XML 37 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Preneed Cemetery Activities (Tables) - Cemetery
 3 Months Ended
Mar. 31, 2017
Preneed Cemetery Receivables, Net and Trust Investments [Line Items]  
Investment related activities
The table below sets forth certain investment-related activities associated with these preneed merchandise and service trusts:
 
Three Months Ended
 
March 31,
 
2017
 
2016
 
(In thousands)
Deposits
$
39,522

 
$
36,998

Withdrawals
$
38,534

 
$
32,411

Purchases of available-for-sale securities
$
398,813

 
$
131,851

Sales of available-for-sale securities
$
384,538

 
$
118,581
Long-term receivable and investment components
The components of Preneed cemetery receivables, net and trust investments in our unaudited condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 are as follows:
 
March 31, 2017
 
December 31, 2016
 
(In thousands)
Trust investments, at market
$
1,534,024

 
$
1,435,083

Cash and cash equivalents
107,287

 
123,146

Trust investments
1,641,311

 
1,558,229

Receivables from customers
1,049,235

 
1,038,592

Unearned finance charges
(33,055
)
 
(33,427
)
 
2,657,491

 
2,563,394

Allowance for cancellation
(75,746
)
 
(75,674
)
Preneed cemetery receivables, net and trust investments
$
2,581,745

 
$
2,487,720
Schedule of Available-for-sale Securities Reconciliation
 
March 31, 2017
 
Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Value
 
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury
2
 
$
7,450

 
$
10

 
$
(6
)
 
$
7,454

Canadian government
2
 
9,052

 
10

 
(84
)
 
8,978

Corporate
2
 
1,587

 
15

 
(40
)
 
1,562

Asset-backed
2
 
169

 
16

 
—

 
185

Equity securities:
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
United States
1
 
542,523

 
76,165

 
(11,907
)
 
606,781

Canada
1
 
8,897

 
5,188

 
(60
)
 
14,025

Other international
1
 
33,081

 
3,542

 
(2,550
)
 
34,073

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
372,427

 
17,328

 
(13,079
)
 
376,676

Fixed income
1
 
264,979

 
2,959

 
(10,310
)
 
257,628

Trust investments, at fair value
 
 
1,240,165

 
105,233

 
(38,036
)
 
1,307,362

Fixed income commingled funds
 
 
181,054

 
5,100

 
(293
)
 
185,861

Private equity
 
 
41,393

 
4,962

 
(5,554
)
 
40,801

Trust investments, at net asset value
 
 
222,447

 
10,062

 
(5,847
)
 
226,662

Trust investments, at market
 
 
$
1,462,612

 
$
115,295

 
$
(43,883
)
 
$
1,534,024

 
December 31, 2016
 
Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Value
 
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury
2
 
$
70,070

 
$
567

 
$
(281
)
 
$
70,356

Canadian government
2
 
9,109

 
49

 
(66
)
 
9,092

Corporate
2
 
1,596

 
18

 
(34
)
 
1,580

Asset-backed
2
 
170

 
13

 
—

 
183

Equity securities:
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
United States
1
 
539,445

 
72,682

 
(21,680
)
 
590,447

Canada
1
 
9,027

 
4,807

 
(84
)
 
13,750

Other international
1
 
42,870

 
3,023

 
(5,229
)
 
40,664

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
356,079

 
7,812

 
(29,603
)
 
334,288

Fixed income
1
 
94,383

 
1,535

 
(9,854
)
 
86,064

Trust investments, at fair value
 
 
1,122,749

 
90,506

 
(66,831
)
 
1,146,424

Fixed income commingled funds
 
 
245,813

 
5,347

 
(1,681
)
 
249,479

Private equity
 
 
37,881

 
4,616

 
(3,317
)
 
39,180

Trust investments, at net asset value
 
 
283,694

 
9,963

 
(4,998
)
 
288,659

Trust investments, at market
 
 
$
1,406,443

 
$
100,469

 
$
(71,829
)
 
