Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 20, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CARRIAGE SERVICES INC | |
Entity Central Index Key | 1,016,281 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 16,610,806 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 855 | $ 535 |
Accounts receivable, net of allowance for bad debts of $1,054 in 2015 and $918 in 2016 | 18,023 | 18,181 |
Inventories | 5,853 | 5,654 |
Prepaid expenses | 3,599 | 4,684 |
Other current assets | 838 | 4,707 |
Total current assets | 29,168 | 33,761 |
Preneed cemetery trust investments | 65,896 | 63,291 |
Preneed funeral trust investments | 85,560 | 85,553 |
Preneed receivables, net of allowance for bad debts of $2,042 in 2015 and $2,139 in 2016 | 30,579 | 27,998 |
Receivables from preneed trusts | 13,839 | 13,544 |
Property, plant and equipment, net of accumulated depreciation of $103,306 in 2015 and $109,106 in 2016 | 231,465 | 214,874 |
Cemetery property, net of accumulated amortization of $30,289 in 2015 and $33,361 in 2016 | 75,692 | 75,597 |
Goodwill | 267,788 | 264,416 |
Intangible and other non-current assets | 14,476 | 10,978 |
Cemetery perpetual care trust investments | 45,048 | 43,127 |
Total assets | 859,511 | 833,139 |
Current liabilities: | ||
Current portion of long-term debt and capital lease obligations | 12,633 | 12,236 |
Accounts payable | 5,857 | 7,917 |
Other liabilities | 2,546 | 524 |
Accrued liabilities | 17,714 | 16,541 |
Total current liabilities | 38,750 | 37,218 |
Long-term debt, net of current portion | 136,628 | 103,495 |
Revolving credit facility | 62,073 | 91,514 |
Convertible subordinated notes due 2021 | 118,461 | 115,227 |
Obligations under capital leases, net of current portion | 2,689 | 2,875 |
Deferred preneed cemetery revenue | 55,953 | 56,721 |
Deferred preneed funeral revenue | 33,258 | 31,748 |
Deferred tax liability | 39,318 | 39,956 |
Other long-term liabilities | 2,629 | 5,531 |
Deferred preneed cemetery receipts held in trust | 65,896 | 63,291 |
Deferred preneed funeral receipts held in trust | 85,560 | 85,553 |
Care trusts’ corpus | 44,345 | 42,416 |
Total liabilities | 685,560 | 675,545 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $.01 par value; 80,000,000 shares authorized and 22,497,873 and 22,458,007 shares issued at December 31, 2015 and September 30, 2016, respectively | 225 | 225 |
Additional paid-in capital | 215,153 | 214,250 |
Retained earnings | 18,839 | 3,385 |
Treasury stock, at cost; 5,849,316 shares at December 31, 2015 and September 30, 2016 | (60,266) | (60,266) |
Total stockholders’ equity | 173,951 | 157,594 |
Total liabilities and stockholders’ equity | $ 859,511 | $ 833,139 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for bad debts | $ 918 | $ 1,054 |
Preneed receivables, allowance for bad debts | 2,139 | 2,042 |
Accumulated depreciation of property, plant and equipment | 109,106 | 103,306 |
Cemetery property, accumulated amortization | $ 33,361 | $ 30,289 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 22,458,007 | 22,497,873 |
Treasury stock, shares | 5,849,316 | 5,849,316 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 60,140 | $ 58,378 | $ 185,336 | $ 180,892 |
Field costs and expenses: | ||||
Total field costs and expenses | 41,912 | 41,018 | 126,998 | 123,075 |
Depreciation and amortization | 3,452 | 3,019 | 10,359 | 8,814 |
Regional and unallocated funeral and cemetery costs | 2,783 | 2,909 | 8,547 | 7,745 |
Gross profit | 18,228 | 17,360 | 58,338 | 57,817 |
Corporate costs and expenses: | ||||
General and administrative costs and expenses | 6,130 | 6,238 | 21,208 | 20,294 |
Home office depreciation and amortization | 355 | 418 | 1,139 | 1,310 |
Total corporate costs and expenses | 6,485 | 6,656 | 22,347 | 21,604 |
Operating income | 11,743 | 10,704 | 35,991 | 36,213 |
Interest expense | (2,903) | (2,629) | (8,722) | (7,671) |
Accretion of discount on convertible subordinated notes | (981) | (876) | (2,862) | (2,554) |
Loss on early extinguishment of debt | 0 | 0 | (567) | 0 |
Other income (expense) | (285) | 52 | 20 | (54) |
Income before income taxes | 7,574 | 7,251 | 23,860 | 25,934 |
Provision for income taxes | (3,030) | (9,545) | ||
Income tax benefit related to state tax returns | 1,139 | 0 | 1,139 | 0 |
Net provision for income taxes | 1,891 | 2,807 | 8,406 | 10,515 |
Net income | $ 5,683 | $ 4,444 | $ 15,454 | $ 15,419 |
Basic earnings per common share: | ||||
Continuing operations (in dollars per Share) | $ 0.34 | $ 0.24 | $ 0.93 | $ 0.84 |
Continuing operations (in dollars per Share) | 0.33 | 0.24 | 0.91 | 0.82 |
Dividends declared per common share (in dollars per Share) | $ 0.050 | $ 0.025 | $ 0.100 | $ 0.075 |
Weighted average number of common and common equivalent shares outstanding: | ||||
Basic (in Shares) | 16,529 | 17,874 | 16,502 | 18,115 |
Diluted (in Shares) | 17,101 | 18,083 | 16,962 | 18,588 |
Funeral [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 45,183 | $ 44,089 | $ 140,952 | $ 138,727 |
Field costs and expenses: | ||||
Total field costs and expenses | 26,982 | 26,798 | 82,546 | 82,476 |
Corporate costs and expenses: | ||||
Income before income taxes | 13,478 | 12,593 | 44,322 | 43,792 |
Cemetery [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 14,957 | 14,289 | 44,384 | 42,165 |
Field costs and expenses: | ||||
Total field costs and expenses | 8,695 | 8,292 | 25,546 | 24,040 |
Corporate costs and expenses: | ||||
Income before income taxes | $ 4,327 | $ 4,312 | $ 12,875 | $ 12,814 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ 15,454 | $ 15,419 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 11,498 | 10,124 |
Provision for losses on accounts receivable | 1,522 | 1,332 |
Stock-based compensation expense | 2,645 | 3,448 |
Deferred income tax (benefit) expense | 3,618 | 2,065 |
Amortization of deferred financing costs | 622 | 688 |
Accretion of discount on convertible subordinated notes | 2,862 | 2,554 |
Loss on early extinguishment of debt | 567 | 0 |
Net (gain) loss on sale and disposal of other assets | 186 | (49) |
Impairment of intangible assets | 145 | 0 |
Changes in operating assets and liabilities that provided (required) cash: | ||
Accounts and preneed receivables | (3,945) | (779) |
Inventories and other current assets | 682 | 3,277 |
Intangible and other non-current assets | 386 | 114 |
Preneed funeral and cemetery trust investments | (4,828) | 21,234 |
Accounts payable | (2,149) | 368 |
Accrued and other liabilities | (268) | 4,408 |
Deferred preneed funeral and cemetery revenue | 742 | 432 |
Deferred preneed funeral and cemetery receipts held in trust | 4,541 | (21,647) |
Net cash provided by operating activities | 34,280 | 42,988 |
Cash flows from investing activities: | ||
Acquisitions and land for new construction | (15,056) | (4,250) |
Purchase of land and buildings previously leased | (6,258) | (6,080) |
Net proceeds from the sale of other assets | 955 | 65 |
Capital expenditures | (12,039) | (22,823) |
Net cash used in investing activities | (32,398) | (33,088) |
Cash flows from financing activities: | ||
Borrowings from the revolving credit facility | 45,500 | 56,200 |
Payments against the revolving credit facility | (74,800) | (33,700) |
Payments against the revolving credit facility | 39,063 | 0 |
Payments against the term loan | (8,438) | (7,032) |
Payments on other long-term debt and obligations under capital leases | (987) | (679) |
Proceeds from the exercise of stock options and employee stock purchase plan contributions | 686 | 575 |
Dividends on common stock | (1,662) | (1,385) |
Payment of loan origination costs related to the credit facility | (717) | (13) |
Purchase of treasury stock | 0 | (23,940) |
Excess tax benefit (deficiency) of equity compensation | (207) | 57 |
Net cash used in financing activities | (1,562) | (9,917) |
Net increase (decrease) in cash and cash equivalents | 320 | (17) |
Cash and cash equivalents at beginning of period | 535 | 413 |
Cash and cash equivalents at end of period | $ 855 | $ 396 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Carriage Services, Inc. (“Carriage”, the “Company”, “we”, “us” or “our”) is a leading provider of deathcare services and merchandise in the United States. As of September 30, 2016 , we operated 169 funeral homes in 27 states and 32 cemeteries in 11 states. Our operations are reported in two business segments: Funeral Home Operations and Cemetery Operations. Funeral homes are principally service businesses that provide funeral services (traditional burial and cremation) and sell related merchandise, such as caskets and urns. Cemeteries are primarily sales businesses that provide interment rights (grave sites and mausoleums) and related merchandise, such as markers and memorials. Principles of Consolidation and Interim Condensed Disclosures Our unaudited consolidated financial statements include the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. Our interim consolidated financial statements are unaudited but include all adjustments, which consist of normal, recurring accruals, that are necessary for a fair presentation of our financial position and results of operations as of and for the interim periods presented. Our unaudited consolidated financial statements have been prepared in a manner consistent with the accounting principles described in our Annual Report on Form 10-K for the year ended December 31, 2015 unless otherwise disclosed herein, and should be read in conjunction therewith. Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on our previously reported results of operations, consolidated financial position, or cash flows. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Use of Estimates The preparation of our Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, realization of accounts receivable, goodwill, intangible assets, property and equipment and deferred tax assets and liabilities. We base our estimates on historical experience, third-party data and assumptions that we believe to be reasonable under the circumstances. The results of these considerations form the basis for making judgments about the amount and timing of revenues and expenses, the carrying value of assets and the recorded amounts of liabilities. Actual results may differ from these estimates and such estimates may change if the underlying conditions or assumptions change. Historical performance should not be viewed as indicative of future performance, as there can be no assurance that our results of operations will be consistent from year to year. Funeral and Cemetery Operations We record the revenue from sales of funeral and cemetery merchandise and services when the merchandise is delivered or the service is performed. Sales of cemetery interment rights are recorded as revenue in accordance with the retail land sales provisions for accounting for sales of real estate. This method provides for the recognition of revenue in the period in which the customer’s cumulative payments exceed 10% of the contract price related to the interment right. Costs related to the sales of interment rights, which include real property and other costs related to cemetery development activities, are charged to operations using the specific identification method in the period in which the sale of the interment right is recognized as revenue. We recorded amortization expense for cemetery property of approximately $0.9 million for both the three months ended September 30, 2015 and 2016 and $2.5 million and $3.1 million for the nine months ended September 30, 2015 and 2016 , respectively. Sales taxes collected are recognized on a net basis in our Consolidated Financial Statements. Allowances for bad debts and customer cancellations are provided at the date that the sale is recognized as revenue and are based on our historical experience. We also monitor changes in delinquency rates and provide additional bad debt and cancellation reserves when warranted. When preneed sales of funeral services and merchandise are funded through third-party insurance policies, we earn a commission on the sale of the policies. Insurance commissions are recognized as revenues at the point at which the commission is no longer subject to refund, which is typically one year after the policy is issued. Preneed selling costs consist of sales commissions that we pay our sales counselors and other direct related cost of originating preneed sales contracts. These costs are expensed when incurred. Trust management fees are earned by us for investment management and advisory services that are provided by our wholly-owned registered investment advisor (“CSV RIA”). As of September 30, 2016 , CSV RIA provided these services to two institutions, which have custody of 78% of our trust assets, for a fee based on the market value of trust assets. Under state trust laws, we are allowed to charge the trust a fee for advising on the investment of the trust assets and these fees are recognized as income in the period in which services are provided. Accounts receivable included approximately $8.2 million and $6.9 million of funeral receivables at December 31, 2015 and September 30, 2016 , respectively and $9.7 million and $10.3 million of cemetery receivables at December 31, 2015 and September 30, 2016 , respectively. For 2015 and 2016, accounts receivable also included minor amounts of other receivables. Non-current preneed receivables represents payments expected to be received beyond one year from the balance sheet date. Non-current preneed receivables consisted of approximately $7.3 million and $8.1 million of funeral receivables at December 31, 2015 and September 30, 2016 , respectively, and $20.7 million and $22.5 million of cemetery receivables at December 31, 2015 and September 30, 2016 , respectively. Bad debt expense totaled approximately $0.5 million for both the three months ended September 30, 2015 and 2016 , and $1.3 million and $1.0 million for the nine months ended September 30, 2015 and 2016 , respectively. Property, Plant and Equipment Property, plant and equipment (including equipment under capital leases) are stated at cost. The costs of ordinary maintenance and repairs are charged to operations as incurred, while renewals and betterments are capitalized. Depreciation of property, plant and equipment (including equipment under capital leases) is computed based on the straight-line method. Property, plant and equipment was comprised of the following at December 31, 2015 and September 30, 2016 : December 31, 2015 September 30, 2016 (in thousands) Land $ 65,433 $ 74,797 Buildings and improvements 180,804 190,910 Furniture, equipment and automobiles 71,943 74,864 Property, plant and equipment, at cost 318,180 340,571 Less: accumulated depreciation (103,306 ) (109,106 ) Property, plant and equipment, net $ 214,874 $ 231,465 We recorded depreciation expense of approximately $2.6 million and $2.9 million for the three months ended September 30, 2015 and 2016 , respectively, and $7.6 million and $8.4 million for the nine months ended September 30, 2015 and 2016 , respectively. During the nine months ended September 30, 2016 , we acquired real estate for $2.7 million for funeral home expansion projects and we purchased land and buildings at four funeral homes that were previously leased for approximately $6.3 million . During the nine months ended September 30, 2016 , we acquired $8.4 million of property, plant and equipment in connection with two funeral home businesses acquired in May 2016 and one funeral home business acquired in September 2016, as further discussed in Note 3 to the Consolidated Financial Statements included herein. Goodwill The excess of the purchase price over the fair value of identifiable net assets of funeral home businesses acquired is recorded as goodwill. Goodwill has primarily been recorded in connection with the acquisition of funeral home businesses. Goodwill is tested annually for impairment by assessing the fair value of each of our reporting units. The funeral segment reporting units consist of our East, Central and West regions in the United States and we performed our annual impairment test of goodwill using information as of August 31, 2016. Under current guidance, we are permitted to first assess qualitative factors to determine whether it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. We conducted qualitative assessments in 2014 and 2015; however, for our 2016 annual impairment test, we performed the two-step goodwill impairment test. Our intent is to perform the two-step test at least once every three years unless certain indicators or events suggest otherwise. The two-step goodwill impairment test involves estimates and management judgment. In the first step of our goodwill impairment testing, we compare the fair value of each reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, the goodwill of that reporting unit is not considered impaired, and the second step is not required. We determine fair value for each reporting unit using both an income approach, weighted 90% , and a market approach, weighted 10% . Our methodology for determining an income-based fair value was based on discounting projected future cash flows. The projected future cash flows include assumptions concerning future operating performance and economic condition that may differ from actual future cash flows discounted at a weighted average cost of capital for the Company based on market participant assumptions. Our methodology for determining a market approach fair value utilized the guideline public company method, in which we relied on market multiples of comparable companies operating in the same industry as the individual reporting units. In accordance with the guidance, if the fair value of the reporting unit is less than its carrying amount, the second step of the goodwill impairment testing needs to be performed. This step compares the implied fair value of goodwill to the carrying amount of the reporting unit’s goodwill, and if the carrying amount exceeds the implied value, an impairment charge is recorded in an amount equal to the difference. For our 2016 annual impairment test, we performed the first step of our goodwill impairment testing and concluded that there was no impairment to goodwill for any of our reporting units. In addition to our annual review, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value of a reporting unit may be greater than fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant adverse changes in the business climate which may be indicated by a decline in our market capitalization or decline in operating results. No impairments were recorded to our goodwill during the three and nine months ended September 30, 2015 and 2016 . Intangible Assets Our intangible assets include tradenames resulting from acquisitions and are included in Deferred costs and other non-current assets on our Consolidated Balance Sheets. Our tradenames are considered to have an indefinite life and are not subject to amortization. Under current guidance, we are permitted to first assess qualitative factors to determine whether it is more-likely-than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with the guidance. The Company elected to change the annual assessment date for indefinite lived intangible assets from December 31 st to August 31 st because the change in date aligns with the Company’s goodwill impairment test, which should create a synergy and enhance the quality of our indefinite lived intangible assets impairment analysis. We conducted qualitative assessments in 2014 and 2015; however, for our 2016 annual impairment test, we performed our quantitative impairment test using the relief from royalty method, using information as of August 31, 2016. Our intent is to perform the quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise. Our intangible asset impairment test involves estimates and management judgment. Under the relief from royalty method, the value of the tradename is measured through the value of the royalties that the Company is relieved from paying due to its ownership of the asset. We determine the fair value of the assets by discounting the cash flows that represent a savings in lieu of paying a royalty fee for use of the tradename. The discounted cash flow valuation uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions that may differ from actual future cash flows and the determination and application of an appropriate royalty rate and discount rate. To estimate the royalty rates for the individual tradename, we mainly relied on the profit split method, but also considered the comparable third-party license agreements and the return on asset method. A scorecard was used to assess the relative strength of the individual tradename to further adjust the royalty rates selected under the profit-split method for qualitative factors. For our 2016 annual impairment test, we performed our quantitative impairment testing and concluded that there was no impairment to intangible assets. In addition to our annual review, we assess the impairment of intangible assets whenever certain events or changes in circumstances indicate that the carrying value of the intangible asset may be greater than the fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant negative industry or economic trends. During the three months ended September 30, 2016, we recorded an impairment to tradenames of $145,000 related to a funeral home business held for sale as the carrying value exceeded fair value. We had no such impairment for three months ended September 30, 2015. No other impairments were recorded to our intangible assets during the three and nine months ended September 30, 2015 and 2016 . Presentation of Debt Issuance Costs Effective January 1, 2016, we adopted the Financial Accounting Standards Board's (“FASB”) new guidance on simplifying the presentation of debt issuance costs. In April 2015, the FASB issued Accounting Standards Update (“ASU”), Imputation of Interest (Subtopic 835-30) , which requires that entities that have historically presented debt issuance costs as an asset, related to a recognized debt liability, will be required to present those costs as a direct deduction from the carrying value of the related debt liability. This presentation resulted in debt issuance costs being presented in the same way debt discounts have historically been addressed. Debt issuances costs of $4.2 million and $3.7 million have been presented as a deduction from the carrying value of the related liabilities in our Consolidated Balance Sheets as of December 31, 2015 and September 30, 2016 , respectively. The amounts related to our Credit Facility were $1.4 million and $1.3 million as of December 31, 2015 and September 30, 2016 , respectively. The amounts related to our Convertible Notes were $2.8 million and $2.4 million as of December 31, 2015 and September 30, 2016 , respectively. Business Combinations Effective January 1, 2016, we adopted the FASB new guidance on simplifying the accounting for measurement-period adjustments for Business Combinations. In September 2015, the FASB issued ASU, Business Combinations (Topic 805) , which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. These include the effect on earnings of changes in depreciation, amortization, or other income effects as if the accounting had been completed at the acquisition date. The entity is required to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in the current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Our adoption of this ASU did not have a material effect on our financial statements. During the third quarter of 2016 , we acquired one funeral home business in Madera, California. The pro forma impact of the acquisition on prior periods is not presented, as the impact is not material to our reported results. During the nine months ended September 30, 2016 , we acquired three funeral homes. The pro forma impact of these acquisitions on prior periods is not presented, as the impact is not material to our reported results. See Note 3 to the Consolidated Financial Statements included herein for further information concerning this acquisition. Extraordinary and Unusual Items Effective January 1, 2016, we adopted the FASB new guidance on extraordinary and unusual items. In January 2015, the FASB issued ASU, Extraordinary and Unusual Items (Subtopic 225-20) . This ASU eliminates the concept of reporting extraordinary items. Preparers will not have to assess whether a particular event or transaction is extraordinary. