Cemetery Perpetual Care Trusts (Tables) - Cemetery Perpetual Care
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6 Months Ended |
Jun. 30, 2016 |
Cemetery Perpetual Care Trust Investments [Line Items] |
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Investment related activities |
The table below sets forth certain investment-related activities associated with our cemetery perpetual care trusts: | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30, | | June 30, | | 2016 | | 2015 | | 2016 | | 2015 | | (In thousands) | Deposits | $ | 11,376 |
| | $ | 10,200 |
| | $ | 21,189 |
| | $ | 19,453 |
| Withdrawals | $ | 14,256 |
| | $ | 11,518 |
| | $ | 30,550 |
| | $ | 24,676 |
| Purchases of available-for-sale securities | $ | 40,379 |
| | $ | 43,454 |
| | $ | 89,637 |
| | $ | 145,114 |
| Sales of available-for-sale securities | $ | 43,306 |
| | $ | 52,371 |
| | $ | 77,517 |
| | $ | 106,136 |
| Realized gains from sales of available-for-sale securities | $ | 2,300 |
| | $ | 1,753 |
| | $ | 3,794 |
| | $ | 2,151 |
| Realized losses from sales of available-for-sale securities | $ | (3,725 | ) | | $ | (4,192 | ) | | $ | (5,341 | ) | | $ | (4,322 | ) |
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Long-term receivable and investment components |
The components of Cemetery perpetual care trust investments in our unaudited condensed Consolidated Balance Sheet at June 30, 2016 and December 31, 2015 are as follows: | | | | | | | | | | June 30, 2016 | | December 31, 2015 | | (In thousands) | Trust investments, at market | $ | 1,284,338 |
| | $ | 1,232,592 |
| Cash and cash equivalents | 79,090 |
| | 86,835 |
| Cemetery perpetual care trust investments | $ | 1,363,428 |
| | $ | 1,319,427 |
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Schedule of Available-for-sale Securities Reconciliation |
| | | | | | | | | | | | | | | | | | | | June 30, 2016 | | Value Hierarchy Level | | Cost | | Unrealized Gains | | Unrealized Losses | | Value | | | | | | (In thousands) | | | Fixed income securities: | | | | | | | | | | U.S. Treasury | 2 | | $ | 2,973 |
| | $ | — |
| | $ | (56 | ) | | $ | 2,917 |
| Canadian government | 2 | | 36,908 |
| | 401 |
| | (86 | ) | | 37,223 |
| Corporate | 2 | | 7,750 |
| | 131 |
| | (149 | ) | | 7,732 |
| Residential mortgage-backed | 2 | | 381 |
| | 1 |
| | — |
| | 382 |
| Asset-backed | 2 | | 631 |
| | 6 |
| | (38 | ) | | 599 |
| Equity securities: | | | | | | | | | | Preferred stock | 2 | | 1,997 |
| | 71 |
| | (75 | ) | | 1,993 |
| Common stock: | | | | | | | | | | United States | 1 | | 232,703 |
| | 19,250 |
| | (11,091 | ) | | 240,862 |
| Canada | 1 | | 4,877 |
| | 2,613 |
| | (147 | ) | | 7,343 |
| Other international | 1 | | 13,846 |
| | 274 |
| | (1,387 | ) | | 12,733 |
| Mutual funds: | | | | | | | | | | Equity | 1 | | 19,830 |
| | 3,981 |
| | (1,539 | ) | | 22,272 |
| Fixed income | 1 | | 892,586 |
| | 7,272 |
| | (38,211 | ) | | 861,647 |
| Other | 3 | | 627 |
| | 1,254 |
| | — |
| | 1,881 |
| Trust investments, at fair value | | | 1,215,109 |
| | 35,254 |
| | (52,779 | ) | | 1,197,584 |
| Private equity | | | 91,068 |
| | 3,108 |
| | (7,422 | ) | | 86,754 |
| Trust investments, at net asset value | | | 91,068 |
| | 3,108 |
| | (7,422 | ) | | 86,754 |
| Trust investments, at market | | | $ | 1,306,177 |
| | $ | 38,362 |
| | $ | (60,201 | ) | | $ | 1,284,338 |
