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Preneed Activities Level 3 (Tables)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Preneed Activities [Abstract]    
Investment related activities [Table Text Block]
 
Three Months Ended March 31,
 
2020
 
2019
 
(In thousands)
Deposits
$
105,553

 
$
100,452

Withdrawals
$
114,592

 
$
107,356

Purchases of securities
$
434,367

 
$
446,761

Sales of securities
$
334,140

 
$
317,855

Realized gains from sales of securities(1)
$
52,157

 
$
43,525

Realized losses from sales of securities(1)
$
(85,402
)
 
$
(32,631
)

  
Long-term receivable and investment components [Table Text Block]
 
 
 
March 31, 2020
 
December 31, 2019
 
(In thousands)
 
 
 
 
Preneed receivables, net
$
952,989

 
$
947,232

 
 
 
 
Trust investments, at market
4,333,117

 
5,258,319

Insurance-backed fixed income securities and other
253,571

 
265,160

Trust investments
4,586,688

 
5,523,479

Less: Cemetery perpetual care trust investments
(1,417,652
)
 
(1,681,149
)
Preneed trust investments
3,169,036

 
3,842,330

 
 
 
 
Preneed receivables, net and trust investments
$
4,122,025

 
$
4,789,562

Preneed receivables, net comprised the following:
 
March 31, 2020
 
Funeral
 
Cemetery
 
Total
 
(In thousands)
Preneed receivables
$
134,456

 
$
882,141

 
$
1,016,597

Unearned finance charges
(16,643
)
 
(31,741
)
 
(48,384
)
Preneed receivables, at amortized cost
117,813

 
850,400

 
968,213

Reserve for credit losses
(8,432
)
 
(6,792
)
 
(15,224
)
Preneed receivables, net
$
109,381

 
$
843,608

 
$
952,989

 
 
 
 
 
 
 
December 31, 2019
 
Funeral
 
Cemetery
 
Total
 
(In thousands)
Preneed receivables
$
130,971

 
$
907,973

 
$
1,038,944

Unearned finance charges
(16,328
)
 
(34,242
)
 
(50,570
)
Preneed receivables, at amortized cost
114,643

 
873,731

 
988,374

Allowance for cancellation
(1,452
)
 
(39,690
)
 
(41,142
)
Preneed receivables, net
$
113,191

 
$
834,041

 
$
947,232



  
Preneed Funeral Receivables, Net and Trust Investments [Table Text Block]

 
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]
 
 
March 31, 2020
 
Fair Value Hierarchy Level
Cost

 
Unrealized
Gains

 
Unrealized
Losses

 
Value

 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 

 
 

 
 

 
 

U.S. Treasury
2
$
48,320

 
$
1,882

 
$
(101
)
 
$
50,101

Canadian government
2
36,771

 
94

 
(802
)
 
36,063

Corporate
2
6,647

 
60

 
(104
)
 
6,603

Residential mortgage-backed
2
3,221

 
162

 
—

 
3,383

Asset-backed
2
128

 
4

 
(2
)
 
130

Equity securities:
 
 
 
 
 
 
 
 

Preferred stock
2
685

 
—

 
(192
)
 
493

Common stock:
 
 
 
 
 
 
 
 

United States
1
1,355,659

 
139,724

 
(259,124
)
 
1,236,259

Canada
1
35,161

 
8,039

 
(5,461
)
 
37,739

Other international
1
89,939

 
6,865

 
(9,211
)
 
87,593

Mutual funds:
 
 
 
 
 
 
 
 

Equity
1
777,284

 
1,673

 
(249,187
)
 
529,770

Fixed income
1
1,273,438

 
3,732

 
(159,609
)
 
1,117,561

Other
3
386

 
32

 
—

 
418

Trust investments, at fair value
 
3,627,639

 
162,267

 
(683,793
)
 
3,106,113

Commingled funds
 
 
 
 
 
 
 
 
Fixed income
 
443,215

 
959

 
(4,927
)
 
439,247

Equity
 
255,846

 
1,012

 
(8,230
)
 
248,628

Money market funds
 
290,028

 
—

 
—

 
290,028

Private equity
 
178,766

 
79,960

 
(9,625
)
 
249,101

Trust investments, at net asset value
 
1,167,855

 
81,931

 
(22,782
)
 
1,227,004

Trust investments, at market
 
$
4,795,494

 
$
244,198

 
$
(706,575
)
 
