XML 35 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Preneed Activities (Tables)
 6 Months Ended
Jun. 30, 2017
Preneed Activities [Abstract]  
Long-term receivable and investment components
 
June 30, 2017
 
December 31, 2016
 
(In thousands)
Preneed funeral receivables
$
327,138

 
$
312,556

Preneed cemetery receivables
1,091,264

 
1,038,592

Preneed receivables from customers
1,418,402

 
1,351,148

Unearned finance charge
(46,488
)
 
(45,989
)
Allowance for cancellation
(108,411
)
 
(104,740
)
Preneed receivables, net
$
1,263,503

 
$
1,200,419

 
 
 
 
Trust investments, at market
$
3,857,858

 
$
3,936,908

Cash held in trust (1)

648,003

 
304,055

Insurance-backed fixed income securities and other
268,721

 
271,248

Trust investments
4,774,582

 
4,512,211

Less: Cemetery perpetual care trust investments
(1,465,563
)
 
(1,407,465
)
Preneed trust investments
$
3,309,019

 
$
3,104,746

 
 
 
 
Preneed receivables, net and trust investments
$
4,572,522

 
$
4,305,165
Investment related activities
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
 
(In thousands)
Deposits
$
106,771

 
$
87,152

 
$
191,258

 
$
161,671

Withdrawals
$
104,641

 
$
86,168

 
$
197,723

 
$
170,043

Purchases of available-for-sale securities
$
387,415

 
$
349,789

 
$
904,571

 
$
641,471

Sales of available-for-sale securities (1)
$
738,302

 
$
336,491

 
$
1,227,167

 
$
601,070
Schedule of Available-for-sale Securities Reconciliation
 
June 30, 2017
 
Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Value
 
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury
2
 
$
39,324

 
$
26

 
$
(10
)
 
$
39,340

Canadian government
2
 
81,661

 
327

 
(364
)
 
81,624

Corporate
2
 
17,859

 
326

 
(3
)
 
18,182

Residential mortgage-backed
2
 
426

 
17

 
(1
)
 
442

Asset-backed
2
 
318

 
19

 
(7
)
 
330

Equity securities:
 
 
 
 
 
 
 
 
 
Preferred stock
2
 
6,716

 
186

 
(155
)
 
6,747

Common stock:
 
 
 
 
 
 
 
 
 
United States
1
 
1,059,056

 
178,940

 
(24,327
)
 
1,213,669

Canada
1
 
29,392

 
11,524

 
(451
)
 
40,465

Other international
1
 
58,284

 
8,454

 
(4,338
)
 
62,400

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
683,976

 
59,066

 
(15,324
)
 
727,718

Fixed income
1
 
957,617

 
11,705

 
(29,715
)
 
939,607

Other
3
 
4,921

 
3,004

 
(1
)
 
7,924

Trust investments, at fair value
 
 
2,939,550

 
273,594

 
(74,696
)
 
3,138,448

Fixed income commingled funds
 
 
529,020

 
12,607

 
(5,507
)
 
536,120

Private equity
 
 
185,549

 
13,243

 
(15,502
)
 
183,290

Trust investments, at net asset value
 
 
714,569

 
25,850

 
(21,009
)
 
719,410

Trust investments, at market
 
 
$
3,654,119

 
$
299,444

 
$
(95,705
)
 
$
3,857,858

 
December 31, 2016
 
Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Value
 
 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury
2
 
$
145,315

 
$
884

 
$
(838
)
 
$
145,361

Canadian government
2
 
79,141

 
409

 
(222
)
 
79,328

Corporate
2
 
18,934

 
295

 
(227
)
 
19,002

Residential mortgage-backed
2
 
333

 
1

 
(1
)
 
333

Asset-backed
2
 
448

 
16

 
(31
)
 
433

Equity securities:
 
 
 
 
 
 
 
 
 
Preferred stock
2
 
2,907

 
83

 
(156
)
 
2,834

Common stock:
 
 
 
 
 
 
 
 
 
United States
1
 
1,107,942

 
151,146

 
(35,542
)
 
1,223,546

Canada
1
 
25,708

 
10,030

 
(455
)
 
35,283

Other international
1
 
83,238

 
4,995

 
(10,632
)
 
77,601

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
688,120

 
19,962

 
(56,857
)
 
651,225

Fixed income
1
 
875,615

 
6,203

 
(46,219
)
 
835,599

Other
3
 
4,712

 
2,468

 
(17
)
 
7,163

Trust investments, at fair value
 
 
3,032,413

 
196,492

 
(151,197
)
 
3,077,708

Fixed income commingled funds
 
 
692,434

 
8,524

 
(12,234
)
 
688,724

Private equity
 
 
175,881

 
9,812

 
(15,217
)
 
170,476

Trust investments, at net asset value
 
 
868,315

 
18,336

 
(27,451
)
 