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| | | | | | | | | | | | | | | | | | | | December 31, 2015 | | Value Hierarchy Level | | Cost | | Unrealized Gains | | Unrealized Losses | | Value | | | | | | (In thousands) | | | Fixed income securities: | | | | | | | | | | U.S. Treasury | 2 | | $ | 3,636 |
| | $ | 20 |
| | $ | (81 | ) | | $ | 3,575 |
| Canadian government | 2 | | 32,477 |
| | 321 |
| | (266 | ) | | 32,532 |
| Corporate | 2 | | 12,694 |
| | 149 |
| | (284 | ) | | 12,559 |
| Residential mortgage-backed | 2 | | 934 |
| | 13 |
| | (9 | ) | | 938 |
| Asset-backed | 2 | | 660 |
| | 5 |
| | (31 | ) | | 634 |
| Equity securities: | | | | | | | | | | Preferred stock | 2 | | 5,850 |
| | 55 |
| | (159 | ) | | 5,746 |
| Common stock: | | | | | | | | |
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| United States | 1 | | 231,012 |
| | 15,224 |
| | (10,898 | ) | | 235,338 |
| Canada | 1 | | 5,648 |
| | 2,112 |
| | (606 | ) | | 7,154 |
| Other international | 1 | | 14,820 |
| | 160 |
| | (2,390 | ) | | 12,590 |
| Mutual funds: | | | | | | | | | | Equity | 1 | | 21,783 |
| | 3,138 |
| | (1,850 | ) | | 23,071 |
| Fixed income | 1 | | 890,013 |
| | 530 |
| | (63,913 | ) | | 826,630 |
| Other | 3 | | 645 |
| | 1,257 |
| | — |
| | 1,902 |
| Trust investments, at fair value | | | 1,220,172 |
| | 22,984 |
| | (80,487 | ) | | 1,162,669 |
| Private equity | | | 75,613 |
| | 2,406 |
| | (8,096 | ) | | 69,923 |
| Trust investments, at net asset value | | | 75,613 |
| | 2,406 |
| | (8,096 | ) | | 69,923 |
| Trust investments, at market | | | $ | 1,295,785 |
| | $ | 25,390 |
| | $ | (88,583 | ) | | $ | 1,232,592 |
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows:
| | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30, | | June 30, | | 2016 | | 2015 | | 2016 | | 2015 | | | | (In thousands) | | | Fair market value, beginning balance | $ | 1,883 |
| | $ | 1,560 |
| | $ | 1,902 |
| | $ | 1,556 |
| Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | (2 | ) | | 1 |
| | (21 | ) | | 5 |
| Fair market value, ending balance | $ | 1,881 |
| | $ | 1,561 |
| | $ | 1,881 |
| | $ | 1,561 |
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Investments Classified by Contractual Maturity Date |
Maturity dates of our fixed income securities range from 2016 to 2040. Maturities of fixed income securities at June 30, 2016 are estimated as follows: | | | | | | Fair Value | | (In thousands) | Due in one year or less | $ | 28,426 |
| Due in one to five years | 20,109 |
| Due in five to ten years | 108 |
| Thereafter | 210 |
| | $ | 48,853 |
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Schedule of Unrealized Loss on Investments |
Our cemetery perpetual care trust investment unrealized losses, their associated values and the duration of unrealized losses as of June 30, 2016 and December 31, 2015, respectively, are shown in the following tables: | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2016 | | In Loss Position Less Than 12 Months | | In Loss Position Greater Than 12 Months | | Total | | Value | | Unrealized Losses | | Value | | Unrealized Losses | | Value | | Unrealized Losses | | | | | | (In thousands) | | | | | Fixed income securities: | | | | | | | | | | | | U.S. Treasury | $ | — |
| | $ | — |
| | $ | 2,917 |
| | $ | (56 | ) | | $ | 2,917 |
| | $ | (56 | ) | Canadian government | 14 |
| | — |
| | 2,039 |
| | (86 | ) | | 2,053 |
| | (86 | ) | Corporate | 2,961 |
| | (72 | ) | | 2,031 |
| | (77 | ) | | 4,992 |
