Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CARRIAGE SERVICES INC | ||
Entity Central Index Key | 1,016,281 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 413.2 | ||
Entity Common Stock, Shares Outstanding | 16,181,876 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 952 | $ 3,286 |
Accounts receivable, net of allowance for bad debts of $746 in 2016 and $835 in 2017 | 19,655 | 18,860 |
Inventories | 6,519 | 6,147 |
Prepaid expenses | 2,028 | 2,640 |
Other current assets | 986 | 2,034 |
Total current assets | 30,140 | 32,967 |
Preneed cemetery trust investments | 73,853 | 69,696 |
Preneed funeral trust investments | 90,682 | 89,240 |
Preneed receivables, net of allowance for bad debts of $2,166 in 2016 and $2,278 in 2017 | 31,644 | 30,383 |
Receivables from preneed trusts | 15,287 | 14,218 |
Property, plant and equipment, net of accumulated depreciation of $110,509 in 2016 and $115,776 in 2017 | 247,294 | 235,113 |
Cemetery property, net of accumulated amortization of $34,194 in 2016 and $37,543 in 2017 | 76,331 | 76,119 |
Goodwill | 287,956 | 275,487 |
Intangible and other non-current assets | 18,117 | 14,957 |
Cemetery perpetual care trust investments | 50,229 | 46,889 |
Total assets | 921,533 | 885,069 |
Current liabilities: | ||
Current portion of long-term debt and capital lease obligations | 17,251 | 13,267 |
Accounts payable | 6,547 | 10,198 |
Other liabilities | 1,361 | 717 |
Accrued liabilities | 17,559 | 20,091 |
Total current liabilities | 42,718 | 44,273 |
Long-term debt, net of current portion | 121,034 | 137,862 |
Revolving credit facility | 91,120 | 66,542 |
Convertible subordinated notes due 2021 | 124,441 | 119,596 |
Obligations under capital leases, net of current portion | 6,361 | 2,630 |
Deferred preneed cemetery revenue | 54,690 | 54,631 |
Deferred preneed funeral revenue | 34,585 | 33,198 |
Deferred tax liability | 31,159 | 42,810 |
Other long-term liabilities | 3,378 | 2,567 |
Deferred preneed cemetery receipts held in trust | 73,853 | 69,696 |
Deferred preneed funeral receipts held in trust | 90,682 | 89,240 |
Care trusts’ corpus | 49,856 | 46,290 |
Total liabilities | 723,877 | 709,335 |
Commitments and contingencies: | ||
Stockholders’ equity: | ||
Common stock, $.01 par value; 80,000,000 shares authorized; 22,490,855 and 22,622,242 issued as of December 31, 2016 and 2017, respectively | 226 | 225 |
Additional paid-in capital | 216,158 | 215,064 |
Retained earnings | 57,904 | 20,711 |
Treasury stock, at cost; 5,849,316 and 6,523,370 shares at December 31, 2016 and 2017, respectively | (76,632) | (60,266) |
Total stockholders’ equity | 197,656 | 175,734 |
Total liabilities and stockholders’ equity | $ 921,533 | $ 885,069 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for bad debts | $ 835 | $ 746 |
Preneed receivables, allowance for bad debts | 2,278 | 2,166 |
Accumulated depreciation of property, plant and equipment | 115,776 | 110,509 |
Accumulated amortization of cemetery property | $ 37,543 | $ 34,194 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 22,622,242 | 22,490,855 |
Treasury stock, shares (in shares) | 6,523,370 | 5,849,316 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Revenues | $ 258,139 | $ 248,200 | $ 242,502 |
Field costs and expenses: | |||
Total field costs and expenses | 181,340 | 168,550 | 164,994 |
Depreciation and amortization | 14,374 | 13,919 | 12,034 |
Regional and unallocated funeral and cemetery costs | 13,339 | 10,844 | 11,997 |
Gross profit | 76,799 | 79,650 | 77,508 |
Corporate costs and expenses: | |||
General, administrative and other | 26,253 | 27,944 | 27,114 |
Home office depreciation and amortization | 1,605 | 1,502 | 1,746 |
Total corporate costs and expenses | 27,858 | 29,446 | 28,860 |
Operating income | 48,941 | 50,204 | 48,648 |
Interest expense | (12,948) | (11,738) | (10,559) |
Accretion of discount on convertible subordinated notes | (4,329) | (3,870) | (3,454) |
Loss on early extinguishment of debt | 0 | (567) | 0 |
Other, net | 1,118 | (1,788) | (45) |
Income before income taxes | 32,782 | 32,241 | 34,590 |
Provision for income taxes | (13,100) | (12,682) | (13,737) |
Tax adjustment related to certain discrete items | 17,511 | 22 | 0 |
Total (provision) benefit for income taxes | 4,411 | (12,660) | (13,737) |
Net income | $ 37,193 | $ 19,581 | $ 20,853 |
Basic earnings per common share (in dollars per share) | $ 2.25 | $ 1.18 | $ 1.16 |
Diluted earnings per common share (in dollars per share) | 2.09 | 1.12 | 1.12 |
Dividends declared per share (in dollars per share) | $ 0.225 | $ 0.15 | $ 0.10 |
Weighted average number of common and common equivalent shares outstanding: | |||
Basic (in shares) | 16,438 | 16,515 | 17,791 |
Diluted (in shares) | 17,715 | 17,460 | 18,313 |
Funeral | |||
Revenues: | |||
Revenues | $ 200,886 | $ 189,401 | $ 185,818 |
Other Cost of Operating Revenue | 118,905 | 110,218 | 109,166 |
Corporate costs and expenses: | |||
Operating income | 61,369 | 61,620 | 59,434 |
Interest expense | (1,170) | (826) | (577) |
Income before income taxes | 60,634 | 61,163 | 58,404 |
Cemetery | |||
Revenues: | |||
Revenues | 57,253 | 58,799 | 56,684 |
Other Cost of Operating Revenue | 34,722 | 33,569 | 31,797 |
Corporate costs and expenses: | |||
Operating income | 15,430 | 18,030 | 18,074 |
Interest expense | (2) | (3) | (8) |
Income before income taxes | $ 15,852 | $ 18,400 | $ 17,492 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common stock | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock |
Beginning balance, shares outstanding at Dec. 31, 2014 | 18,512,000 | ||||
Beginning Balance at Dec. 31, 2014 | $ 179,875 | $ 224 | $ 212,386 | $ (17,468) | $ (15,267) |
Beginning Balance (Out-of-period Immaterial Adjustment [Member]) at Dec. 31, 2014 | 2,255 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 20,853 | 20,853 | |||
Isuuance of common stock, shares | 53,000 | ||||
Issuance of common stock | $ 982 | $ 1 | 981 | ||
Exercise of stock options, shares | 110,000 | 43,000 | |||
Exercise of stock options | $ 0 | $ 0 | 0 | ||
Issuance of restricted common stock, shares | 43,000 | ||||
Issuance of restricted common stock | 51 | $ 1 | 50 | ||
Cancellation and retirement of restricted common stock, shares | (75,000) | ||||
Cancellation and retirement of restricted common stock | (1,608) | $ (1) | (1,607) | ||
Stock-based compensation expense | 4,195 | 4,195 | |||
Dividends on common stock | (1,819) | (1,819) | |||
Excess tax benefit on equity compensation | $ 64 | 64 | |||
Treasury stock acquired, shares | (1,927,665) | (1,928,000) | |||
Dividends on common stock | $ (44,999) | (44,999) | |||
Ending balance, shares outstanding at Dec. 31, 2015 | 16,648,000 | ||||
Ending Balance at Dec. 31, 2015 | 155,339 | $ 225 | 214,250 | 1,130 | (60,266) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 19,581 | 19,581 | |||
Isuuance of common stock, shares | 45,000 | ||||
Issuance of common stock | $ 872 | $ 0 | 872 | ||
Exercise of stock options, shares | 112,000 | 48,000 | |||
Exercise of stock options | $ 1 | $ 1 | 0 | ||
Issuance of restricted common stock, shares | 18,000 | ||||
Issuance of restricted common stock | 12 | $ 0 | 12 | ||
Cancellation and retirement of restricted common stock, shares | (118,000) | ||||
Cancellation and retirement of restricted common stock | (889) | $ (1) | (888) | ||
Stock-based compensation expense | 3,526 | 3,526 | |||
Dividends on common stock | (2,492) | (2,492) | |||
Excess tax benefit on equity compensation | (216) | (216) | |||
Ending balance, shares outstanding at Dec. 31, 2016 | 16,641,000 | ||||
Ending Balance at Dec. 31, 2016 | 175,734 | $ 225 | 215,064 | 20,711 | (60,266) |
Ending Balance (Out-of-period Immaterial Adjustment [Member]) at Dec. 31, 2016 | 2,255 | 2,255 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 37,193 | 37,193 | |||
Isuuance of common stock, shares | 68,000 | ||||
Issuance of common stock | $ 1,638 | $ 1 | 1,637 | ||
Exercise of stock options, shares | 159,000 | 61,000 | |||
Exercise of stock options | $ 514 | $ 0 | 514 | ||
Issuance of restricted common stock, shares | 27,000 | ||||
Issuance of restricted common stock | 0 | $ 0 | 0 | ||
Cancellation and retirement of restricted common stock, shares | (25,000) | ||||
Cancellation and retirement of restricted common stock | (551) | $ 0 | (551) | ||
Stock-based compensation expense | 3,203 | 3,203 | |||
Dividends on common stock | $ (3,709) | (3,709) | |||
Treasury stock acquired, shares | (574,054) | (674,000) | |||
Dividends on common stock | $ (16,366) | (16,366) | |||
Ending balance, shares outstanding at Dec. 31, 2017 | 16,098,000 | ||||
Ending Balance at Dec. 31, 2017 | $ 197,656 | $ 226 | $ 216,158 | $ 57,904 | $ (76,632) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 37,193 | $ 19,581 | $ 20,853 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 15,979 | 15,421 | 13,780 |
Provision for losses on accounts receivable | 2,198 | 2,098 | 1,679 |
Stock-based compensation expense | 3,162 | 3,229 | 4,444 |
Deferred income tax expense (benefit) | (11,651) | 4,855 | 3,035 |
Amortization of deferred financing costs | 820 | 824 | 921 |
Accretion of discount on convertible subordinated notes | 4,329 | 3,870 | 3,454 |
Loss on early extinguishment of debt | 0 | 567 | 0 |
Net (gain) loss on sale of businesses and disposal of other assets | (710) | 2,077 | (49) |
Impairment of intangible assets | 0 | 145 | 0 |
Changes in operating assets and liabilities that provided (required) cash: | |||
Accounts and preneed receivables | (4,254) | (5,162) | (2,310) |
Inventories and other current assets | 1,446 | 1,995 | 2,582 |
Intangible and other non-current assets | 149 | (1,155) | 150 |
Preneed funeral and cemetery trust investments | (10,008) | (14,528) | 25,543 |
Accounts payable | (3,649) | 2,112 | 1,445 |
Accrued and other liabilities | (385) | 780 | 2,091 |
Deferred preneed funeral and cemetery revenue | 1,446 | (640) | 329 |
Deferred preneed funeral and cemetery receipts held in trust | 9,165 | 13,966 | (26,461) |
Net cash provided by operating activities | 45,230 | 50,035 | 51,486 |
Cash flows from investing activities: | |||
Acquisitions and land for new construction | (28,799) | (26,556) | (9,725) |
Purchase of land and buildings previously leased | 0 | (6,258) | (6,080) |
Net proceeds from sale of businesses and other assets | 5,731 | 4,385 | 65 |
Capital expenditures | (16,395) | (16,846) | (29,744) |
Net cash used in investing activities | (39,463) | (45,275) | (45,484) |
Cash flows from financing activities: | |||
Borrowings from the revolving credit facility | 106,900 | 71,200 | 103,600 |
Payments against the revolving credit facility | (82,600) | (96,100) | (51,500) |
Borrowings from the term loan | 0 | 39,063 | 1,562 |
Payments against the term loan | (11,250) | (11,250) | (10,937) |
Payments on long-term debt and obligations under capital leases | (1,962) | (1,789) | (1,014) |
Payments on contingent consideration recorded at acquisition date | (101) | 0 | 0 |
Proceeds from the exercise of stock options and employee stock purchase plan contributions | 1,496 | 870 | 758 |
Taxes paid on restricted stock vestings and exercises of non-qualified options | (509) | (578) | (1,582) |
Dividends paid on common stock | (3,709) | (2,492) | (1,819) |
Payment of loan origination costs related to the credit facility | 0 | (717) | (13) |
Purchase of treasury stock | (16,366) | 0 | (44,999) |
Excess tax benefit (deficiency) of equity compensation | 0 | (216) | 64 |
Net cash used in financing activities | (8,101) | (2,009) | (5,880) |
Net (decrease) increase in cash and cash equivalents | (2,334) | 2,751 | 122 |
Cash and cash equivalents at beginning of year | 3,286 | 535 | 413 |
Cash and cash equivalents at end of year | $ 952 | $ 3,286 | $ 535 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 funeral and cemetery services and merchandise in the United States. At December 31, 2017 , we operated 178 funeral homes in 29 states and 32 cemeteries in 11 states. Our operations are reported in two business segments: Funeral Home Operations and Cemetery Operations. Our funeral homes offer a complete range of high value personal services to meet a family's funeral needs, including consultation, the removal and preparation of remains, the sale of caskets and related funeral merchandise, the use of funeral home facilities for visitation and remembrance services and transportation services. Our cemeteries provide interment rights (grave sites and mausoleum spaces) and related merchandise, such as markers and outer burial containers. We provide funeral and cemetery services and products on both an “atneed” (time of death) and “preneed” (planned prior to death) basis. Principles of Consolidation The accompanying Consolidated Financial Statements include the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. 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 on-going 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. Inventory Inventory consists primarily of caskets, outer burial containers and cemetery monuments and markers and is recorded at the lower of its cost basis (determined by the specific identification method) or net realizable value. 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. Cemetery interment rights are recorded as revenue in accordance with the accounting provisions for real estate sales. This method provides for the recognition of revenue in the period in which the customer’s cumulative payments exceed 10% of the interment right contract price. Interment right costs, which include real property and other costs related to cemetery development, are expensed 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 $3.4 million , $3.9 million and $3.3 million for 2015 , 2016 and 2017 , 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 costs of originating preneed sales contracts. These costs are expensed when incurred. Accounts receivable was comprised of the following at December 31, 2016 and December 31, 2017 (in thousands): December 31, 2016 December 31, 2017 Funeral receivables, net of allowance for bad debt of $189 and $213, respectively $ 8,664 $ 9,061 Cemetery receivables, net of allowance for bad debt of $557 and $622, respectively 9,862 10,331 Other receivables 334 263 Accounts receivable, net $ 18,860 $ 19,655 Non-current preneed receivables represent payments expected to be received beyond one year from the balance sheet date. Preneed receivables were comprised of the following at December 31, 2016 and December 31, 2017 (in thousands): December 31, 2016 December 31, 2017 Funeral receivables, net of allowance for bad debt of $862 and $882, respectively $ 7,761 $ 7,934 Cemetery receivables, net of allowance for bad debt of $1,304 and $1,396, respectively 22,622 23,710 Preneed receivable, net $ 30,383 $ 31,644 Bad debt expense totaled approximately $1.7 million , $2.1 million and $2.2 million for 2015 , 2016 and 2017 , respectively. Preneed Contracts We sell interment rights, merchandise and services prior to the time of need, which is referred to as preneed. In many instances the customer pays for the preneed contract over a period of time. Cash proceeds from preneed sales less amounts that we may retain under state regulations are deposited to a trust or used to purchase a third-party insurance policy. The principal and accumulated earnings of the trusts are generally withdrawn at maturity (death) or cancellation. The cumulative trust income earned and the increases in insurance benefits on the insurance products are deferred until the service is performed. The customer receivables and amounts deposited in trusts that we control are primarily included in the non-current asset section of our Consolidated Balance Sheets. The preneed funeral contracts to be funded at maturity by third party insurance policies are not recorded as assets or liabilities of the Company. See Note 9 to the Consolidated Financial Statements herein for further information regarding estimated revenues associated with preneed funeral contracts funded by third party insurance policies. In the opinion of management, the proceeds from the trust funds and the insurance policies at the time the preneed contracts mature will exceed the estimated future costs to perform