$
4,333,117
 
 
December 31, 2019
 
Fair Value Hierarchy Level
Cost

 
Unrealized
Gains

 
Unrealized
Losses

 
Value

 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 

 
 

 
 

 
 

U.S. Treasury
2
$
49,728

 
$
752

 
$
(130
)
 
$
50,350

Canadian government
2
41,093

 
76

 
(850
)
 
40,319

Corporate
2
9,694

 
28

 
(172
)
 
9,550

Residential mortgage-backed
2
3,210

 
59

 
(1
)
 
3,268

Asset-backed
2
129

 
3

 
(4
)
 
128

Equity securities:
 
 
 
 
 
 
 
 

Preferred stock
2
6,338

 
804

 
(115
)
 
7,027

Common stock:
 
 
 
 
 
 
 
 

United States
1
1,349,828

 
303,766

 
(36,507
)
 
1,617,087

Canada
1
43,866

 
12,369

 
(2,075
)
 
54,160

Other international
1
95,257

 
18,227

 
(522
)
 
112,962

Mutual funds:
 
 
 
 
 
 
 
 

Equity
1
746,581

 
31,511

 
(54,020
)
 
724,072

Fixed income
1
1,247,930

 
16,424

 
(32,587
)
 
1,231,767

Other
3
7,034

 
1,184

 
—

 
8,218

Trust investments, at fair value
 
3,600,688

 
385,203

 
(126,983
)
 
3,858,908

Commingled funds
 
 
 
 
 
 
 
 
Fixed income
 
444,744

 
5,077

 
(1,731
)
 
448,090

Equity
 
249,980

 
47,631

 
—

 
297,611

Money market funds
 
397,461

 
—

 
—

 
397,461

Private equity
 
176,388

 
80,283

 
(422
)
 
256,249

Trust investments, at net asset value
 
1,268,573

 
132,991

 
(2,153
)
 
1,399,411

Trust investments, at market
 
$
4,869,261

 
$
518,194

 
$
(129,136
)
 
$
5,258,319
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The change in our market-based trust investments with significant unobservable inputs (Level 3) is as follows:
 
 
Three Months Ended March 31,
 
 
2020
 
2019
 
 
(In thousands)
Fair value, beginning balance
 
$
8,218

 
$
9,755

Net realized and unrealized losses included in Other (expense) income, net(1)
 
(974
)
 
(1,142
)
Purchases
 
10

 
—

Sales
 
(25
)
 
(1,505
)
Transfers
 
(6,811
)
 
—

Fair value, ending balance
 
$
418

 
$
7,108


(1) 
All net unrealized losses recognized in Other (expense) income, net for our trust investments are offset by a corresponding reclassification in Other (expense) income, net to Deferred receipts held in trust and Care trusts' corpus.
 
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
 
 
Three Months Ended March 31,
 
 
2020
 
2019
 
 
(In thousands)
Fair value, beginning balance
 
$
8,218

 
$
9,755

Net realized and unrealized losses included in Other (expense) income, net(1)
 
(974
)
 
(1,142
)
Purchases
 
10

 
—

Sales
 
(25
)
 
(1,505
)
Transfers
 
(6,811
)
 
—

Fair value, ending balance
 
$
418

 
$
7,108


  
Preneed Activities Text Block
3. Preneed Activities
Preneed receivables, net and trust investments
The components of Preneed receivables, net and trust investments in our unaudited Condensed Consolidated Balance Sheet were as follows:
 
 
 
March 31, 2020
 
December 31, 2019
 
(In thousands)
 
 
 
 
Preneed receivables, net
$
952,989

 
$
947,232

 
 
 
 
Trust investments, at market
4,333,117

 
5,258,319

Insurance-backed fixed income securities and other
253,571

 
265,160

Trust investments
4,586,688

 
5,523,479

Less: Cemetery perpetual care trust investments
(1,417,652
)
 
(1,681,149
)
Preneed trust investments
3,169,036

 
3,842,330

 
 
 
 
Preneed receivables, net and trust investments
$
4,122,025

 
$
4,789,562

Preneed receivables, net comprised the following:
 
March 31, 2020
 
Funeral
 
Cemetery
 
Total
 
(In thousands)
Preneed receivables
$
134,456

 
$
882,141

 
$
1,016,597

Unearned finance charges
(16,643
)
 
(31,741
)
 
(48,384
)
Preneed receivables, at amortized cost
117,813

 
850,400

 
968,213

Reserve for credit losses
(8,432
)
 
