XML 30 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Credit Risk and Fair Value of Financial Instruments Level 1 (Notes)
 3 Months Ended
Mar. 31, 2021
Credit Risk and Fair Value of Financial Instruments [Abstract]  
Credit Risk and Fair Value of Financial Instruments [Text Block] Credit Risk and 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 carrying values of receivables on preneed funeral and cemetery contracts approximate fair value due to the large number of diverse individual contracts with varying terms.
The fair value of our debt instruments at March 31, 2021 and December 31, 2020 was as follows:
March 31, 2021December 31, 2020
 (In thousands)
8.0% Senior Notes due November 2021$156,255 $159,000 
7.5% Notes due April 2027184,936 185,639 
4.625% Senior Notes due December 2027581,796 590,700 
5.125% Senior Notes due June 2029806,167 840,368 
3.375% Senior Notes due August 2030830,705 883,099 
Term Loan due May 2024593,125 601,250 
Bank Credit Facility due May 2024445,000 525,000 
Mortgage notes and other debt, maturities through 205049,841 51,659 
Total fair value of debt instruments$3,647,825 $3,836,715 

The fair values of our long-term, fixed rate loans were 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, and the mortgage and other debt are classified within Level 3 of the fair value measurements hierarchy. The fair values of these instruments have been estimated using 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.