services and provide products under such arrangements. The types of securities in which the trusts may invest are regulated by state agencies. Preneed Funeral and Cemetery Trust Funds Our preneed and perpetual care trust funds are reported in accordance with the principles of consolidating Variable Interest Entities (“VIE’s”). In the case of preneed trusts, the customers are the legal beneficiaries. In the case of perpetual care trusts, we do not have a right to access the corpus in the perpetual care trusts. We have recognized financial interests of third parties in the trust funds in our financial statements as Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus . The investments of such trust funds are classified as available-for-sale and are reported at fair market value; therefore, the unrealized gains and losses, as well as accumulated and undistributed income and realized gains and losses are recorded to Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus on our Consolidated Balance Sheets. Our future obligations to deliver merchandise and services are reported at estimated settlement amounts. Preneed funeral and cemetery trust investments are reduced by the trust investment earnings that we have been allowed to withdraw in certain states prior to maturity. These earnings, along with preneed contract collections not required to be placed in trust, are recorded in Deferred preneed funeral revenue and Deferred preneed cemetery revenue until the service is performed or the merchandise is delivered. In accordance with respective state laws, we are required to deposit a specified amount into perpetual and memorial care trust funds for each interment right and certain memorials sold. Income from the trust funds is distributed to us and used to provide for the care and maintenance of the cemeteries and mausoleums. Such trust fund income is recognized as revenue when realized by the trust and distributable to us. We are restricted from withdrawing any of the principal balances of these funds. An enterprise is required to perform an analysis to determine whether the enterprise’s variable interest(s) give it a controlling financial interest in a VIE. This analysis identifies the primary beneficiary of a VIE as the enterprise that has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our analysis continues to support our position as the primary beneficiary in the majority of our funeral and cemetery trust funds. 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 December 31, 2017 , CSV RIA provided these services to one institution, which has custody of approximately 80% 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. We determine whether or not the assets in the preneed 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 of the investment due to an other-than-temporary impairment is likewise recorded as a reduction to Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus on our Consolidated Balance Sheets. There will be no impact on earnings unless and until such time that the investment is withdrawn from the trust in accordance with state regulations at an amount that is less than its original basis. 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 major replacements that extend the useful economic life of the asset are capitalized. Depreciation of property, plant and equipment (including equipment under capital leases) is computed based on the straight-line method over the following estimated useful lives of the assets: Years Buildings and improvements 15 to 40 Furniture and fixtures 5 to 10 Machinery and equipment 3 to 15 Automobiles 5 to 7 0 Property, plant and equipment was comprised of the following at December 31, 2016 and 2017 (in thousands): December 31, 2016 December 31, 2017 Land $ 73,744 $ 74,981 Buildings and improvements 195,214 211,934 Furniture, equipment and automobiles 76,664 76,155 Property, plant and equipment, at cost 345,622 363,070 Less: accumulated depreciation (110,509 ) (115,776 ) Property, plant and equipment, net $ 235,113 $ 247,294 Depreciation expense was approximately $10.4 million, $11.5 million and $12.6 million for the years ended December 31, 2015 , 2016 and 2017 , respectively. During 2017, we acquired real estate for approximately $1.3 million for funeral home expansion projects. In addition, we acquired approximately $12.2 million of property, plant and equipment in connection with the seven funeral home businesses we acquired during 2017, as further discussed in Note 3 to the Consolidated Financial Statements included herein. During 2016 , we acquired real estate for approximately $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 . In addition, we acquired approximately $16.0 million of property, plant and equipment in connection with the six funeral home businesses we acquired during 2016. Long-lived assets, such as property, plant and equipment subject to depreciation and amortization, are reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with the Property, Plant and Equipment topic of the Accounting Standards Codification (“ASC”) 360. This guidance requires that long-lived assets to be held and used are reported at the lower of their carrying amount or fair value. We assess long-lived assets for impairment whenever events or circumstances indicate that the carrying value may be greater than the fair value. We evaluate our long-lived assets for impairment when a funeral home or cemetery business has negative earnings before interest, taxes, depreciation and amortization (“EBITDA”) for four consecutive years and if there has been a decline in EBITDA in that same period. We review our long-lived assets deemed held-for-sale to the point of recoverability. Assets to be disposed of and assets not expected to provide any future service potential are recorded at the lower of their carrying amount or fair value less estimated cost to sell. If we determine that the carrying value is not recoverable from the proceeds of the sale, we record an impairment at that time. For the years ended December 31, 2015 , 2016 and 2017 , no impairments were identified on our long-lived assets. Business Combinations Tangible and intangible assets acquired and liabilities assumed are recorded at fair value and goodwill is recognized for any difference between the price of the acquisition and fair value. We recognize the assets acquired, the liabilities assumed and any non-controlling interest in the acquiree at the acquisition date, measured at the fair value as of that date. Acquisition related costs are recognized separately from the acquisition and are expensed as incurred. We customarily estimate related transaction costs known at closing. To the extent that information not available to us at the closing date subsequently becomes available during the allocation period, we may adjust goodwill, intangible assets, assets or liabilities associated with the acquisition. During 2017 , we acquired seven funeral home businesses. We acquired one funeral home business in Longmont, Colorado and one funeral home business in Loveland, Colorado in November 2017 and five funeral home businesses on Long Island, New York in December 2017. During 2016 , we acquired six funeral home businesses. We acquired two funeral home businesses in Houston, Texas in May 2016, one funeral home business in Madera, California in September 2016, one funeral home business in Brookfield, Wisconsin in November 2016 and two funeral home businesses in Burlington, North Carolina and Graham, North Carolina in November 2016. See Note 3 to the Consolidated Financial Statements herein for further information concerning these acquisitions. 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. Effective January 1, 2017, we adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”), Intangibles (Topic 350): Goodwill and Other. The guidance simplifies subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test, which should reduce the cost and complexity of evaluating goodwill for impairment. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Instead, impairment is defined as the amount by which the carrying value of the reporting unit exceeds its fair value, up to the total amount of goodwill. Goodwill has an indefinite life and is not subject to amortization. As such, we test goodwill for impairment on an annual basis. Our intent is to perform a quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise and perform a qualitative assessment during the remaining two years. Our quantitative goodwill impairment test involves estimates and management judgment. In the quantitative analysis, 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. 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 is based on discounting projected future cash flows. The projected future cash flows include assumptions concerning future operating performance and economic conditions 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 utilizes the guideline public company method, in which we rely 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 an impairment charge is recorded in an amount equal to the difference. For our 2017 annual impairment test, we performed a qualitative assessment, using information as of August 31, 2017. 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 a quantitative goodwill impairment test. We determined that there were no factors that would indicate the need to perform a quantitative goodwill impairment test and concluded that it is more likely than not that the fair value of our reporting units is greater than their carrying value and thus there was no impairment to goodwill. For our 2016 annual impairment test, we performed a quantitative goodwill impairment test and concluded that the fair value of our reporting units was greater than their carrying value and thus there was no impairment to goodwill. 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 years ended December 31, 2015 , 2016 and 2017 . No such events or changes occurred between the testing date and year end to trigger a subsequent impairment review. See Note 4 to the Consolidated Financial Statements herein for additional information related to our goodwill. Intangible Assets Our intangible assets include tradenames resulting from acquisitions and are included in Intangible 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. As such, we test our intangible assets for impairment on an annual basis. Our intent is to perform a quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise and perform a qualitative assessment during the remaining two years. Our quantitative intangible asset impairment test involves estimates and management judgment. Our quantitative analysis is performed using the relief from royalty method, which measures the tradenames by determining 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 asset 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 rely on the profit split method, but also consider the comparable third-party license agreements and the return on asset method. A scorecard is 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. In accordance with the guidance, if the fair value of the tradename is less than its carrying amount an impairment charge is recorded in an amount equal to the difference. For our 2017 annual impairment test, we performed a qualitative assessment, using information as of August 31, 2017. 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 the tradename is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative impairment test. We determined that there were no factors that would indicate the need to perform a quantitative impairment test and concluded that it is more likely than not that the fair value of our intangible assets is greater than its carrying value and thus there was no impairment to our intangible assets. For our 2016 annual impairment test, we performed a quantitative impairment test as of August 31, 2016 using the relief from royalty method for each location that had a tradename balance at August 31, 2016 and concluded that there was no impairment to our 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 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. No other impairments were recorded to our intangible assets during the years ended December 31, 2015 , 2016 and 2017 . See Note 12 to the Consolidated Financial Statements included herein for additional information on our intangible assets. Divested and Discontinued Operations Effective January 1, 2015, we adopted the FASB's guidance for reporting discontinued operations, which amended the definition of “discontinued operations” to include only disposals or held-for-sale classifications for components or groups of components of an entity that represent a strategic shift that either has or will have a major effect on an entity's operations or financial results. Examples of a strategic shift that has or will have a major effect on an entity's operations and financial results include a disposal of a major geographical area, line of business, equity method of investment or other parts of an entity. The new guidance also requires the disclosure of pre-tax income of disposals that do not qualify as discontinued operations. We did not sell any of our funeral home or cemetery businesses in 2015. During 2016 , we sold a funeral home business in Tennessee for $1.35 million . During 2017 , we sold a funeral home business in Kentucky for $0.6 million . The businesses sold during 2016 and 2017 do not meet the definition of discontinued operations under the FASB guidance. As such, the operating results of these businesses, as well as the gain or loss on the sale are included within net income on our Consolidated Statements of Operations. We continually review locations to optimize the sustainable earning power and return on our invested capital. These reviews could entail selling certain non-strategic businesses. See Note 5 to the Consolidated Financial Statements herein for additional information concerning our divested businesses. Fair Value Measurements We measure the available-for-sale securities held by our funeral merchandise and service, cemetery merchandise and service, and cemetery perpetual care trusts at fair value on a recurring basis in accordance with the Fair Value Measurements Topic of the ASC. This guidance defines fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). The guidance establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 — inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. We disclose the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. The fair value disclosures of transfers in and out of Levels 1 and 2 and the gross presentation of purchases, sales, issuances and settlements in the Level 3 reconciliation of the three-tier fair value hierarchy are also presented in Notes 6 and 10 to the Consolidated Financial Statements included herein. We currently do not have any assets that have fair values determined by Level 3 inputs and no liabilities measured at fair value. We have not elected to measure any additional financial instruments and certain other items at fair value that are not currently required to be measured at fair value. To determine the fair value of assets and liabilities in an environment where the volume and level of activity for the asset or liability have significantly decreased, the exit price is used as the fair value measurement. For the year ended December 31, 2017 , we did not incur significant decreases in the volume or level of activity of any asset or liability. We consider an impairment of debt and equity securities other-than-temporary unless (a) we have the ability and intent to hold an investment and (b) evidence indicating the cost of the investment is recoverable before we are more likely than not required to sell the investment. If an impairment is indicated, then an adjustment is made to reduce the carrying amount to fair value which is recorded as a reduction to either Deferred preneed cemetery receipts held in trust, Deferred preneed funeral receipts held in trust or Care trusts’ corpus on our Consolidated Balance Sheets. For the years ended December 31, 2016 , we recorded an impairment charge of $2.3 million for other-than-temporary declines in fair value related to unrealized losses on certain investments. We did not record any impairments during the year ended December 31, 2017 . In the ordinary course of business, we are typically exposed to a variety of market risks. Currently, these are primarily related to changes in fair market values related to outstanding debts and changes in the values of securities associated with the preneed and perpetual care trusts. Management is actively involved in monitoring exposure to market risk and developing and utilizing risk management techniques when appropriate and when available for a reasonable price. See Notes 6, 10 and 11 to the Consolidated Financial Statements herein for additional required disclosures concerning the fair value measurement of our financial assets and liabilities. Presentation of Debt Issuance Costs Effective January 1, 2016, we adopted the FASB’s new guidance on simplifying the presentation of debt issuance costs. The guidance 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 issuance costs of $3.6 million and $2.7 million have been presented as a deduction from the carrying value of the related liabilities in our Consolidated Balance Sheets as of December 31, 2016 and 2017 , respectively. The amounts related to our Credit Facility were $1.3 million and $1.0 million as of December 31, 2016 and 2017 , respectively. The amounts related to our Convertible Notes were $2.3 million and $1.7 million as of December 31, 2016 and 2017 , respectively. See Notes 13 and 14 to the Consolidated Financial Statements included herein for additional information concerning the presentation of debt issuance costs. Income Taxes We and our subsidiaries file a consolidated U. S. federal income tax return, separate income tax returns in 16 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. Effective January 1, 2016, we adopted the FASB’s guidance requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. 