859,200

Trust investments, at market
 
 
$
3,900,728

 
$
214,828

 
$
(178,648
)
 
$
3,936,908
Investments Classified by Contractual Maturity Date
 
Fair Value
 
(In thousands)
Due in one year or less
$
84,885

Due in one to five years
50,412

Due in five to ten years
4,211

Thereafter
410

 
$
139,918
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
 
(In thousands)
Fair value, beginning balance
$
7,313

 
$
7,991

 
$
7,163

 
$
8,162

Net unrealized gains included in Accumulated other comprehensive income(1)
660

 
555

 
810

 
384

Purchases
28

 
25

 
28

 
25

Sales
(77
)
 
(18
)
 
(77
)
 
(18
)
Fair value, ending balance
$
7,924

 
$
8,553

 
$
7,924

 
$
8,553
Schedule of Unrealized Loss on Investments
 
June 30, 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
$
4,879

 
$
(10
)
 
$
—

 
$
—

 
$
4,879

 
$
(10
)
Canadian government
13,702

 
(116
)
 
3,576

 
(248
)
 
17,278

 
(364
)
Corporate
3,774

 
(3
)
 
—

 
—

 
3,774

 
(3
)
Residential mortgage-backed
152


(1
)

—


—


152


(1
)
 Asset-backed
76

 
(7
)
 
—

 
—

 
76

 
(7
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
1,817

 
(58
)
 
523

 
(97
)
 
2,340

 
(155
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
237,944

 
(21,780
)
 
19,785

 
(2,547
)
 
257,729

 
(24,327
)
Canada
2,175

 
(359
)
 
924

 
(92
)
 
3,099

 
(451
)
Other international
6,198

 
(856
)
 
9,868

 
(3,482
)
 
16,066

 
(4,338
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
267,609

 
(8,139
)
 
31,384

 
(7,185
)
 
298,993

 
(15,324
)
Fixed income
102,861

 
(1,578
)
 
299,472

 
(28,137
)
 
402,333

 
(29,715
)
Other
—

 
—

 
16

 
(1
)
 
16

 
(1
)
Trust investments, at fair value
641,187

 
(32,907
)
 
365,548

 
(41,789
)
 
1,006,735

 
(74,696
)
Fixed income commingled funds
248,507

 
(5,114
)
 
17,589

 
(393
)
 
266,096

 
(5,507
)
Private equity
4,509

 
(777
)
 
72,022

 
(14,725
)
 
76,531

 
(15,502
)
Trust investments, at net asset value
253,016

 
(5,891
)
 
89,611

 
(15,118
)
 
342,627

 
(21,009
)
Total temporarily impaired securities
$
894,203

 
$
(38,798
)
 
$
455,159

 
$
(56,907
)
 
$
1,349,362

 
$
(95,705
)
 
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
$
41,409

 
$
(838
)
 
$
—

 
$
—

 
$
41,409

 
$
(838
)
Canadian government
2,913

 
(31
)
 
3,344

 
(191
)
 
6,257

 
(222
)
Corporate
2,107

 
(22
)
 
6,162

 
(205
)
 
8,269

 
(227
)
Residential mortgage-backed
303

 
(1
)
 
—

 
—

 
303

 
(1
)
 Asset-backed
28

 
(22
)
 
156

 
(9
)
 
184

 
(31
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
971

 
(53
)
 
515

 
(103
)
 
1,486

 
(156
)
Common stock:
 
 
 
 
 
 
 
 
 
 
 
United States
271,433

 
(23,168
)
 
50,923

 
(12,374
)
 
322,356

 
(35,542
)
Canada
3,318

 
(383
)
 
1,078

 
(72
)
 
4,396

 
(455
)
Other international
19,274

 
(4,139
)
 
24,525

 
(6,493
)
 
43,799

 
(10,632
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
234,714

 
(9,825
)
 
276,504

 
(47,032
)
 
511,218

 
(56,857
)
Fixed income
323,917

 
(5,941
)
 
425,614

 
(40,278
)
 
749,531

 
(46,219
)
Other
26

 
(2
)
 
1,160

 
(15
)
 
1,186

 
(17
)
Trust investments, at fair value
900,413

 
(44,425
)
 
789,981

 
(106,772
)
 
1,690,394

 
(151,197
)
Fixed income commingled funds
473,550

 
(11,714
)
 
20,587

 
(520
)
 
494,137

 
(12,234
)
Private equity
22,677

 
(750
)
 
73,100

 
(14,467
)
 
95,777

 
(15,217
)
Trust investments, at net asset value
496,227

 
(12,464
)
 
93,687

 
(14,987
)
 
589,914

 
(27,451
)
Total temporarily impaired securities
$
1,396,640

 
$
(56,889
)
 
$
883,668

 
$
(121,759
)
 
$
2,280,308

 
$
(178,648
)