Credit Risk and Fair Value of Financial Instruments (Notes)

6 Months Ended

Jun. 30, 2019

Credit Risk and Fair Value of Financial Instruments [Abstract]

Credit Risk and Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair Value Estimates

The fair value estimates of the following financial instruments have been determined using available market information and appropriate valuation methodologies. The carrying values of cash and cash equivalents, trade receivables, and trade payables approximate the fair values of those instruments due to the short-term nature of the instruments. The fair value of receivables on preneed contracts are impracticable to estimate because of the lack of a trading market and the diverse number of individual contracts with varying terms.

The fair value of our debt instruments at June 30, 2019 and December 31, 2018 was as follows:

	June 30, 2019		December 31, 2018
	(In thousands)
4.5% Senior Notes due November 2020	$	200,376	$	198,930
8.0% Senior Notes due November 2021	164,437		160,800
5.375% Senior Notes due January 2022	99,212		428,188
5.375% Senior Notes due May 2024	876,724		851,275
7.5% Senior Notes due April 2027	221,275		214,940
4.625% Senior Notes due December 2027	566,671		517,077
5.125% Senior Notes due June 2029	793,125		—
Term Loan due December 2022	—		629,579
Term Loan due May 2024	650,000		—
Bank Credit Facility due December 2022	—		387,061
Mortgage notes and other debt, maturities through 2050	34,824		4,076
Total fair value of debt instruments	$	3,606,644	$	3,391,926

The fair value of our long-term, fixed-rate loans was estimated using market prices for those loans, and therefore they are classified within Level 2 of the fair value measurements hierarchy. The Term Loan, Bank Credit Facility agreement, and the mortgage notes and other debt are classified within Level 3 of the fair value measurements hierarchy. The fair value of these instruments has been estimated using a discounted cash flow analysis based on our incremental borrowing rate for similar

borrowing arrangements. An increase (decrease) in the inputs results in a directionally opposite change in the fair value of the instruments.