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 the financial statements; provide certain disclosures of uncertain tax matters; and specify how reserves for uncertain tax positions should be classified on the Consolidated Balance Sheets. On May 10, 2017, we filed amended federal returns for the tax years ending December 31, 2013, 2014 and 2015, which generated significant refunds. As a result, on July 18, 2017, we received notification that the Internal Revenue Service (“IRS”) selected our tax years ended December 31, 2013, 2014 an |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS Revenue Recognition In May 2014, the FASB issued ASU, Revenue from Contracts with Customers (Topic 606). FASB Accounting Standards Codification (“ASC”) Topic 606 supersedes the revenue recognition requirements under Topic 605, Revenue Recognition , and most industry-specific guidance throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. On July 9, 2015, the FASB deferred the effective date by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We will adopt the provisions of this ASU for our fiscal year beginning January 1, 2018 using the 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. Currently, our 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. We have analyzed the impact on our contract portfolio by reviewing our revenue streams and our current policies and procedures to identify potential differences that would result from applying the requirements of the new standard to our contracts and we do not expect the new accounting standard to significantly impact our current accounting for the cemetery interment rights. We do not expect the adoption of this accounting standard to materially affect our accounting for other revenue streams. We expect the adoption of this new accounting standard to affect our accounting for the selling costs related to preneed cemetery merchandise and services and preneed funeral trust contracts. Currently, these costs are charged to operations using the specific identification method in the period incurred. Under the new accounting standard, we will capitalize and amortize these costs over the average preneed maturity period for our preneed cemetery merchandise and services contracts and preneed funeral trust contracts. The selling costs related to the sales of cemetery interment rights, which include real property and other costs related to cemetery development activities, will continue to be charged to operations using the specific identification method in the period in which the sale of the cemetery interment right is recognized as revenue. The selling costs related to preneed funeral insurance contracts will continue to be charged to operations using the specific identification method in the period incurred. Additionally, we believe the amounts due from customers for undelivered performance obligations on preneed contracts represent contract assets, which are required to be netted with Deferred preneed funeral revenue and Deferred preneed cemetery revenue , instead of Preneed receivables on our Consolidated Balance Sheets. We are adopting this standard using the modified retrospective method, which recognizes the cumulative effect of applying the standard at the date of initial application, with no restatement of the comparative periods presented. Based on our assessments, we do not expect the change to have a material impact on our Consolidated Financial Statements. We have modified our financial systems to provide accounting under the new guidance. Stock-Based Compensation In May 2017, the FASB issued ASU, Compensation: (Topic 718): Stock Compensation - Scope of Modification Accounting . The amendments provide guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless the fair value, vesting conditions and classification of the modified award are the same as the original award immediately before the award is modified. 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. The amendments should be applied prospectively to an award modified on or after the adoption date. Our adoption of this ASU for our fiscal year beginning January 1, 2018 is not expected to have a material effect on our Consolidated Financial Statements. Business Combinations In January 2017, the FASB issued ASU, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU applies to all entities that must determine whether they have acquired or sold a business. The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This ASU is effective for fiscal years beginning after December 15, 2017, including the interim periods within those periods, with earlier application permitted. Our adoption of this ASU for our fiscal year beginning January 1, 2018 is not expected to have a material effect on our Consolidated Financial Statements. Cash Flows In August 2016, the FASB issued ASU, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU applies to all entities that are required to present a statement of cash flows under Topic 230. The amendments provide guidance on eight specific cash flow issues and includes clarification on how these items should be classified in the statement of cash flows and is designed to help eliminate diversity in practice as to where items are classified in the cash flow statement. In November 2016, the FASB issued additional guidance on this topic that requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the statement of cash flows. 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. Our adoption of this ASU for our fiscal year beginning January 1, 2018 is not expected to have a material effect on our Consolidated Financial Statements. Financial Instruments In January 2016, the FASB issued ASU, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this ASU address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and apply to all entities that hold financial assets or owe financial liabilities. The amendments in this ASU also simplify the impairment assessment of equity investments without readily determinable fair values by requiring assessment for impairment qualitatively at each reporting period. That impairment assessment is similar to the qualitative assessment for long-lived assets, goodwill, and indefinite-lived intangible assets. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with earlier application permitted for financial statements that have not been issued. Our adoption of this ASU for our fiscal year beginning January 1, 2018 is not expected to have a material effect on our Consolidated Financial Statements. In June 2016, the FASB issued ASU, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. 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 main objective of the ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. This amendment replaces the incurred loss impairment methodology in the current standard with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. 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. 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. 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 | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Our growth strategy depends on 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 November 7, 2017, we acquired a funeral home business in Longmont, Colorado for $2.2 million in cash and we acquired a funeral home business in Loveland, Colorado for $2.3 million in cash. On December 5, 2017, we acquired five funeral home businesses on Long Island, New York for $23.0 million in cash. For the acquisitions, we acquired substantially all the assets and assumed certain operating liabilities including obligations associated with a capital lease and with certain financed automobiles. The pro forma impact of these acquisitions on prior periods is not presented, as the impact is not material to our reported results. The results of the acquired businesses are included in the Company's results from the date of acquisition. The following table summarizes the breakdown of the purchase price allocation for the businesses described above (in thousands): Purchase Price Allocation Current assets $ 180 Property, plant & equipment 12,195 Goodwill 12,469 Intangible and other non-current assets 3,309 Assumed liabilities (63 ) Obligations under capital leases (590 ) Purchase price $ 27,500 The intangible and other non-current assets relate to the fair value of tradenames and agreements not-to-compete. The following table summarizes the fair value of the assets acquired for these businesses (in millions): Acquisition Date Type of Business Market Assets Acquired (Excluding Goodwill) Goodwill Recorded Liabilities and Debt Assumed November 7, 2017 One Funeral Home Longmont, CO $ 1.5 $ 0.7 $ — November 7, 2017 One Funeral Home Loveland, CO $ 1.7 $ 0.7 $ (0.1 ) December 5, 2017 Five Funeral Homes Long Island, NY $ 12.5 $ 11.1 $ (0.6 ) As of December 31, 2017 , our accounting for our 2017 acquisitions is complete. See Note 12 to the Consolidated Financial Statements included herein for additional information on our intangible and other non-current assets. During 2016 , we acquired six funeral home businesses. We acquired two funeral home businesses in Houston, Texas in May 2016, one funeral home business in Madera, California in September 2016, one funeral home business in Brookfield, Wisconsin in November 2016 and two funeral home businesses in Burlington, North Carolina and Graham, North Carolina in November 2016. The following table summarizes the breakdown of the purchase price for the businesses acquired during 2016 (in thousands): Purchase Price Cash paid $ 23,871 Deferred payments 8,884 Purchase price $ 32,755 The following table summarizes the breakdown of the purchase price allocation for the businesses acquired during 2016 (in thousands): Purchase Price Allocation Current assets $ 530 Property, plant & equipment 15,972 Goodwill 11,832 Intangible and other non-current assets 4,588 Assumed liabilities (167 ) Purchase price $ 32,755 The intangible and other non-current assets relate to the fair value of tradenames and 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 acquired during 2016 (in millions): Acquisition Date Type of Business Market Assets Acquired (Excluding Goodwill) Goodwill Recorded Liabilities and Debt Assumed May 31, 2016 Two Funeral Homes Houston, TX $ 7.0 $ 3.3 $ (0.1 ) September 20, 2016 One Funeral Home Madera, CA $ 3.7 $ 1.9 $ — November 8, 2016 One Funeral Home Brookfield, WI $ 5.7 $ 1.2 $ (0.1 ) November 15, 2016 Two Funeral Homes Burlington/Graham, NC $ 4.7 $ 5.4 $ — |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL Many of the former owners and staff of our acquired funeral homes and certain cemeteries 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 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. Our goodwill has an indefinite life and is not subject to amortization. As such, we test goodwill for impairment on an annual basis. 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 a quantitative goodwill impairment test. Our intent is to perform the quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise and perform the qualitative assessment during the remaining two years. For our 2017 annual impairment test, we performed a qualitative assessment. We determined that there were no factors that would indicate the need to perform a quantitative goodwill impairment test and concluded that it is more likely than not that the fair value of our reporting units is greater than their carrying value and thus there was no impairment to goodwill. See Note 1 to the Consolidated Financial Statements included herein, for a discussion of the methodology used for our annual goodwill impairment test. The following table presents changes in goodwill in the accompanying Consolidated Balance Sheets for the years ended December 31, 2016 and 2017 (in thousands): December 31, 2016 December 31, 2017 Goodwill at the beginning of year $ 264,416 $ 275,487 Increase in goodwill related to acquisitions 11,832 12,469 Decrease in goodwill related to divestitures (761 ) — Goodwill at the end of the year $ 275,487 $ 287,956 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | DIVESTED AND DISCONTINUED OPERATIONS We did not sell any of our funeral home or cemetery businesses in 2015. During 2016, we sold a funeral home business in Tennessee for $1.35 million . During 2017, we sold a funeral home business in Kentucky for $0.6 million . We continually review locations to optimize the sustainable earning power and return on our invested capital. These reviews could entail selling certain non-strategic businesses. The operating results of these divested businesses, as well as the gain or loss on the sale are included within net income on our Consolidated Statements of Operations and are reflected in the table below (in thousands): Year Ended December 31, 2015 2016 2017 Revenues $ — $ 744 $ 605 Operating income — 314 277 Net gain (loss) on disposal — (29 ) 191 Income tax provision — (112 ) (187 ) Net income from divested operations $ — $ 173 $ 281 |
Preneed Trust Investments
Preneed Trust Investments | 12 Months Ended |
Dec. 31, 2017 | |
