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Retirement Plans
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block] Retirement Plans
We currently have a supplemental retirement plan for certain current and former key employees (SERP), a supplemental retirement plan for officers and certain key employees (Senior SERP), a retirement plan for certain non-employee directors (Directors’ Plan), a Retirement Plan for Rose Hills® Trustees, a Rose Hills® Supplemental Retirement Plan, and a Stewart Supplemental Retirement Plan (collectively, the “Plans”). All of our Plans have a measurement date of December 31.
The Plans are frozen; therefore, the participants do not earn incremental benefits from additional years of service, and we do not incur any additional service cost.
Retirement benefits under the SERP are based on years of service and average monthly compensation, reduced by benefits under Social Security. The Senior SERP provides retirement benefits based on years of service and position. The Directors’ Plan provides for an annual benefit to directors following retirement, based on a vesting schedule.
We recognize pension related gains and losses in Other income (expense), net on our Consolidated Statement of Operations in the year such gains and losses are incurred. The components of the Plans’ net periodic benefit cost were as follows:
 
Years Ended December 31,
 
2019
 
2018
 
2017
 
(In thousands)
Interest cost on projected benefit obligation
$
956

 
$
923

 
$
1,067

Recognized net actuarial losses (gains)
2,886

 
(1,127
)
 
879

Total net periodic benefit cost
$
3,842

 
$
(204
)
 
$
1,946


The Plans’ funded status was as follows:
 
Years Ended December 31,
 
2019
 
2018
 
(In thousands)
Change in Benefit Obligation:
 

 
 

Benefit obligation at beginning of year
$
24,707

 
$
28,681

Interest cost
956

 
923

Actuarial loss (gain)
2,886

 
(1,127
)
Benefits paid
(3,588
)
 
(3,770
)
Benefit obligation at end of year
$
24,961

 
$
24,707

Change in Plan Assets:
 

 
 

Fair value of plan assets at beginning of year
$
—

 
$
—

Employer contributions
3,588

 
3,770

Benefits paid, including expenses
(3,588
)
 
(3,770
)
Fair value of plan assets at end of year
$
—

 
$
—

Funded status of plan
$
(24,961
)
 
$
(24,707
)
 
 
 
 
Funding Summary:
 

 
 

Projected benefit obligations
$
24,961

 
$
24,707

Accumulated benefit obligation
$
24,961

 
$
24,707

Amounts Recognized in the Consolidated Balance Sheet:
 

 
 

Included in Accounts payable and accrued liabilities
$
(2,708
)
 
$
(3,175
)
Included in Other liabilities
(22,253
)
 
(21,532
)
Total accrued benefit liability
$
(24,961
)
 
$
(24,707
)

The retirement benefits under the Plans are unfunded obligations of the Company. We have purchased various life insurance policies on the participants in the Plans with the intent to use the proceeds or any cash value buildup from these policies to assist in meeting, at least to the extent of such assets, the Plans' funding requirements. The face value of these insurance policies at December 31, 2019 and 2018 was $47.7 million and $47.1 million, respectively, and the cash surrender value was $38.0 million and $37.2 million, respectively. The outstanding loans against the policies are minimal and there are no restrictions in the policies regarding loans.
The Plans’ weighted-average assumptions used to determine the benefit obligation and net periodic benefit cost are as follows:
 
Years Ended December 31,
 
2019
 
2018
 
2017
Weighted-average discount rate used to determine obligations
2.95
%
 
4.13
%
 
3.41
%
Weighted-average discount rate used to determine net periodic benefit cost
4.15
%
 
3.26
%
 
3.86
%

We base our discount rate used to compute future benefit obligations using an analysis of expected future benefit payments. The reasonableness of our discount rate is verified by comparing the rate to the rate earned on high-quality fixed income investments, such as the Moody’s Aa index, plus 50 basis points. The assumed rate of return on plan assets was not applicable as we pay plan benefits as they come due. As all Plans are frozen, the assumed rate of compensation increase is zero.
The following benefit payments are expected to be paid in the next ten years related to our Plans (in thousands):
2020
$
2,742

2021
2,410

2022
2,337

2023
2,095

2024
1,902

Years 2025 through 2029
8,335

Total expected benefit payments
$
19,821


We also have an employee savings plan that qualifies under Section 401(k) of the Internal Revenue Code for the exclusive benefit of our United States employees. Under the plan, participating employees may contribute a portion of their pretax and/or after-tax income in accordance with specified guidelines up to a maximum of 50%.
During 2019, 2018, and 2017, we matched a percentage of the employee contributions through contributions of cash. For these years, our matching contribution was based upon the following:
Years of Vesting Service
 
Percentage of Deferred Compensation
0 — 5 years
 
75% of the first 6% of deferred compensation
6 — 10 years
 
100% of the first 6% of deferred compensation
11 or more years
 
125% of the first 6% of deferred compensation

The amount of our matched contributions in 2019, 2018, and 2017 was $39.7 million, $36.8 million, and $33.2 million, respectively.