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include such items. Our adoption of this ASU did not have a material effect on our financial statements. Income Taxes We and our subsidiaries file a consolidated U.S. Federal income tax return, separate income tax returns in 14 states in which we operate and combined or unitary income tax returns in 13 states in which we operate. We record deferred taxes for temporary differences between the tax basis and financial reporting basis of assets and liabilities. We record a valuation allowance to reflect the estimated amount of deferred tax assets for which realization is uncertain. Management reviews the valuation allowance at the end of each quarter and makes adjustments if it is determined that it is more likely than not that the tax benefits will be realized. We analyze tax benefits for uncertain tax positions and how they are to be recognized, measured and derecognized in financial statements; provide certain disclosures of uncertain tax matters; and specify how reserves for uncertain tax positions should be classified on our Consolidated Balance Sheets. We have reviewed our income tax positions and identified certain tax deductions, primarily related to business acquisitions that are not certain. Our policy with respect to potential penalties and interest is to record them as “Other” expense and “Interest” expense, respectively. The entire balance of unrecognized tax benefits, if recognized, would affect our effective tax rate. Income tax expense during interim periods is based on our estimated annual effective income tax rate plus any discrete items, which are recorded in the period in which they occur. Discrete items include, among others, such events as changes in estimates due to the finalization of tax returns, tax audit settlements, and increases or decreases in valuation allowances on deferred tax assets. Income tax expense was $1.9 million for the three months ended September 30, 2016 compared to $2.8 million for the three months ended September 30, 2015 . We recorded income taxes at the estimated effective rate, before discrete items, of 40.0% for the three months ended September 30, 2016 compared to 38.7% for the three months ended September 30, 2015 . Income tax expense was $8.4 million for the nine months ended September 30, 2016 compared to $10.5 million for the nine months ended September 30, 2015 . We recorded income taxes at the estimated effective tax rate, before discrete items, of 40.0% for both the nine months ended September 30, 2016 and 2015 . During the third quarter of 2016 , we recognized a tax benefit of $1.1 million which reduced our effective tax rate to 35.2% for the nine months ended September 30, 2016 . The following items affected our effective tax rate for the nine months ended September 30, 2016 : • We recorded an income tax benefit as a result of a favorable settlement of uncertain tax positions in the state of California and an income tax benefit related to the conclusion of a “no change” Internal Revenue Service audit of our 2013 tax year. • We recorded an income tax benefit related to the increase in the overall accumulated deferred tax asset caused by the imposition of a unitary tax regime in the state of New York effective January 1, 2015, impacting the state return filed in September 2016. • We recorded an income tax benefit related to state bonus depreciation as a result of finalization of state returns. • We recorded other expense adjustments related to our valuation allowance and certain interim rate changes. Subsequent Events Management evaluated events and transactions during the period subsequent to September 30, 2016 through the date the financial statements were issued for potential recognition or disclosure in the accompanying financial statements covered by this report. For more information regarding subsequent events, see Note 17 to the Consolidated Financial Statements included herein. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU, Statement of Cash Flows (Topic 230). This ASU applies to all entities that are required to present a statement of cash flows under Topic 230. The amendments provide guidance on the following eight specific cash flow issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims and corporate-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with earlier application permitted for all entities. An entity will apply the amendments in this ASU using a retrospective transition method to each period presented. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2018 and are currently evaluating the impact the adoption of this new accounting standard will have on our Consolidated Financial Statements. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU, Financial Instruments—Credit Losses (Topic 326). This ASU applies to all entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash that issue share-based payment awards to their employees. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with earlier application permitted for all entities. An entity will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2020 and are currently evaluating the impact the adoption of this new accounting standard will have on our Consolidated Financial Statements. Simplifying Share-Based Payment Accounting In March 2016, the FASB issued ASU, Compensation—Stock Compensation (Topic 718). This ASU applies to all entities that issue share-based payment awards to their employees. The amendments in this ASU involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with earlier application permitted for all entities. Amendments related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement should be applied retrospectively. Amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement and the practical expedient for estimating expected term should be applied prospectively. An entity may elect to apply the amendments related to the presentation of excess tax benefits on the statement of cash flows using either a prospective transition method or a retrospective transition method. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2017 and are currently evaluating the impact the adoption of this new accounting standard will have on our Consolidated Financial Statements. Leases In February 2016, the FASB issued ASU, Leases (Topic 842). This ASU addresses certain aspects of recognition, presentation, and disclosure of leases and applies to all entities that enter into a lease, with some specified scope exemptions. The amendments in this ASU aim to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with earlier application permitted for all entities. Both lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which recognizes the cumulative effect of initially applying the standard as an adjustment to retained earnings at the date of initial application. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2019 and are currently evaluating the impact the adoption of this new accounting standard will have on our Consolidated Financial Statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Our growth strategy includes the execution of our Strategic Acquisition Model. We assess the strategic positioning of acquisition candidates based on certain criteria, which include volume and price trends, size of business, size of market, competitive standing, demographics, strength of brand and barriers to entry. The value of the acquisition candidates is based on the local market competitive dynamic which allows for appropriate and differentiating enterprise valuations and flexibility to customize the transactions. On May 31, 2016, we acquired two funeral home businesses in Houston, Texas for approximately $10.2 million . The purchase price consisted of $6.7 million paid in cash at closing and $6.5 million of deferred purchase price payments. The net present value of such future deferred purchase price payments for these two funeral home businesses was $3.5 million , which is included in Long-term debt, net of current portion on our Consolidated Balance Sheets. The deferred purchase price payments are being paid in 80 equal quarterly installments of $81,250 which commenced on the closing date and then each September 1, December 1, March 1 and June 1 for the next 20 years. On September 20, 2016, we acquired a funeral home business in Madera, California for $5.65 million in cash. The pro forma impact of these two acquisitions on prior periods is not presented, as the impact is not material to our reported results. The results of the acquired businesses are include in the Company's results from the date of acquisition. The following table summarizes the breakdown of the purchase price for the businesses described above (in thousands): Purchase Price Cash paid $ 12,350 Deferred payments 3,500 Purchase Price $ 15,850 The following table summarizes the breakdown of the purchase price allocation for the businesses described above (in thousands): Purchase Price Allocation Current assets $ 182 Property, plant & equipment 8,356 Goodwill 3,372 Intangible and other non-current assets 4,029 Assumed liabilities (89 ) Purchase Price $ 15,850 The intangible and other non-current assets relate to the fair value of tradenames and prepaid agreements not-to-compete, and the assumed liabilities relate to the obligations associated with certain financed automobiles we acquired. The following table summarizes the fair value of the assets acquired for the businesses described above (in thousands): Acquisition Date Type of Business Market Assets Acquired (Excluding Goodwill) Goodwill Recorded Liabilities and Debt Assumed May 31, 2016 Two Funeral Homes Houston, TX $ 9.5 $ 0.8 $ (0.1 ) September 20, 2016 One Funeral Home Madera, CA $ 3.1 $ 2.5 $ — |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL Many of the former owners and staff of acquired funeral homes have provided high quality service to families for generations. The resulting loyalty often represents a substantial portion of the value of a business. The excess of the purchase price over the fair value of net identifiable assets acquired and liabilities assumed, as determined by management in business acquisition transactions accounted for as purchases, is recorded as goodwill. See Note 1 to the Consolidated Financial Statements included herein, for a discussion of the methodology used for the annual goodwill impairment test. The following table presents the changes in goodwill on our Consolidated Balance Sheets during the nine months ended September 30, 2016 (in thousands): Goodwill as of December 31, 2015 $ 264,416 Increase in goodwill related to acquisitions 3,372 Goodwill as of September 30, 2016 $ 267,788 The $3.4 million increase in goodwill related to acquisitions represents the goodwill recorded in connection with the two funeral home businesses acquired in May 2016 and the funeral home business acquired in September 2016 described in Note 3 to the Consolidated Financial Statements included herein. Our purchase price allocation for these acquisitions is dependent upon certain valuations, which have not progressed to a stage where there is sufficient information to make a definitive measure and allocation of goodwill and intangible assets, as discussed in Note 10 to the Consolidated Financial Statements included herein. Revisions to the ongoing current estimates may be necessary when the valuation process is completed, which we expect to occur within a year after the respective acquisition closing date. |
Preneed Trust Investments
Preneed Trust Investments | 9 Months Ended |
Sep. 30, 2016 | |
Preneed Trust Investments [Abstract] | |
PRENEED TRUST INVESTMENTS | PRENEED TRUST INVESTMENTS Preneed Cemetery Trust Investments Preneed cemetery trust investments represent trust fund assets that we are permitted to withdraw as services and merchandise are provided to customers. Preneed cemetery contracts are secured by payments from customers, less amounts not required by law to be deposited into trust. Preneed cemetery trust investments are reduced by the trust earnings we have been allowed to withdraw in certain states prior to our performance. The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2015 and September 30, 2016 were as follows (in thousands): December 31, 2015 September 30, 2016 Preneed cemetery trust investments, at market value $ 65,486 $ 68,009 Less: allowance for contract cancellation (2,195 ) (2,113 ) Preneed cemetery trust investments, net $ 63,291 $ 65,896 Upon cancellation of a preneed cemetery contract, a customer is generally entitled to receive a refund of the corpus, and in some cases, some or all of the earnings held in trust. In certain jurisdictions, we may be obligated to fund any shortfall if the amounts deposited by the customer exceed the funds in trust, including some or all investment income. As a result, when realized or unrealized losses of a trust result in the trust being under-funded, we assess whether we are responsible for replenishing the corpus of the trust, in which case a loss provision is recorded. At September 30, 2016 , none of our preneed cemetery trust investments were under-funded. Earnings from our preneed cemetery trust investments are recognized in revenue when a service is performed or merchandise is delivered. Trust management fees charged by CSV RIA are included in revenue in the period in which they are earned. Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash and common stock. Where quoted market prices are not available for the specific security, fair values are estimated by using quoted prices of similar securities in active markets or other inputs other than quoted prices that can corroborate observable market data. These investments are fixed income securities including municipal bonds, foreign debt, corporate debt, preferred stocks, mortgage backed securities and fixed income mutual funds, all of which are classified within Level 2 of the valuation hierarchy. We review and update our fair value hierarchy classifications quarterly. There were no transfers between Levels 1 and 2 in the three and nine months ended September 30, 2016 . There are no Level 3 investments in the preneed cemetery trust investment portfolio. See Note 9 to the Consolidated Financial Statements included herein for further information on the fair value measurement and the three-level hierarchy. The cost and fair market values associated with preneed cemetery trust investments at September 30, 2016 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 7,888 $ — $ — $ 7,888 Fixed income securities: Municipal bonds 2 498 — — 498 Foreign debt 2 8,614 268 (741 ) 8,141 Corporate debt 2 23,717 1,790 (1,413 ) 24,094 Preferred stock 2 16,371 30 (704 ) 15,697 Mortgage backed securities 2 245 — (16 ) 229 Common stock 1 11,888 440 (3,144 ) 9,184 Mutual funds: Fixed Income 2 1,229 129 — 1,358 Trust securities $ 70,450 $ 2,657 $ (6,018 ) $ 67,089 Accrued investment income $ 920 $ 920 Preneed cemetery trust investments $ 68,009 Market value as a percentage of cost 95.2 % The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 303 Due in one to five years 8,065 Due in five to ten years 5,854 Thereafter 34,437 Total $ 48,659 The cost and fair market values associated with preneed cemetery trust investments at December 31, 2015 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 8,296 $ — $ — $ 8,296 Fixed income securities: Municipal bonds 2 458 — (63 ) 395 Foreign debt 2 4,803 — (695 ) 4,108 Corporate debt 2 22,968 85 (4,279 ) 18,774 Preferred stock 2 16,236 29 (885 ) 15,380 Common stock 1 20,387 682 (3,161 ) 17,908 Trust securities $ 73,148 $ 796 $ (9,083 ) $ 64,861 Accrued investment income $ 625 $ 625 Preneed cemetery trust investments $ 65,486 Market value as a percentage of cost 88.7 % We determine whether or not the assets in the preneed cemetery trust investments have an other-than-temporary impairment on a security-by-security basis. This assessment is made based upon a number of criteria including the length of time a security has been in a loss position, changes in market conditions and concerns related to the specific issuer. If a loss is considered to be other-than-temporary, the cost basis of the security is adjusted downward to its fair market value. Any reduction in the cost basis of the investment due to an other-than-temporary impairment is likewise recorded as a reduction in Deferred preneed cemetery receipts held in trust on our Consolidated Balance Sheets. In the three months ended September 30, 2016 , we recorded a $0.1 million impairment for other-than-temporary declines in the fair value related to unrealized losses on certain investments. We did no t record any impairments in the three months ended September 30, 2015 . In the nine months ended September 30, 2015 and 2016 , we recorded a $0.7 million and $0.8 million impairment for other-than-temporary declines in the fair value related to unrealized losses on certain investments, respectively. There is no impact on earnings until such time that the loss is realized in the trusts, allocated to preneed contracts and the services are performed or the merchandise is delivered causing the contract to be withdrawn from the trust in accordance with state regulations. At September 30, 2016 , we had certain investments within our preneed cemetery trust investments that had tax lots in loss positions for more than one year. Based on our analyses of these securities, the companies’ businesses and current market conditions, we determined that these investment losses were temporary in nature. Our cemetery merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of September 30, 2016 and December 31, 2015 , are shown in the following tables (in thousands): September 30, 2016 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 Fixed income securities: Foreign debt 2,419 (138 ) 2,909 (603 ) 5,328 (741 ) Corporate debt 6,599 (197 ) 4,707 (1,216 ) 11,306 (1,413 ) Preferred stock 1,711 (10 ) 11,830 (694 ) 13,541 (704 ) Mortgage backed securities 229 (16 ) — — 229 (16 ) Common stock 4,740 (1,407 ) 2,677 (1,737 ) 7,417 (3,144 ) Total temporary impaired securities $ 15,698 $ (1,768 ) $ 22,123 $ (4,250 ) $ 37,821 $ (6,018 ) December 31, 2015 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 Fixed income securities: Municipal bonds $ 395 $ (63 ) $ — $ — $ 395 $ (63 ) Foreign debt 3,680 (384 ) 406 (312 ) 4,086 (696 ) Corporate debt 14,468 (2,992 ) 3,056 (1,287 ) 17,524 (4,279 ) Preferred stock 10,285 (436 ) 5,168 (448 ) 15,453 (884 ) Common stock 12,029 (1,989 ) 3,564 (1,172 ) 15,593 (3,161 ) Total temporary impaired securities $ 40,857 $ (5,864 ) $ 12,194 $ (3,219 ) $ 53,051 $ (9,083 ) Preneed cemetery trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2016 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Investment income $ 471 $ 578 $ 1,762 $ 1,546 Realized gains 1,170 126 2,844 415 Realized losses (276 ) (673 ) (1,166 ) (4,081 ) Expenses and taxes (361 ) (139 ) (1,455 ) (832 ) Decrease (increase) in deferred preneed cemetery receipts held in trust (1,004 ) 108 (1,985 ) 2,952 $ — $ — $ — $ — Purchases and sales of investments in the preneed cemetery trusts were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Purchases $ (11,719 ) $ (1,434 ) $ (24,575 ) $ (19,540 ) Sales $ 4,417 $ 5,973 $ 14,610 $ 18,003 Preneed Funeral Trust Investments Preneed funeral trust investments represent trust fund assets that we are permitted to withdraw as services and merchandise are provided to customers. Preneed funeral contracts are secured by payments from customers, less amounts not required by law to be deposited into trust. Preneed funeral trust investments are reduced by the trust earnings we have been allowed to withdraw in certain states prior to our performance. The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2015 and September 30, 2016 were as follows (in thousands): December 31, 2015 September 30, 2016 Preneed funeral trust investments, at market value $ 88,444 $ 88,281 Less: allowance for contract cancellation (2,891 ) (2,721 ) Preneed funeral trust investments, net $ 85,553 $ 85,560 Upon cancellation of a preneed funeral contract, a customer is generally entitled to receive a refund of the corpus and some or all of the earnings held in trust. In certain jurisdictions, we may be obligated to fund any shortfall if the amounts deposited by the customer exceed the funds in trust, including some or all investment income. As a result, when realized or unrealized losses of a trust result in the trust being under-funded, we assess whether we are responsible for replenishing the corpus of the trust, in which case a loss provision is recorded. At September 30, 2016 , none of our preneed funeral trust investments were under-funded. Earnings from our preneed funeral trust investments are recognized in revenue when a service is performed or merchandise is delivered. Trust management fees charged by CSV RIA are included in revenue in the period in which they are earned. Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash, U.S. treasury debt and common stock. Where quoted market prices are not available for the specific security, then fair values are estimated by using quoted prices of similar securities in active markets or other inputs other than quoted prices that can corroborate observable market data. These investments are fixed income securities including municipal bonds, foreign debt, corporate debt, preferred stocks, mortgage backed securities and fixed income mutual funds and other investments, all of which are classified within Level 2 of the valuation hierarchy. We review and update our fair value hierarchy classifications quarterly. There were no transfers between Levels 1 and 2 for the three and nine months ended September 30, 2016 . There are no Level 3 investments in the preneed funeral trust investment portfolio. See Note 9 to the Consolidated Financial Statements included herein for further information on the fair value measurement and the three-level hierarchy. The cost and fair market values associated with preneed funeral trust investments at September 30, 2016 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 21,030 $ — $ — $ 21,030 Fixed income securities: U.S treasury debt 1 1,491 48 — 1,539 Municipal bonds 2 441 — — 441 Foreign debt 2 8,640 255 (748 ) 8,147 Corporate debt 2 24,292 1,800 (1,429 ) 24,663 Preferred stock 2 16,815 103 (705 ) 16,213 Mortgage backed securities 2 409 4 (17 ) 396 Common stock 1 11,981 413 (3,198 ) 9,196 Mutual funds: Fixed income 2 2,139 138 (19 ) 2,258 Other investments 2 3,468 — — 3,468 Trust securities $ 90,706 $ 2,761 $ (6,116 ) $ 87,351 Accrued investment income $ 930 $ 930 Preneed funeral trust investments $ 88,281 Market value as a percentage of cost 96.3 % The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 318 Due in one to five years 9,348 Due in five to ten years 6,061 Thereafter 35,672 Total $ 51,399 The cost and fair market values associated with preneed funeral trust investments at December 31, 2015 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 21,458 $ — $ — $ 21,458 Fixed income securities: U.S. treasury debt 1 1,492 24 (12 ) 1,504 Municipal bonds 2 478 — (66 ) 412 Foreign debt 2 4,938 — (711 ) 4,227 Corporate debt 2 24,787 133 (4,711 ) 20,209 Preferred stock 2 17,496 158 (914 ) 16,740 Mortgage backed securities 2 273 4 (4 ) 273 Common stock 1 20,864 738 (3,114 ) 18,488 Mutual funds: Fixed income 2 959 — (82 ) 877 Other investments 2 3,598 — (30 ) 3,568 Trust securities $ 96,343 $ 1,057 $ (9,644 ) $ 87,756 Accrued investment income $ 688 $ 688 Preneed funeral trust investments $ 88,444 Market value as a percentage of cost 91.1 % We determine whether or not the assets in the preneed funeral trust investments have other-than-temporary impairments on a security-by-security basis. This assessment is made based upon a number of criteria including the length of time a security has been in a loss position, changes in market conditions and concerns related to the specific issuer. If a loss is considered to be other-than-temporary, the cost basis of the security is adjusted downward to its fair market value. Any reduction in the cost basis of the investment due to an other-than-temporary impairment is likewise recorded as a reduction to Deferred preneed funeral receipts held in trust on our Consolidated Balance Sheets. In the three months ended September 30, 2016 , we recorded a $0.1 million impairment for other-than-temporary declines in the fair value related to unrealized losses on certain investments. We did no t record any impairments in the three months ended September 30, 2015 . In the nine months ended September 30, 2015 and 2016 , we recorded a $0.6 million and $0.9 million impairment for other-than-temporary declines in the fair value related to unrealized losses on certain investments, respectively. There is no impact on earnings until such time that the loss is realized in the trusts, allocated to preneed contracts and the services are performed or the merchandise is delivered causing the contract to be withdrawn from the trust in accordance with state regulations. At September 30, 2016 , we had certain investments within our preneed funeral trust investments that had tax lots in loss positions for more than one year. Based on our analyses of these securities, the companies’ businesses and current market conditions, we determined that these investment losses were temporary in nature. Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of September 30, 2016 and December 31, 2015 are shown in the following tables (in thousands): September 30, 2016 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 Fixed income securities: Foreign debt 2,492 (141 ) 2,901 (608 ) 5,393 (749 ) Corporate debt 6,673 (199 ) 4,759 (1,228 ) 11,432 (1,427 ) Preferred stock 1,749 (10 ) 11,729 (695 ) 13,478 (705 ) Mortgage backed securities 241 (16 ) 13 (1 ) 254 (17 ) Mutual funds: Equity 4,928 (1,466 ) 2,589 (1,732 ) 7,517 (3,198 ) Fixed income 301 (4 ) 439 (16 ) 740 (20 ) Total temporary impaired securities $ 16,384 $ (1,836 ) $ 22,430 $ (4,280 ) $ 38,814 $ (6,116 ) December 31, 2015 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 Fixed income securities: U.S. debt $ — $ — $ 1,504 $ (12 ) $ 1,504 $ (12 ) Municipal bonds 413 (66 ) — — 413 (66 ) Foreign debt 3,763 (392 ) 416 (319 ) 4,179 (711 ) Corporate debt 15,929 (3,294 ) 3,364 (1,417 ) 19,293 (4,711 ) Preferred stock 10,623 (451 ) 5,338 (463 ) 15,961 (914 ) Mortgage backed securities — — 272 (4 ) 272 (4 ) Mutual funds: Equity 11,848 (1,959 ) 3,510 (1,154 ) 15,358 (3,113 ) Fixed income 1 — 876 (82 ) 877 (82 ) Other investments — — 42 (31 ) 42 (31 ) Total temporary impaired securities $ 42,577 $ (6,162 ) $ 15,322 $ (3,482 ) $ 57,899 $ (9,644 ) Preneed funeral trust investment security transactions recorded in Interest expense on the Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2016 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Investment income $ 554 $ 596 $ 1,982 $ 1,639 Realized gains 1,218 131 3,791 525 Realized losses (504 ) (716 ) (1,374 ) (4,090 ) Expenses and taxes 140 (253 ) (694 ) (946 ) Decrease (increase) in deferred preneed funeral receipts held in trust (1,408 ) 242 (3,705 ) 2,872 $ — $ — $ — $ — Purchases and sales of investments in the preneed funeral trusts were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Purchases $ (12,323 ) $ (1,486 ) $ (23,668 ) $ (19,917 ) Sales $ 10,998 $ 6,336 $ 33,736 $ 19,005 |
Preneed Cemetery Receivables
Preneed Cemetery Receivables | 9 Months Ended |
Sep. 30, 2016 | |
Preneed Cemetery Receivables [Abstract] | |
PRENEED CEMETERY RECEIVABLES | PRENEED CEMETERY RECEIVABLES Preneed sales of cemetery interment rights and related products and services are usually financed through interest-bearing installment sales contracts, generally with terms of up to five years with such interest income reflected as Preneed cemetery finance charges . In substantially all cases, we receive an initial down payment at the time the contract is signed. At September 30, 2016 , our total financed preneed receivables were $39.1 million , of which $28.7 million and $10.4 million were for cemetery interment rights and for merchandise and services respectively. These amounts are presented on our consolidated balance sheet as $11.7 million within Accounts receivable and $27.4 million within Preneed receivables and exclude unearned finance charges and allowance for contract cancellations. The unearned finance charges associated with these receivables were $5.2 million and $5.7 million at December 31, 2015 and September 30, 2016 , respectively. We determine an allowance for customer cancellations and refunds on contracts in which revenue has been recognized on sales of cemetery interment rights. We have a collections policy where past due notifications are sent to the customer beginning at 15 days past due and periodically thereafter until the contract is cancelled or payment is received. We reserve 100% of the receivables on contracts in which the revenue has been recognized and payments are 90 days past due or more, which was approximately 4.3% of the total receivables on recognized sales at September 30, 2016 . An allowance is recorded at the date that the contract is executed and periodically adjusted thereafter based upon actual collection experience at the business level. For the nine months ended September 30, 2016 , the change in the allowance for contract cancellations was as follows (in thousands): September 30, 2016 Beginning balance $ 1,765 Write-offs and cancellations (1,047 ) Provision 1,055 Ending balance $ 1,773 The aging of past due financing receivables as of September 30, 2016 was as follows (in thousands): 31-60 Past Due 61-90 Past Due 91-120 Past Due >120 Past Due Total Past Due Current Total Financing Receivables Recognized revenue $ 560 $ 402 $ 175 $ 1,056 $ 2,193 $ 26,127 $ 28,320 Deferred revenue 218 148 70 316 752 9,985 10,737 Total contracts $ 778 $ 550 $ 245 $ 1,372 $ 2,945 $ 36,112 $ 39,057 |
Receivables from Preneed Trusts
Receivables from Preneed Trusts | 9 Months Ended |
Sep. 30, 2016 | |
Receivables From Preneed Trusts [Abstract] | |
RECEIVABLES FROM PRENEED TRUSTS | RECEIVABLES FROM PRENEED TRUSTS The receivables from preneed trusts represent assets in trusts which are controlled and operated by third parties in which we do not have a controlling financial interest ( less than 50% ) in the trust assets. We account for these investments at cost. As of December 31, 2015 and September 30, 2016 , receivables from preneed trusts were as follows (in thousands): December 31, 2015 September 30, 2016 Preneed trust funds, at cost $ 13,963 $ 14,267 Less: allowance for contract cancellation (419 ) (428 ) Receivables from preneed trusts, net $ 13,544 $ 13,839 The following summary reflects the composition of the assets held in trust and controlled by third parties to satisfy our future obligations under preneed arrangements related to the preceding contracts at September 30, 2016 and December 31, 2015 . The cost basis includes reinvested interest and dividends that have been earned on the trust assets. Fair value includes the unrealized gains and losses on trust assets. Historical Cost Basis Fair Value (in thousands) As of September 30, 2016 Cash and cash equivalents $ 3,382 $ 3,382 Fixed income investments 8,453 8,452 Mutual funds and common stocks 2,417 2,477 Annuities 15 15 Total $ 14,267 $ 14,326 Historical Cost Basis Fair Value (in thousands) As of December 31, 2015 Cash and cash equivalents $ 2,898 $ 2,898 Fixed income investments 8,423 8,426 Mutual funds and common stocks 2,626 2,625 Annuities 16 16 Total $ 13,963 $ 13,965 |
Cemetery Perpetual Care Trust I
Cemetery Perpetual Care Trust Investments | 9 Months Ended |
Sep. 30, 2016 | |
Cemetery Perpetual Care Trust Investments [Abstract] | |
CEMETERY PERPETUAL CARE TRUST INVESTMENTS | CEMETERY PERPETUAL CARE TRUST INVESTMENTS Care trusts’ corpus on our Consolidated Balance Sheets represent the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus as of December 31, 2015 and September 30, 2016 were as follows (in thousands): December 31, 2015 September 30, 2016 Trust assets, at market value $ 43,127 $ 45,048 Obligations due from trust (711 ) (703 ) Care trusts’ corpus $ 42,416 $ 44,345 We are required by various state laws to pay a portion of the proceeds from the sale of cemetery property interment rights into perpetual care trust funds. The income earned from these perpetual care trusts offsets maintenance expenses for cemetery property and memorials. This trust fund income is recognized, as earned, in Revenues: Cemetery . Trust management fees charged by CSV RIA are included in revenue in the period in which they are earned. At September 30, 2016 , none of our cemetery perpetual care trust investments were under-funded. Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash and common stock. Where quoted market prices are not available for the specific security, then fair values are estimated by using quoted prices of similar securities in active markets or other inputs other than quoted prices that can corroborate observable market data. These investments are municipal bonds, foreign debt, corporate debt, preferred stock, mortgage backed securities and fixed income mutual funds, all of which are classified within Level 2 of the valuation hierarchy. We review and update our fair value hierarchy classifications quarterly. There were no transfers between Levels 1 and 2 in the three and nine months ended September 30, 2016 . There are no Level 3 investments in the cemetery perpetual care trust investment portfolio. See Note 9 to the Consolidated Financial Statements included herein for further information of the fair value measurement and the three-level valuation hierarchy. The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at September 30, 2016 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 4,656 $ — $ — $ 4,656 Fixed income securities: Municipal bonds 2 368 — — 368 Foreign debt 2 5,772 175 (497 ) 5,450 Corporate debt 2 15,927 1,099 (1,059 ) 15,967 Preferred stock 2 11,465 18 (493 ) 10,990 Mortgage backed securities 2 149 — (10 ) 139 Common stock 1 7,507 344 (1,950 ) 5,901 Mutual funds: Fixed Income 2 867 90 — 957 Trust securities $ 46,711 $ 1,726 $ (4,009 ) $ 44,428 Accrued investment income $ 620 $ 620 Cemetery perpetual care investments $ 45,048 Market value as a percentage of cost 95.1 % The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 183 Due in one to five years 5,053 Due in five to ten years 4,145 Thereafter 23,533 $ 32,914 The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2015 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 5,472 $ — $ — $ 5,472 Fixed income securities: Municipal bonds 2 325 — (45 ) 280 Foreign debt 2 3,232 — (480 ) 2,752 Corporate debt 2 16,216 57 (3,094 ) 13,179 Preferred stock 2 11,263 20 (611 ) 10,672 Common stock 1 11,945 393 (1,939 ) 10,399 Trust securities $ 48,453 $ 470 $ (6,169 ) $ 42,754 Accrued investment income $ 373 $ 373 Cemetery perpetual care investments $ 43,127 Market value as a percentage of cost 88.2 % We determine whether or not the assets in the cemetery perpetual care trusts have an other-than-temporary impairment on a security-by-security basis. This assessment is made based upon a number of criteria including the length of time a security has been in a loss position, changes in market conditions and concerns related to the specific issuer. If a loss is considered to be other-than-temporary, the cost basis of the security is adjusted downward to its fair market value. Any reduction in the cost basis due to an other-than-temporary impairment is also recorded as a reduction to Care trusts’ corpus . In the three months ended September 30, 2016 , we recorded a $0.1 million impairment for other-than-temporary declines in the fair value related to unrealized losses on certain investments. We did no t record any impairments in the three months ended September 30, 2015 . In the nine months ended September 30, 2015 and 2016 , we recorded a $0.5 million impairment for other-than-temporary declines in the fair value related to unrealized losses on certain investments. There is no impact on earnings until such time that the loss is realized in the trusts, allocated to preneed contracts and the services are performed or the merchandise is delivered causing the contract to be withdrawn from the trust in accordance with state regulations. At September 30, 2016 , we had certain investments within our perpetual care trust investments that had tax lots in loss positions for more than one year. Based on our analyses of these securities, the companies’ businesses and current market conditions, we determined that these investment losses were temporary in nature. Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended September 30, 2016 and December 31, 2015 are shown in the following tables (in thousands): September 30, 2016 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 Fixed income securities: Foreign debt 1,632 (91 ) 1,990 (406 ) 3,622 (497 ) Corporate debt 4,948 (148 ) 3,529 (911 ) 8,477 (1,059 ) Preferred stock 1,126 (8 ) 8,537 (485 ) 9,663 (493 ) Mortgage backed securities 140 (10 ) — — 140 (10 ) Common stock 2,932 (872 ) 1,561 (1,078 ) 4,493 (1,950 ) Total temporary impaired securities $ 10,778 $ (1,129 ) $ 15,617 $ (2,880 ) $ 26,395 $ (4,009 ) December 31, 2015 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 Fixed income securities: Municipal bonds $ 280 $ (45 ) $ — $ — $ 280 $ (45 ) Foreign debt 2,541 (265 ) 281 (215 ) 2,822 (480 ) Corporate debt 10,463 (2,164 ) 2,210 (931 ) 12,673 (3,095 ) Preferred stock 7,100 (301 ) 3,568 (309 ) 10,668 (610 ) Common stock 7,379 (1,220 ) 2,186 (719 ) 9,565 (1,939 ) Total temporary impaired securities $ 27,763 $ (3,995 ) $ 8,245 $ (2,174 ) $ 36,008 $ (6,169 ) Perpetual care trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2016 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Realized gains $ 731 $ 44 $ 1,706 $ 156 Realized losses (207 ) (261 ) (692 ) (1,943 ) Decrease (increase) in care trusts’ corpus (524 ) 217 (1,014 ) 1,787 Total $ — $ — $ — $ — Perpetual care trust investment security transactions recorded in Revenues: Cemetery for the three and nine months ended September 30, 2015 and 2016 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Investment income $ 1,371 $ 1,523 $ 3,739 $ 4,503 Realized gain, net 213 14 497 (444 ) Total $ 1,584 $ 1,537 $ 4,236 $ 4,059 Purchases and sales of investments in the perpetual care trusts were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Purchases $ (7,247 ) $ (936 ) $ (15,352 ) $ (12,888 ) Sales $ 2,532 $ 3,832 $ 8,885 $ 11,702 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We evaluate our financial assets and liabilities for those financial assets and liabilities that meet the criteria of the disclosure requirements and fair value framework. 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 values of receivables on preneed funeral and cemetery contracts are impracticable to estimate because of the lack of a trading market and the diverse number of individual contracts with varying terms. Our long-term debt and Credit Facility (as defined in Note 11) are classified within Level 2 of the Fair Value Measurement hierarchy. The fair values of our long-term debt and Credit Facility approximate the carrying values of these instruments based on the index yields of similar securities compared to U.S. Treasury yield curves. The fair value of the convertible subordinated notes due 2021 was approximately $169.6 million at September 30, 2016 based on the last traded or broker quoted price. We identified investments in fixed income securities, common stock and mutual funds presented within the preneed and perpetual care trust investment categories on our Consolidated Balance Sheets as having met the criteria for fair value measurement. As of September 30, 2016 , we did not have any assets that had fair values determined by Level 3 inputs and no liabilities measured at fair value. We account for our investments as available-for-sale and measure them at fair value under the standards of financial accounting and reporting for investments in equity instruments that have readily determinable fair values and for all investments in debt securities. See Notes 5 and 8 to our Consolidated Financial Statements included herein for the fair value hierarchy levels of our trust investments. |
Intangible and Other Non-Curren
Intangible and Other Non-Current Assets | 9 Months Ended |
Sep. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Intangible and Other Non-Current Assets | INTANGIBLE AND OTHER NON-CURRENT ASSETS Intangibles and other non-current assets at December 31, 2015 and September 30, 2016 were as follows (in thousands): December 31, 2015 September 30, 2016 Prepaid agreements not-to-compete, net of accumulated amortization of $5,404 and $5,713, respectively $ 1,912 $ 2,536 Tradenames 8,856 11,940 Other 210 — Intangible and other non-current assets $ 10,978 $ 14,476 Prepaid agreements not-to-compete are amortized over the term of the respective agreements, ranging generally from one to ten years. Amortization expense was approximately $76,000 and $106,000 for the three months ended September 30, 2015 and 2016 , respectively, and $223,000 and $308,000 for the nine months ended September 30, 2015 and 2016 , respectively. During the nine months ended September 30, 2016 , we increased prepaid agreements not-to-compete by $0.8 million related to our acquisition of two funeral home businesses in May 2016 and our acquisition of one funeral home business in September 2016 described in Note 3 to the Consolidated Financial Statements included herein. Our tradenames have indefinite lives and therefore are not amortized. During the three months ended September 30, 2016 , we recorded an impairment to tradenames of $145,000 related to a funeral home business held for sale at September 30, 2016 , as the carrying value exceeded its fair value. The impairment was recorded in Other income (expense) on our Consolidated Statements of Operations. See Note 1 to the Consolidated Financial Statements included herein, for a discussion of the methodology used for our annual indefinite-lived intangible asset impairment test. During the nine months ended September 30, 2016 , we increased tradenames by approximately $3.2 million related to our acquisition of two funeral home businesses in May 2016 described in Note 3 to the Consolidated Financial Statements included herein. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Our long-term debt consisted of the following at December 31, 2015 and September 30, 2016 (in thousands): December 31, 2015 September 30, 2016 Revolving credit facility, secured, floating rate $ 92,600 $ 63,300 Term loan, secured, floating rate 110,937 141,563 Acquisition debt 4,929 7,573 Debt issuance costs, net of accumulated amortization of $3,246 and $4,062, respectively (1,445 ) (1,346 ) Less: current portion (12,012 ) (12,389 ) Total long-term debt $ 195,009 $ 198,701 As of September 30, 2016 , we had a $300 million secured bank credit facility with Bank of America, N.A. as Administrative Agent (the “Credit Agreement”), comprised of a $150 million revolving credit facility and a $150 million term loan (collectively, the “Credit Facility”). The Credit Facility also contains an accordion provision to borrow up to an additional $75 million in revolving loans, subject to certain conditions. The Credit Facility is collateralized by all personal property and funeral home real property in certain states. On February 9, 2016, we entered into a seventh amendment (the “Seventh Amendment”) to our Credit Facility. The Seventh Amendment resulted in, among other things, (i) reducing our LIBOR based variable interest rate 37.5 basis points, (ii) extending the maturity so that the Credit Agreement will mature at the earlier of (a) any date that is 91 days prior to the maturity of any subordinated debt (including the $ 143.75 million in principal amount of the Convertible Notes, as defined in Note 12 to the Consolidated Financial Statements included herein) or (b) February 9, 2021, (iii) increasing and funding the term loan so that $ 150 million was outstanding upon the effectiveness of the Seventh Amendment, (iv) reducing the size of the revolver to $150 million , (v) increasing the accordion to $75 million and (vi) updating the amortization payments for the term loan facility so that the borrowings under the term loan facility are subject to amortization payments of (a) $2.81 million at the end of each fiscal quarter beginning with the fiscal quarter ending March 31, 2016 through the fiscal quarter ending December 31, 2017, (b) $3.75 million at the end of each fiscal quarter beginning with the fiscal quarter ending March 31, 2018 through the fiscal quarter ending March 31, 2020 and (c) $4.69 million at the end of each fiscal quarter beginning with the fiscal quarter ending June 30, 2020 through the fiscal quarter ending December 31, 2020. In connection with the Seventh Amendment, we recognized a loss of $0.6 million to write-off the related unamortized debt issuance costs. As of September 30, 2016 , we had outstanding borrowings under the revolving credit facility of $63.3 million and approximately $141.6 million was outstanding on the term loan. No letters of credit were issued and outstanding under the Credit Facility at September 30, 2016 . Outstanding borrowings under the Credit Facility bear interest at either a prime rate or a LIBOR rate, plus an applicable margin based upon our leverage ratio. As of September 30, 2016 , the prime rate margin was equivalent to 1.125% and the LIBOR margin was 2.125% . The weighted average interest rate on the Credit Facility for both the three and nine months ended September 30, 2016 was 2.8% . We were in compliance with the covenants contained in the Credit Agreement as of September 30, 2016 . The Credit Agreement contains key ratios that we must comply with including a requirement to maintain a leverage ratio of no more than 3.5 to 1.00 and a covenant to maintain a fixed charge coverage ratio of no less than 1.20 to 1.00. As of September 30, 2016 , the leverage ratio was 2.96 to 1.00 and the fixed charge coverage ratio was 2.40 to 1.00. Beginning January 1, 2016, debt issuance costs are retroactively reflected as a direct deduction from the carrying value of the related debt liability (refer herein to Note 1 to the Consolidated Financial Statements). Amortization of debt issuance costs related to our Credit Facility was approximately $0.1 million for both the three months ended September 30, 2015 and 2016 and $0.4 million and $0.3 million for the nine months ended September 30, 2015 and 2016 , respectively. Debt issuance costs are being amortized over the term of the related debt using the effective interest method for our term loan and the straight line method for our revolving credit facility. Acquisition debt consists of deferred purchase price and promissory notes payable to sellers. The increase in acquisition debt was primarily related to the $3.5 million of deferred purchase price payments for the two funeral home businesses acquired in May 2016. |
