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Preneed Funeral Activities (Tables)
 9 Months Ended
Sep. 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 September 30, 2014 are shown in the following tables:
 
September 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
$
18,019

 
$
(2
)
 
$
—

 
$
—

 
$
18,019

 
$
(2
)
Canadian government
4,848

 
(79
)
 
2,573

 
(78
)
 
7,421

 
(157
)
Corporate
12,875

 
(167
)
 
—

 
—

 
12,875

 
(167
)
Residential mortgage-backed
—

 
—

 
45

 
(2
)
 
45

 
(2
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
 
 
Canada
1,450

 
(318
)
 
1,281

 
(59
)
 
2,731

 
(377
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Fixed income
103,587

 
(656
)
 
—

 
—

 
103,587

 
(656
)
Private equity
—

 
—

 
8,682

 
(4,050
)
 
8,682

 
(4,050
)
Total temporarily impaired securities
$
140,779

 
$
(1,222
)
 
$
12,581

 
$
(4,189
)
 
$
153,360

 
$
(5,411
)


 
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
$
44,543

 
$
(6,040
)
 
$
24,668

 
$
(2,836
)
 
$
69,211

 
$
(8,876
)
Canadian government
9,424

 
(120
)
 
3,066

 
(141
)
 
12,490

 
(261
)
Corporate
14,908

 
(424
)
 
3,055

 
(222
)
 
17,963

 
(646
)
Residential mortgage-backed
143

 
(2
)
 
—

 
—

 
143

 
(2
)
Asset-backed
3,215

 
(13
)
 
—

 
—

 
3,215

 
(13
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
5,532

 
(123
)
 
—

 
—

 
5,532

 
(123
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
45,730

 
(2,648
)
 
3,447

 
(583
)
 
49,177

 
(3,231
)
Canada
1,562

 
(502
)
 
1,935

 
(433
)
 
3,497

 
(935
)
Other international
4,288

 
(124
)
 
692

 
(76
)
 
4,980

 
(200
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
3,809

 
(54
)
 
14,260

 
(1,650
)
 
18,069

 
(1,704
)
Fixed income
132,945

 
(5,527
)
 
63,050

 
(28,122
)
 
195,995

 
(33,649
)
Private equity
—

 
—

 
6,589

 
(5,153
)
 
6,589

 
(5,153
)
Other
—

 
—

 
283

 
(33
)
 
283

 
(33
)
Total temporarily impaired securities
$
266,099

 
$
(15,577
)
 
$
121,045

 
$
(39,249
)
 
$
387,144

 
$
(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.
 
September 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
$
494

 
$
(3
)
 
$
—

 
$
—

 
$
494

 
$
(3
)
Canadian government
7,820

 
(137
)
 
4,145

 
(138
)
 
11,965

 
(275
)
Corporate
5,238

 
(107
)
 
4,069

 
(182
)
 
9,307

 
(289
)
Residential mortgage-backed
197

 
(3
)
 
240

 
(9
)
 
437

 
(12
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
1,861

 
(1
)
 
—

 
—

 
1,861

 
(1
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
32,475

 
(107
)
 
—

 
—

 
32,475

 
(107
)
Canada
1,113

 
(83
)
 
1,237

 
(213
)
 
2,350

 
(296
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
32,624

 
(15
)
 
—

 
—

 
32,624

 
(15
)
Fixed income
321,197


(110
)

—


—


321,197


(110
)
Private equity
10,428

 
(462
)
 
15,886

 
(9,967
)
 
26,314

 
(10,429
)
Other
4,085

 
(191
)
 
6,183

 
(1,621
)
 
10,268

 
(1,812
)
Total temporarily impaired securities
$
417,532

 
$
(1,219
)
 
$
31,760

 
$
(12,130
)
 
$
449,292

 
$
(13,349
)

 
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
$
1,334

 
$
(14
)
 
$
—

 
$
—

 
$
1,334

 
$
(14
)
Canadian government
15,777

 
(214
)
 
5,131

 
(245
)
 
20,908

 
(459
)
Corporate
22,482

 
(129
)
 
3,298

 
(134
)
 
25,780

 
(263
)
Residential mortgage-backed
2,950

 
(18
)
 
10

 
(1
)
 
2,960

 
(19
)
Asset-backed
2,826

 
(10
)
 
15

 
(1
)
 
2,841

 
(11
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
14,602

 
(245
)
 
43

 
(7
)
 
14,645


(252
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
23,747

 
(1,561
)
 
3,234

 
(526
)
 
26,981

 
(2,087
)
Canada
667

 
(129
)
 
1,794

 
(494
)
 
2,461

 
(623
)
Other international
1,535

 
(54
)
 