$
1,435,083
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
 
March 31,
 
2016
 
(In thousands)
Fair value, beginning balance
$
1,504

Net unrealized losses included in Accumulated other comprehensive income(1)
(207
)
Fair value, ending balance
$
1,297
Investments Classified by Contractual Maturity Date
Maturity dates of our fixed income securities range from 2017 to 2023. Maturities of fixed income securities, excluding mutual funds, at March 31, 2017 are estimated as follows:
 
Fair Value
 
(In thousands)
Due in one year or less
$
3,306

Due in one to five years
14,675

Due in five to ten years
198

 
$
18,179
Schedule of Unrealized Loss on Investments
Our merchandise and service trust investment unrealized losses, their associated values and the duration of unrealized losses as of March 31, 2017 and December 31, 2016, respectively, are shown in the following tables:
 
March 31, 2017
 
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
$
4,542

 
$
(6
)
 
$
—

 
$
—

 
$
4,542

 
$
(6
)
Canadian government
1,416

 
(10
)
 
1,184

 
(74
)
 
2,600

 
(84
)
Corporate
—

 
—

 
731

 
(40
)
 
731

 
(40
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
132,638

 
(8,635
)
 
11,759

 
(3,272
)
 
144,397

 
(11,907
)
Canada
420

 
(44
)
 
861

 
(16
)
 
1,281

 
(60
)
Other international
5,703

 
(524
)
 
7,754

 
(2,026
)
 
13,457

 
(2,550
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
12,921

 
(846
)
 
150,724

 
(12,233
)
 
163,645

 
(13,079
)
Fixed income
26,620

 
(445
)
 
45,679

 
(9,865
)
 
72,299

 
(10,310
)
Trust investments, at fair value
184,260

 
(10,510
)
 
218,692

 
(27,526
)
 
402,952

 
(38,036
)
Fixed income commingled funds
97,530

 
(293
)
 
—

 
—

 
97,530

 
(293
)
Private equity
—

 
—

 
16,420

 
(5,554
)
 
16,420

 
(5,554
)
Trust investments, at net asset value
97,530

 
(293
)
 
16,420

 
(5,554
)
 
113,950

 
(5,847
)
Total temporarily impaired securities
$
281,790

 
$
(10,803
)
 
$
235,112

 
$
(33,080
)
 
$
516,902

 
$
(43,883
)
 
December 31, 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
$
15,413

 
$
(281
)
 
$
—

 
$
—

 
$
15,413

 
$
(281
)
Canadian government
—

 
—

 
1,192

 
(66
)
 
1,192

 
(66
)
Corporate
—

 
—

 
736

 
(34
)
 
736

 
(34
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
149,530

 
(13,680
)
 
23,010

 
(8,000
)
 
172,540

 
(21,680
)
Canada
408

 
(82
)
 
38

 
(2
)
 
446

 
(84
)
Other international
9,707

 
(2,330
)
 
11,442

 
(2,899
)
 
21,149

 
(5,229
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
125,728

 
(4,728
)
 
146,332

 
(24,875
)
 
272,060

 
(29,603
)
Fixed income
26,566

 
(446
)
 
45,337

 
(9,408
)
 
71,903

 
(9,854
)
Trust investments, at fair value
327,352

 
(21,547
)
 
228,087

 
(45,284
)
 
555,439

 
(66,831
)
Fixed income commingled funds
133,164

 
(1,681
)
 
—

 
—

 
133,164

 
(1,681
)
Private equity
558

 
(1
)
 
16,769

 
(3,316
)
 
17,327

 
(3,317
)
Trust investments, at net asset value
133,722

 
(1,682
)
 
16,769

 
(3,316
)
 
150,491

 
(4,998
)
Total temporarily impaired securities
$
461,074

 
$
(23,229
)
 
$
244,856

 
$
(48,600
)
 
$
705,930

 
$
(71,829
)