| | (149 | ) | Asset-backed | 11 |
| | (9 | ) | | 453 |
| | (29 | ) | | 464 |
| | (38 | ) | Equity securities: | | | | | | | | | | | | Preferred stock | 105 |
| | (3 | ) | | 422 |
| | (72 | ) | | 527 |
| | (75 | ) | Common stock: | | | | | | | | | | | | United States | 77,766 |
| | (7,212 | ) | | 17,978 |
| | (3,879 | ) | | 95,744 |
| | (11,091 | ) | Canada | 24 |
| | (2 | ) | | 673 |
| | (145 | ) | | 697 |
| | (147 | ) | Other international | 787 |
| | (61 | ) | | 5,885 |
| | (1,326 | ) | | 6,672 |
| | (1,387 | ) | Mutual funds: | | | | | | | | | | | | Equity | 4,757 |
| | (380 | ) | | 1,553 |
| | (1,159 | ) | | 6,310 |
| | (1,539 | ) | Fixed income | 30,203 |
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| (1,619 | ) |
| 545,997 |
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| (36,592 | ) |
| 576,200 |
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| (38,211 | ) | Trust investments, at fair value | 116,628 |
| | (9,358 | ) | | 579,948 |
| | (43,421 | ) | | 696,576 |
| | (52,779 | ) | Private equity | 669 |
| | (203 | ) | | 25,103 |
| | (7,219 | ) | | 25,772 |
| | (7,422 | ) | Trust investments, at net asset value | 669 |
| | (203 | ) | | 25,103 |
| | (7,219 | ) | | 25,772 |
| | (7,422 | ) | Total temporarily impaired securities | $ | 117,297 |
| | $ | (9,561 | ) | | $ | 605,051 |
| | $ | (50,640 | ) | | $ | 722,348 |
| | $ | (60,201 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | In Loss Position Less Than 12 Months | | In Loss Position Greater Than 12 Months | | Total | | Value | | Unrealized Losses | | Value | | Unrealized Losses | | Value | | Unrealized Losses | | | | | | (In thousands) | | | | | Fixed income securities: | | | | | | | | | | | | U.S. Treasury | $ | 3,275 |
| | $ | (80 | ) | | $ | 35 |
| | $ | (1 | ) | | $ | 3,310 |
| | $ | (81 | ) | Canadian government | 18,499 |
| | (164 | ) | | 1,371 |
| | (102 | ) | | 19,870 |
| | (266 | ) | Corporate | 5,163 |
| | (134 | ) | | 4,147 |
| | (150 | ) | | 9,310 |
| | (284 | ) | Residential mortgage-backed | 303 |
| | (3 | ) | | 117 |
| | (6 | ) | | 420 |
| | (9 | ) | Asset-backed | 145 |
| | (12 | ) | | 360 |
| | (19 | ) | | 505 |
| | (31 | ) | Equity securities: | | | | | | | | | | | | Preferred stock | 4,029 |
| | (159 | ) | | — |
| | — |
| | 4,029 |
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| (159 | ) | Common stock: | | | | | | | | | | | | United States | 81,624 |
| | (7,793 | ) | | 14,900 |
| | (3,105 | ) | | 96,524 |
| | (10,898 | ) | Canada | 702 |
| | (31 | ) | | 1,026 |
| | (575 | ) | | 1,728 |
| | (606 | ) | Other international | 8,734 |
| | (940 | ) | | 2,347 |
| | (1,450 | ) | | 11,081 |
| | (2,390 | ) | Mutual funds: | | | | | | | | | | | | Equity | 4,580 |
| | (606 | ) | | 1,258 |
| | (1,244 | ) | | 5,838 |
| | (1,850 | ) | Fixed income | 519,981 |
| | (18,205 | ) | | 294,309 |
| | (45,708 | ) | | 814,290 |
| | (63,913 | ) | Trust investments, at fair value | 647,035 |
| | (28,127 | ) | | 319,870 |
| | (52,360 | ) | | 966,905 |
| | (80,487 | ) | Private equity | 10,592 |
| | (61 | ) | | 24,556 |
| | (8,035 | ) | | 35,148 |
| | (8,096 | ) | Trust investments, at net asset value | 10,592 |
| | (61 | ) | | 24,556 |
| | (8,035 | ) | | 35,148 |
| | (8,096 | ) | Total temporarily impaired securities | $ | 657,627 |
| | $ | (28,188 | ) | | $ | 344,426 |
| | $ | (60,395 | ) | | $ | 1,002,053 |
| | $ | (88,583 | ) |
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