(6,792
)
 
(15,224
)
Preneed receivables, net
$
109,381

 
$
843,608

 
$
952,989

 
 
 
 
 
 
 
December 31, 2019
 
Funeral
 
Cemetery
 
Total
 
(In thousands)
Preneed receivables
$
130,971

 
$
907,973

 
$
1,038,944

Unearned finance charges
(16,328
)
 
(34,242
)
 
(50,570
)
Preneed receivables, at amortized cost
114,643

 
873,731

 
988,374

Allowance for cancellation
(1,452
)
 
(39,690
)
 
(41,142
)
Preneed receivables, net
$
113,191

 
$
834,041

 
$
947,232



At March 31, 2020, the amortized cost basis of our preneed receivables by year of origination was as follows:
 
2020
 
2019
 
2018
 
2017
 
2016
 
Prior
 
Total
 
(In thousands)
Preneed receivables, at amortized cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
Funeral
$
17,961

 
$
52,966

 
$
21,401

 
$
10,957

 
$
4,200

 
$
10,328

 
$
117,813

Cemetery
72,342

 
314,130

 
209,268

 
133,146

 
72,190

 
49,324

 
850,400

Total preneed receivables, at amortized cost
$
90,303

 
$
367,096

 
$
230,669

 
$
144,103

 
$
76,390

 
$
59,652

 
$
968,213

At March 31, 2020, the payment status of our preneed receivables was as follows:
 
Past Due
 
 
 
 
 
<30 Days
 
30-90 Days
 
90-180 Days
 
>180 Days
 
Total
 
Current
 
Total
 
(In thousands)
Preneed receivables, at amortized cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
Funeral
$
3,537

 
$
1,828

 
$
1,321

 
$
12,993

 
$
19,679

 
$
98,134

 
$
117,813

Cemetery
34,056

 
18,312

 
7,155

 
4,484

 
64,007

 
786,393

 
850,400

Total preneed receivables, at amortized cost
$
37,593

 
$
20,140

 
$
8,476

 
$
17,477

 
$
83,686

 
$
884,527

 
$
968,213

The following table summarizes the activity for the reserve for credit losses on preneed receivables for the three months ended March 31, 2020:
 
January 1, 2020
 
Provision for Expected Credit Losses
 
Acquisitions (Divestitures), Net
 
Write Offs
 
Effect of Foreign Currency
 
March 31, 2020
 
(In thousands)
Funeral
$
(8,057
)
 
$
(1,423
)
 
$
4

 
$
1,019

 
$
25

 
$
(8,432
)
Cemetery
(6,700
)
 
(221
)
 
—

 
109

 
20

 
(6,792
)
Total reserve for credit losses on preneed receivables
(14,757
)
 
$
(1,644
)
 
$
4

 
$
1,128

 
$
45

 
$
(15,224
)
The table below sets forth certain investment-related activities associated with our trusts:
 
Three Months Ended March 31,
 
2020
 
2019
 
(In thousands)
Deposits
$
105,553

 
$
100,452

Withdrawals
$
114,592

 
$
107,356

Purchases of securities
$
434,367

 
$
446,761

Sales of securities
$
334,140

 
$
317,855

Realized gains from sales of securities(1)
$
52,157

 
$
43,525

Realized losses from sales of securities(1)
$
(85,402
)
 
$
(32,631
)

(1) 
All realized gains and losses are recognized in Other (expense) income, net for our trust investments and are offset by a corresponding reclassification in Other (expense) income, net to Deferred receipts held in trust and Care trusts’ corpus.

The cost and market values associated with trust investments recorded at market value are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities held by the trusts.
 
 
March 31, 2020
 
Fair Value Hierarchy Level
Cost

 
Unrealized
Gains

 
Unrealized
Losses

 
Value

 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 

 
 

 
 

 
 

U.S. Treasury
2
$
48,320

 
$
1,882

 
$
(101
)
 
$
50,101

Canadian government
2
36,771

 
94

 
(802
)
 
36,063

Corporate
2
6,647

 
60

 
(104
)
 
6,603

Residential mortgage-backed
2
3,221

 
162

 
—

 
3,383

Asset-backed
2
128

 
4

 
(2
)
 
130

Equity securities:
 
 
 
 
 
 
 
 

Preferred stock
2
685

 
—

 
(192
)
 
493

Common stock:
 
 
 
 
 
 
 
 