Convertible Subordinated Notes
Convertible Subordinated Notes | 9 Months Ended |
Sep. 30, 2016 | |
Convertible Subordinated Notes [Abstract] | |
Convertible Subordinated Notes | CONVERTIBLE SUBORDINATED NOTES On March 19, 2014, we issued $143.75 million aggregate principal amount of 2.75% convertible subordinated notes due March 15, 2021 (the “Convertible Notes”). The Convertible Notes bear interest at 2.75% per year. Interest on the Convertible Notes began to accrue on March 19, 2014 and is payable semi-annually in arrears on March 15 and September 15 of each year. The carrying values of the liability and equity components of the Convertible Notes at December 31, 2015 and September 30, 2016 are reflected in our Consolidated Balance Sheets as follows (in thousands): December 31, 2015 September 30, 2016 Long-term liabilities: Principal amount $ 143,750 $ 143,750 Unamortized discount of liability component (25,754 ) (22,895 ) Convertible Notes issuance costs, net of accumulated amortization of $858 and $1,233 respectively $ (2,769 ) $ (2,394 ) Carrying value of the liability component $ 115,227 $ 118,461 Equity component carrying value $ 17,973 $ 17,973 The fair value of the Convertible Notes, which are Level 2 measurements, was approximately $169.6 million at September 30, 2016 . Interest expense on the Convertible Notes included contractual coupon interest expense of approximately $1.0 million for both the three months ended September 30, 2015 and 2016 and $3.0 million for both the nine months ended September 30, 2015 and 2016 , respectively. Amortization of debt issuance costs related to our Convertible Notes was approximately $0.1 million for both the three months ended September 30, 2015 and 2016 and $0.4 million for both the nine months ended September 30, 2015 and 2016 , respectively. Accretion of the discount on the Convertible Notes was $0.9 million and $1.0 million for the three months ended September 30, 2015 and 2016 , respectively, and $2.6 million and $2.9 million for the nine months ended September 30, 2015 and 2016 , respectively. During the three months ended September 30, 2016 , an adjustment to the conversion rate of the Convertible Notes was triggered when our Board increased the dividends declared per common share from $0.025 per share to $0.05 per share. The initial conversion rate of the Convertible Notes was 44.3169 shares of our common stock per $1,000 principal amount of Convertible Notes, equivalent to an initial conversion price of approximately $22.56 per share of common stock. The adjusted conversion rate of the Convertible Notes is 44.3639 shares of our common stock per $1,000 principal amount of Convertible Notes, equivalent to an adjusted conversion price of approximately $22.54 per share of common stock. Beginning January 1, 2016, debt issuance costs are retroactively reflected as a direct deduction from the carrying value of the related debt liability (refer herein to Note 1 to the Consolidated Financial Statements). The unamortized discount and the unamortized debt issuance costs are being amortized using the effective interest method over the remaining term of the Convertible Notes. The effective interest rate on the unamortized discount and the debt issuance costs for the three and nine months ended September 30, 2015 and 2016 was 6.75% and 2.75% , respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS ’ EQUITY Stock Options As of September 30, 2016 , there were 1,716,655 stock options outstanding and 548,800 stock options which remain unvested. We did no t grant any stock options in the three months ended September 30, 2016 . During the first quarter of 2016 , we granted 235,500 options to certain officers and key employees at an option price of $20.06 . These options will vest in one-fifth increments over a five -year period and have a ten -year term. The fair value of the total options granted during the first quarter of 2016 was approximately $1.3 million . During the three months ended September 30, 2016 , we canceled 146,100 options related to the retirement of a former executive. We recorded pre-tax stock-based compensation expense for stock options totaling approximately $0.6 million and $0.2 million for the three months ended September 30, 2015 and 2016 , respectively, and $1.8 million and $1.4 million for the nine months ended September 30, 2015 and 2016 , respectively. Performance Awards During the first quarter of 2016 , we granted 73,700 performance awards to certain officers and key employees, payable in shares. We did not grant any performance awards in the three months ended September 30, 2016 . These awards will vest (if at all) on December 31, 2020 provided that certain criteria surrounding Adjusted Consolidated EBITDA (Adjusted Consolidated Earnings Before Interest Tax Depreciation and Amortization) and Relative Shareholder Return performance is achieved and the individual has remained continuously employed by the Company through such date. The Adjusted Consolidated EBITDA performance represents 25% of the award and the Relative Shareholder Return performance represents 75% of the award. The fair value of these performance awards granted during the first quarter of 2016 was approximately $1.6 million . During the three months ended September 30, 2016 , we canceled 14,200 performance awards related to the retirement of a former executive. The pre-tax compensation expense associated with the performance awards was approximately $46,000 for the three months ended September 30, 2016 and $154,000 for the nine months ended September 30, 2016 . Restricted Stock Grants We did not issue any restricted stock during the three months ended September 30, 2016 . During the first quarter of 2016 , we issued a total of 16,900 restricted stock grants that vest over a three -year period with an aggregate grant date market value of approximately $0.3 million . During the three months ended September 30, 2015 and 2016 , we recorded $366,000 of pre-tax compensation expense and a benefit of $21,000 , respectively, related to the vesting of restricted stock awards, which is included in general, administrative and other expenses. The benefit was primarily related to the cancellation of 50,000 unvested restricted stock for a former executive. During the nine months ended September 30, 2015 and 2016 , we recorded pre-tax compensation expense of approximately $1.2 million and $0.5 million , respectively. As of September 30, 2016 , we had approximately $1.3 million of total unrecognized compensation costs related to unvested restricted stock awards, which are expected to be recognized over a weighted average period of approximately 1.7 years . Employee Stock Purchase Plan During the third quarter of 2016 , employees purchased a total of 11,485 shares of common stock through the employee stock purchase plan (“ESPP”) at a weighted average price of $19.92 per share. We recorded pre-tax stock-based compensation expense for the ESPP totaling approximately $36,000 and $53,000 for the three months ended September 30, 2015 and 2016 , respectively, and $165,000 and $197,000 for the nine months ended September 30, 2015 and 2016 , respectively. The fair value of the option to purchase shares under the ESPP is estimated on the date of grant (January 1 of each year) associated with the four quarterly purchase dates using the following assumptions: 2016 Dividend yield 0.6 % Expected volatility 24.71 % Risk-free interest rate 0.22%, 0.49%, 0.55%, 0.61% Expected life (years) 0.25, 0.50, 0.75, 1.00 Expected volatilities are based on the historical volatility during the previous twelve months of the underlying common stock. The risk-free rate for the quarterly purchase periods is based on the U.S. Treasury yields in effect at the time of the purchase. The expected life of the ESPP grants represents the calendar quarters from the beginning of the year to the purchase date (end of each quarter). Director Compensation Policy On May 17, 2016, our Board of Directors (our “Board”) approved a new Director Compensation Policy, which provides for the following: (i) each independent director is entitled to an annual retainer of $75,000 , payable in quarterly installments of $18,750 each at the end of the quarter; and (ii) the Lead Director and chairman of our Audit Committee are entitled to an additional annual retainer of $10,000 , payable in quarterly installments of $2,500 each at the end of each quarter, and the chairman of our Corporate Governance and Compensation Committees are entitled to an additional annual retainer of $5,000 , payable in quarterly installments of $1,250 each at the end of each quarter. Any new independent director will receive upon admission to the Board a grant of $25,000 (in addition to the independent director annual retainer prorated at the time the new director is admitted to the Board) which can be taken in cash or restricted shares of our common stock. The number of shares of such common stock will be determined by dividing the cash amount by the closing price of our common stock on the date of grant, which will be the date of admission to the Board. Such common stock, will vest (based on continued service on the Board) 50% immediately and 25% on the first and second anniversaries of admission. Prior to the approval of the new Director Compensation Policy, there was one meeting during the second quarter of 2016 for which the directors were paid under the previous policy. On August 9, 2016, Richard W. Scott resigned from our Board. At the time of his resignation, Mr. Scott was currently serving as the chairman of the Corporate Governance Committee and a member of the Audit and Compensation Committees. On the same day, the Board voted James R. Schenck to serve as a Class 1 Director until the 2018 annual meeting of shareholders. Mr. Schenck was appointed to serve as the chairman of the Corporate Governance Committee and a member of the Audit and Compensation Committees. Concurrently with the appointment, the Board granted Mr. Schenck 1,061 shares of the Company’s common stock under our Director Compensation Policy, which such grant was valued at approximately $25,000 based on the closing price on the grant date. One-half of these shares vested immediately upon grant, and the remaining one-half of the shares will vest equally on August 9, 2017 and August 9, 2018. We recorded approximately $148,000 and $90,000 of pre-tax compensation expense, which is included in general, administrative and other expenses, for the three months ended September 30, 2015 and 2016 , respectively, and $554,000 and $302,000 for the nine months ended September 30, 2015 and 2016 , respectively, related to the director fees and annual retainers. Share Repurchase Program On February 25, 2016, our Board approved a share repurchase program authorizing us to purchase up to an aggregate of $25.0 million of our common stock in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The shares may be purchased from time to time in the open market or in privately negotiated transactions. Purchases will be at times and in amounts as management deems appropriate based on factors such as market conditions, legal requirements and other business considerations. During the three and nine months ended September 30, 2016 , we did not repurchase any shares of common stock. Cash Dividends On May 19, 2016, our Board approved an increase in our quarterly dividend on our common stock from $0.025 to $0.050 per share, effective with respect to dividends payable on September 1, 2016 and later. On August 1, 2016 our Board declared a dividend of $0.050 per share, totaling approximately $0.8 million , which was paid on September 1, 2016 to record holders of our common stock as of August 16, 2016. For the nine months ended September 30, 2015 and 2016 , we paid total dividends of approximately $1.4 million and $1.7 million , respectively. We have a dividend reinvestment program so that stockholders may elect to reinvest their dividends into additional shares of our common stock. Accumulated other comprehensive income Our components of accumulated other comprehensive income are as follows: Accumulated Other Comprehensive Income Balance at December 31, 2015 $ — Decrease in net unrealized gains associated with available-for-sale securities of the trusts (8,999 ) Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus 8,999 Balance at September 30, 2016 $ — |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the computation of the basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2016 (in thousands, except per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Numerator for basic and diluted earnings per share: Net income $ 4,444 $ 5,683 $ 15,419 $ 15,454 Less: Earnings allocated to unvested restricted stock (51 ) (25 ) (194 ) (76 ) Income attributable to common stockholders $ 4,393 $ 5,658 $ 15,225 $ 15,378 Denominator: Denominator for basic earnings per common share - weighted average shares outstanding 17,874 16,529 18,115 16,502 Effect of dilutive securities: Stock options 209 273 240 260 Convertible subordinated notes — 299 233 200 Denominator for diluted earnings per common share - weighted average shares outstanding 18,083 17,101 18,588 16,962 Basic earnings per common share: $ 0.24 $ 0.34 $ 0.84 $ 0.93 Diluted earnings per common share: $ 0.24 $ 0.33 $ 0.82 $ 0.91 The fully diluted weighted average shares outstanding for the three and nine months ended September 30, 2016 and the corresponding calculation of fully diluted earnings per share, include approximately 299,000 and 200,000 shares that would have been issued upon the conversion of our convertible subordinated notes as a result of the application of the if-converted method prescribed by the FASB ASC 260, respectively. There were no shares for the three months ended September 30, 2015 and 233,000 shares for the nine months ended September 30, 2015 that would have been issued upon conversion under the if-converted method. For the three and nine months ended September 30, 2016 , no stock options were excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect. For the three and nine months ended September 30, 2015 , 584,000 stock options were excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect. |
Major Segments of Business
Major Segments of Business | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
MAJOR SEGMENTS OF BUSINESS | MAJOR SEGMENTS OF BUSINESS We conduct funeral and cemetery operations only in the United States. The following table presents revenue from operations, pre-tax income (loss) from operations and total assets by segment (in thousands): Funeral Cemetery Corporate Consolidated Revenues from operations: Three months ended September 30, 2016 $ 45,183 $ 14,957 $ — $ 60,140 Three months ended September 30, 2015 $ 44,089 $ 14,289 $ — $ 58,378 Nine months ended September 30, 2016 $ 140,952 $ 44,384 $ — $ 185,336 Nine months ended September 30, 2015 $ 138,727 $ 42,165 $ — $ 180,892 Income (loss) from operations before income taxes: Three months ended September 30, 2016 $ 13,478 $ 4,327 $ (10,231 ) $ 7,574 Three months ended September 30, 2015 $ 12,593 $ 4,312 $ (9,654 ) $ 7,251 Nine months ended September 30, 2016 $ 44,322 $ 12,875 $ (33,337 ) $ 23,860 Nine months ended September 30, 2015 $ 43,792 $ 12,814 $ (30,672 ) $ 25,934 Total assets: September 30, 2016 $ 616,588 $ 235,420 $ 7,503 $ 859,511 December 31, 2015 $ 591,389 $ 229,479 $ 12,271 $ 833,139 |
Supplementary Data
Supplementary Data | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Data | SUPPLEMENTARY DATA Balance Sheet The detail of certain balance sheet accounts as of December 31, 2015 and September 30, 2016 : December 31, 2015 September 30, 2016 Other Current Assets: Deferred taxes $ 4,256 $ — Income taxes receivable 279 734 Other current assets 172 104 Total other current assets $ 4,707 $ 838 Other Liabilities: Income taxes payable $ 387 $ 2,343 Deferred rent 137 200 Other liabilities — 3 Other current liabilities $ 524 $ 2,546 Other Long Term Liabilities: Deferred rent $ 1,405 $ 1,261 Incentive compensation 2,505 605 Reserve for uncertain tax positions 814 — Contingent consideration 763 763 Other long term liabilities 44 — Total other long term liabilities $ 5,531 $ 2,629 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On October 20, 2016, we sold a funeral home business in Tennessee for approximately $1.35 million in cash and certain real estate in Georgia for approximately $0.6 million in cash. |
Basis Of Presentation And Sum23
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation and Interim Condensed Disclosures, Policy | Principles of Consolidation and Interim Condensed Disclosures Our unaudited consolidated financial statements include the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. Our interim consolidated financial statements are unaudited but include all adjustments, which consist of normal, recurring accruals, that are necessary for a fair presentation of our financial position and results of operations as of and for the interim periods presented. Our unaudited consolidated financial statements have been prepared in a manner consistent with the accounting principles described in our Annual Report on Form 10-K for the year ended December 31, 2015 unless otherwise disclosed herein, and should be read in conjunction therewith. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Use of Estimates, Policy | Use of Estimates The preparation of our Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, realization of accounts receivable, goodwill, intangible assets, property and equipment and deferred tax assets and liabilities. We base our estimates on historical experience, third-party data and assumptions that we believe to be reasonable under the circumstances. The results of these considerations form the basis for making judgments about the amount and timing of revenues and expenses, the carrying value of assets and the recorded amounts of liabilities. Actual results may differ from these estimates and such estimates may change if the underlying conditions or assumptions change. Historical performance should not be viewed as indicative of future performance, as there can be no assurance that our results of operations will be consistent from year to year. |
Funeral and Cemetery Operations, Policy | Funeral and Cemetery Operations We record the revenue from sales of funeral and cemetery merchandise and services when the merchandise is delivered or the service is performed. Sales of cemetery interment rights are recorded as revenue in accordance with the retail land sales provisions for accounting for sales of real estate. This method provides for the recognition of revenue in the period in which the customer’s cumulative payments exceed 10% of the contract price related to the interment right. Costs related to the sales of interment rights, which include real property and other costs related to cemetery development activities, are charged to operations using the specific identification method in the period in which the sale of the interment right is recognized as revenue. We recorded amortization expense for cemetery property of approximately $0.9 million for both the three months ended September 30, 2015 and 2016 and $2.5 million and $3.1 million for the nine months ended September 30, 2015 and 2016 , respectively. Sales taxes collected are recognized on a net basis in our Consolidated Financial Statements. Allowances for bad debts and customer cancellations are provided at the date that the sale is recognized as revenue and are based on our historical experience. We also monitor changes in delinquency rates and provide additional bad debt and cancellation reserves when warranted. When preneed sales of funeral services and merchandise are funded through third-party insurance policies, we earn a commission on the sale of the policies. Insurance commissions are recognized as revenues at the point at which the commission is no longer subject to refund, which is typically one year after the policy is issued. Preneed selling costs consist of sales commissions that we pay our sales counselors and other direct related cost of originating preneed sales contracts. These costs are expensed when incurred. |
Property, Plant and Equipment, Policy | Property, Plant and Equipment Property, plant and equipment (including equipment under capital leases) are stated at cost. The costs of ordinary maintenance and repairs are charged to operations as incurred, while renewals and betterments are capitalized. Depreciation of property, plant and equipment (including equipment under capital leases) is computed based on the straight-line method. |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill The excess of the purchase price over the fair value of identifiable net assets of funeral home businesses acquired is recorded as goodwill. Goodwill has primarily been recorded in connection with the acquisition of funeral home businesses. Goodwill is tested annually for impairment by assessing the fair value of each of our reporting units. The funeral segment reporting units consist of our East, Central and West regions in the United States and we performed our annual impairment test of goodwill using information as of August 31, 2016. Under current guidance, we are permitted to first assess qualitative factors to determine whether it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. We conducted qualitative assessments in 2014 and 2015; however, for our 2016 annual impairment test, we performed the two-step goodwill impairment test. Our intent is to perform the two-step test at least once every three years unless certain indicators or events suggest otherwise. The two-step goodwill impairment test involves estimates and management judgment. In the first step of our goodwill impairment testing, we compare the fair value of each reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, the goodwill of that reporting unit is not considered impaired, and the second step is not required. We determine fair value for each reporting unit using both an income approach, weighted 90% , and a market approach, weighted 10% . Our methodology for determining an income-based fair value was based on discounting projected future cash flows. The projected future cash flows include assumptions concerning future operating performance and economic condition that may differ from actual future cash flows discounted at a weighted average cost of capital for the Company based on market participant assumptions. Our methodology for determining a market approach fair value utilized the guideline public company method, in which we relied on market multiples of comparable companies operating in the same industry as the individual reporting units. In accordance with the guidance, if the fair value of the reporting unit is less than its carrying amount, the second step of the goodwill impairment testing needs to be performed. This step compares the implied fair value of goodwill to the carrying amount of the reporting unit’s goodwill, and if the carrying amount exceeds the implied value, an impairment charge is recorded in an amount equal to the difference. For our 2016 annual impairment test, we performed the first step of our goodwill impairment testing and concluded that there was no impairment to goodwill for any of our reporting units. In addition to our annual review, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value of a reporting unit may be greater than fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant adverse changes in the business climate which may be indicated by a decline in our market capitalization or decline in operating results. No impairments were recorded to our goodwill during the three and nine months ended September 30, 2015 and 2016 . Intangible Assets Our intangible assets include tradenames resulting from acquisitions and are included in Deferred costs and other non-current assets on our Consolidated Balance Sheets. Our tradenames are considered to have an indefinite life and are not subject to amortization. Under current guidance, we are permitted to first assess qualitative factors to determine whether it is more-likely-than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with the guidance. The Company elected to change the annual assessment date for indefinite lived intangible assets from December 31 st to August 31 st because the change in date aligns with the Company’s goodwill impairment test, which should create a synergy and enhance the quality of our indefinite lived intangible assets impairment analysis. We conducted qualitative assessments in 2014 and 2015; however, for our 2016 annual impairment test, we performed our quantitative impairment test using the relief from royalty method, using information as of August 31, 2016. Our intent is to perform the quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise. Our intangible asset impairment test involves estimates and management judgment. Under the relief from royalty method, the value of the tradename is measured through the value of the royalties that the Company is relieved from paying due to its ownership of the asset. We determine the fair value of the assets by discounting the cash flows that represent a savings in lieu of paying a royalty fee for use of the tradename. The discounted cash flow valuation uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions that may differ from actual future cash flows and the determination and application of an appropriate royalty rate and discount rate. To estimate the royalty rates for the individual tradename, we mainly relied on the profit split method, but also considered the comparable third-party license agreements and the return on asset method. A scorecard was used to assess the relative strength of the individual tradename to further adjust the royalty rates selected under the profit-split method for qualitative factors. For our 2016 annual impairment test, we performed our quantitative impairment testing and concluded that there was no impairment to intangible assets. In addition to our annual review, we assess the impairment of intangible assets whenever certain events or changes in circumstances indicate that the carrying value of the intangible asset may be greater than the fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant negative industry or economic trends. |