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 generally permitted to withdraw as the 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, 2016 and 2017 were as follows (in thousands): December 31, 2016 December 31, 2017 Preneed cemetery trust investments, at market value $ 71,834 $ 75,992 Less: allowance for contract cancellation (2,138 ) (2,139 ) Preneed cemetery trust investments, net $ 69,696 $ 73,853 Upon cancellation of a preneed cemetery contract, a customer is generally entitled to receive a refund of the corpus, and in some instances, a portion of 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 investment income. As a result, when realized or unrealized losses of a trust result in the trust being underfunded, we assess whether we are responsible for replenishing the corpus of the trust, in which case a loss provision is recorded. At December 31, 2017 , none of our preneed cemetery trust investments were underfunded. 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 as 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 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 year ended December 31, 2017 . There are no Level 3 investments in the preneed cemetery trust investment portfolio. See Note 11 to the Consolidated Financial Statements included herein for further information of the fair value measurement and the three-level valuation hierarchy. The cost and fair market values associated with preneed cemetery trust investments at December 31, 2017 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 3,132 $ — $ — $ 3,132 Fixed income securities: Foreign debt 2 4,834 292 (193 ) 4,933 Corporate debt 2 18,238 1,184 (273 ) 19,149 Preferred stock 2 16,421 510 (588 ) 16,343 Mortgage-backed securities 2 1,018 249 (24 ) 1,243 Common stock 1 26,465 5,250 (2,460 ) 29,255 Mutual funds: Fixed Income 2 $ 1,198 50 (11 ) $ 1,237 Trust securities $ 71,306 $ 7,535 $ (3,549 ) $ 75,292 Accrued investment income $ 700 $ 700 Preneed cemetery trust investments $ 75,992 Market value as a percentage of cost 105.6 % 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 2,183 Due in five to ten years 5,376 Thereafter 33,806 Total fixed income securities $ 41,668 The cost and market values associated with preneed cemetery trust investments at December 31, 2016 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 10,852 $ — $ — $ 10,852 Fixed income securities: Municipal bonds 2 496 18 (4 ) $ 510 Foreign debt 2 7,574 160 (656 ) 7,078 Corporate debt 2 20,621 1,569 (1,123 ) 21,067 Preferred stock 2 16,287 8 (947 ) 15,348 Mortgage-backed securities 2 949 372 (4 ) 1,317 Common stock 1 13,250 2,191 (1,838 ) 13,603 Mutual funds: Fixed Income 2 1,223 107 — 1,330 Trust Securities $ 71,252 $ 4,425 $ (4,572 ) $ 71,105 Accrued investment income $ 729 $ 729 Preneed cemetery trust investments $ 71,834 Market value as a percentage of cost 99.8 % 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. For the year ended December 31, 2016 , we recorded a $0.9 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 year ended December 31, 2017 . There is no impact on earnings until such time that the loss is realized in the trusts, allocated to the 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 December 31, 2017 , 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 preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2017 are shown in the following tables (in thousands): December 31, 2017 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 $ 151 $ (6 ) $ 1,637 $ (187 ) $ 1,788 $ (193 ) Corporate debt 3,735 (72 ) 846 (201 ) 4,581 (273 ) Preferred stock 48 — 8,109 (588 ) 8,157 (588 ) Mortgage-backed securities 127 (15 ) 27 (9 ) 154 (24 ) Common stock 8,249 (1,512 ) 1,742 (948 ) 9,991 (2,460 ) Mutual funds: Fixed Income 496 (11 ) — — 496 (11 ) Total temporary impaired securities $ 12,806 $ (1,616 ) $ 12,361 $ (1,933 ) $ 25,167 $ (3,549 ) Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2016 are shown in the following tables (in thousands): December 31, 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: Municipal bonds $ 228 $ (4 ) $ — $ — $ 228 $ (4 ) Foreign debt 2,523 (180 ) 2,868 (475 ) 5,391 (655 ) Corporate debt 6,939 (233 ) 2,168 (890 ) 9,107 (1,123 ) Preferred stock 3,217 (121 ) 11,635 (826 ) 14,852 (947 ) Mortgage-backed securities 51 (5 ) — — 51 (5 ) Common stock 2,608 (202 ) 3,385 (1,636 ) 5,993 (1,838 ) Total temporary impaired securities $ 15,566 $ (745 ) $ 20,056 $ (3,827 ) $ 35,622 $ (4,572 ) Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Investment income $ 2,562 $ 2,250 $ 2,250 Realized gains 2,952 2,141 2,218 Realized losses (3,671 ) (6,559 ) (2,384 ) Expenses and taxes (1,790 ) (1,266 ) (1,308 ) Decrease (increase) in deferred preneed cemetery receipts held in trust (53 ) 3,434 (776 ) $ — $ — $ — Purchases and sales of investments in the preneed cemetery trusts for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Purchases $ (26,757 ) $ (25,643 ) $ (21,966 ) Sales 23,141 25,846 14,002 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 retained amounts not required 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, 2016 and 2017 were as follows (in thousands): December 31, 2016 December 31, 2017 Preneed funeral trust investments, at market value $ 91,980 $ 93,341 Less: allowance for contract cancellation (2,740 ) (2,659 ) Preneed funeral trust investments, net $ 89,240 $ 90,682 Upon cancellation of a preneed funeral contract, a customer is generally entitled to receive a refund of the corpus and in some instances, a portion of all 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 investment income. As a result, when realized or unrealized losses of a trust result in the trust being underfunded, we assess whether we are responsible for replenishing the corpus of the trust, in which case a loss provision is recorded. At December 31, 2017 , none of our preneed funeral trust investments were underfunded. 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 year ended December 31, 2017 . There are no Level 3 investments in the preneed funeral trust investment portfolio. See Note 11 to the Consolidated Financial Statements included herein for further information of the fair value measurement and the three-level valuation hierarchy. The cost and fair market values associated with preneed funeral trust investments at December 31, 2017 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 14,349 $ — $ — $ 14,349 Fixed income securities: U.S. treasury debt 1 1,490 10 (15 ) 1,485 Foreign debt 2 4,870 298 (189 ) 4,979 Corporate debt 2 18,963 1,197 (278 ) 19,882 Preferred stock 2 16,335 501 (585 ) 16,251 Mortgage-backed securities 2 1,187 263 (27 ) 1,423 Common stock 1 26,129 5,253 (2,468 ) 28,914 Mutual funds: Fixed income 2 1,974 52 (48 ) 1,978 Other investments 2 3,341 — — 3,341 Trust securities $ 88,638 $ 7,574 $ (3,610 ) $ 92,602 Accrued investment income $ 739 $ 739 Preneed funeral trust investments $ 93,341 Market value as a percentage of cost 104.5 % The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 320 Due in one to five years 3,744 Due in five to ten years 5,782 Thereafter 34,174 Total fixed income securities $ 44,020 The cost and market values associated with preneed funeral trust investments at December 31, 2016 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 22,787 $ — $ — $ 22,787 Fixed income securities: U.S. treasury debt 1 1,491 21 (10 ) 1,502 Municipal bonds 2 447 17 (4 ) 460 Foreign debt 2 7,692 170 (677 ) 7,185 Corporate debt 2 21,454 1,566 (1,134 ) 21,886 Preferred stock 2 17,037 64 (970 ) 16,131 Mortgage-backed securities 2 1,165 400 (5 ) 1,560 Common stock 1 13,675 2,256 (1,850 ) 14,081 Mutual funds: Fixed income 2 2,124 115 (66 ) 2,173 Other investments 2 3,463 — — 3,463 Trust securities $ 91,335 $ 4,609 $ (4,716 ) $ 91,228 Accrued investment income $ 752 $ 752 Preneed funeral trust investments $ 91,980 Market value as a percentage of cost 99.9 % 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. For the year ended December 31, 2016 , we recorded a $0.9 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 year ended December 31, 2017 . 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 December 31, 2017 , 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 December 31, 2017 are shown the the following tables (in thousands): December 31, 2017 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. treasury debt $ 1,325 $ (15 ) $ — $ — $ 1,325 $ (15 ) Foreign debt 159 (6 ) 1,608 (183 ) 1,767 (189 ) Corporate debt 3,770 (74 ) 842 (203 ) 4,612 (277 ) Preferred stock 50 — 8,184 (585 ) 8,234 (585 ) Mortgage-backed securities 221 (17 ) 36 (10 ) 257 (27 ) Common Stock 8,001 (1,496 ) 1,728 (972 ) 9,729 (2,468 ) Mutual funds: Fixed income 549 (12 ) 615 (37 ) 1,164 (49 ) Total temporary impaired securities $ 14,075 $ (1,620 ) $ 13,013 $ (1,990 ) $ 27,088 $ (3,610 ) Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2016 are shown the the following tables (in thousands): December 31, 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: U.S. treasury debt $ 834 $ (10 ) $ — $ — $ 834 $ (10 ) Municipal bonds 244 (5 ) — — 244 (5 ) Foreign debt 2,654 (186 ) 2,905 (490 ) 5,559 (676 ) Corporate debt 6,977 (215 ) 2,234 (919 ) 9,211 (1,134 ) Preferred stock 3,420 (128 ) 11,750 (842 ) 15,170 (970 ) Mortgage-backed securities 55 (5 ) 11 (1 ) 66 (6 ) Mutual funds: Equity 2,795 (216 ) 3,390 (1,634 ) 6,185 (1,850 ) Fixed income 97 (7 ) 644 (58 ) 741 (65 ) Total temporary impaired securities $ 17,076 $ (772 ) $ 20,934 $ (3,944 ) $ 38,010 $ (4,716 ) Preneed funeral trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Investment income $ 2,819 $ 2,344 $ 2,420 Realized gains 3,931 2,287 2,386 Realized losses (3,979 ) (6,642 ) (2,396 ) Expenses and taxes (988 ) (1,174 ) (1,290 ) Decrease (increase) in deferred preneed funeral receipts held in trust (1,783 ) 3,185 (1,120 ) $ — $ — $ — Purchases and sales of investments in the preneed funeral trusts for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Purchases $ (26,021 ) $ (26,457 ) $ (21,954 ) Sales 42,582 27,425 14,463 |
Preneed Cemetery Receivables
Preneed Cemetery Receivables | 12 Months Ended |
Dec. 31, 2017 | |
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. Total financed preneed cemetery receivables were comprised of the following at December 31, 2016 and December 31, 2017 (in thousands): December 31, 2016 December 31, 2017 Cemetery interment rights $ 28,687 $ 29,625 Cemetery merchandise and services 10,299 10,849 Preneed cemetery receivables $ 38,986 $ 40,474 These amounts are presented on our Consolidated Balance Sheets at December 31, 2016 and December 31, 2017 as follows (in thousands): December 31, 2016 December 31, 2017 Accounts receivable, excluding unearned finance charges and allowance for contract cancellations of $2,622 and $2,779, respectively $ 11,380 $ 11,843 Preneed receivables , excluding unearned finance charges and allowance for contract cancellations of $4,983 and $4,922, respectively 27,606 28,631 Preneed cemetery receivables $ 38,986 $ 40,474 The unearned finance charges associated with these receivables were $5.7 million at both December 31, 2016 and 2017 . 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 4.9% of the total receivables on recognized sales at December 31, 2017 . 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 years ending December 31, 2016 and 2017 , the change in the allowance for contract cancellations was as follows (in thousands): As of December 31, 2016 2017 Beginning balance $ 1,765 $ 1,861 Write-offs and cancellations (1,332 ) (1,298 ) Provision 1,428 1,456 Ending balance $ 1,861 $ 2,019 The aging of past due financing receivables as of December 31, 2017 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 $ 1,140 $ 530 $ 155 $ 1,301 $ 3,126 $ 26,449 $ 29,575 Deferred revenue 380 171 63 392 1,006 9,893 10,899 Total contracts $ 1,520 $ 701 $ 218 $ 1,693 $ 4,132 $ 36,342 $ 40,474 The aging of past due financing receivables as of December 31, 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 $ 674 $ 356 $ 233 $ 1,086 $ 2,349 $ 26,003 $ 28,352 Deferred revenue 310 112 86 316 824 9,810 10,634 Total contracts $ 984 $ 468 $ 319 $ 1,402 $ 3,173 $ 35,813 $ 38,986 |
Receivables from Preneed Trusts
Receivables from Preneed Trusts | 12 Months Ended |
Dec. 31, 2017 | |
Receivables From Preneed Trusts [Abstract] | |
RECEIVABLES FROM PRENEED FUNERAL 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, 2016 and 2017 , receivables from preneed trusts were as follows (in thousands): December 31, 2016 December 31, 2017 Preneed trust funds, at cost $ 14,658 $ 15,759 Less: allowance for contract cancellation (440 ) (472 ) Receivables from preneed trusts, net $ 14,218 $ 15,287 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 December 31, 2016 and 2017 . The cost basis includes reinvested interest and dividends that have been earned on the trust assets. Fair value includes unrealized gains and losses on trust assets. The composition of the preneed trust funds at December 31, 2017 was as follows (in thousands): Historical Cost Basis Fair Value As of December 31, 2017 Cash and cash equivalents $ 3,903 $ 3,903 Fixed income investments 9,306 9,306 Mutual funds and common stocks 2,544 2,567 Annuities 6 6 Total $ 15,759 $ 15,782 The composition of the preneed trust funds at December 31, 2016 was as follows (in thousands): Historical Cost Basis Fair Value As of December 31, 2016 Cash and cash equivalents $ 3,378 $ 3,378 Fixed income investments 8,809 8,809 Mutual funds and common stocks 2,455 2,463 Annuities 16 16 Total $ 14,658 $ 14,666 |
Contracts Secured by Insurance
Contracts Secured by Insurance | 12 Months Ended |
Dec. 31, 2017 | |
Contracts Secured by Insurance [Abstract] | |
CONTRACTS SECURED BY INSURANCE | CONTRACTS FUNDED BY INSURANCE Certain preneed funeral contracts are funded by life insurance contracts. Generally, the proceeds of the life insurance policies have been assigned to us and will be paid upon the death of the insured. The proceeds will be used to satisfy the beneficiary’s obligations under the preneed contract for services and merchandise. Preneed funeral contracts to be funded at maturity by insurance policies totaled $357.4 million and $371.5 million at December 31, 2016 and 2017 , respectively, and are not included on our Consolidated Balance Sheets. |
Cemetery Perpetual Care Trust I
Cemetery Perpetual Care Trust Investments | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 and 2017 were as follows (in thousands): December 31, 2016 December 31, 2017 Trust assets, at market value $ 46,889 $ 50,229 Obligations due from trust (599 ) (373 ) Care trusts’ corpus $ 46,290 $ 49,856 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 December 31, 2017 , none of our cemetery perpetual care trust investments were underfunded. 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 fixed income securities, including 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. There were no transfers between Levels 1 and 2 for the year ended December 31, 2017 . There are no Level 3 investments in the cemetery perpetual care trust investment portfolio. See Note 11 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 December 31, 2017 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 1,906 $ — $ — $ 1,906 Fixed income securities: Foreign debt 2 3,580 227 (134 ) 3,673 Corporate debt 2 12,557 805 (187 ) 13,175 Preferred stock 2 11,545 364 (411 ) 11,498 Mortgage-backed securities 2 621 152 (15 ) 758 Common stock 1 16,326 3,116 (1,595 ) 17,847 Mutual funds: Fixed income 2 913 42 (10 ) 945 Trust securities $ 47,448 $ 4,706 $ (2,352 ) $ 49,802 Accrued investment income $ 427 $ 427 Cemetery perpetual care investments $ 50,229 Market value as a percentage of cost 105.0 % The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 184 Due in one to five years 1,441 Due in five to ten years 3,788 Thereafter 23,691 Total fixed income securities $ 29,104 The following table reflects the cost and market values associated with the trust investments held in perpetual care trust funds at December 31, 2016 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 6,522 $ — $ — $ 6,522 Fixed income securities: Municipal bonds 2 365 13 (3 ) 375 Foreign debt 2 5,100 99 (435 ) 4,764 Corporate debt 2 13,715 966 (821 ) 13,860 Preferred stock 2 11,323 5 (664 ) 10,664 Mortgage-backed securities 2 569 223 (3 ) 789 Common stock 1 8,259 1,382 (1,146 ) 8,495 Mutual funds: Fixed income 2 855 76 — 931 Trust securities $ 46,708 $ 2,764 $ (3,072 ) $ 46,400 Accrued investment income $ 489 $ 489 Cemetery perpetual care investments $ 46,889 Market value as a percentage of cost 99.3 % 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 . For the year ended December 31, 2016 , we recorded a $0.4 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 year ended December 31, 2017 . At December 31, 2017 , 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 investments 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 year ended December 31, 2017 are shown in the following tables (in thousands): December 31, 2017 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 $ 92 $ (3 ) $ 1,128 $ (131 ) $ 1,220 $ (134 ) Corporate debt 2,621 (59 ) 555 (128 ) 3,176 (187 ) Preferred stock 29 — 5,492 (411 ) 5,521 (411 ) Mortgage-backed securities 76 (10 ) 16 (5 ) 92 (15 ) Common