521

 
(113
)
 
2,056

 
(167
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
389

 
(14
)
 
162

 
(21
)
 
551

 
(35
)
Fixed income
181,104

 
(2,090
)
 
28,304

 
(508
)
 
209,408

 
(2,598
)
Private equity
—

 
—

 
19,242

 
(9,002
)
 
19,242

 
(9,002
)
Other
—

 
—

 
9,739

 
(84
)
 
9,739

 
(84
)
Total temporarily impaired securities
$
267,413

 
$
(4,478
)
 
$
71,493

 
$
(11,136
)
 
$
338,906

 
$
(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
 
Nine Months Ended
 
September 30,
 
September 30,
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
Deposits
$
23,618

 
$
20,187

 
$
76,490

 
$
63,802

Withdrawals
27,718

 
24,242

 
103,410

 
92,491

Purchases of available-for-sale securities
238,860

 
125,113

 
379,650

 
302,939

Sales of available-for-sale securities
274,630

 
91,064

 
445,880

 
337,714

Realized gains from sales of available-for-sale securities
18,935

 
12,953

 
50,947

 
41,654

Realized losses from sales of available-for-sale securities
(2,094
)
 
(2,212
)
 
(6,233
)
 
(8,378
)
Long-term receivable and investment components
The components of Preneed funeral receivables, net and trust investments in our unaudited condensed consolidated balance sheet at September 30, 2014 and December 31, 2013 are as follows:
 
September 30, 2014
 
December 31, 2013
 
(In thousands)
Trust investments, at fair value
$
1,262,940

 
$
1,442,418

Cash and cash equivalents
172,372

 
128,216

Assets associated with businesses held for sale
(34,755
)
 
(167,615
)
Insurance-backed fixed income securities
263,691

 
280,969

Trust investments
1,664,248

 
1,683,988

Receivables from customers
263,685

 
259,801

Unearned finance charge
(10,675
)
 
(10,179
)
 
1,917,258

 
1,933,610

Allowance for cancellation
(40,986
)
 
(45,339
)
Preneed funeral receivables, net and trust investments
$
1,876,272

 
$
1,888,271
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 September 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).
 
September 30, 2014
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury
2
 
$
104,517

 
$
1,365

 
$
(53
)
 
$
105,829

Canadian government
2
 
94,889

 
321

 
(922
)
 
94,288

Corporate
2
 
42,598

 
3,001

 
(126
)
 
45,473

Residential mortgage-backed
2
 
1,496

 
25

 
(21
)
 
1,500

Asset-backed
2
 
133

 
2

 
—

 
135

Equity securities:
 
 
 
 
 
 
 
 
 
Preferred stock
2
 
8,516

 
422

 
—

 
8,938

Common stock:
 
 
 
 
 
 
 
 
 
United States
1
 
252,015

 
57,523

 
(126
)
 
309,412

Canada
1
 
16,510

 
5,014

 
(282
)
 
21,242

Other international
1
 
21,202

 
4,130

 
(2
)
 
25,330

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
332,092

 
20,198

 
(586
)
 
351,704

Fixed income
1
 
259,964

 
4,651

 
(1,125
)
 
263,490

Private equity
3
 
33,470

 
3,577

 
(7,112
)
 
29,935

Other
3
 
5,204

 
482

 
(22
)
 
5,664

Trust investments
 
 
$
1,172,606

 
$
100,711

 
$
(10,377
)
 
$
1,262,940


 
December 31, 2013
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury
2
 
$
112,173

 
$
1,299

 
$
(5,599
)
 
$
107,873

Canadian government
2
 
100,263

 
81

 
(1,113
)
 
99,231

Corporate
2
 
64,721

 
3,515

 
(691
)
 
67,545

Residential mortgage-backed
2
 
2,446

 
23

 
(33
)
 
2,436

Asset-backed
2
 
3,419

 
—

 
(10
)
 
3,409

Equity securities:
 
 
 
 
 
 
 
 
 
Preferred stock
2
 
30,586

 
755

 
(235
)
 
31,106

Common stock:
 
 
 
 
 
 
 
 
 
United States
1
 
371,560

 
77,962

 
(2,928
)
 
446,594

Canada
1
 
27,730

 
4,346

 
(1,217
)
 
30,859

Other international
1
 
36,149

 
4,986

 
(198
)
 
40,937

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
261,598

 
22,530

 
(2,303
)
 
281,825

Fixed income
1
 
318,257

 
3,228

 
(19,577
)
 
301,908

Private equity
3
 
32,909

 
2,702

 
(8,726
)
 
26,885

Other
3
 
1,552

 
291

 
(33
)
 