New Accounting Pronouncements, Policy | Presentation of Debt Issuance Costs Effective January 1, 2016, we adopted the Financial Accounting Standards Board's (“FASB”) new guidance on simplifying the presentation of debt issuance costs. In April 2015, the FASB issued Accounting Standards Update (“ASU”), Imputation of Interest (Subtopic 835-30) , which requires that entities that have historically presented debt issuance costs as an asset, related to a recognized debt liability, will be required to present those costs as a direct deduction from the carrying value of the related debt liability. This presentation resulted in debt issuance costs being presented in the same way debt discounts have historically been addressed. Debt issuances costs of $4.2 million and $3.7 million have been presented as a deduction from the carrying value of the related liabilities in our Consolidated Balance Sheets as of December 31, 2015 and September 30, 2016 , respectively. The amounts related to our Credit Facility were $1.4 million and $1.3 million as of December 31, 2015 and September 30, 2016 , respectively. The amounts related to our Convertible Notes were $2.8 million and $2.4 million as of December 31, 2015 and September 30, 2016 , respectively. Business Combinations Effective January 1, 2016, we adopted the FASB new guidance on simplifying the accounting for measurement-period adjustments for Business Combinations. In September 2015, the FASB issued ASU, Business Combinations (Topic 805) , which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. These include the effect on earnings of changes in depreciation, amortization, or other income effects as if the accounting had been completed at the acquisition date. The entity is required to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in the current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Our adoption of this ASU did not have a material effect on our financial statements. During the third quarter of 2016 , we acquired one funeral home business in Madera, California. The pro forma impact of the acquisition on prior periods is not presented, as the impact is not material to our reported results. During the nine months ended September 30, 2016 , we acquired three funeral homes. The pro forma impact of these acquisitions on prior periods is not presented, as the impact is not material to our reported results. See Note 3 to the Consolidated Financial Statements included herein for further information concerning this acquisition. Extraordinary and Unusual Items Effective January 1, 2016, we adopted the FASB new guidance on extraordinary and unusual items. In January 2015, the FASB issued ASU, Extraordinary and Unusual Items (Subtopic 225-20) . This ASU eliminates the concept of reporting extraordinary items. Preparers will not have to assess whether a particular event or transaction is extraordinary. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include such items. Our adoption of this ASU did not have a material effect on our financial statements. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU, Financial Instruments—Credit Losses (Topic 326). This ASU applies to all entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash that issue share-based payment awards to their employees. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with earlier application permitted for all entities. An entity will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2020 and are currently evaluating the impact the adoption of this new accounting standard will have on our Consolidated Financial Statements. Simplifying Share-Based Payment Accounting In March 2016, the FASB issued ASU, Compensation—Stock Compensation (Topic 718). This ASU applies to all entities that issue share-based payment awards to their employees. The amendments in this ASU involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with earlier application permitted for all entities. Amendments related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement should be applied retrospectively. Amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement and the practical expedient for estimating expected term should be applied prospectively. An entity may elect to apply the amendments related to the presentation of excess tax benefits on the statement of cash flows using either a prospective transition method or a retrospective transition method. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2017 and are currently evaluating the impact the adoption of this new accounting standard will have on our Consolidated Financial Statements. Leases In February 2016, the FASB issued ASU, Leases (Topic 842). This ASU addresses certain aspects of recognition, presentation, and disclosure of leases and applies to all entities that enter into a lease, with some specified scope exemptions. The amendments in this ASU aim to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with earlier application permitted for all entities. Both lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which recognizes the cumulative effect of initially applying the standard as an adjustment to retained earnings at the date of initial application. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2019 and are currently evaluating the impact the adoption of this new accounting standard will have on our Consolidated Financial Statements. |
Subsequent Events, Policy | Subsequent Events Management evaluated events and transactions during the period subsequent to September 30, 2016 through the date the financial statements were issued for potential recognition or disclosure in the accompanying financial statements covered by this report. |
Basis of Presentation and Sum24
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment was comprised of the following at December 31, 2015 and September 30, 2016 : December 31, 2015 September 30, 2016 (in thousands) Land $ 65,433 $ 74,797 Buildings and improvements 180,804 190,910 Furniture, equipment and automobiles 71,943 74,864 Property, plant and equipment, at cost 318,180 340,571 Less: accumulated depreciation (103,306 ) (109,106 ) Property, plant and equipment, net $ 214,874 $ 231,465 |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the breakdown of the purchase price for the businesses described above (in thousands): Purchase Price Cash paid $ 12,350 Deferred payments 3,500 Purchase Price $ 15,850 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the breakdown of the purchase price allocation for the businesses described above (in thousands): Purchase Price Allocation Current assets $ 182 Property, plant & equipment 8,356 Goodwill 3,372 Intangible and other non-current assets 4,029 Assumed liabilities (89 ) Purchase Price $ 15,850 The following table summarizes the fair value of the assets acquired for the businesses described above (in thousands): Acquisition Date Type of Business Market Assets Acquired (Excluding Goodwill) Goodwill Recorded Liabilities and Debt Assumed May 31, 2016 Two Funeral Homes Houston, TX $ 9.5 $ 0.8 $ (0.1 ) September 20, 2016 One Funeral Home Madera, CA $ 3.1 $ 2.5 $ — |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table presents the changes in goodwill on our Consolidated Balance Sheets during the nine months ended September 30, 2016 (in thousands): Goodwill as of December 31, 2015 $ 264,416 Increase in goodwill related to acquisitions 3,372 Goodwill as of September 30, 2016 $ 267,788 |
Preneed Trust Investments (Tabl
Preneed Trust Investments (Tables) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Preneed Trust Investments [Abstract] | ||
Components of preneed cemetery trust investments | The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2015 and September 30, 2016 were as follows (in thousands): December 31, 2015 September 30, 2016 Preneed cemetery trust investments, at market value $ 65,486 $ 68,009 Less: allowance for contract cancellation (2,195 ) (2,113 ) Preneed cemetery trust investments, net $ 63,291 $ 65,896 | |
Cost and fair market values associated with preneed cemetery trust investments | The cost and fair market values associated with preneed cemetery trust investments at December 31, 2015 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 8,296 $ — $ — $ 8,296 Fixed income securities: Municipal bonds 2 458 — (63 ) 395 Foreign debt 2 4,803 — (695 ) 4,108 Corporate debt 2 22,968 85 (4,279 ) 18,774 Preferred stock 2 16,236 29 (885 ) 15,380 Common stock 1 20,387 682 (3,161 ) 17,908 Trust securities $ 73,148 $ 796 $ (9,083 ) $ 64,861 Accrued investment income $ 625 $ 625 Preneed cemetery trust investments $ 65,486 Market value as a percentage of cost 88.7 % The cost and fair market values associated with preneed cemetery trust investments at September 30, 2016 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 7,888 $ — $ — $ 7,888 Fixed income securities: Municipal bonds 2 498 — — 498 Foreign debt 2 8,614 268 (741 ) 8,141 Corporate debt 2 23,717 1,790 (1,413 ) 24,094 Preferred stock 2 16,371 30 (704 ) 15,697 Mortgage backed securities 2 245 — (16 ) 229 Common stock 1 11,888 440 (3,144 ) 9,184 Mutual funds: Fixed Income 2 1,229 129 — 1,358 Trust securities $ 70,450 $ 2,657 $ (6,018 ) $ 67,089 Accrued investment income $ 920 $ 920 Preneed cemetery trust investments $ 68,009 Market value as a percentage of cost 95.2 % | |
Estimated maturities of fixed preneed cemetery trust income securities | The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 303 Due in one to five years 8,065 Due in five to ten years 5,854 Thereafter 34,437 Total $ 48,659 | |
Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments | Our cemetery merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of September 30, 2016 and December 31, 2015 , are shown in the following tables (in thousands): September 30, 2016 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 Fixed income securities: Foreign debt 2,419 (138 ) 2,909 (603 ) 5,328 (741 ) Corporate debt 6,599 (197 ) 4,707 (1,216 ) 11,306 (1,413 ) Preferred stock 1,711 (10 ) 11,830 (694 ) 13,541 (704 ) Mortgage backed securities 229 (16 ) — — 229 (16 ) Common stock 4,740 (1,407 ) 2,677 (1,737 ) 7,417 (3,144 ) Total temporary impaired securities $ 15,698 $ (1,768 ) $ 22,123 $ (4,250 ) $ 37,821 $ (6,018 ) December 31, 2015 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 Fixed income securities: Municipal bonds $ 395 $ (63 ) $ — $ — $ 395 $ (63 ) Foreign debt 3,680 (384 ) 406 (312 ) 4,086 (696 ) Corporate debt 14,468 (2,992 ) 3,056 (1,287 ) 17,524 (4,279 ) Preferred stock 10,285 (436 ) 5,168 (448 ) 15,453 (884 ) Common stock 12,029 (1,989 ) 3,564 (1,172 ) 15,593 (3,161 ) Total temporary impaired securities $ 40,857 $ (5,864 ) $ 12,194 $ (3,219 ) $ 53,051 $ (9,083 ) | |
Preneed cemetery trust investment security transactions | Preneed cemetery trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2016 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Investment income $ 471 $ 578 $ 1,762 $ 1,546 Realized gains 1,170 126 2,844 415 Realized losses (276 ) (673 ) (1,166 ) (4,081 ) Expenses and taxes (361 ) (139 ) (1,455 ) (832 ) Decrease (increase) in deferred preneed cemetery receipts held in trust (1,004 ) 108 (1,985 ) 2,952 $ — $ — $ — $ — | |
Purchases and sales of investments in preneed cemetary trusts | Purchases and sales of investments in the preneed cemetery trusts were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Purchases $ (11,719 ) $ (1,434 ) $ (24,575 ) $ (19,540 ) Sales $ 4,417 $ 5,973 $ 14,610 $ 18,003 | |
Components of preneed funeral trust investments | The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2015 and September 30, 2016 were as follows (in thousands): December 31, 2015 September 30, 2016 Preneed funeral trust investments, at market value $ 88,444 $ 88,281 Less: allowance for contract cancellation (2,891 ) (2,721 ) Preneed funeral trust investments, net $ 85,553 $ 85,560 | |
Estimated maturities of fixed preneed funeral trust income securities | The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 318 Due in one to five years 9,348 Due in five to ten years 6,061 Thereafter 35,672 Total $ 51,399 | |
Cost and fair market values associated with preneed funeral trust investments | The cost and fair market values associated with preneed funeral trust investments at December 31, 2015 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 21,458 $ — $ — $ 21,458 Fixed income securities: U.S. treasury debt 1 1,492 24 (12 ) 1,504 Municipal bonds 2 478 — (66 ) 412 Foreign debt 2 4,938 — (711 ) 4,227 Corporate debt 2 24,787 133 (4,711 ) 20,209 Preferred stock 2 17,496 158 (914 ) 16,740 Mortgage backed securities 2 273 4 (4 ) 273 Common stock 1 20,864 738 (3,114 ) 18,488 Mutual funds: Fixed income 2 959 — (82 ) 877 Other investments 2 3,598 — (30 ) 3,568 Trust securities $ 96,343 $ 1,057 $ (9,644 ) $ 87,756 Accrued investment income $ 688 $ 688 Preneed funeral trust investments $ 88,444 Market value as a percentage of cost 91.1 % The cost and fair market values associated with preneed funeral trust investments at September 30, 2016 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 21,030 $ — $ — $ 21,030 Fixed income securities: U.S treasury debt 1 1,491 48 — 1,539 Municipal bonds 2 441 — — 441 Foreign debt 2 8,640 255 (748 ) 8,147 Corporate debt 2 24,292 1,800 (1,429 ) 24,663 Preferred stock 2 16,815 103 (705 ) 16,213 Mortgage backed securities 2 409 4 (17 ) 396 Common stock 1 11,981 413 (3,198 ) 9,196 Mutual funds: Fixed income 2 2,139 138 (19 ) 2,258 Other investments 2 3,468 — — 3,468 Trust securities $ 90,706 $ 2,761 $ (6,116 ) $ 87,351 Accrued investment income $ 930 $ 930 Preneed funeral trust investments $ 88,281 Market value as a percentage of cost 96.3 % | |
Schedule of fair market value and unrealized loss on preneed funeral trust investments | Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of September 30, 2016 and December 31, 2015 are shown in the following tables (in thousands): September 30, 2016 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 Fixed income securities: Foreign debt 2,492 (141 ) 2,901 (608 ) 5,393 (749 ) Corporate debt 6,673 (199 ) 4,759 (1,228 ) 11,432 (1,427 ) Preferred stock 1,749 (10 ) 11,729 (695 ) 13,478 (705 ) Mortgage backed securities 241 (16 ) 13 (1 ) 254 (17 ) Mutual funds: Equity 4,928 (1,466 ) 2,589 (1,732 ) 7,517 (3,198 ) Fixed income 301 (4 ) 439 (16 ) 740 (20 ) Total temporary impaired securities $ 16,384 $ (1,836 ) $ 22,430 $ (4,280 ) $ 38,814 $ (6,116 ) December 31, 2015 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 Fixed income securities: U.S. debt $ — $ — $ 1,504 $ (12 ) $ 1,504 $ (12 ) Municipal bonds 413 (66 ) — — 413 (66 ) Foreign debt 3,763 (392 ) 416 (319 ) 4,179 (711 ) Corporate debt 15,929 (3,294 ) 3,364 (1,417 ) 19,293 (4,711 ) Preferred stock 10,623 (451 ) 5,338 (463 ) 15,961 (914 ) Mortgage backed securities — — 272 (4 ) 272 (4 ) Mutual funds: Equity 11,848 (1,959 ) 3,510 (1,154 ) 15,358 (3,113 ) Fixed income 1 — 876 (82 ) 877 (82 ) Other investments — — 42 (31 ) 42 (31 ) Total temporary impaired securities $ 42,577 $ (6,162 ) $ 15,322 $ (3,482 ) $ 57,899 $ (9,644 ) | |
Preneed funeral trust investment security transactions | Preneed funeral trust investment security transactions recorded in Interest expense on the Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2016 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Investment income $ 554 $ 596 $ 1,982 $ 1,639 Realized gains 1,218 131 3,791 525 Realized losses (504 ) (716 ) (1,374 ) (4,090 ) Expenses and taxes 140 (253 ) (694 ) (946 ) Decrease (increase) in deferred preneed funeral receipts held in trust (1,408 ) 242 (3,705 ) 2,872 $ — $ — $ — $ — | |
Purchases and sales of investments in preneed funeral trusts | Purchases and sales of investments in the preneed funeral trusts were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Purchases $ (12,323 ) $ (1,486 ) $ (23,668 ) $ (19,917 ) Sales $ 10,998 $ 6,336 $ 33,736 $ 19,005 |
Preneed Cemetery Receivables (T
Preneed Cemetery Receivables (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Preneed Cemetery Receivables [Abstract] | |
Preneed Cemetery Receivables | , the change in the allowance for contract cancellations was as follows (in thousands): September 30, 2016 Beginning balance $ 1,765 Write-offs and cancellations (1,047 ) Provision 1,055 Ending balance $ 1,773 |
Aging of Past Due Financing Receivables | The aging of past due financing receivables as of September 30, 2016 was as follows (in thousands): 31-60 Past Due 61-90 Past Due 91-120 Past Due >120 Past Due Total Past Due Current Total Financing Receivables Recognized revenue $ 560 $ 402 $ 175 $ 1,056 $ 2,193 $ 26,127 $ 28,320 Deferred revenue 218 148 70 316 752 9,985 10,737 Total contracts $ 778 $ 550 $ 245 $ 1,372 $ 2,945 $ 36,112 $ 39,057 |
Receivables from Preneed Trus29
Receivables from Preneed Trusts (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables From Preneed Trusts [Abstract] | |
Receivables from Preneed Trusts | As of December 31, 2015 and September 30, 2016 , receivables from preneed trusts were as follows (in thousands): December 31, 2015 September 30, 2016 Preneed trust funds, at cost $ 13,963 $ 14,267 Less: allowance for contract cancellation (419 ) (428 ) Receivables from preneed trusts, net $ 13,544 $ 13,839 |
Composition of Assets Held in Trust | The following summary reflects the composition of the assets held in trust and controlled by third parties to satisfy our future obligations under preneed arrangements related to the preceding contracts at September 30, 2016 and December 31, 2015 . The cost basis includes reinvested interest and dividends that have been earned on the trust assets. Fair value includes the unrealized gains and losses on trust assets. Historical Cost Basis Fair Value (in thousands) As of September 30, 2016 Cash and cash equivalents $ 3,382 $ 3,382 Fixed income investments 8,453 8,452 Mutual funds and common stocks 2,417 2,477 Annuities 15 15 Total $ 14,267 $ 14,326 Historical Cost Basis Fair Value (in thousands) As of December 31, 2015 Cash and cash equivalents $ 2,898 $ 2,898 Fixed income investments 8,423 8,426 Mutual funds and common stocks 2,626 2,625 Annuities 16 16 Total $ 13,963 $ 13,965 |
Cemetery Perpetual Care Trust30
Cemetery Perpetual Care Trust Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Cemetery Perpetual Care Trust Investments [Abstract] | |
Components of care trusts' corpus | The components of Care trusts’ corpus as of December 31, 2015 and September 30, 2016 were as follows (in thousands): December 31, 2015 September 30, 2016 Trust assets, at market value $ 43,127 $ 45,048 Obligations due from trust (711 ) (703 ) Care trusts’ corpus $ 42,416 $ 44,345 |
Cost and fair market values associated with the trust investments held in perpetual care trust funds | The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at September 30, 2016 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 4,656 $ — $ — $ 4,656 Fixed income securities: Municipal bonds 2 368 — — 368 Foreign debt 2 5,772 175 (497 ) 5,450 Corporate debt 2 15,927 1,099 (1,059 ) 15,967 Preferred stock 2 11,465 18 (493 ) 10,990 Mortgage backed securities 2 149 — (10 ) 139 Common stock 1 7,507 344 (1,950 ) 5,901 Mutual funds: Fixed Income 2 867 90 — 957 Trust securities $ 46,711 $ 1,726 $ (4,009 ) $ 44,428 Accrued investment income $ 620 $ 620 Cemetery perpetual care investments $ 45,048 Market value as a percentage of cost 95.1 % |
Estimated maturities of fixed perpetual care trust income securities | The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 183 Due in one to five years 5,053 Due in five to ten years 4,145 Thereafter 23,533 $ 32,914 |
Cost and fair Market Values Associated with Trust Investments Held in Perpetual Care Trust Funds [Table Text Block] | The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2015 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 5,472 $ — $ — $ 5,472 Fixed income securities: Municipal bonds 2 325 — (45 ) 280 Foreign debt 2 3,232 — (480 ) 2,752 Corporate debt 2 16,216 57 (3,094 ) 13,179 Preferred stock 2 11,263 20 (611 ) 10,672 Common stock 1 11,945 393 (1,939 ) 10,399 Trust securities $ 48,453 $ 470 $ (6,169 ) $ 42,754 Accrued investment income $ 373 $ 373 Cemetery perpetual care investments $ 43,127 Market value as a percentage of cost 88.2 % |
Schedule of fair market value and unrealized loss on perteptual care trust investments | Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended September 30, 2016 and December 31, 2015 are shown in the following tables (in thousands): September 30, 2016 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 Fixed income securities: Foreign debt 1,632 (91 ) 1,990 (406 ) 3,622 (497 ) Corporate debt 4,948 (148 ) 3,529 (911 ) 8,477 (1,059 ) Preferred stock 1,126 (8 ) 8,537 (485 ) 9,663 (493 ) Mortgage backed securities 140 (10 ) — — 140 (10 ) Common stock 2,932 (872 ) 1,561 (1,078 ) 4,493 (1,950 ) Total temporary impaired securities $ 10,778 $ (1,129 ) $ 15,617 $ (2,880 ) $ 26,395 $ (4,009 ) December 31, 2015 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 Fixed income securities: Municipal bonds $ 280 $ (45 ) $ — $ — $ 280 $ (45 ) Foreign debt 2,541 (265 ) 281 (215 ) 2,822 (480 ) Corporate debt 10,463 (2,164 ) 2,210 (931 ) 12,673 (3,095 ) Preferred stock 7,100 (301 ) 3,568 (309 ) 10,668 (610 ) Common stock 7,379 (1,220 ) 2,186 (719 ) 9,565 (1,939 ) Total temporary impaired securities $ 27,763 $ (3,995 ) $ 8,245 $ (2,174 ) $ 36,008 $ (6,169 ) |
