
)
 
28,662

 
(2,303
)
Fixed income
143,846

 
(4,984
)
 
38,217

 
(14,593
)
 
182,063

 
(19,577
)
Private equity
—

 
—

 
13,002

 
(8,726
)
 
13,002

 
(8,726
)
Other
—

 
—

 
527

 
(33
)
 
527

 
(33
)
Total temporarily impaired securities
$
290,705

 
$
(12,519
)
 
$
114,048

 
$
(30,144
)
 
$
404,753

 
$
(42,663
)