stock 5,119 (991 ) 1,108 (604 ) 6,227 (1,595 ) Mutual funds: Fixed income 433 (10 ) — — 433 (10 ) Total temporary impaired securities $ 8,370 $ (1,073 ) $ 8,299 $ (1,279 ) $ 16,669 $ (2,352 ) Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the year ended December 31, 2016 are shown in the following tables (in thousands): December 31, 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: Municipal bonds $ 137 $ (3 ) $ — $ — $ 137 $ (3 ) Foreign debt 1,619 (120 ) 1,961 (315 ) 3,580 (435 ) Corporate debt 4,679 (152 ) 1,439 (669 ) 6,118 (821 ) Preferred stock 2,038 (77 ) 8,329 (587 ) 10,367 (664 ) Mortgage-backed securities 31 (3 ) — — 31 (3 ) Common stock 1,563 (121 ) 2,004 (1,025 ) 3,567 (1,146 ) Total temporary impaired securities $ 10,067 $ (476 ) $ 13,733 $ (2,596 ) $ 23,800 $ (3,072 ) Perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Realized gains $ 1,773 $ 872 $ 926 Realized losses (2,431 ) (3,069 ) (1,195 ) Decrease in Care trusts’ corpus 658 2,197 269 Total $ — $ — $ — Perpetual care trust investment security transactions recorded in Revenues: Cemetery for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Investment income $ 5,315 $ 6,451 $ 5,949 Realized gains (losses), net 436 (434 ) (838 ) Total $ 5,751 $ 6,017 $ 5,111 Purchases and sales of investments in the perpetual care trusts for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Purchases $ (16,694 ) $ (16,546 ) $ (13,923 ) Sales 14,710 16,534 8,899 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date applicable for items that are recognized or disclosed at fair value in the financial statements on a recurring basis. We disclose the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. We evaluated our financial assets and liabilities for those financial assets and liabilities that met 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 13) are classified within Level 2 of the Fair Value Measurements hierarchy. The fair values of the 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 Notes issued in March 2014 was approximately $180.3 million at December 31, 2017 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 investments categories on our Consolidated Balance Sheets as having met the criteria for fair value measurement. The following three-level valuation hierarchy based upon the transparency of inputs is utilized in the measurement and valuation of financial assets or liabilities as of the measurement date: • Level 1—Fair value of securities based on unadjusted quoted prices for identical assets or liabilities in active markets. Our investments classified as Level 1 securities include cash, common stock and U.S. treasury debt; • Level 2—Fair value of securities estimated based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted market prices that are observable or that can be corroborated by observable market data by correlation. These inputs include interest rates, yield curves, credit risk, prepayment speeds, rating and tax-exempt status. Our investments classified as Level 2 securities include municipal bonds, corporate debt, preferred stocks, foreign debt, mortgage-backed securities, fixed income mutual funds and other investments. • Level 3—Unobservable inputs based upon the reporting entity’s internally developed assumptions, which market participants would use in pricing the asset or liability. As of December 31, 2016 and 2017 , 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 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 6 and 10 to our Consolidated Financial Statements herein for the fair value hierarchy levels of our trust investments. |
Intangible and Other Non-Curren
Intangible and Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure | AND OTHER NON-CURRENT ASSETS Intangible and other non-current assets at December 31, 2016 and 2017 were as follows (in thousands): December 31, 2016 December 31, 2017 Prepaid agreements not-to-compete, net of accumulated amortization of $5,501 and $6,051, respectively $ 3,244 $ 3,730 Tradenames 11,663 14,372 Other 50 15 Intangible and other non-current assets $ 14,957 $ 18,117 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 $300,000 , $435,000 and $550,000 for the years ended December 31, 2015 , 2016 and 2017 , respectively. During the year ended December 31, 2017 , we increased prepaid agreements not-to-compete by $0.9 million related to our 2017 acquisitions described in Note 3 to the Consolidated Financial Statements included herein. Our tradenames have indefinite lives and therefore are not amortized. During the year ended December 31, 2017 , we increased tradenames by approximately $2.7 million related to our 2017 acquisitions described in Note 3 to the Consolidated Financial Statements included herein. During the year ended December 31, 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, net on our Consolidated Statements of Operations. We did no t record an impairment to tradenames in the year ended December 31, 2017 . 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. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt | LONG-TERM DEBT Our long-term debt consisted of the following at December 31, 2016 and 2017 (in thousands): December 31, 2016 December 31, 2017 Revolving credit facility, secured, floating rate $ 67,700 $ 92,000 Term loan, secured, floating rate 138,750 127,500 Acquisition debt 12,245 10,548 Debt issuance costs, net of accumulated amortization of $4,138 and $4,442, respectively (1,270 ) (967 ) Less: current portion (13,021 ) (16,927 ) Total long-term debt $ 204,404 $ 212,154 As of December 31, 2017 , 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 matures on February 9, 2021 and 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 December 31, 2017 , we had outstanding borrowings under the revolving credit facility of $92.0 million and $127.5 million was outstanding on the term loan. We have one letter of credit issued on November 30, 2017 and outstanding under the Credit Facility for approximately $2.0 million , which bears interest at 2.125% and will expire on November 27, 2018. 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 December 31, 2017 , the prime rate margin was equivalent to 1.55% and the LIBOR margin was 2.125% . The weighted average interest rate on the Credit Facility for the year ended December 31, 2017 was 3.2% . We have no material assets or operations independent of our subsidiaries. All assets and operations are held and conducted by subsidiaries, each of which have fully and unconditionally guaranteed our obligations under the Credit Agreement. Additionally, we do not currently have any significant restrictions on our ability to receive dividends or loans from any subsidiary guarantor under the Credit Agreement. We were in compliance with the covenants contained in our Credit Agreement as of December 31, 2016 and 2017 . The Credit Agreement contains key ratios that we must comply with including a requirement to maintain a leverage ratio of no more than 3.50 to 1.00 and a covenant to maintain a fixed charge coverage ratio of no less than 1.20 to 1.00 . As of December 31, 2017 , the leverage ratio was 3.15 to 1.00 and the fixed charge coverage ratio was 2.14 to 1.00 . Acquisition debt consists of deferred purchase price and promissory notes payable to sellers. A majority of the deferred purchase price and notes bear interest at 0% and are discounted at imputed interest rates ranging from 7.3% to 10.0% . Original maturities range from five to twenty years. Amortization of debt issuance costs related to our Credit Facility was approximately $0.4 million and $0.3 million for the years ended December 31, 2016 and 2017 , respectively. Unamortized debt issuance costs related to the Credit Facility are being amortized over the remaining term of the related debt using the effective interest method for our term loan and the straight line method for our revolving credit facility. The aggregate maturities of our long-term debt for the next five years subsequent to December 31, 2017 and thereafter are as follows (in thousands): Years ending December 31, 2018 $ 16,927 2019 16,949 2020 19,068 2021 172,699 2022 530 2023 and thereafter 3,875 $ 230,048 |
Convertible Subordinated Notes
Convertible Subordinated Notes | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [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 have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and were offered only to “qualified institutional buyers” in compliance with Rule 144A under the Securities Act. The Convertible Notes are governed by an indenture dated as of March 19, 2014 between Wilmington Trust, National Association, as Trustee, and us (the “Indenture”). The Convertible Notes bear interest at 2.75% . 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 Convertible Notes are general unsecured obligations and are subordinated in the right of payment to all of our existing and future senior indebtedness and equal in right of payment with our other existing and future subordinated indebtedness. The initial conversion rate of the Convertible Notes was 44.3169 shares of our common stock per $1,000 principal amount of the Convertible Notes, equivalent to an initial conversion price of approximately $22.56 per share of common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, as described in the Indenture. During the year ended December 31, 2017 , an adjustment to the conversion rate of the Convertible Notes was triggered when our Board increased the dividends declared per common share from $0.05 per share to $0.075 per share. At December 31, 2017 , the adjusted conversion rate of the Convertible Notes is 44.6266 shares of our common stock per $1,000 principal amount of Convertible Notes, equivalent to an adjusted conversion price of approximately $22.41 per share of common stock. The Convertible Notes mature on March 15, 2021 , unless earlier converted or purchased by us. The conversion option of the Convertible Notes is not an embedded derivative. Holders of the Convertible Notes may convert their Convertible Notes at their option at any time prior to December 15, 2020, if certain conditions are met. We may not redeem the Convertible Notes prior to maturity. However, in the event of a fundamental change (as defined in the Indenture), subject to certain conditions, a holder of the Convertible Notes will have the option to require us to purchase all or a portion of its Convertible Notes for cash. The fundamental change purchase price will equal 100% of the principal amount of the Convertible Notes to be purchased, plus any accrued and unpaid interest up to, but excluding, the fundamental change purchase date. The unamortized discount and the unamortized debt issuance costs are being amortized using the effective interest method over the remaining term of approximately 38 months of the Convertible Notes. The effective interest rate on the unamortized discount and the debt issuance costs for the years ended December 31, 2016 and 2017 was 6.75% and 2.75% , respectively. Equity issuance costs are included in Additional paid-in capital (“APIC”) on our Consolidated Balance Sheets and are not amortized. Additionally, the recognition of the Convertible Notes as two separate components results in a basis difference associated with the liability component which represents a temporary tax difference. As a result, we recognized a deferred tax liability of $12.7 million related to this temporary difference which was recorded as a reduction to APIC and an increase to our deferred tax liability. The deferred tax liability is being amortized over the seven year term of the Convertible Notes. At December 31, 2017 , the balance of our deferred tax liability related to our Convertible Notes was $4.1 million . The carrying values of the liability and equity components of the Convertible Notes at December 31, 2016 and 2017 are reflected on our Consolidated Balance Sheets as follows (in thousands): December 31, 2016 December 31, 2017 Long-term liabilities: Principal amount $ 143,750 $ 143,750 Unamortized discount of liability component (21,887 ) (17,559 ) Convertible Notes issuance costs, net of accumulated amortization of $1,359 and $1,877, respectively (2,268 ) (1,750 ) Carrying value of the liability component $ 119,596 $ 124,441 Carrying value of the equity component $ 17,973 $ 17,973 The Carrying value of the liability component and the Carrying value of the equity component are recorded in Convertible subordinated notes due 2021 and Additional paid-in capital , respectively, on our Consolidated Balance Sheets at December 31, 2016 and 2017 . The fair value of the Convertible Notes, which are Level 2 measurements, was approximately $180.3 million at December 31, 2017 . Interest expense on the Convertible Notes included contractual coupon interest expense of $4.0 million for both the years ended December 31, 2016 and 2017 . Accretion of the discount on the Convertible Notes was approximately $3.9 million and $4.3 million for the years ended December 31, 2016 and 2017 , respectively. Amortization of debt issuance costs related to our Convertible Notes was approximately $0.5 million for both the years ended December 31, 2016 and 2017 . The aggregate maturities of our Convertible Notes for the five years subsequent to December 31, 2017 are as follows (in thousands): Principal Maturity Discount Amortization Present Value Years ending December 31, 2018 $ — $ (4,844 ) $ (4,844 ) 2019 — (5,422 ) (5,422 ) 2020 — (6,068 ) (6,068 ) 2021 143,750 (1,225 ) 142,525 2022 — — — $ 143,750 $ (17,559 ) $ 126,191 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Leases We lease certain office facilities, certain funeral homes and equipment under operating leases with original terms ranging from one to twelve years . Certain of these leases provide for an annual rent adjustment and contain options for renewal. Rent expense totaled $6.5 million , $6.1 million and $6.1 million for the years ended December 31, 2015 , 2016 and 2017 , respectively. Assets acquired under capital leases are included in property, plant and equipment in our accompanying Consolidated Balance Sheets in the amount of $2.7 million in 2016 and $6.6 million in 2017 , net of accumulated depreciation. Capital lease obligations are included in current and long-term debt as indicated below. At December 31, 2017 , future minimum lease payments under non-cancelable lease agreements were as follows (in thousands): Future Minimum Lease Payments Operating Leases Capital Leases Years ending December 31, 2018 $ 3,441 $ 842 2019 3,056 817 2020 2,521 771 2021 2,155 779 2022 303 803 Thereafter 586 7,818 Total future minimum lease payments $ 12,062 $ 11,830 Less: amount representing interest (rates ranging from 7.0% to 11.5%) (5,145 ) Less: current portion of obligations under capital leases (324 ) Long-term obligations under capital leases $ 6,361 Non-Compete, Consulting and Employment Agreements We have various non-compete agreements with former owners and employees. These agreements are generally for one to ten years and provide for periodic future payments over the term of the agreements. We have various consulting agreements with former owners of businesses we have acquired. Payments for such agreements are generally not made in advance. These agreements are generally for one to ten years and provide for bi-weekly or monthly payments. We have employment agreements with certain of our executive officers and senior leadership. These agreements are generally for three or four years and provide for participation in various incentive compensation arrangements. These agreements automatically renew on an annual basis after their initial term has expired. At December 31, 2017 , the maximum estimated future cash commitments under these agreements with remaining commitment terms, and with original terms of more than one year, are as follows (in thousands): Non-Compete Consulting Employment (a) Total Years ending December 31, 2018 $ 1,745 $ 907 $ 2,020 $ 4,672 2019 1,564 592 1,000 3,156 2020 1,324 421 1,000 2,745 2021 1,217 328 244 1,789 2022 837 118 — 955 Thereafter 1,360 — — 1,360 $ 8,047 $ 2,366 $ 4,264 $ 14,677 (a) Melvin C. Payne, our Chairman of the Board and Chief Executive Officer, has an employment agreement that renews for one additional year on each anniversary of the effective date, such that at any given time between three and four years remain in the term of the agreement. 