Perpetual care trust investment security transactions recorded in interest income and other, net | Perpetual care trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2016 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Realized gains $ 731 $ 44 $ 1,706 $ 156 Realized losses (207 ) (261 ) (692 ) (1,943 ) Decrease (increase) in care trusts’ corpus (524 ) 217 (1,014 ) 1,787 Total $ — $ — $ — $ — |
Perpetual care trust investment security transactions recorded in cemetery revenue | Perpetual care trust investment security transactions recorded in Revenues: Cemetery for the three and nine months ended September 30, 2015 and 2016 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Investment income $ 1,371 $ 1,523 $ 3,739 $ 4,503 Realized gain, net 213 14 497 (444 ) Total $ 1,584 $ 1,537 $ 4,236 $ 4,059 |
Purchases and sales of investments in perpetual care trusts | Purchases and sales of investments in the perpetual care trusts were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Purchases $ (7,247 ) $ (936 ) $ (15,352 ) $ (12,888 ) Sales $ 2,532 $ 3,832 $ 8,885 $ 11,702 |
Intangible and Other Non-Curr31
Intangible and Other Non-Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | and other non-current assets at December 31, 2015 and September 30, 2016 were as follows (in thousands): December 31, 2015 September 30, 2016 Prepaid agreements not-to-compete, net of accumulated amortization of $5,404 and $5,713, respectively $ 1,912 $ 2,536 Tradenames 8,856 11,940 Other 210 — Intangible and other non-current assets $ 10,978 $ 14,476 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Our long-term debt consisted of the following at December 31, 2015 and September 30, 2016 (in thousands): December 31, 2015 September 30, 2016 Revolving credit facility, secured, floating rate $ 92,600 $ 63,300 Term loan, secured, floating rate 110,937 141,563 Acquisition debt 4,929 7,573 Debt issuance costs, net of accumulated amortization of $3,246 and $4,062, respectively (1,445 ) (1,346 ) Less: current portion (12,012 ) (12,389 ) Total long-term debt $ 195,009 $ 198,701 |
Convertible Subordinated Notes
Convertible Subordinated Notes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Convertible Subordinated Notes [Abstract] | |
Schedule of Liability and Equity Components of Convertible Subordinated Notes | The carrying values of the liability and equity components of the Convertible Notes at December 31, 2015 and September 30, 2016 are reflected in our Consolidated Balance Sheets as follows (in thousands): December 31, 2015 September 30, 2016 Long-term liabilities: Principal amount $ 143,750 $ 143,750 Unamortized discount of liability component (25,754 ) (22,895 ) Convertible Notes issuance costs, net of accumulated amortization of $858 and $1,233 respectively $ (2,769 ) $ (2,394 ) Carrying value of the liability component $ 115,227 $ 118,461 Equity component carrying value $ 17,973 $ 17,973 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Assumptions for the fair value of the right (option) to purchase shares under ESPP | The fair value of the option to purchase shares under the ESPP is estimated on the date of grant (January 1 of each year) associated with the four quarterly purchase dates using the following assumptions: 2016 Dividend yield 0.6 % Expected volatility 24.71 % Risk-free interest rate 0.22%, 0.49%, 0.55%, 0.61% Expected life (years) 0.25, 0.50, 0.75, 1.00 |
Schedule of Accumulated Other Comprehensive Income | Our components of accumulated other comprehensive income are as follows: Accumulated Other Comprehensive Income Balance at December 31, 2015 $ — Decrease in net unrealized gains associated with available-for-sale securities of the trusts (8,999 ) Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus 8,999 Balance at September 30, 2016 $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of the basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2016 (in thousands, except per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2016 2015 2016 Numerator for basic and diluted earnings per share: Net income $ 4,444 $ 5,683 $ 15,419 $ 15,454 Less: Earnings allocated to unvested restricted stock (51 ) (25 ) (194 ) (76 ) Income attributable to common stockholders $ 4,393 $ 5,658 $ 15,225 $ 15,378 Denominator: Denominator for basic earnings per common share - weighted average shares outstanding 17,874 16,529 18,115 16,502 Effect of dilutive securities: Stock options 209 273 240 260 Convertible subordinated notes — 299 233 200 Denominator for diluted earnings per common share - weighted average shares outstanding 18,083 17,101 18,588 16,962 Basic earnings per common share: $ 0.24 $ 0.34 $ 0.84 $ 0.93 Diluted earnings per common share: $ 0.24 $ 0.33 $ 0.82 $ 0.91 |
Major Segments of Business (Tab
Major Segments of Business (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Revenue, pre-tax income and total and total assets by segments | The following table presents revenue from operations, pre-tax income (loss) from operations and total assets by segment (in thousands): Funeral Cemetery Corporate Consolidated Revenues from operations: Three months ended September 30, 2016 $ 45,183 $ 14,957 $ — $ 60,140 Three months ended September 30, 2015 $ 44,089 $ 14,289 $ — $ 58,378 Nine months ended September 30, 2016 $ 140,952 $ 44,384 $ — $ 185,336 Nine months ended September 30, 2015 $ 138,727 $ 42,165 $ — $ 180,892 Income (loss) from operations before income taxes: Three months ended September 30, 2016 $ 13,478 $ 4,327 $ (10,231 ) $ 7,574 Three months ended September 30, 2015 $ 12,593 $ 4,312 $ (9,654 ) $ 7,251 Nine months ended September 30, 2016 $ 44,322 $ 12,875 $ (33,337 ) $ 23,860 Nine months ended September 30, 2015 $ 43,792 $ 12,814 $ (30,672 ) $ 25,934 Total assets: September 30, 2016 $ 616,588 $ 235,420 $ 7,503 $ 859,511 December 31, 2015 $ 591,389 $ 229,479 $ 12,271 $ 833,139 |
Supplementary Data (Tables)
Supplementary Data (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Balance Sheet Disclosures | The detail of certain balance sheet accounts as of December 31, 2015 and September 30, 2016 : December 31, 2015 September 30, 2016 Other Current Assets: Deferred taxes $ 4,256 $ — Income taxes receivable 279 734 Other current assets 172 104 Total other current assets $ 4,707 $ 838 Other Liabilities: Income taxes payable $ 387 $ 2,343 Deferred rent 137 200 Other liabilities — 3 Other current liabilities $ 524 $ 2,546 Other Long Term Liabilities: Deferred rent $ 1,405 $ 1,261 Incentive compensation 2,505 605 Reserve for uncertain tax positions 814 — Contingent consideration 763 763 Other long term liabilities 44 — Total other long term liabilities $ 5,531 $ 2,629 |
Basis of Presentation and Sum38
Basis of Presentation and Summary of Significant Accounting Policies (Operations) (Details) | May 31, 2016funeral_homes | Sep. 30, 2016USD ($)funeral_homescemeteriesstates | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)funeral_homescemeteriesstatessegment | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Organization Description and Operations [Line Items] | ||||||
Amortization Of Cemetery Property | $ 900,000 | $ 900,000 | $ 3,100,000 | $ 2,500,000 | ||
Number of business segments | segment | 2 | |||||
Period after which commissions are no longer subject to refund | 1 year | |||||
The percentage of trust assets in custody of institution receiving trust management services | 78.00% | 78.00% | ||||
Accounts Receivable, Net, Current | $ 18,023,000 | $ 18,023,000 | $ 18,181,000 | |||
Preneed receivables | 30,579,000 | 30,579,000 | 27,998,000 | |||
Bad debt expense | 1,522,000 | $ 1,332,000 | ||||
Debt issuance costs | $ 1,346,000 | $ 1,346,000 | 1,445,000 | |||
Number of Funeral Homes Acquired in Acquisitions | funeral_homes | 2 | 3 | ||||
Estimated Effective Income Tax Rate Reconciliation, Before Discrete Items, Percent | 40.00% | 39.00% | 40.00% | 40.00% | ||
Effective Income Tax Rate Reconciliation, Percent | 35.20% | |||||
State and Local Income Tax Expense (Benefit), Continuing Operations | $ (1,139,000) | $ 0 | $ (1,139,000) | $ 0 | ||
Period in which two-step goodwill impairment test is performed | 3 years | |||||
Goodwill Impairment, Two Step Test, Income Approach, Percentage | 90.00% | |||||
Goodwill Impairment, Two Step Test, Market Approach, Percentage | 10.00% | |||||
Period in which intangible asset impairment test is performed | 3 years | |||||
Impairment of intangible assets | $ 145,000 | 0 | ||||
Funeral And Cemetery [Member] | ||||||
Organization Description and Operations [Line Items] | ||||||
Bad debt expense | 500,000 | 1,052,000 | $ 1,332,000 | |||
Funeral [Member] | ||||||
Organization Description and Operations [Line Items] | ||||||
Accounts Receivable, Net, Current | 6,900,000 | 6,900,000 | 8,200,000 | |||
Preneed receivables | 8,100,000 | 8,100,000 | 7,300,000 | |||
Cemetery [Member] | ||||||
Organization Description and Operations [Line Items] | ||||||
Accounts Receivable, Net, Current | 10,300,000 | 10,300,000 | 9,700,000 | |||
Preneed receivables | $ 22,500,000 | $ 22,500,000 | 20,700,000 | |||
Funeral homes [Member] | ||||||
Organization Description and Operations [Line Items] | ||||||
Number of owned and operated funeral homes (in Funeral Homes) | funeral_homes | 169 | 169 | ||||
Number of states in which Company operates | states | 27 | 27 | ||||
Cemeteries [Member] | ||||||
Organization Description and Operations [Line Items] | ||||||
Number of states in which Company operates | states | 11 | 11 | ||||
Number of owned and operated cemeteries (in Cemetaries) | cemeteries | 32 | 32 | ||||
Long-term Debt [Member] | Accounting Standards Update 2015-03 [Member] | ||||||
Organization Description and Operations [Line Items] | ||||||
Debt issuance costs | $ 3,700,000 | $ 3,700,000 | $ 4,200,000 | |||
Tradenames [Member] | ||||||
Organization Description and Operations [Line Items] | ||||||
Impairment of intangible assets | $ 145,000 | |||||
Madera, California [Member] | ||||||
Organization Description and Operations [Line Items] | ||||||
Number of Funeral Homes Acquired in Acquisitions | funeral_homes | 1 | |||||
Separate Income Tax Return [Member] | ||||||
Organization Description and Operations [Line Items] | ||||||
Number Of States In Which Entity Files Separate State Income Tax Returns | states | 14 | |||||
Combined Or Unitary Income Tax Return [Member] | ||||||
Organization Description and Operations [Line Items] | ||||||
Number Of States In Which Entity Files Unitary Tax Returns | states | 13 |
Basis of Presentation and Sum39
Basis of Presentation and Summary of Significant Accounting Policies (PPE) (Details) $ in Thousands | May 31, 2016funeral_homes | Sep. 30, 2016USD ($)funeral_homesdivestiture | Mar. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)funeral_homes | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Property, Plant and Equipment [Line Items] | |||||||
Amortization Of Cemetery Property | $ 900 | $ 900 | $ 3,100 | $ 2,500 | |||
Property, plant and equipment, gross | 340,571 | 340,571 | $ 318,180 | ||||
Less: accumulated depreciation | (109,106) | (109,106) | (103,306) | ||||
Property, plant and equipment, net | 231,465 | 231,465 | 214,874 | ||||
Depreciation expense | $ 2,900 | $ 2,600 | $ 8,400 | $ 7,600 | |||
Number of divestitures | divestiture | 0 | ||||||
Number Of Funeral Homes From Which Land Buildings Were Purchased | funeral_homes | 4 | ||||||
Number of Funeral Homes Acquired in Acquisitions | funeral_homes | 2 | 3 | |||||
Estimated Effective Income Tax Rate Reconciliation, Before Discrete Items, Percent | 40.00% | 39.00% | 40.00% | 40.00% | |||
Land [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, plant and equipment, gross | $ 74,797 | $ 74,797 | 65,433 | ||||
Buildings and improvements [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, plant and equipment, gross | 190,910 | 190,910 | 180,804 | ||||
Furniture, equipment and automobiles [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, plant and equipment, gross | 74,864 | 74,864 | $ 71,943 | ||||
Land and Building [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Additions | 6,300 | ||||||
Houston, Texas and Madera, California [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, plant & equipment | $ 8,356 | $ 8,356 | |||||
Service Corporation International [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Payments to Acquire Commercial Real Estate | $ 2,700 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Sep. 20, 2016USD ($) | May 31, 2016USD ($)funeral_homesinstallment | Sep. 30, 2016USD ($)funeral_homes | Sep. 30, 2016USD ($)funeral_homes | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||
Number of Funeral Homes Acquired in Acquisitions | funeral_homes | 2 | 3 | |||
Goodwill | $ 267,788 | $ 267,788 | $ 264,416 | ||
Houston, Texas and Madera, California [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase Price | 15,850 | ||||
Cash paid | 12,350 | ||||
Goodwill | $ 3,372 | 3,372 | |||
Deferred payments | $ 3,500 | ||||
Houston [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of Funeral Homes Acquired in Acquisitions | funeral_homes | 2 | ||||
Purchase Price | $ 10,200 | ||||
Cash paid | 6,700 | ||||
Goodwill | 800 | ||||
Deferred payments | $ 3,500 | ||||
Number of Installment Payments | installment | 80 | ||||
Payment installments to acquire businesses | $ 100 | ||||
Deferred payment period | 20 years | ||||
Madera, California [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of Funeral Homes Acquired in Acquisitions | funeral_homes | 1 | ||||
Cash paid | $ 5,650 | ||||
Goodwill | $ 2,500 | ||||
Long-term Debt [Member] | Houston [Member] | |||||
Business Acquisition [Line Items] | |||||
Deferred payment liability | $ 6,500 |
Acquisitions Acquistions (Purch
Acquisitions Acquistions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Sep. 20, 2016 | May 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Goodwill | $ 267,788 | $ 264,416 | ||
Goodwill Recorded | 267,788 | $ 264,416 | ||
Houston, Texas and Madera, California [Member] | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Cash paid | 12,350 | |||
Deferred payments | 3,500 | |||
Purchase Price | 15,850 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Current assets | 182 | |||
Property, plant & equipment | 8,356 | |||
Goodwill | 3,372 | |||
Intangible and other non-current assets | 4,029 | |||
Assumed liabilities | (89) | |||
Purchase Price | 15,850 | |||
Goodwill Recorded | 3,372 | |||
Liabilities and Debt Assumed | $ 89 | |||
Houston [Member] | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Cash paid | $ 6,700 | |||
Deferred payments | 3,500 | |||
Purchase Price | 10,200 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Goodwill | 800 | |||
Assumed liabilities | (100) | |||
Assets Acquired (Excluding Goodwill) | 9,500 | |||
Goodwill Recorded | 800 | |||
Liabilities and Debt Assumed | $ 100 | |||
Madera, California [Member] | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Cash paid | $ 5,650 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Goodwill | 2,500 | |||
Assumed liabilities | 0 | |||
Assets Acquired (Excluding Goodwill) | 3,100 | |||
Goodwill Recorded | 2,500 | |||
Liabilities and Debt Assumed | $ 0 |
Goodwill (Changes in Goodwill)
Goodwill (Changes in Goodwill) (Details) $ in Thousands | May 31, 2016USD ($)funeral_homes | Sep. 30, 2016USD ($)funeral_homes |
Goodwill [Roll Forward] | ||
Goodwill at beginning of period | $ 264,416 | |
Goodwill at end of period | $ 267,788 | |
Number of Funeral Homes Acquired in Acquisitions | funeral_homes | 2 | 3 |
Houston, Texas and Madera, California [Member] | ||
Goodwill [Roll Forward] | ||
Increase in goodwill related to acquisitions | $ 3,372 | |
Goodwill at end of period | 3,372 | |
Increase in goodwill related to acquisitions | $ 3,372 | |
Houston [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at end of period | $ 800 | |
Number of Funeral Homes Acquired in Acquisitions | funeral_homes | 2 |
Preneed Trust Investments (Comp
Preneed Trust Investments (Components of preneed cemetery trust investments) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed cemetery trust investments | $ 65,896,000 | $ 63,291,000 |
Fair value measurements, transfers between Level 1 and Level 2 | 0 | |
Preneed Cemetery Trust Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed cemetary trust investments, at fair value | 68,009,000 | 65,486,000 |
Less: allowance for contract cancellation | (2,113,000) | (2,195,000) |
Preneed cemetery trust investments | $ 65,896,000 | $ 63,291,000 |
Preneed Trust Investments (Cost
Preneed Trust Investments (Cost and fair market values associated with preneed cemetery trust investments) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Preneed Cemetery Trust Investments [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | $ 70,450,000 | $ 70,450,000 | $ 73,148,000 | ||
Unrealized Gains | 2,657,000 | 2,657,000 | 796,000 | ||
Unrealized Losses | (6,018,000) | (6,018,000) | (9,083,000) | ||
Fair Market Value | 67,089,000 | 67,089,000 | 64,861,000 | ||
Preneed cemetery trust investments | $ 68,009,000 | $ 68,009,000 | $ 65,486,000 | ||
Fair market value as a percentage of cost | 95.20% | 95.20% | 88.70% | ||
Impairment charge, other than temporary decline in fair value of investments | $ 100,000 | $ 0 | $ 800,000 | $ 700,000 | |
Preneed Cemetery Trust Investments [Member] | Accrued Investment Income [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 920,000 | 920,000 | $ 625,000 | ||
Fair Market Value | 920,000 | 920,000 | 625,000 | ||
Preneed Funeral Trust Investments [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 90,706,000 | 90,706,000 | 96,343,000 | ||
Unrealized Gains | 2,761,000 | 2,761,000 | 1,057,000 | ||
Unrealized Losses | (6,116,000) | (6,116,000) | (9,644,000) | ||
Fair Market Value | 87,351,000 | 87,351,000 | 87,756,000 | ||
Preneed cemetery trust investments | $ 88,281,000 | $ 88,281,000 | $ 88,444,000 | ||
Fair market value as a percentage of cost | 96.30% | 96.30% | 91.08705% | ||
Impairment charge, other than temporary decline in fair value of investments | $ 100,000 | $ 0 | $ 900,000 | $ 600,000 | |
Preneed Funeral Trust Investments [Member] | Accrued Investment Income [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 930,000 | 930,000 | $ 688,000 | ||
Fair Market Value | 930,000 | 930,000 | 688,000 | ||
Fair Value, Inputs, Level 1 [Member] | Preneed Cemetery Trust Investments [Member] | Cash and money market accounts [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 7,888,000 | 7,888,000 | 8,296,000 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 0 | 0 | 0 | ||
Fair Market Value | 7,888,000 | 7,888,000 | 8,296,000 | ||
Fair Value, Inputs, Level 1 [Member] | Preneed Cemetery Trust Investments [Member] | Common Stock [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 11,888,000 | 11,888,000 | 20,387,000 | ||
Unrealized Gains | 440,000 | 440,000 | 682,000 | ||
Unrealized Losses | (3,144,000) | (3,144,000) | (3,161,000) | ||
Fair Market Value | 9,184,000 | 9,184,000 | 17,908,000 | ||
Fair Value, Inputs, Level 1 [Member] | Preneed Funeral Trust Investments [Member] | Cash and money market accounts [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 21,030,000 | 21,030,000 | 21,458,000 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 0 | 0 | 0 | ||
Fair Market Value | 21,030,000 | 21,030,000 | 21,458,000 | ||
Fair Value, Inputs, Level 1 [Member] | Preneed Funeral Trust Investments [Member] | Common Stock [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 11,981,000 | 11,981,000 | 20,864,000 | ||
Unrealized Gains | 413,000 | 413,000 | 738,000 | ||
Unrealized Losses | (3,198,000) | (3,198,000) | (3,114,000) | ||
Fair Market Value | 9,196,000 | 9,196,000 | 18,488,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Municipal Bonds [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 498,000 | 498,000 | 458,000 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 0 | 0 | (63,000) | ||
Fair Market Value | 498,000 | 498,000 | 395,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Foreign Government Debt Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 8,614,000 | 8,614,000 | 4,803,000 | ||
Unrealized Gains | 268,000 | 268,000 | 0 | ||
Unrealized Losses | (741,000) | (741,000) | (695,000) | ||
Fair Market Value | 8,141,000 | 8,141,000 | 4,108,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Corporate Debt [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 23,717,000 | 23,717,000 | 22,968,000 | ||
Unrealized Gains | 1,790,000 | 1,790,000 | 85,000 | ||
Unrealized Losses | (1,413,000) | (1,413,000) | (4,279,000) | ||
Fair Market Value | 24,094,000 | 24,094,000 | 18,774,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Preferred Stock [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 16,371,000 | 16,371,000 | 16,236,000 | ||
Unrealized Gains | 30,000 | 30,000 | 29,000 | ||
Unrealized Losses | (704,000) | (704,000) | (885,000) | ||
Fair Market Value | 15,697,000 | 15,697,000 | 15,380,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Mortgage Backed Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 245,000 | 245,000 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | (16,000) | (16,000) | |||
Fair Market Value | 229,000 | 229,000 | |||
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Fixed Income [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 1,229,000 | 1,229,000 | |||
Unrealized Gains | 129,000 | 129,000 | |||
Unrealized Losses | 0 | 0 | |||
Fair Market Value | 1,358,000 | 1,358,000 | |||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Municipal Bonds [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 441,000 | 441,000 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | 0 | 0 | |||
Fair Market Value | 441,000 | 441,000 | |||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Foreign Government Debt Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 8,640,000 | 8,640,000 | 4,938,000 | ||
Unrealized Gains | 255,000 | 255,000 | 0 | ||
Unrealized Losses | (748,000) | (748,000) | (711,000) | ||
Fair Market Value | 8,147,000 | 8,147,000 | 4,227,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Corporate Debt [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 24,292,000 | 24,292,000 | 24,787,000 | ||
Unrealized Gains | 1,800,000 | 1,800,000 | 133,000 | ||
Unrealized Losses | (1,429,000) | (1,429,000) | (4,711,000) | ||
Fair Market Value | 24,663,000 | 24,663,000 | 20,209,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Preferred Stock [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 16,815,000 | 16,815,000 | 17,496,000 | ||
Unrealized Gains | 103,000 | 103,000 | 158,000 | ||
Unrealized Losses | (705,000) | (705,000) | (914,000) | ||
Fair Market Value | 16,213,000 | 16,213,000 | 16,740,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Mortgage Backed Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 409,000 | 409,000 | 273,000 | ||
Unrealized Gains | 4,000 | 4,000 | 4,000 | ||
Unrealized Losses | (17,000) | (17,000) | (4,000) | ||
Fair Market Value | $ 396,000 | $ 396,000 | $ 273,000 |
Preneed Trust Investments (Esti
Preneed Trust Investments (Estimated maturities of fixed preneed cemetery trust income securities) (Details) - Preneed Cemetery Trust Investments [Member] $ in Thousands | Sep. 30, 2016USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $ 303 |
Due in one to five years | 8,065 |
Due in five to ten years | 5,854 |
Thereafter | 34,437 |
Total | $ 48,659 |
Preneed Trust Investments (Unre
Preneed Trust Investments (Unrealized losses on cemetery merchandise and service trust investments) (Details) - Preneed Cemetery Trust Investments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Gain (Loss) on Investments [Line Items] | |||||