United States
1
1,355,659

 
139,724

 
(259,124
)
 
1,236,259

Canada
1
35,161

 
8,039

 
(5,461
)
 
37,739

Other international
1
89,939

 
6,865

 
(9,211
)
 
87,593

Mutual funds:
 
 
 
 
 
 
 
 

Equity
1
777,284

 
1,673

 
(249,187
)
 
529,770

Fixed income
1
1,273,438

 
3,732

 
(159,609
)
 
1,117,561

Other
3
386

 
32

 
—

 
418

Trust investments, at fair value
 
3,627,639

 
162,267

 
(683,793
)
 
3,106,113

Commingled funds
 
 
 
 
 
 
 
 
Fixed income
 
443,215

 
959

 
(4,927
)
 
439,247

Equity
 
255,846

 
1,012

 
(8,230
)
 
248,628

Money market funds
 
290,028

 
—

 
—

 
290,028

Private equity
 
178,766

 
79,960

 
(9,625
)
 
249,101

Trust investments, at net asset value
 
1,167,855

 
81,931

 
(22,782
)
 
1,227,004

Trust investments, at market
 
$
4,795,494

 
$
244,198

 
$
(706,575
)
 
$
4,333,117


 
 
December 31, 2019
 
Fair Value Hierarchy Level
Cost

 
Unrealized
Gains

 
Unrealized
Losses

 
Value

 
 
 
 
(In thousands)
 
 
Fixed income securities:
 
 

 
 

 
 

 
 

U.S. Treasury
2
$
49,728

 
$
752

 
$
(130
)
 
$
50,350

Canadian government
2
41,093

 
76

 
(850
)
 
40,319

Corporate
2
9,694

 
28

 
(172
)
 
9,550

Residential mortgage-backed
2
3,210

 
59

 
(1
)
 
3,268

Asset-backed
2
129

 
3

 
(4
)
 
128

Equity securities:
 
 
 
 
 
 
 
 

Preferred stock
2
6,338

 
804

 
(115
)
 
7,027

Common stock:
 
 
 
 
 
 
 
 

United States
1
1,349,828

 
303,766

 
(36,507
)
 
1,617,087

Canada
1
43,866

 
12,369

 
(2,075
)
 
54,160

Other international
1
95,257

 
18,227

 
(522
)
 
112,962

Mutual funds:
 
 
 
 
 
 
 
 

Equity
1
746,581

 
31,511

 
(54,020
)
 
724,072

Fixed income
1
1,247,930

 
16,424

 
(32,587
)
 
1,231,767

Other
3
7,034

 
1,184

 
—

 
8,218

Trust investments, at fair value
 
3,600,688

 
385,203

 
(126,983
)
 
3,858,908

Commingled funds
 
 
 
 
 
 
 
 
Fixed income
 
444,744

 
5,077

 
(1,731
)
 
448,090

Equity
 
249,980

 
47,631

 
—

 
297,611

Money market funds
 
397,461

 
—

 
—

 
397,461

Private equity
 
176,388

 
80,283

 
(422
)
 
256,249

Trust investments, at net asset value
 
1,268,573

 
132,991

 
(2,153
)
 
1,399,411

Trust investments, at market
 
$
4,869,261

 
$
518,194

 
$
(129,136
)
 
$
5,258,319


Our private equity investments include several funds that invest in limited partnerships, distressed debt, real estate, and mezzanine financing. These investments can never be redeemed by the funds. Instead, due to the nature of the investments in this category, distributions are received through the liquidation of the underlying assets of the funds. The funds have not communicated the timing of any liquidations.
The change in our market-based trust investments with significant unobservable inputs (Level 3) is as follows:
 
 
Three Months Ended March 31,
 
 
2020
 
2019
 
 
(In thousands)
Fair value, beginning balance
 
$
8,218

 
$
9,755

Net realized and unrealized losses included in Other (expense) income, net(1)
 
(974
)
 
(1,142
)
Purchases
 
10

 
—

Sales
 
(25
)
 
(1,505
)
Transfers
 
(6,811
)
 
—

Fair value, ending balance
 
$
418

 
$
7,108


(1) 
All net unrealized losses recognized in Other (expense) income, net for our trust investments are offset by a corresponding reclassification in Other (expense) income, net to Deferred receipts held in trust and Care trusts' corpus.
Maturity dates of our fixed income securities range from 2020 to 2040. Maturities of fixed income securities (excluding mutual funds) at March 31, 2020 are estimated as follows:
 