401(K) Plan We sponsor a defined contribution plan (401K) for the benefit of our employees. Matching contributions and plan administrative expenses totaled $1.7 million , $1.8 million and $1.9 million for 2015 , 2016 and 2017 , respectively. We do not offer any post-retirement or post-employment benefits. Other Commitments Effective April 30, 2016, we terminated an agreement to outsource the processing of transactions for our cemetery business and certain accounting activities. At that time, all transaction processing returned in-house and we retained most of the personnel of the service provider that resided in our home office. We believe that the costs associated with performing these formerly outsourced activities internally should, for the foreseeable future, be less than the costs we incurred under the outsourcing arrangement. For the years ended December 31, 2015 and 2016 , we incurred costs of approximately $1.9 million and $0.9 million , respectively, for services rendered under this agreement, of which we paid approximately $1.0 million and $0.6 million , respectively, with the remainder paid by the Preneed cemetery trust investments portfolio. Litigation We are a party to various litigation matters and proceedings. For each of our outstanding legal matters, we evaluate the merits of the case, our exposure to the matter, possible legal or settlement strategies, and the likelihood of an unfavorable outcome. If we determine that an unfavorable outcome is probable and can be reasonably estimated, we establish the necessary accruals. We hold certain insurance policies that may reduce cash outflows with respect to an adverse outcome of certain of these litigation matters. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | INCOME TAXES The provision (benefit) for income taxes for the years ended December 31, 2015 , 2016 and 2017 consisted of the following (in thousands): Year Ended December 31, 2015 2016 2017 Current: U. S. federal provision $ 9,840 $ 6,609 $ 6,425 State provision 862 1,195 815 Total current provision $ 10,702 $ 7,804 $ 7,240 Deferred: U. S. federal provision (benefit) $ 1,928 $ 3,475 $ (12,881 ) State provision 1,107 1,381 1,230 Total deferred provision (benefit) $ 3,035 $ 4,856 $ (11,651 ) Total income tax provision (benefit) $ 13,737 $ 12,660 $ (4,411 ) A reconciliation of taxes calculated at the U.S. federal statutory rate to those reflected in the Consolidated Statements of Operations for the years ended December 31, 2015 , 2016 and 2017 is as follows (dollars in thousands): Year Ended December 31, 2015 2016 2017 Amount Percent Amount Percent Amount Percent Federal statutory rate $ 12,105 35.0 % $ 11,300 35.0 % $ 11,474 35.0 % Effect of state income taxes, net of federal benefit 1,618 4.7 1,127 3.5 1,304 4.0 Effect of non-deductible expenses and other, net 155 0.4 213 0.7 (36 ) (0.1 ) Change in valuation allowance (141 ) (0.4 ) 20 0.1 23 0.1 Re-measurement of deferred taxes due to tax reform — — — — (17,176 ) (52.4 ) Total $ 13,737 39.7 % $ 12,660 39.3 % $ (4,411 ) (13.5 ) % On August 15, 2016, we settled an open examination with the California Franchise Tax Board. As a result of paying the final assessment, we re-measured our tax liability for unrecognized tax benefits reflecting a reduction to our liability of $0.2 million . On August 29, 2016, we received notification that the IRS completed its examination of our tax year ended December 31, 2013. As a result, we re-measured our tax liability for unrecognized tax benefits reflecting a reduction to our liability of $0.6 million , which resulted in an increase to Deferred tax liability in the amount of $0.6 million . On May 10, 2017, we filed amended federal returns for the tax years ending December 31, 2013, 2014 and 2015, which generated significant refunds. As a result, on July 18, 2017, we received notification that the IRS selected our tax years ended December 31, 2013, 2014 and 2015 for a limited scope examination to verify the refunds due. The examinations are expected to conclude during 2018. The federal statute is still open for our 2015 and 2016 tax years. We do not have any unrecognized tax benefits recorded as of December 31, 2017 and we do not anticipate a material change in our unrecognized tax benefits during the next twelve months. The tax effects of temporary differences from total operations that give rise to significant deferred tax assets and liabilities at December 31, 2016 and 2017 were as follows (in thousands): Year Ended December 31, 2016 2017 Deferred income tax assets: Net operating loss carryforwards $ 1,947 $ 1,978 Tax credit carryforwards 135 133 State bonus depreciation 373 494 Accrued liabilities and other 11,163 6,136 Amortization of non-compete agreements 1,433 873 Preneed liabilities, net 9,315 5,239 Total deferred income tax assets 24,366 14,853 Less valuation allowance (209 ) (244 ) Total deferred income tax assets $ 24,157 $ 14,609 Deferred income tax liabilities: Depreciation and amortization $ (57,716 ) $ (41,447 ) Convertible subordinated notes due 2021 (8,636 ) (4,096 ) Prepaids and other (615 ) (225 ) Total deferred income tax liabilities (66,967 ) (45,768 ) Total net deferred tax liabilities $ (42,810 ) $ (31,159 ) Current deferred tax asset $ — $ — Non-current deferred tax liabilities (42,810 ) (31,159 ) Total net deferred tax liabilities $ (42,810 ) $ (31,159 ) Our deferred tax assets and liabilities, along with related valuation allowances are classified as non-current on our Consolidated Balance Sheets at December 31, 2016 and 2017 . On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Act. The Tax Act makes broad and complex changes to the U.S. tax code that will affect 2017, including but not limited to bonus depreciation changes that will allow for full expensing of qualified property placed in service on or after September 27, 2017. The Tax Act also establishes new tax laws that will affect 2018, including but not limited to (1) a reduction of the corporate tax rate from a top marginal rate of 35% to a flat rate of 21%; (2) a limitation of the tax deduction for interest expense to 30% of adjusted earnings (except for certain small businesses); (3) a limitation of the deduction for net operating losses to 80% of current year taxable income and elimination of net operating loss carrybacks; (4) immediate deductions for certain new investments (instead of deductions for depreciation expense over time); (5) limitations of certain executive compensation deductions; and (6) limitations or repeals of many business deductions and credits. The SEC staff issued SAB 118, which provides guidance on accounting for the effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provision estimate in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. Our analysis of the impact of the Tax Act is complete. The Tax Act reduces the corporate tax rate to 21% and as a result we have recorded a decrease in our net deferred tax liability and a corresponding discrete tax benefit item of $17.2 million . In addition to the rate reduction, approximately $2.9 million of qualifying assets placed in service on or after September 27, 2017 have been fully expensed as of December 31, 2017 . 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 recognized an immaterial net increase in our valuation allowance during 2017 and 2016 . For federal income tax reporting purposes, we have no net operating loss carryforwards. For state reporting purposes, we have approximately $36.4 million of net operating loss carryforwards that will expire between 2018 and 2037, if not utilized. Based on management’s assessment of the various state net operating losses, it was determined that it is more likely than not that we will be able to realize tax benefits on some portion of the amount of the state losses. The valuation allowance at December 31, 2017 was attributable to the deferred tax asset related to a portion of the state operating losses. 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 the Consolidated Balance Sheets. During 2017 , the re-measurement of deferred tax liabilities due to tax reform resulted in no change to our uncertain tax positions. At December 31, 2017 , no uncertain tax positions were identified and we do not anticipate a material change to our unrecognized tax benefits during the next twelve months. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Year Ended December 31, 2015 2016 2017 Unrecognized tax benefit at beginning of year $ 515 $ 814 $ — Reductions based on tax positions related to the prior year — (17 ) — Reductions for tax year 2011 federal audit — (568 ) — Additions (reductions) based on tax positions related to the current year 299 (229 ) — Reductions as a result of a lapse of the applicable statute of limitations — — — Unrecognized tax benefit at end of year $ 814 $ — $ — |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Share Authorization We are authorized to issue 80,000,000 shares of common stock, $0.01 per share par value. We had 22,490,855 and 22,622,242 shares issued and outstanding, net of 5,849,316 and 6,523,370 shares held in treasury at par, at December 31, 2016 and 2017 , respectively. Stock Based Compensation Plans During the year ended December 31, 2017 , we had two stock benefits plans in effect under which stock, restricted stock, stock options and performance awards have been granted or remain outstanding: the Second Amended and Restated 2006 Long-Term Incentive Plan (the “Amended and Restated 2006 Plan”) and the 2017 Omnibus Incentive Plan (the “2017 Plan”). The Amended and Restated 2006 Plan was terminated upon the approval of the 2017 Plan at the annual shareholders meeting on May 17, 2017. The termination of the Amended and Restated 2006 Plan does not affect the awards previously issued and outstanding. All stock-based plans are administered by the Compensation Committee appointed by our Board of Directors (the “Board”). The 2017 Plan provides for grants of options as non-qualified options or incentive stock options, restricted stock and performance awards. The 2017 Plan expires on May 17, 2027. The status of each of the plans at December 31, 2017 is as follows (shares in thousands): Shares Shares Options Performance Awards Outstanding (2) Amended and Restated 2006 Plan — — 1,918 311 2017 Plan 1,583 (1) 1,553 16 9 Total 1,583 1,553 1,934 320 (1) Amount includes approximately 28,000 shares granted from the Amended and Restated 2006 Plan that were returned to the Company due to cancellations and to pay the option price upon exercise. (2) Performance Awards are reserved at 200% of shares granted which is equal to the maximum payout in shares. Restricted Stock During 2017 , we issued restricted stock to certain employees totaling 27,250 shares that vest over a three year period and had an aggregate grant date market value of approximately $0.8 million . The restricted stock issued will vest in either 25% or 33.33% increments over four or three year terms, respectively. In 2016 , a total of 16,900 shares of restricted stock were awarded with a grant date market value of approximately $0.3 million . In 2015 , a total of 37,900 shares of restricted stock were awarded with a grant date market value of approximately $0.9 million . A summary of the status of unvested restricted stock as of December 31, 2017 , and changes during 2017 , is presented below (shares in thousands): Unvested stock awards Shares Weighted Average Grant Date Fair Value Unvested at January 1, 2017 63 $ 21.07 Awards 27 27.53 Vestings (30 ) 20.10 Cancellations (6 ) 22.70 Unvested at December 31, 2017 54 $ 24.09 We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for restricted stock awards of approximately $1.5 million , $0.7 million and $0.7 million in 2015 , 2016 and 2017 , respectively. As of December 31, 2017 , we had $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 1.4 years. Stock Options During 2017 , we granted 461,700 options to our leadership team and certain key employees at a weighted average exercise price of $26.56 . These options will vest in one-fifth increments over a five -year period and have a ten -year term. The fair value of these options was approximately $3.3 million . In 2016, a total of 235,500 stock options were awarded, the fair value of which was $1.3 million . In 2015 , a total of 628,000 stock options were awarded, the fair value of which was approximately $3.7 million . Options are granted with an exercise price equal to the closing price of our common stock on the date of grant. All of the options granted under this plan have either five , seven or ten -year terms. We utilize the Black-Scholes option valuation model for estimating the fair value of our stock options. This model allows the use of a range of assumptions related to volatility, risk-free interest rate, expected holding period and dividend yield. The expected volatility utilized in the valuation model is based on the historical volatility of our stock price. The dividend yield and expected holding period are based on historical experience and management's estimate of future events. The risk-free interest rate is derived from the U.S. Treasury yield curve based on the expected life of the option in effect at the time of grant. The fair values of our stock options were calculated using the following weighted average assumptions, based on the methods described above for the years ended December 31, 2015 , 2016 and 2017 : 2015 2016 2017 Dividend yield 0.44 % 0.50 % 0.75 % Expected volatility 32.62 % 31.21 % 29.29 % Risk-free interest rate 1.13 % 1.23 % 1.95 % Expected holding period (years) 3.6 5.0 5.0 A summary of the stock options at December 31, 2015 , 2016 and 2017 and changes during the three years ended December 31, 2017 is presented in the table and narrative below (shares in thousands): Year Ended December 31, 2015 2016 2017 Shares Wtd. Avg. Ex. Price Shares Wtd. Avg. Ex. Price Shares Wtd. Avg. Ex. Price Outstanding at beginning of period 1,381 $ 17.07 1,695 $ 18.95 1,650 $ 19.18 Adjustment to beginning balance — $ — 18 $ 18.94 — $ — Granted 653 $ 22.66 236 $ 20.06 462 $ 26.56 Exercised (110 ) $ 14.36 (112 ) $ 13.76 (159 ) $ 19.81 Canceled or expired (229 ) $ 20.39 (187 ) $ 21.30 (19 ) $ 23.17 Outstanding at end of year 1,695 $ 18.95 1,650 $ 19.18 1,934 $ 20.85 Exercisable at end of year 583 $ 15.00 1,106 $ 18.21 1,225 $ 18.68 The aggregate intrinsic value of the outstanding and exercisable stock options at December 31, 2017 was $9.8 million and $8.6 million , respectively. The total intrinsic value of options exercised during 2015 , 2016 and 2017 totaled $1.1 million , $1.2 million and $1.0 million , respectively. The total fair value of stock options vested during 2015 , 2016 and 2017 totaled approximately $1.8 million , $2.8 million and $1.5 million , respectively. We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for stock options of approximately $2.4 million , $1.7 million and $1.5 million in 2015 , 2016 and 2017 , respectively. As of December 31, 2017 , there was $3.0 million of unrecognized compensation cost, net of estimated forfeitures, related to unvested stock options expected to be recognized over a weighted average period of approximately four years. The following table further describes our outstanding stock options at December 31, 2017 : Options Outstanding Options Exercisable Actual Ranges of Exercise Prices Number Outstanding at 12/31/17 Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price Number Exercisable at 12/31/17 Weighted-Average Exercise Price $4.78 - $5.94 105,603 3.50 $ 5.66 105,603 $ 5.66 $16.73 - $20.49 942,153 3.92 $ 19.02 797,673 $ 18.83 $22.58 - $26.93 885,900 6.74 $ 24.61 322,001 $ 22.58 $4.78 - $26.93 1,933,656 5.19 $ 20.85 1,225,277 $ 18.68 Performance Awards During 2017 , we granted 105,540 performance awards to our leadership team and certain key employees, payable in shares. These awards will vest (if at all) on December 31, 2021 and June 30, 2022, provided that certain criteria surrounding Adjusted Consolidated EBITDA (Adjusted Earnings Before Interest Tax Depreciation and Amortization) and Adjusted Consolidated EBITDA Margin performance is achieved and the individual has remained continuously employed by Carriage through such date. The Adjusted Consolidated EBITDA performance represents 50% of the award and the Adjusted Consolidated EBITDA Margin performance represents 50% of the award. The fair value of these performance awards was approximately $2.8 million and was determined by using the weighted average stock price on the grant date of $26.56 . During 2016 , we granted 73,700 performance awards to our leadership team and certain key employees, payable in shares. 