Impairment charge, other than temporary decline in fair value of investments | $ 100 | $ 0 | $ 800 | $ 700 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 15,698 | 15,698 | $ 40,857 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,768) | (1,768) | (5,864) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 22,123 | 22,123 | 12,194 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,250) | (4,250) | (3,219) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 37,821 | 37,821 | 53,051 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (6,018) | (6,018) | (9,083) | ||
Municipal Bonds [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 395 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (63) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 395 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (63) | ||||
Foreign Debt [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,419 | 2,419 | 3,680 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (138) | (138) | (384) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,909 | 2,909 | 406 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (603) | (603) | (312) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,328 | 5,328 | 4,086 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (741) | (741) | (696) | ||
Corporate Debt [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 6,599 | 6,599 | 14,468 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (197) | (197) | (2,992) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,707 | 4,707 | 3,056 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,216) | (1,216) | (1,287) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 11,306 | 11,306 | 17,524 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,413) | (1,413) | (4,279) | ||
Preferred Stock [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,711 | 1,711 | 10,285 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (10) | (10) | (436) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11,830 | 11,830 | 5,168 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (694) | (694) | (448) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 13,541 | 13,541 | 15,453 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (704) | (704) | (884) | ||
Mortgage Backed Securities [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 229 | 229 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (16) | (16) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 229 | 229 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (16) | (16) | |||
Common Stock [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,740 | 4,740 | 12,029 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,407) | (1,407) | (1,989) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,677 | 2,677 | 3,564 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,737) | (1,737) | (1,172) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,417 | 7,417 | 15,593 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (3,144) | $ (3,144) | $ (3,161) |
Preneed Trust Investments (Pren
Preneed Trust Investments (Preneed cemetery trust investment security transactions) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value measurements, transfers between Level 1 and Level 2 | $ 0 | |||
Preneed Cemetery Trust Investments [Member] | Interest Income and Other, Net [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Investment income | $ 578,000 | $ 471,000 | 1,546,000 | $ 1,762,000 |
Realized gain, net | 126,000 | 1,170,000 | 415,000 | 2,844,000 |
Realized losses | (673,000) | (276,000) | (4,081,000) | (1,166,000) |
Expenses and taxes | (139,000) | (361,000) | (832,000) | (1,455,000) |
Increase (decrease) in deferred preneed cemetery receipts held in trust | $ 108,000 | $ (1,004,000) | $ 2,952,000 | $ (1,985,000) |
Preneed Trust Investments (Purc
Preneed Trust Investments (Purchases and sales of investments in preneed cemetery trusts) (Details) - Preneed Cemetery Trust Investments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Purchases | $ (1,434) | $ (11,719) | $ (19,540) | $ (24,575) |
Sales | $ 5,973 | $ 4,417 | $ 18,003 | $ 14,610 |
Preneed Trust Investments (Co49
Preneed Trust Investments (Components of preneed funeral trust investments) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Preneed funeral trust investments | $ 85,560,000 | $ 85,560,000 | $ 85,553,000 | ||
Preneed Funeral Trust Investments [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Impairment charge, other than temporary decline in fair value of investments | 100,000 | $ 0 | 900,000 | $ 600,000 | |
Preneed funeral trust investments, at fair value | 88,281,000 | 88,281,000 | 88,444,000 | ||
Less: allowance for contract cancellation | (2,721,000) | (2,721,000) | (2,891,000) | ||
Preneed funeral trust investments | $ 85,560,000 | $ 85,560,000 | $ 85,553,000 |
Preneed Trust Investments (Co50
Preneed Trust Investments (Cost and fair market values associated with preneed funeral trust investments) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Preneed Cemetery Trust Investments [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | $ 70,450,000 | $ 70,450,000 | $ 73,148,000 | ||
Unrealized Gains | 2,657,000 | 2,657,000 | 796,000 | ||
Unrealized Losses | (6,018,000) | (6,018,000) | (9,083,000) | ||
Fair Market Value | 67,089,000 | 67,089,000 | 64,861,000 | ||
Preneed cemetery trust investments | $ 68,009,000 | $ 68,009,000 | $ 65,486,000 | ||
Fair market value as a percentage of cost | 95.20% | 95.20% | 88.70% | ||
Impairment charge, other than temporary decline in fair value of investments | $ 100,000 | $ 0 | $ 800,000 | $ 700,000 | |
Preneed Cemetery Trust Investments [Member] | Accrued Investment Income [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 920,000 | 920,000 | $ 625,000 | ||
Fair Market Value | 920,000 | 920,000 | 625,000 | ||
Preneed Funeral Trust Investments [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 90,706,000 | 90,706,000 | 96,343,000 | ||
Unrealized Gains | 2,761,000 | 2,761,000 | 1,057,000 | ||
Unrealized Losses | (6,116,000) | (6,116,000) | (9,644,000) | ||
Fair Market Value | 87,351,000 | 87,351,000 | 87,756,000 | ||
Preneed cemetery trust investments | $ 88,281,000 | $ 88,281,000 | $ 88,444,000 | ||
Fair market value as a percentage of cost | 96.30% | 96.30% | 91.08705% | ||
Impairment charge, other than temporary decline in fair value of investments | $ 100,000 | $ 0 | $ 900,000 | $ 600,000 | |
Preneed Funeral Trust Investments [Member] | Accrued Investment Income [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 930,000 | 930,000 | $ 688,000 | ||
Fair Market Value | 930,000 | 930,000 | 688,000 | ||
Fair Value, Inputs, Level 1 [Member] | Preneed Cemetery Trust Investments [Member] | Cash and Money Market Accounts [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 7,888,000 | 7,888,000 | 8,296,000 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 0 | 0 | 0 | ||
Fair Market Value | 7,888,000 | 7,888,000 | 8,296,000 | ||
Fair Value, Inputs, Level 1 [Member] | Preneed Cemetery Trust Investments [Member] | Common Stock [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 11,888,000 | 11,888,000 | 20,387,000 | ||
Unrealized Gains | 440,000 | 440,000 | 682,000 | ||
Unrealized Losses | (3,144,000) | (3,144,000) | (3,161,000) | ||
Fair Market Value | 9,184,000 | 9,184,000 | 17,908,000 | ||
Fair Value, Inputs, Level 1 [Member] | Preneed Funeral Trust Investments [Member] | Cash and Money Market Accounts [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 21,030,000 | 21,030,000 | 21,458,000 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 0 | 0 | 0 | ||
Fair Market Value | 21,030,000 | 21,030,000 | 21,458,000 | ||
Fair Value, Inputs, Level 1 [Member] | Preneed Funeral Trust Investments [Member] | U.S. Treasury Debt [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 1,491,000 | 1,491,000 | 1,492,000 | ||
Unrealized Gains | 48,000 | 48,000 | 24,000 | ||
Unrealized Losses | 0 | 0 | (12,000) | ||
Fair Market Value | 1,539,000 | 1,539,000 | 1,504,000 | ||
Fair Value, Inputs, Level 1 [Member] | Preneed Funeral Trust Investments [Member] | Common Stock [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 11,981,000 | 11,981,000 | 20,864,000 | ||
Unrealized Gains | 413,000 | 413,000 | 738,000 | ||
Unrealized Losses | (3,198,000) | (3,198,000) | (3,114,000) | ||
Fair Market Value | 9,196,000 | 9,196,000 | 18,488,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Municipal Bonds [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 498,000 | 498,000 | 458,000 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 0 | 0 | (63,000) | ||
Fair Market Value | 498,000 | 498,000 | 395,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Foreign Government Debt Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 8,614,000 | 8,614,000 | 4,803,000 | ||
Unrealized Gains | 268,000 | 268,000 | 0 | ||
Unrealized Losses | (741,000) | (741,000) | (695,000) | ||
Fair Market Value | 8,141,000 | 8,141,000 | 4,108,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Corporate Debt [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 23,717,000 | 23,717,000 | 22,968,000 | ||
Unrealized Gains | 1,790,000 | 1,790,000 | 85,000 | ||
Unrealized Losses | (1,413,000) | (1,413,000) | (4,279,000) | ||
Fair Market Value | 24,094,000 | 24,094,000 | 18,774,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Preferred Stock [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 16,371,000 | 16,371,000 | 16,236,000 | ||
Unrealized Gains | 30,000 | 30,000 | 29,000 | ||
Unrealized Losses | (704,000) | (704,000) | (885,000) | ||
Fair Market Value | 15,697,000 | 15,697,000 | 15,380,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Mortgage Backed Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 245,000 | 245,000 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | (16,000) | (16,000) | |||
Fair Market Value | 229,000 | 229,000 | |||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Municipal Bonds [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 441,000 | 441,000 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | 0 | 0 | |||
Fair Market Value | 441,000 | 441,000 | |||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | U.S. Agency Obligations [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 478,000 | ||||
Unrealized Gains | 0 | ||||
Unrealized Losses | (66,000) | ||||
Fair Market Value | 412,000 | ||||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Foreign Government Debt Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 8,640,000 | 8,640,000 | 4,938,000 | ||
Unrealized Gains | 255,000 | 255,000 | 0 | ||
Unrealized Losses | (748,000) | (748,000) | (711,000) | ||
Fair Market Value | 8,147,000 | 8,147,000 | 4,227,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Corporate Debt [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 24,292,000 | 24,292,000 | 24,787,000 | ||
Unrealized Gains | 1,800,000 | 1,800,000 | 133,000 | ||
Unrealized Losses | (1,429,000) | (1,429,000) | (4,711,000) | ||
Fair Market Value | 24,663,000 | 24,663,000 | 20,209,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Preferred Stock [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 16,815,000 | 16,815,000 | 17,496,000 | ||
Unrealized Gains | 103,000 | 103,000 | 158,000 | ||
Unrealized Losses | (705,000) | (705,000) | (914,000) | ||
Fair Market Value | 16,213,000 | 16,213,000 | 16,740,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Mortgage Backed Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 409,000 | 409,000 | 273,000 | ||
Unrealized Gains | 4,000 | 4,000 | 4,000 | ||
Unrealized Losses | (17,000) | (17,000) | (4,000) | ||
Fair Market Value | 396,000 | 396,000 | 273,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Fixed Income [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 2,139,000 | 2,139,000 | 959,000 | ||
Unrealized Gains | 138,000 | 138,000 | 0 | ||
Unrealized Losses | (19,000) | (19,000) | (82,000) | ||
Fair Market Value | 2,258,000 | 2,258,000 | 877,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Other Investments [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 3,468,000 | 3,468,000 | 3,598,000 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 0 | 0 | (30,000) | ||
Fair Market Value | $ 3,468,000 | $ 3,468,000 | $ 3,568,000 |
Preneed Trust Investments (Es51
Preneed Trust Investments (Estimated maturities of fixed preneed funeral trust income securities) (Details) - Preneed Funeral Trust Investments [Member] $ in Thousands | Sep. 30, 2016USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $ 318 |
Due in one to five years | 9,348 |
Due in five to ten years | 6,061 |
Thereafter | 35,672 |
Total | $ 51,399 |
Preneed Trust Investments (Pr52
Preneed Trust Investments (Preneed funeral trust investment security transactions) (Details) - Preneed Funeral Trust Investments [Member] - Interest Income and Other, Net [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Investment income | $ 596 | $ 554 | $ 1,639 | $ 1,982 |
Realized gain, net | 131 | 1,218 | 525 | 3,791 |
Realized losses | (716) | (504) | (4,090) | (1,374) |
Expenses and taxes | (253) | 140 | (946) | (694) |
Decrease in deferred preneed funeral receipts held in trust | $ 242 | $ (1,408) | $ 2,872 | $ (3,705) |
Preneed Trust Investments (Pu53
Preneed Trust Investments (Purchases and sales of investments in preneed funeral trusts) (Details) - Preneed Funeral Trust Investments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Purchases | $ (1,486) | $ (12,323) | $ (19,917) | $ (23,668) |
Sales | $ 6,336 | $ 10,998 | $ 19,005 | $ 33,736 |
Preneed Trust Investments (Un54
Preneed Trust Investments (Unrealized losses on preneed funeral trust investments) (Details) - Preneed Funeral Trust Investments [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Gain (Loss) on Investments [Line Items] | |||||
Impairment charge, other than temporary decline in fair value of investments | $ 100,000 | $ 0 | $ 900,000 | $ 600,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 16,384,000 | 16,384,000 | $ 42,577,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,836,000) | (1,836,000) | (6,162,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 22,430,000 | 22,430,000 | 15,322,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,280,000) | (4,280,000) | (3,482,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 38,814,000 | 38,814,000 | 57,899,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (6,116,000) | (6,116,000) | (9,644,000) | ||
US States and Political Subdivisions Debt Securities [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,504,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (12,000) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,504,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (12,000) | ||||
Municipal Bonds [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 413,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (66,000) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 413,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (66,000) | ||||
Foreign Debt [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,492,000 | 2,492,000 | 3,763,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (141,000) | (141,000) | (392,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,901,000 | 2,901,000 | 416,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (608,000) | (608,000) | (319,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,393,000 | 5,393,000 | 4,179,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (749,000) | (749,000) | (711,000) | ||
Corporate Debt [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 6,673,000 | 6,673,000 | 15,929,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (199,000) | (199,000) | (3,294,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,759,000 | 4,759,000 | 3,364,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,228,000) | (1,228,000) | (1,417,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 11,432,000 | 11,432,000 | 19,293,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,427,000) | (1,427,000) | (4,711,000) | ||
Preferred Stock [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,749,000 | 1,749,000 | 10,623,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (10,000) | (10,000) | (451,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11,729,000 | 11,729,000 | 5,338,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (695,000) | (695,000) | (463,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 13,478,000 | 13,478,000 | 15,961,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (705,000) | (705,000) | (914,000) | ||
Collateralized Mortgage Backed Securities [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 241,000 | 241,000 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (16,000) | (16,000) | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13,000 | 13,000 | 272,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,000) | (1,000) | (4,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 254,000 | 254,000 | 272,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (17,000) | (17,000) | (4,000) | ||
Equity [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,928,000 | 4,928,000 | 11,848,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,466,000) | (1,466,000) | (1,959,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,589,000 | 2,589,000 | 3,510,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,732,000) | (1,732,000) | (1,154,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,517,000 | 7,517,000 | 15,358,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,198,000) | (3,198,000) | (3,113,000) | ||
Fixed Income [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 301,000 | 301,000 | 1,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4,000) | (4,000) | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 439,000 | 439,000 | 876,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (16,000) | (16,000) | (82,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 740,000 | 740,000 | 877,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (20,000) | $ (20,000) | (82,000) | ||
Other Investments [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 42,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (31,000) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 42,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (31,000) |
Preneed Cemetery Receivables (N
Preneed Cemetery Receivables (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Preneed Cemetery Receivables [Abstract] | ||
Term of sales contract for cemetery interment rights, maximum (in Duration) | 5 years | |
Financing Receivable, Gross | $ 39.1 | |
Balance of receivables for preneed cemetery interment rights | 28.7 | |
Balance of receivables for preneed cemetery interment related products and services | 10.4 | |
Amount of receivables for preneed cemetery interment rights and related products and services presented in accounts receivables | 11.7 | |
Amount of receivables for preneed cemetery interment rights and related products and services presented in preneed receivables | 27.4 | |
Unearned finance charges associated with receivables | $ 5.7 | $ 5.2 |
Past due notifications starting date (in Days) | 15 days | |
Accounts receivable allowance percentage on contracts past due 120 days or more (in Percent) | 100.00% | |
Number of days past due contractual payments are when they are provided for with a one hundred percent allowance (in Days) | 90 days | |
Percent of total receivables which are 120 days or more past due (in Percent) | 4.30% |
Preneed Cemetery Receivables (P
Preneed Cemetery Receivables (Preneed cemetery receivables) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Allowance for Contract Cancellations [Roll Forward] | ||
Provision | $ (1,522) | $ (1,332) |
Preneed Cemetery Receivables [Member] | ||
Allowance for Contract Cancellations [Roll Forward] | ||
Beginning balance | 1,765 | |
Write-offs and cancellations | (1,047) | |
Provision | (1,055) | |
Ending balance | $ 1,773 |
Preneed Cemetery Receivables (A
Preneed Cemetery Receivables (Aging of past due financing receivables) (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | $ 2,945 |
Current | 36,112 |
Total Financing Receivables | 39,057 |
Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 2,193 |
Current | 26,127 |
Total Financing Receivables | 28,320 |
Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 752 |
Current | 9,985 |
Total Financing Receivables | 10,737 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 778 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 560 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 218 |
Financing Receivables, 60 to 89 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 550 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 402 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 148 |
Financing Receivables, 90 to 120 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 245 |
Financing Receivables, 90 to 120 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 175 |
Financing Receivables, 90 to 120 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 70 |
Financing Receivables, Greater Than 120 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 1,372 |
Financing Receivables, Greater Than 120 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 1,056 |
Financing Receivables, Greater Than 120 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | $ 316 |
Receivables from Preneed Trus58
Receivables from Preneed Trusts (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables From Preneed Trusts [Abstract] | |
Amount at which there is no controlling interest in trust assets (Description) | less than 50% |
Receivables from Preneed Trus59
Receivables from Preneed Trusts (Receivables from preneed funeral trust funds) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables From Preneed Trusts [Abstract] | ||
Preneed trust funds, at cost | $ 14,267 | $ 13,963 |
Less: Allowance for contract cancellation | (428) | (419) |
Receivables from preneed trusts, net | $ 13,839 | $ 13,544 |
Receivables from Preneed Trus60
Receivables from Preneed Trusts Receivables from Preneed Trusts (Composition of Assets Held in Trusts) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Historical Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | $ 14,267 | $ 13,963 |
Historical Cost Basis [Member] | Cash and cash equivalents [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 3,382 | 2,898 |
Historical Cost Basis [Member] | Fixed income investments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 8,453 | 8,423 |
Historical Cost Basis [Member] | Mutual funds and common stocks [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 2,417 | 2,626 |
Historical Cost Basis [Member] | Annuities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 15 | 16 |
Fair Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 14,326 | 13,965 |
Fair Value [Member] | Cash and cash equivalents [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 3,382 | 2,898 |
Fair Value [Member] | Fixed income investments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 8,452 | 8,426 |
Fair Value [Member] | Mutual funds and common stocks [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 2,477 | 2,625 |
Fair Value [Member] | Annuities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | $ 15 | $ 16 |
Cemetery Perpetual Care Trust61
Cemetery Perpetual Care Trust Investments (The Components of Care trusts' corpus) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Care trusts’ corpus | $ 44,345,000 | $ 42,416,000 |
Fair value measurements, transfers between Level 1 and Level 2 | 0 | |
Perpetual Care Trust Invesments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trust assets, at market value | 45,048,000 | 43,127,000 |
Obligations due from trust | (703,000) | (711,000) |
Care trusts’ corpus | $ 44,345,000 | $ 42,416,000 |
Cemetery Perpetual Care Trust62