Fair Value
 
(In thousands)
Due in one year or less
$
54,159

Due in one to five years
33,570

Due in five to ten years
8,478

Thereafter
73

Total estimated maturities of fixed income securities
$
96,280


Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $32.2 million and $27.5 million, for the three months ended March 31, 2020 and 2019, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $19.5 million and $20.5 million for the three months ended March 31, 2020 and 2019, respectively.
Our fixed income investment unrealized losses, their associated fair values, and the duration of unrealized losses are shown in the following tables:
 
March 31, 2020
 
In Loss Position
Less Than 12 Months
 
In Loss Position
Greater Than 12 Months
 
Total
 
Fair
Market
Value

 
Unrealized
Losses

 
Fair
Market
Value

 
Unrealized
Losses

 
Fair
Market
Value

 
Unrealized
Losses

 
 
 
 
 
(In thousands)
 
 
 
 
U.S. Treasury
$
491

 
$
(1
)
 
$
1,447

 
$
(100
)
 
$
1,938

 
$
(101
)
Canadian government
—

 
—

 
11,466

 
(802
)
 
11,466

 
(802
)
Corporate
—

 
—

 
2,750

 
(104
)
 
2,750

 
(104
)
Asset-backed
—

 
—

 
14

 
(2
)
 
14

 
(2
)
Total fixed income securities with an unrealized loss
$
491

 
$
(1
)
 
$
15,677

 
$
(1,008
)
 
$
16,168

 
$
(1,009
)

 
December 31, 2019
 
In Loss Position
Less Than 12 Months
 
In Loss Position
Greater Than 12 Months
 
Total
 
Fair
Market
Value

 
Unrealized
Losses

 
Fair
Market
Value

 
Unrealized
Losses

 
Fair
Market
Value

 
Unrealized
Losses

 
 
 
 
 
(In thousands)
 
 
 
 
U.S. Treasury
$
3,023

 
$
(36
)
 
$
1,947

 
$
(94
)
 
$
4,970

 
$
(130
)
Canadian government
—

 
—

 
13,804

 
(850
)
 
13,804

 
(850
)
Corporate
30

 
—

 
4,826

 
(172
)
 
4,856

 
(172
)
Residential mortgage-backed
—

 
—

 
51

 
(1
)
 
51

 
(1
)
Asset-backed
—

 
—

 
28

 
(4
)
 
28

 
(4
)
Total fixed income securities with an unrealized loss
$
3,053

 
$
(36
)
 
$
20,656

 
$
(1,121
)
 
$
23,709

 
$
(1,157
)

Deferred revenue, net
Deferred revenue, net represents future revenue, including distributed trust investment earnings associated with unperformed trust-funded preneed contracts that are not held in trust accounts. Future revenue and net trust investment earnings that are held in trust accounts are included in Deferred receipts held in trust.
The components of Deferred revenue, net in our unaudited Condensed Consolidated Balance Sheet were as follows:
 
March 31, 2020
 
December 31, 2019
 
(In thousands)
Deferred revenue
$
2,058,152

 
$
2,046,000

Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts
(579,632
)
 
(578,897
)
Deferred revenue, net
$
1,478,520

 
$
1,467,103

The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust:
 
Three Months Ended March 31,
 
2020
 
2019
 
(In thousands)
Beginning balance — Deferred revenue, net and Deferred receipts held in trust
$
5,306,479

 
$
4,790,552

Net preneed contract sales
238,471

 
240,388

Acquisitions (dispositions) of businesses, net
12,743

 
(12,310
)
Net investment (losses) gains(1)
(665,127
)
 
230,540

Recognized revenue from backlog(2)
(121,611
)
 
(115,103
)
Recognized revenue from current period sales
(107,821
)
 
(101,242
)
Change in amounts due on unfulfilled performance obligations
(2,555
)
 
(6,178
)
Change in cancellation reserve
1,095

 
148

Effect of foreign currency and other
(17,468
)
 
2,807

Ending balance — Deferred revenue, net and Deferred receipts held in trust
$
4,644,206

 
$
5,029,602

(1) 
Includes both realized and unrealized investment (losses) gains.
(2) 
Includes current year trust fund income through the date of performance.
  