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 Carriage 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 was approximately $1.6 million and was determined by using a Monte-Carlo simulation pricing model. The assumptions used in the Monte-Carlo simulation pricing model are as follows: 2016 Performance period January 1, 2016 - December 31, 2020 Simulation period (years) 4.86 Share price at grant date $20.06 Expected volatility 31.2 % Risk-free interest rate 1.21 % Forfeiture rate 2.0 % We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for performance awards of approximately $0.2 million and $0.7 million in 2016 and 2017 , respectively. Employee Stock Purchase Plan We provide all employees the opportunity to purchase common stock through payroll deductions in our ESPP. Purchases are made quarterly; the price being 85% of the lower of the price on the first day of the plan entry date (beginning of the fiscal year) or the actual date of purchase (end of quarter). In 2017 , employees purchased a total of 43,808 shares at a weighted average price of $22.43 per share. In 2016 , employees purchased a total of 44,774 shares at a weighted average price of $19.48 per share. In 2015 , employees purchased a total of 44,074 shares at a weighted average price of $17.17 per share. We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for our ESPP of approximately $197,000 , $234,000 and $244,000 in 2015 , 2016 and 2017 , respectively. The fair values of the right (option) to purchase shares under the ESPP are estimated at the date of purchase with the four quarterly purchase dates using the following assumptions: 2015 2016 2017 Dividend yield 0.4 % 0.6 % 0.9 % Expected volatility 24 % 25 % 19 % Risk-free interest rate 0.02%, 0.11%,0.18%, 0.25% 0.22%, 0.49%,0.55%, 0.61% 0.53%, 0.65%,0.77%0.89% Expected life (years) .25, .50, .75, 1.00 .25, .50, .75, 1.00 .25, .50, .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 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 Plans Our Director Compensation Policy 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. On August 9, 2016, 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. We recorded compensation expense, which is included in General, administrative and other expenses, related to annual retainers and restricted stock awards of approximately $0.7 million , $0.4 million and $0.4 million in 2015 , 2016 and 2017 , respectively. Cash Dividends On October 25, 2017, our Board approved an increase in our quarterly dividend on our common stock from $0.050 to $0.075 per share, effective with respect to dividends payable on December 1, 2017 and later. For the years ended December 31, 2016 and 2017 , our Board declared the following dividends payable on the dates below (in thousands, except per share amounts): 2017 Per Share Dollar Value March 1st $ 0.050 $ 833 June 1st $ 0.050 $ 835 September 1st $ 0.050 $ 835 December 1st $ 0.075 $ 1,206 2016 Per Share Dollar Value March 1st $ 0.025 $ 415 June 1st $ 0.025 $ 415 September 1st $ 0.050 $ 831 December 1st $ 0.050 $ 830 Accumulated other comprehensive income Our components of Accumulated other comprehensive income are as follows (in thousands): Accumulated Other Comprehensive Income Balance at December 31, 2016 $ — Increase in net unrealized gains associated with available-for-sale securities of the trusts 10,304 Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus’ (10,304 ) Balance at December 31, 2017 $ — |
Share Repurchase Program
Share Repurchase Program | 12 Months Ended |
Dec. 31, 2017 | |
Class of Stock Disclosures [Abstract] | |
Share Repurchase Program | 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”). On October 25, 2017, our Board approved a $15.0 million increase in its authorization for repurchases of our common stock in addition to the $25.0 million approved on February 25, 2016, bringing the total authorized repurchase amount to $40.0 million , in accordance with the Exchange Act. During the year ended December 31, 2017 , we repurchased 574,054 shares of common stock for a total cost of $14.0 million at an average cost of $24.35 per share pursuant to this share repurchase program. Our shares were purchased in the open market. Purchases were at times and in amounts as management determined appropriate based on factors such as market conditions, legal requirements and other business considerations. Shares purchased pursuant to the repurchase program are currently held as treasury shares. At December 31, 2017, we had approximately $26.0 million available for repurchase under this share repurchase program. On August 18, 2017, we purchased 100,000 shares of our common stock from Melvin C. Payne, our Chairman of the Board and Chief Executive Officer. The purchase of these shares was made pursuant to a privately negotiated transaction at a price of $23.85 per share for a total purchase price of $2.4 million . The purchase price we paid for these shares was the stock's trading price at the time of the transaction. This purchase was not a part of the share repurchase program approved by the Board on February 25, 2016. The repurchase of the shares held by Mr. Payne was approved in advance by our Board, with Mr. Payne abstaining. See Note 24 to our Consolidated Financial Statements included herein for additional information on our related party transactions. We did not purchase any shares of our common stock during 2016. During 2015, we purchased 1,927,665 shares of our common stock for a total cost of $45.0 million , at an average cost of $23.34 per share under a previous share repurchase program. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Share-based awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and included in the computation of both basic and diluted earnings per share. Our grants of restricted stock awards to our employees and directors are considered participating securities and we have prepared our earnings per share calculations to exclude outstanding unvested restricted stock awards, using the two-class method, in the basic and diluted weighted average shares outstanding calculation. The following table sets forth the computation of the basic and diluted earnings per share for the years ended December 31, 2015 , 2016 and 2017 (in thousands, except per share data): Year Ended December 31, 2015 2016 2017 Numerator for basic and diluted earnings per share: Net income $ 20,853 $ 19,581 $ 37,193 Less: Earnings allocated to unvested restricted stock (257 ) (89 ) (135 ) Income attributable to common stockholders $ 20,596 $ 19,492 $ 37,058 Denominator: Denominator for basic earnings per common share - weighted average shares outstanding 17,791 16,515 16,438 Effect of dilutive securities: Stock options 246 454 336 Convertible subordinated notes 276 491 941 Denominator for diluted earnings per common share - weighted average shares outstanding 18,313 17,460 17,715 Basic earnings per common share $ 1.16 $ 1.18 $ 2.25 Diluted earnings per common share $ 1.12 $ 1.12 $ 2.09 The fully diluted weighted average shares outstanding for the years ended December 31, 2015 , 2016 and 2017 , and the corresponding calculation of fully diluted earnings per share, included approximately 0.3 million , 0.5 million and 0.9 million 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. For the year ended December 31, 2017 , approximately 354,000 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. There were no options excluded in the computation of diluted earnings per share for the years ended December 31, 2015 and 2016 . |
Major Segments of Business
Major Segments of Business | 12 Months Ended |
Dec. 31, 2017 | |
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 revenues, gross profit (loss), income (loss) before income taxes, depreciation and amortization, interest expense, income tax expense (benefit), total assets, long-lived assets, capital expenditures and number of operating locations by segment (in thousands, except number of operating locations): Funeral Cemetery Corporate Consolidated Revenues: 2017 $ 200,886 $ 57,253 $ — $ 258,139 2016 189,401 58,799 — 248,200 2015 185,818 56,684 — 242,502 Gross Profit (loss): 2017 $ 61,369 $ 15,430 $ (27,858 ) $ 48,941 2016 61,620 18,030 (29,446 ) 50,204 2015 59,434 18,074 (28,860 ) 48,648 Income (loss) before income taxes: 2017 $ 60,634 $ 15,852 $ (43,704 ) $ 32,782 2016 61,163 18,400 (47,322 ) 32,241 2015 58,404 17,492 (41,306 ) 34,590 Depreciation and amortization 2017 $ 9,785 $ 4,589 $ 1,605 $ 15,979 2016 8,891 5,028 1,502 15,421 2015 7,614 4,420 1,746 13,780 Interest expense: 2017 $ 1,170 $ 2 $ 11,776 $ 12,948 2016 826 3 10,909 11,738 2015 577 8 9,974 10,559 Income tax expense (benefit) 2017 $ (8,159 ) $ (2,133 ) $ 5,881 $ (4,411 ) 2016 24,019 7,226 (18,585 ) 12,660 2015 23,195 6,947 (16,405 ) 13,737 Total assets: 2017 $ 665,483 $ 251,243 $ 4,807 $ 921,533 2016 634,145 241,621 9,303 885,069 2015 591,389 229,479 12,271 833,139 Long-lived assets: 2017 $ 537,282 $ 90,292 $ 2,124 $ 629,698 2016 509,361 89,767 2,548 601,676 2015 472,419 89,866 3,370 565,655 Capital expenditures: 2017 $ 9,835 $ 5,283 $ 1,277 $ 16,395 2016 17,411 4,962 731 23,104 2015 27,654 5,332 2,838 35,824 Number of operating locations at year end: 2017 178 32 — 210 2016 170 32 — 202 2015 167 32 — 199 |
Supplementary Information
Supplementary Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Income Statement Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURE OF STATEMENT OF OPERATIONS INFORMATION | SUPPLEMENTARY DATA Balance Sheet The detail of certain balance sheet accounts as of December 31, 2016 and 2017 is as follows (in thousands): December 31, 2016 2017 Other current assets: Income tax receivables $ 1,932 $ 889 Other current assets 102 97 Total other current assets $ 2,034 $ 986 Current portion of long-term debt and capital lease obligations Term note $ 11,250 $ 15,000 Acquisition debt 1,771 1,927 Capital leases 246 324 Total current portion of long-term debt and capital lease obligations $ 13,267 $ 17,251 Other current liabilities: Income taxes payable $ 509 $ 1,120 Deferred rent 208 241 Total other current liabilities $ 717 $ 1,361 Accrued liabilities: Accrued salaries and wages $ 4,005 $ 2,643 Accrued incentive compensation 8,237 6,412 Accrued vacation 2,305 2,417 Accrued insurance 1,726 1,832 Accrued interest 1,235 1,271 Accrued ad valorem and franchise taxes 981 1,003 Accrued commissions 543 461 Other accrued liabilities 1,059 1,520 Total accrued liabilities $ 20,091 $ 17,559 Other long-term liabilities: Deferred rent $ 1,207 $ 966 Incentive compensation 575 1,287 Contingent consideration 785 1,125 Total other long-term liabilities $ 2,567 $ 3,378 Revenues and Field costs and expenses The detail of certain income statement accounts for the years ended December 31, 2015 , 2016 and 2017 is as follows (in thousands): Year Ended December 31, 2015 2016 2017 Revenues: Goods Funeral $ 71,399 $ 72,002 $ 76,160 Cemetery 35,479 37,678 36,340 Total goods $ 106,878 $ 109,680 $ 112,500 Services Funeral $ 104,969 $ 108,622 $ 116,240 Cemetery 11,178 11,269 11,898 Total services $ 116,147 $ 119,891 $ 128,138 Financial revenue Preneed funeral commission income $ 1,484 $ 1,429 $ 1,254 Preneed funeral trust earnings 7,966 7,348 7,232 Preneed cemetery trust earnings 8,440 8,004 7,193 Preneed cemetery finance charges 1,587 1,848 1,822 Total financial revenue $ 19,477 $ 18,629 $ 17,501 Total revenues $ 242,502 $ 248,200 $ 258,139 Field costs and expenses: Goods Funeral $ 56,819 $ 56,787 $ 60,797 Cemetery 24,600 26,199 26,630 Total goods $ 81,419 $ 82,986 $ 87,427 Services Funeral $ 51,236 $ 52,595 $ 57,174 Cemetery 6,924 7,081 7,705 Total services $ 58,160 $ 59,676 $ 64,879 Financial expenses Preneed funeral commissions $ 1,031 $ 747 $ 818 Trust administration fees 353 378 503 Total financial expenses $ 1,384 $ 1,125 $ 1,321 Total field costs and expenses $ 140,963 $ 143,787 $ 153,627 The Field costs and expenses, for purposes of this supplemental disclosure, include only costs and expenses that are directly allocable between the goods, services and financial categories in the funeral and cemetery segments. Depreciation and amortization and Regional and unallocated funeral and cemetery costs are not included in this disclosure. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | QUARTERLY FINANCIAL DATA (UNAUDITED) The tables below set forth consolidated operating results by fiscal quarter for the years ended December 31, 2016 and 2017 (in thousands, except earnings per share): First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Revenues $ 68,157 $ 63,852 $ 61,054 $ 65,076 Gross profit 23,092 18,667 15,480 19,560 Net income $ 7,084 $ 4,410 $ 3,038 $ 22,661 Basic earnings per common share: (a) $ 0.42 $ 0.26 $ 0.18 $ 1.41 Diluted earnings per common share: (a) $ 0.39 $ 0.24 $ 0.17 $ 1.31 2016 Revenues $ 63,331 $ 61,865 $ 60,140 $ 62,864 Gross profit 21,303 18,807 18,228 21,312 Net income $ 4,571 $ 5,200 $ 5,683 $ 4,127 Basic earnings per common share: (a) $ 0.27 $ 0.31 $ 0.34 $ 0.25 Diluted earnings per common share: (a) $ 0.27 $ 0.30 $ 0.33 $ 0.22 (a) Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly per share amounts may not equal the total computed for 2016 and 2017 due to rounding. |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION The following information is supplemental disclosure for the Consolidated Statements of Cash Flows (in thousands): Year Ended December 31, 2015 2016 2017 Cash paid for interest and financing costs $ 9,159 $ 10,366 $ 11,092 Cash paid for taxes 8,283 10,874 5,902 Fair value of stock, stock options and performance awards issued to directors, officers, and certain other employees 4,879 3,275 6,854 Net withdrawals (deposits) from / into preneed funeral trusts 12,054 (3,687 ) (1,442 ) Net withdrawals (deposits) from / into preneed cemetery trusts 8,681 (6,405 ) (4,157 ) Net withdrawals (deposits) from / into perpetual care trusts 5,543 (3,762 ) (3,340 ) Net increase in preneed receivables (1,714 ) (2,385 ) (1,261 ) Net deposits of receivables into preneed trusts (735 ) (674 ) (1,069 ) Net change in preneed funeral receivables increasing deferred revenue 483 1,450 1,387 Net change in preneed cemetery receivables (decreasing) increasing deferred revenue (154 ) (2,090 ) 59 Net (withdrawals) deposits from / into preneed funeral trust accounts (decreasing) increasing deferred preneed funeral receipts held in trust (12,054 ) 3,687 1,442 Net (withdrawals) deposits from / into preneed cemetery trust accounts (decreasing) increasing deferred cemetery receipts held in trust (8,681 ) 6,405 4,157 Net (withdrawals) deposits from / into perpetual care trust accounts (decreasing) increasing care trusts’ corpus (5,726 ) 3,874 3,566 |
Related Party Transactions (Not