Cemetery Perpetual Care Trust Investments (Cost and fair market values associated with the trust investments held in perpetual care trust funds) (Details) - Perpetual Care Trust Invesments [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cemetary perpetual care trust investments | $ 45,048,000 | $ 45,048,000 | $ 43,127,000 | ||
Fair market value as a percentage of cost | 95.10% | 95.10% | 88.20% | ||
Impairment charge, other than temporary decline in fair value of investments | $ 100,000 | $ 0 | $ 500,000 | $ 500,000 | |
Trust Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 46,711,000 | 46,711,000 | $ 48,453,000 | ||
Unrealized Gains | 1,726,000 | 1,726,000 | 470,000 | ||
Unrealized Losses | (4,009,000) | (4,009,000) | (6,169,000) | ||
Fair Market Value | 44,428,000 | 44,428,000 | 42,754,000 | ||
Accrued Investment Income [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 620,000 | 620,000 | 373,000 | ||
Fair Market Value | 620,000 | 620,000 | 373,000 | ||
Fair Value, Inputs, Level 1 [Member] | Cash and Money Market Accounts [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 4,656,000 | 4,656,000 | 5,472,000 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 0 | 0 | 0 | ||
Fair Market Value | 4,656,000 | 4,656,000 | 5,472,000 | ||
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 7,507,000 | 7,507,000 | 11,945,000 | ||
Unrealized Gains | 344,000 | 344,000 | 393,000 | ||
Unrealized Losses | (1,950,000) | (1,950,000) | (1,939,000) | ||
Fair Market Value | 5,901,000 | 5,901,000 | 10,399,000 | ||
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 368,000 | 368,000 | 325,000 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 0 | 0 | (45,000) | ||
Fair Market Value | 368,000 | 368,000 | 280,000 | ||
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 5,772,000 | 5,772,000 | 3,232,000 | ||
Unrealized Gains | 175,000 | 175,000 | 0 | ||
Unrealized Losses | (497,000) | (497,000) | (480,000) | ||
Fair Market Value | 5,450,000 | 5,450,000 | 2,752,000 | ||
Fair Value, Inputs, Level 2 [Member] | Corporate Debt [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 15,927,000 | 15,927,000 | 16,216,000 | ||
Unrealized Gains | 1,099,000 | 1,099,000 | 57,000 | ||
Unrealized Losses | (1,059,000) | (1,059,000) | (3,094,000) | ||
Fair Market Value | 15,967,000 | 15,967,000 | 13,179,000 | ||
Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 11,465,000 | 11,465,000 | 11,263,000 | ||
Unrealized Gains | 18,000 | 18,000 | 20,000 | ||
Unrealized Losses | (493,000) | (493,000) | (611,000) | ||
Fair Market Value | 10,990,000 | 10,990,000 | $ 10,672,000 | ||
Fair Value, Inputs, Level 2 [Member] | Mortgage Backed Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 149,000 | 149,000 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | (10,000) | (10,000) | |||
Fair Market Value | 139,000 | 139,000 | |||
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 867,000 | 867,000 | |||
Unrealized Gains | 90,000 | 90,000 | |||
Unrealized Losses | 0 | 0 | |||
Fair Market Value | $ 957,000 | $ 957,000 |
Cemetery Perpetual Care Trust63
Cemetery Perpetual Care Trust Investments (Estimated maturities of fixed perpetual care trust income securities) (Details) - Perpetual Care Trust Invesments [Member] $ in Thousands | Sep. 30, 2016USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $ 183 |
Due in one to five years | 5,053 |
Due in five to ten years | 4,145 |
Thereafter | 23,533 |
Total | $ 32,914 |
Cemetery Perpetual Care Trust64
Cemetery Perpetual Care Trust Investments (Unrealized losses on perpetual care trust investments) (Details) - Perpetual Care Trust Invesments [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Gain (Loss) on Investments [Line Items] | |||||
Impairment charge, other than temporary decline in fair value of investments | $ 100,000 | $ 0 | $ 500,000 | $ 500,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 10,778,000 | 10,778,000 | $ 27,763,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,129,000) | (1,129,000) | (3,995,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 15,617,000 | 15,617,000 | 8,245,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,880,000) | (2,880,000) | (2,174,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 26,395,000 | 26,395,000 | 36,008,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4,009,000) | (4,009,000) | (6,169,000) | ||
Municipal Bonds [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 280,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (45,000) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 280,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (45,000) | ||||
Foreign Debt [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,632,000 | 1,632,000 | 2,541,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (91,000) | (91,000) | (265,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,990,000 | 1,990,000 | 281,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (406,000) | (406,000) | (215,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,622,000 | 3,622,000 | 2,822,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (497,000) | (497,000) | (480,000) | ||
Corporate Debt Securities [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,948,000 | 4,948,000 | 10,463,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (148,000) | (148,000) | (2,164,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,529,000 | 3,529,000 | 2,210,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (911,000) | (911,000) | (931,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 8,477,000 | 8,477,000 | 12,673,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,059,000) | (1,059,000) | (3,095,000) | ||
Common Stock [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,932,000 | 2,932,000 | 7,379,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (872,000) | (872,000) | (1,220,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,561,000 | 1,561,000 | 2,186,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,078,000) | (1,078,000) | (719,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,493,000 | 4,493,000 | 9,565,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,950,000) | (1,950,000) | (1,939,000) | ||
Preferred Stock [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,126,000 | 1,126,000 | 7,100,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (8,000) | (8,000) | (301,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 8,537,000 | 8,537,000 | 3,568,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (485,000) | (485,000) | (309,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,663,000 | 9,663,000 | 10,668,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (493,000) | (493,000) | $ (610,000) | ||
Mortgage Backed Securities [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 140,000 | 140,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (10,000) | (10,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 140,000 | 140,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (10,000) | $ (10,000) |
Cemetery Perpetual Care Trust65
Cemetery Perpetual Care Trust Investments (Perpetual care trust investment security transactions recorded in interest income and other, net) (Details) - Perpetual Care Trust Invesments [Member] - Interest Income and Other, Net [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Realized gains | $ 44 | $ 731 | $ 156 | $ 1,706 |
Realized losses | (261) | (207) | (1,943) | (692) |
Decrease (increase) in care trusts’ corpus | $ 217 | $ (524) | $ 1,787 | $ (1,014) |
Cemetery Perpetual Care Trust66
Cemetery Perpetual Care Trust Investments (Perpetual care trust investment security transactions recorded in Cemetery revenue) (Details) - Perpetual Care Trust Invesments [Member] - Cemetery Revenue [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Investment income | $ 1,523 | $ 1,371 | $ 4,503 | $ 3,739 |
Realized gain, net | 14 | 213 | (444) | 497 |
Total | $ 1,537 | $ 1,584 | $ 4,059 | $ 4,236 |
Cemetery Perpetual Care Trust67
Cemetery Perpetual Care Trust Investments (Purchases and sales of investments in perpetual care trusts) (Details) - Perpetual Care Trust Invesments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Purchases | $ (936) | $ (7,247) | $ (12,888) | $ (15,352) |
Sales | $ 3,832 | $ 2,532 | $ 11,702 | $ 8,885 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | Sep. 30, 2016USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities measured at fair value | $ 0 |
Convertible Subordinated Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt measured at fair value | $ 169,600,000 |
Intangible and Other Non-Curr69
Intangible and Other Non-Current Assets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Other Assets, Noncurrent | $ 0 | $ 0 | $ 210,000 | ||
Deferred Costs and Other Assets | 14,476,000 | 14,476,000 | 10,978,000 | ||
Impairment of intangible assets | 145,000 | $ 0 | |||
Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Increase to tradenames | 800,000 | ||||
Tradenames [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other Assets, Noncurrent | 11,940,000 | 11,940,000 | 8,856,000 | ||
Impairment of intangible assets | 145,000 | ||||
Increase to tradenames | 3,200,000 | ||||
Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 2,536,000 | 2,536,000 | 1,912,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 5,713,000 | 5,713,000 | $ 5,404,000 | ||
Amortization of Intangible Assets | $ 100,000 | $ 100,000 | $ 300,000 | $ 200,000 | |
Noncompete Agreements [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, useful life | 1 year | ||||
Noncompete Agreements [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, useful life | 10 years |
Long-Term Debt (Long-term Debt
Long-Term Debt (Long-term Debt Table) (Details) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | $ 300,000,000 | |
Debt issuance costs | 1,346,000 | $ 1,445,000 |
Current maturities on long-term debt | (12,389,000) | (12,012,000) |
Long-term debt, excluding current maturities | 198,701,000 | 195,009,000 |
Revolving credit facility present accordion provisions | 75,000,000 | |
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of the liability component | 92,600,000 | |
Credit Agreement [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of the liability component | 141,563,000 | 110,937,000 |
Notes Payable, Other Payables [Member] | Acquisition Debt, Deferred Purchase Price [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of the liability component | $ 7,573,000 | $ 4,929,000 |
Term Number Two [Member] | ||
Debt Instrument [Line Items] | ||
Ratio of indebtedness to net capital (in Ratio) (below at March 31, 2015) | 3.5 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | May 31, 2016USD ($)funeral_homes | Feb. 09, 2016USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)funeral_homes | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 300,000,000 | $ 300,000,000 | ||||||||
Revolving credit facility present accordion provisions | 75,000,000 | $ 75,000,000 | ||||||||
Number of Funeral Homes Acquired in Acquisitions | funeral_homes | 2 | 3 | ||||||||
Accumulated Amortization, Deferred Finance Costs | $ 4,062,000 | $ 4,062,000 | $ 3,246,000 | |||||||
Amortization of Debt Issuance Costs | $ 100,000 | $ 622,000 | $ 688,000 | |||||||
Houston [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Deferred payments | $ 3,500,000 | |||||||||
Number of Funeral Homes Acquired in Acquisitions | funeral_homes | 2 | |||||||||
Term Number Two [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Ratio of indebtedness to net capital (in Ratio) (below at March 31, 2015) | 3.5 | 3.5 | ||||||||
Ratio Minimum Per Covenant [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Ratio of earnings to fixed cost obligations (in Ratio) | 1.2 | 1.2 | ||||||||
Ratio Actual [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Ratio of indebtedness to net capital (in Ratio) (below at March 31, 2015) | 2.96 | 2.96 | ||||||||
Ratio of earnings to fixed cost obligations (in Ratio) | 2.40 | 2.40 | ||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 150,000,000 | |||||||||
Line of Credit Facility, Potential Increase to Borrowing Capacity | 75,000,000 | |||||||||
Credit Facility, Term Note [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 150,000,000 | |||||||||
Repayments of Lines of Credit | $ 2,810,000 | |||||||||
Term Loan [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Revolving credit facility, maximum borrowing capacity | 150,000,000 | 150,000,000 | ||||||||
Credit Agreement [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Amortization of Debt Issuance Costs | 100,000 | 300,000 | 400,000 | |||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Amount drawn under term loan facility | $ 63,300,000 | $ 63,300,000 | ||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | QTD [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Weighted average interest rate | 2.80% | 2.80% | ||||||||
Credit Agreement [Member] | Term Loan [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Amount drawn under term loan facility | $ 141,600,000 | $ 141,600,000 | ||||||||
Letters of credit issued and outstanding | 0 | 0 | ||||||||
Line of Credit [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Debt Instrument, Change in Basis Spread on Variable Rate | (3750.00%) | |||||||||
Number of Days Prior to the Maturity of Subordinated Debt the Credit Agreement Matures | 91 days | |||||||||
Convertible Subordinated Notes [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Carrying value of the liability component | $ 143,750,000 | 118,461,000 | 118,461,000 | $ 115,227,000 | ||||||
Write off of Deferred Debt Issuance Cost | $ 570,000 | |||||||||
Amortization of Debt Issuance Costs | $ 100,000 | $ 100,000 | $ 400,000 | $ 200,000 | ||||||
Prime Rate Option [Member] | Line of Credit [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | |||||||||
Libor Margin Option [Member] | Line of Credit [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | |||||||||
Forecast | Credit Facility, Term Note [Member] | ||||||||||
Debt Covenant To Actual Ratios [Line Items] | ||||||||||
Repayments of Lines of Credit | $ 4,690,000 | $ 3,750,000 |
Convertible Subordinated Note72
Convertible Subordinated Notes (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Feb. 09, 2016 | Dec. 31, 2015 | Mar. 19, 2014 | |
Debt Instrument [Line Items] | |||||||
Effect of dilutive securities, Convertible junior subordinated debentures (in shares) | 299 | 0 | 200 | 233 | |||
Carrying Values of Liability and Equity Components, Convertible Subordinated Notes | |||||||
Debt issuance costs | $ (1,346) | $ (1,346) | $ (1,445) | ||||
Amortization of Debt Issuance Costs | $ 100 | 622 | $ 688 | ||||
Convertible Subordinated Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate percentage | 2.75% | ||||||
Carrying Values of Liability and Equity Components, Convertible Subordinated Notes | |||||||
Convertible subordinated notes, principal amount | 143,750 | 143,750 | 143,750 | $ 143,750 | |||
Unamortized discount of liability component | (22,895) | (22,895) | (25,754) | ||||
Debt issuance costs | (2,394) | (2,394) | (2,769) | ||||
Carrying value of the liability component | 118,461 | 118,461 | $ 143,750 | 115,227 | |||
Equity component carrying value | 17,973 | 17,973 | $ 17,973 | ||||
Convertible subordinated notes, fair value | 169,600 | 169,600 | |||||
Contractual coupon interest expense | 1,000 | 1,000 | 3,000 | 2,000 | |||
Amortization of Debt Issuance Costs | 100 | 100 | 400 | 200 | |||
Accretion of discount, convertible subordinated notes | $ 1,000 | $ 900 | $ 2,900 | $ 2,600 | |||
Effective interest rate percentage | 2.75% | 2.75% | 6.75% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Aug. 09, 2016 | May 18, 2016 | May 17, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Payments of Ordinary Dividends, Common Stock | $ 1,662,000 | $ 1,385,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 146,100 | |||||||
Unrecognized share based compensation, expected term (in Duration) | 1 year 8 months | |||||||
Directors compensation expense | $ 90,000 | $ 148,000 | $ 302,000 | $ 554,000 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.025 | $ 0.050 | $ 0.025 | $ 0.100 | $ 0.075 | |||
Dividends, Common Stock, Cash | $ 800,000 | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 25,000,000 | |||||||
ESPP | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares purchased through Employee Stock Purchase Plan (in Shares) | 11,485 | |||||||
Weighted average purchase price of ESPP shares purchased during the period (in Dollars per share) | $ 19.92 | |||||||
Share-based compensation expense | $ 53,000 | $ 36,000 | $ 197,000 | $ 165,000 | ||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation expense | 0 | 400,000 | 500,000 | 1,200,000 | ||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | $ 300,000 | |||||||
Unrecognized share based compensation | $ 1,300,000 | $ 1,300,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 16,900 | |||||||
Restricted Stock | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20000.00% | |||||||
Share based compensation awards, options outstanding at period end (in Shares) | 1,716,655 | 1,716,655 | ||||||
Share based compensation awards, options outstanding and unvested at period end (in Shares) | 548,800 | 548,800 | ||||||
Share-based compensation expense | $ 200,000 | $ 600,000 | $ 1,400,000 | $ 1,800,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | $ 1,300,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 235,500 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 20.06 | |||||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 14,200 | 73,700 | ||||||
Share-Based Compensation Arrangement, By Share-Based Payment Award, Equity Instrument Other Than Options, Percent Represented By EBITDA | 25.00% | |||||||
Share-Based Compensation Aggrangement, By Share-Based Payment Award, Equity Instrument Other Than Options, Percent Represented By Relative Shareholder Return Performance | 75.00% | |||||||
Officers And Key Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Directors compensation expense | $ 46,000 | $ 154,000 | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Granted In Period, Fair Value | $ 1,605,186 | |||||||
Audit Committee Chairman [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Director Compensation, Annual Cash Retainer | $ 10,000 | |||||||
Director Compensation, Quarterly Installment Of Annual Cash Retainer | 2,500 | |||||||
Corporate Governance Committee Chairman [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Director Compensation, Annual Cash Retainer | 5,000 | |||||||
Director Compensation, Quarterly Installment Of Annual Cash Retainer | 1,250 | |||||||
Compensation Committee Chairman [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Director Compensation, Annual Cash Retainer | 5,000 | |||||||
Director Compensation, Quarterly Installment Of Annual Cash Retainer | 1,250 | |||||||
Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Director Compensation, Annual Cash Retainer | 75,000 | |||||||
Director Compensation, Quarterly Installment Of Annual Cash Retainer | 18,750 | |||||||
New Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Director Compensation, Annual Cash Retainer | $ 25,000 | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 1,061 | |||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 25,000 | |||||||
Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
Share-based Compensation Award, Tranche One [Member] | New Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
Share-based Compensation Award, Tranche Two [Member] | New Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% |
Stockholders' Equity (ESPP) (De
Stockholders' Equity (ESPP) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.55% | 0.49% | 0.22% | ||||
Forecast | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.61% | ||||||
ESPP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 53 | $ 36 | $ 197 | $ 165 | |||
Expected dividend yield assumption (in Percent) | 0.60% | ||||||
Expected volatility assumption (in Percent) | 24.71% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 9 months | 6 months | 3 months | ||||
ESPP | Forecast | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year |
Stockholders' Equity (AOCI) (De
Stockholders' Equity (AOCI) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Equity [Abstract] | |
Beginning balance | $ 0 |
Decrease in net unrealized gains associated with available-for-sale securities of the trusts | (8,999) |
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus | 8,999 |
Ending balance | $ 0 |
Earnings Per Share (EPS Computa
Earnings Per Share (EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Less: Earnings allocated to unvested restricted stock | $ 5,683 | $ 4,444 | $ 15,454 | $ 15,419 |
Income attributable to common stockholders | (25) | (51) | (76) | (194) |
Income attributable to common stockholders | $ 5,658 | $ 4,393 | $ 15,378 | $ 15,225 |
Denominator [Abstract] | ||||
Denominator for basic earnings per common share - weighted average shares outstanding | 16,529,000 | 17,874,000 | 16,502,000 | 18,115,000 |
Effect of dilutive securities, Stock options (in shares) | 273,000 | 209,000 | 260,000 | 240,000 |
Effect of dilutive securities, Convertible junior subordinated debentures (in shares) | 299,000 | 0 | 200,000 | 233,000 |
Weighted average number of common and common equivalent shares outstanding for diluted EPS computation | 17,101,000 | 18,083,000 | 16,962,000 | 18,588,000 |
Basic and Diluted earnings per common share: | ||||
Continuing operations (in dollars per Share) | $ 0.34 | $ 0.24 | $ 0.93 | $ 0.84 |
Continuing operations (in dollars per Share) | $ 0.33 | $ 0.24 | $ 0.91 | $ 0.82 |
Antidilutive securities excluded from computation of diluted EPS | 0 | 584,000 | 0 |
Major Segments of Business (Rev
Major Segments of Business (Revenue, pre-tax income and total and total assets by segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | $ 60,140 | $ 58,378 | $ 185,336 | $ 180,892 | |
Income (loss) from continuing operations before income taxes | 7,574 | 7,251 | 23,860 | 25,934 | |
Total assets | 859,511 | 859,511 | $ 833,139 | ||
Funeral [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | 45,183 | 44,089 | 140,952 | 138,727 | |
Income (loss) from continuing operations before income taxes | 13,478 | 12,593 | 44,322 | 43,792 | |
Total assets | 616,588 | 616,588 | 591,389 | ||
Cemetery [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | 14,957 | 14,289 | 44,384 | 42,165 | |
Income (loss) from continuing operations before income taxes | 4,327 | 4,312 | 12,875 | 12,814 | |
Total assets | 235,420 | 235,420 | 229,479 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | 0 | 0 | 0 | ||
Income (loss) from continuing operations before income taxes | (10,231) | $ (9,654) | (33,337) | $ (30,672) | |
Total assets | $ 7,503 | $ 7,503 | $ 12,271 |
Supplementary Data (Details)
Supplementary Data (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Current Assets: | ||
Deferred taxes | $ 0 | $ 4,256 |
Income taxes receivable | 734 | 279 |
Other current assets | 104 | 172 |
Total other current assets | 838 | 4,707 |
Other Liabilities: | ||
Income taxes payable | 2,343 | 387 |
Deferred rent | 200 | 137 |
Other liabilities | 3 | 0 |
Other current liabilities | 2,546 | 524 |
Other Long Term Liabilities: | ||
Deferred rent | 1,261 | 1,405 |
Incentive compensation | 605 | 2,505 |
Reserve for uncertain tax positions | 0 | 814 |
Contingent consideration | 763 | 763 |
Other long term liabilities | 0 | 44 |
Other long-term liabilities | $ 2,629 | $ 5,531 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details) - Subsequent Event [Member] $ in Thousands | Oct. 20, 2016USD ($) |
Tennessee | |
Subsequent Event [Line Items] | |
Consideration from sale of funeral home businesses | $ 1,350 |
Georgia | |
Subsequent Event [Line Items] | |
Consideration from sale of funeral home businesses | $ 600 |