1,810

Trust investments
 
 
$
1,363,363

 
$
121,718

 
$
(42,663
)
 
$
1,442,418
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

September 30, 2014

September 30, 2013
 
Private Equity

Other

Private Equity

Other

(In thousands)
Fair value, beginning balance
$
27,339


$
4,476


$
26,333


$
1,457

Net unrealized gains included in Accumulated other comprehensive income(1)
265


1,071


1,830


256

Net realized losses included in Other (expense) income, net(2)
(7
)

(4
)

—


—

Purchases
289

 
—

 
—

 
—

Contributions
4,998


121


19


—

Distributions
(2,949
)

—


(1,197
)

(194
)
Fair value, ending balance
$
29,935


$
5,664


$
26,985


$
1,519



 
Nine Months Ended
 
September 30, 2014
 
September 30, 2013
 
Private Equity
 
Other
 
Private Equity
 
Other
 
(In thousands)
Fair value, beginning balance
$
26,885

 
$
1,810

 
$
17,879

 
$
744

Net unrealized (losses) gains included in Accumulated other comprehensive income(1)
(1,370
)
 
3,927

 
14,441

 
1,126

Net realized losses included in Other (expense) income, net(2)
(21
)
 
(5
)
 
(11
)
 
(2
)
Purchases
3,244

 
—

 
—

 
—

Contributions
5,955

 
121

 
2,221

 
—

Distributions
(4,758
)
 
(189
)
 
(7,545
)
 
(349
)
Fair value, ending balance
$
29,935

 
$
5,664

 
$
26,985

 
$
1,519
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 September 30, 2014 are estimated as follows:
 
Fair Value
 
(In thousands)
Due in one year or less
$
127,847

Due in one to five years
52,319

Due in five to ten years
37,248

Thereafter
29,811

 
$
247,225
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 September 30, 2014 and December 31, 2013, respectively, are shown in the following tables:
 
September 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
$
10,030

 
$
(53
)
 
$
—

 
$
—

 
$
10,030

 
$
(53
)
Canadian government
4,216

 
(61
)
 
18,977

 
(861
)
 
23,193

 
(922
)
Corporate
9,001

 
(126
)
 
—

 
—

 
9,001

 
(126
)
Residential mortgage-backed
167


(2
)

412


(19
)

579


(21
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
88,625

 
(126
)
 
—

 
—

 
88,625

 
(126
)
Canada
1,580

 
(252
)
 
1,678

 
(30
)
 
3,258

 
(282
)
Other international
7,964

 
(2
)
 
—

 
—

 
7,964

 
(2
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
151,716

 
(586
)
 
—

 
—

 
151,716

 
(586
)
Fixed income
102,035


(1,125
)

—


—


102,035


(1,125
)
Private equity
—

 
—

 
15,501

 
(7,112
)
 
15,501

 
(7,112
)
Other
714

 
(22
)
 
—

 
—

 
714

 
(22
)
Total temporarily impaired securities
$
376,048

 
$
(2,355
)
 
$
36,568

 
$
(8,022
)
 
$
412,616

 
$
(10,377
)

 
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
$
29,092

 
$
(3,595
)
 
$
19,708

 
$
(2,004
)
 
$
48,800

 
$
(5,599
)
Canadian government
9,546

 
(120
)
 
18,981

 
(993
)
 
28,527

 
(1,113
)
Corporate
21,568

 
(346
)
 
5,668

 
(345
)
 
27,236

 
(691
)
Residential mortgage-backed
1,401

 
(25
)
 
175

 
(8
)
 
1,576

 
(33
)
Asset-backed
3,321

 
(10
)
 
—

 
—

 
3,321

 
(10
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
14,223

 
(235
)
 
—

 
—

 
14,223

 
(235
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
47,190

 
(2,153
)
 
3,386

 
(775
)
 
50,576

 
(2,928
)
Canada
2,441

 
(576
)
 
1,992

 
(641
)
 
4,433

 
(1,217
)
Other international
3,443

 
(138
)
 
376

 
(60
)
 
3,819

 
(198
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
16,430

 
(337
)
 
12,686

 
(1,966
)
 
29,116

 
(2,303
)
Fixed income
145,845

 
(4,984
)
 
38,922

 
(14,593
)
 
184,767

 
(19,577
)
Private equity
—

 
—

 
13,002

 
(8,726
)
 
13,002

 
(8,726
)
Other
—

 
—

 
527

 
(33
)
 
527

 
(33
)
Total temporarily impaired securities
$
294,500

 
$
(12,519
)
 
$
115,423

 
$
(30,144
)
 
$
409,923

 
$
(42,663
)