Investments Classified by Contractual Maturity Date [Table Text Block]
Maturity dates of our fixed income securities range from 2020 to 2040. Maturities of fixed income securities (excluding mutual funds) at March 31, 2020 are estimated as follows:
 
Fair Value
 
(In thousands)
Due in one year or less
$
54,159

Due in one to five years
33,570

Due in five to ten years
8,478

Thereafter
73

Total estimated maturities of fixed income securities
$
96,280


  
Schedule of Unrealized Loss on Investments [Table Text Block]
 
March 31, 2020
 
In Loss Position
Less Than 12 Months
 
In Loss Position
Greater Than 12 Months
 
Total
 
Fair
Market
Value

 
Unrealized
Losses

 
Fair
Market
Value

 
Unrealized
Losses

 
Fair
Market
Value

 
Unrealized
Losses

 
 
 
 
 
(In thousands)
 
 
 
 
U.S. Treasury
$
491

 
$
(1
)
 
$
1,447

 
$
(100
)
 
$
1,938

 
$
(101
)
Canadian government
—

 
—

 
11,466

 
(802
)
 
11,466

 
(802
)
Corporate
—

 
—

 
2,750

 
(104
)
 
2,750

 
(104
)
Asset-backed
—

 
—

 
14

 
(2
)
 
14

 
(2
)
Total fixed income securities with an unrealized loss
$
491

 
$
(1
)
 
$
15,677

 
$
(1,008
)
 
$
16,168

 
$
(1,009
)
Our fixed income investment unrealized losses, their associated fair values, and the duration of unrealized losses are shown in the following tables:
 
March 31, 2020
 
In Loss Position
Less Than 12 Months
 
In Loss Position
Greater Than 12 Months
 
Total
 
Fair
Market
Value

 
Unrealized
Losses

 
Fair
Market
Value

 
Unrealized
Losses

 
Fair
Market
Value

 
Unrealized
Losses

 
 
 
 
 
(In thousands)
 
 
 
 
U.S. Treasury
$
491

 
$
(1
)
 
$
1,447

 
$
(100
)
 
$
1,938

 
$
(101
)
Canadian government
—

 
—

 
11,466

 
(802
)
 
11,466

 
(802
)
Corporate
—

 
—

 
2,750

 
(104
)
 
2,750

 
(104
)
Asset-backed
—

 
—

 
14

 
(2
)
 
14

 
(2
)
Total fixed income securities with an unrealized loss
$
491

 
$
(1
)
 
$
15,677

 
$
(1,008
)
 
$
16,168

 
$
(1,009
)

 
December 31, 2019
 
In Loss Position
Less Than 12 Months
 
In Loss Position
Greater Than 12 Months
 
Total
 
Fair
Market
Value

 
Unrealized
Losses

 
Fair
Market
Value

 
Unrealized
Losses

 
Fair
Market
Value

 
Unrealized
Losses

 
 
 
 
 
(In thousands)
 
 
 
 
U.S. Treasury
$
3,023

 
$
(36
)
 
$
1,947

 
$
(94
)
 
$
4,970

 
$
(130
)
Canadian government
—

 
—

 
13,804

 
(850
)
 
13,804

 
(850
)
Corporate
30

 
—

 
4,826

 
(172
)
 
4,856

 
(172
)
Residential mortgage-backed
—

 
—

 
51

 
(1
)
 
51

 
(1
)
Asset-backed
—

 
—

 
28

 
(4
)
 
28

 
(4
)
Total fixed income securities with an unrealized loss
$
3,053

 
$
(36
)
 
$
20,656

 
$
(1,121
)
 
$
23,709

 
$
(1,157
)
Deferred Preneed Funeral Revenues [Table Text Block]
The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust:
 
Three Months Ended March 31,
 
2020
 
2019
 
(In thousands)
Beginning balance — Deferred revenue, net and Deferred receipts held in trust
$
5,306,479

 
$
4,790,552

Net preneed contract sales
238,471

 
240,388

Acquisitions (dispositions) of businesses, net
12,743

 
(12,310
)
Net investment (losses) gains(1)
(665,127
)
 
230,540

Recognized revenue from backlog(2)
(121,611
)
 
(115,103
)
Recognized revenue from current period sales
(107,821
)
 
(101,242
)
Change in amounts due on unfulfilled performance obligations
(2,555
)
 
(6,178
)
Change in cancellation reserve
1,095

 
148

Effect of foreign currency and other
(17,468
)
 
2,807

Ending balance — Deferred revenue, net and Deferred receipts held in trust
$
4,644,206

 
$
5,029,602

(1) 
Includes both realized and unrealized investment (losses) gains.