Related Party Transactions (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS On August 18, 2017, we purchased 100,000 shares of our common stock from Melvin C. Payne, our Chairman of the Board and Chief Executive Officer. These shares had been held by Mr. Payne prior to such repurchase for over one year. The purchase of these shares was made pursuant to a privately negotiated transaction at a price of $23.85 per share for a total purchase price of $2.4 million . The purchase price we paid for these shares was the stock's trading price at the time of the transaction. These shares are currently held as treasury shares. This purchase was not a part of the share repurchase program approved by the Board on February 25, 2016. The repurchase of the shares held by Mr. Payne was approved in advance by our Board, with Mr. Payne abstaining. On December 13, 2017, we purchased real estate totaling $0.3 million for funeral home expansion projects from an employee at fair market value. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | CARRIAGE SERVICES, INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (in thousands) Description Balance at beginning of year Charged to costs and expenses Deduction Balance at end of year Year ended December 31, 2015: Allowance for bad debts, current portion $ 802 $ 966 $ 1,039 $ 729 Allowance for receivables from preneed funeral and cemetery trusts and contract cancellations, non-current portion $ 2,339 $ 712 $ 1,009 $ 2,042 Employee severance accruals $ 216 $ 698 $ 634 $ 280 Litigation reserves $ 3 $ — $ 3 $ — Valuation allowance of the deferred tax asset $ 330 $ — $ 141 $ 189 Year ended December 31, 2016: Allowance for bad debts, current portion $ 729 $ 1,155 $ 1,138 $ 746 Allowance for receivables from preneed funeral and cemetery trusts and contract cancellations, non-current portion $ 2,042 $ 943 $ 819 $ 2,166 Employee severance accruals $ 280 $ 3,641 $ 2,404 $ 1,517 Valuation allowance of the deferred tax asset $ 189 $ 20 $ — $ 209 Year ended December 31, 2017: Allowance for bad debts, current portion $ 746 $ 1,248 $ 1,159 $ 835 Allowance for receivables from preneed funeral and cemetery trusts and contract cancellations, non-current portion $ 2,166 $ 950 $ 838 $ 2,278 Employee severance accruals $ 1,517 $ 571 $ 2,088 $ — Valuation allowance of the deferred tax asset $ 209 $ 35 $ — $ 244 |
Basis of Presentation and Sum32
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Revenue Recognition In May 2014, the FASB issued ASU, Revenue from Contracts with Customers (Topic 606). FASB Accounting Standards Codification (“ASC”) Topic 606 supersedes the revenue recognition requirements under Topic 605, Revenue Recognition , and most industry-specific guidance throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. On July 9, 2015, the FASB deferred the effective date by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We will adopt the provisions of this ASU for our fiscal year beginning January 1, 2018 using the 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. Currently, our 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. We have analyzed the impact on our contract portfolio by reviewing our revenue streams and our current policies and procedures to identify potential differences that would result from applying the requirements of the new standard to our contracts and we do not expect the new accounting standard to significantly impact our current accounting for the cemetery interment rights. We do not expect the adoption of this accounting standard to materially affect our accounting for other revenue streams. We expect the adoption of this new accounting standard to affect our accounting for the selling costs related to preneed cemetery merchandise and services and preneed funeral trust contracts. Currently, these costs are charged to operations using the specific identification method in the period incurred. Under the new accounting standard, we will capitalize and amortize these costs over the average preneed maturity period for our preneed cemetery merchandise and services contracts and preneed funeral trust contracts. The selling costs related to the sales of cemetery interment rights, which include real property and other costs related to cemetery development activities, will continue to be charged to operations using the specific identification method in the period in which the sale of the cemetery interment right is recognized as revenue. The selling costs related to preneed funeral insurance contracts will continue to be charged to operations using the specific identification method in the period incurred. Additionally, we believe the amounts due from customers for undelivered performance obligations on preneed contracts represent contract assets, which are required to be netted with Deferred preneed funeral revenue and Deferred preneed cemetery revenue , instead of Preneed receivables on our Consolidated Balance Sheets. We are adopting this standard using the modified retrospective method, which recognizes the cumulative effect of applying the standard at the date of initial application, with no restatement of the comparative periods presented. Based on our assessments, we do not expect the change to have a material impact on our Consolidated Financial Statements. We have modified our financial systems to provide accounting under the new guidance. Stock-Based Compensation In May 2017, the FASB issued ASU, Compensation: (Topic 718): Stock Compensation - Scope of Modification Accounting . The amendments provide guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless the fair value, vesting conditions and classification of the modified award are the same as the original award immediately before the award is modified. 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. The amendments should be applied prospectively to an award modified on or after the adoption date. Our adoption of this ASU for our fiscal year beginning January 1, 2018 is not expected to have a material effect on our Consolidated Financial Statements. Business Combinations In January 2017, the FASB issued ASU, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU applies to all entities that must determine whether they have acquired or sold a business. The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This ASU is effective for fiscal years beginning after December 15, 2017, including the interim periods within those periods, with earlier application permitted. Our adoption of this ASU for our fiscal year beginning January 1, 2018 is not expected to have a material effect on our Consolidated Financial Statements. Cash Flows In August 2016, the FASB issued ASU, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU applies to all entities that are required to present a statement of cash flows under Topic 230. The amendments provide guidance on eight specific cash flow issues and includes clarification on how these items should be classified in the statement of cash flows and is designed to help eliminate diversity in practice as to where items are classified in the cash flow statement. In November 2016, the FASB issued additional guidance on this topic that requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the statement of cash flows. 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. Our adoption of this ASU for our fiscal year beginning January 1, 2018 is not expected to have a material effect on our Consolidated Financial Statements. Financial Instruments In January 2016, the FASB issued ASU, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this ASU address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and apply to all entities that hold financial assets or owe financial liabilities. The amendments in this ASU also simplify the impairment assessment of equity investments without readily determinable fair values by requiring assessment for impairment qualitatively at each reporting period. That impairment assessment is similar to the qualitative assessment for long-lived assets, goodwill, and indefinite-lived intangible assets. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with earlier application permitted for financial statements that have not been issued. Our adoption of this ASU for our fiscal year beginning January 1, 2018 is not expected to have a material effect on our Consolidated Financial Statements. In June 2016, the FASB issued ASU, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. 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 main objective of the ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. This amendment replaces the incurred loss impairment methodology in the current standard with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. 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. 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. 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. |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Intangible Assets Our intangible assets include tradenames resulting from acquisitions and are included in Intangible 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. As such, we test our intangible assets for impairment on an annual basis. Our intent is to perform a quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise and perform a qualitative assessment during the remaining two years. Our quantitative intangible asset impairment test involves estimates and management judgment. Our quantitative analysis is performed using the relief from royalty method, which measures the tradenames by determining 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 asset 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 rely on the profit split method, but also consider the comparable third-party license agreements and the return on asset method. A scorecard is 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. In accordance with the guidance, if the fair value of the tradename is less than its carrying amount an impairment charge is recorded in an amount equal to the difference. For our 2017 annual impairment test, we performed a qualitative assessment, using information as of August 31, 2017. 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 the tradename is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative impairment test. We determined that there were no factors that would indicate the need to perform a quantitative impairment test and concluded that it is more likely than not that the fair value of our intangible assets is greater than its carrying value and thus there was no impairment to our intangible assets. For our 2016 annual impairment test, we performed a quantitative impairment test as of August 31, 2016 using the relief from royalty method for each location that had a tradename balance at August 31, 2016 and concluded that there was no impairment to our 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 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | 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. Effective January 1, 2017, we adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”), Intangibles (Topic 350): Goodwill and Other. The guidance simplifies subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test, which should reduce the cost and complexity of evaluating goodwill for impairment. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Instead, impairment is defined as the amount by which the carrying value of the reporting unit exceeds its fair value, up to the total amount of goodwill. Goodwill has an indefinite life and is not subject to amortization. As such, we test goodwill for impairment on an annual basis. Our intent is to perform a quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise and perform a qualitative assessment during the remaining two years. Our quantitative goodwill impairment test involves estimates and management judgment. In the quantitative analysis, 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. 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 is based on discounting projected future cash flows. The projected future cash flows include assumptions concerning future operating performance and economic conditions 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 utilizes the guideline public company method, in which we rely 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 an impairment charge is recorded in an amount equal to the difference. For our 2017 annual impairment test, we performed a qualitative assessment, using information as of August 31, 2017. 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 a quantitative goodwill impairment test. We determined that there were no factors that would indicate the need to perform a quantitative goodwill impairment test and concluded that it is more likely than not that the fair value of our reporting units is greater than their carrying value and thus there was no impairment to goodwill. For our 2016 annual impairment test, we performed a quantitative goodwill impairment test and concluded that the fair value of our reporting units was greater than their carrying value and thus there was no impairment to goodwill. 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. |
Business Combinations Policy [Policy Text Block] | Business Combinations Tangible and intangible assets acquired and liabilities assumed are recorded at fair value and goodwill is recognized for any difference between the price of the acquisition and fair value. We recognize the assets acquired, the liabilities assumed and any non-controlling interest in the acquiree at the acquisition date, measured at the fair value as of that date. Acquisition related costs are recognized separately from the acquisition and are expensed as incurred. We customarily estimate related transaction costs known at closing. To the extent that information not available to us at the closing date subsequently becomes available during the allocation period, we may adjust goodwill, intangible assets, assets or liabilities associated with the acquisition. |
Principles of Consolidation, Policy | Principles of Consolidation The accompanying Consolidated Financial Statements include the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. |
Use of Estimates, Policy [Policy Text Block] | 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 on-going 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. |
Revenue Recognition, Sales of Services, 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. Cemetery interment rights are recorded as revenue in accordance with the accounting provisions for real estate sales. This method provides for the recognition of revenue in the period in which the customer’s cumulative payments exceed 10% of the interment right contract price. Interment right costs, which include real property and other costs related to cemetery development, are expensed 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 $3.4 million , $3.9 million and $3.3 million for 2015 , 2016 and 2017 , 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 costs of originating preneed sales contracts. These costs are expensed when incurred. |
Preneed Contracts, Policy | Preneed Contracts We sell interment rights, merchandise and services prior to the time of need, which is referred to as preneed. In many instances the customer pays for the preneed contract over a period of time. Cash proceeds from preneed sales less amounts that we may retain under state regulations are deposited to a trust or used to purchase a third-party insurance policy. The principal and accumulated earnings of the trusts are generally withdrawn at maturity (death) or cancellation. The cumulative trust income earned and the increases in insurance benefits on the insurance products are deferred until the service is performed. The customer receivables and amounts deposited in trusts that we control are primarily included in the non-current asset section of our Consolidated Balance Sheets. The preneed funeral contracts to be funded at maturity by third party insurance policies are not recorded as assets or liabilities of the Company. See Note 9 to the Consolidated Financial Statements herein for further information regarding estimated revenues associated with preneed funeral contracts funded by third party insurance policies. In the opinion of management, the proceeds from the trust funds and the insurance policies at the time the preneed contracts mature will exceed the estimated future costs to perform services and provide products under such arrangements. The types of securities in which the trusts may invest are regulated by state agencies. |
Preneed Funeral and Cemetery Trust Funds | Preneed Funeral and Cemetery Trust Funds Our preneed and perpetual care trust funds are reported in accordance with the principles of consolidating Variable Interest Entities (“VIE’s”). In the case of preneed trusts, the customers are the legal beneficiaries. In the case of perpetual care trusts, we do not have a right to access the corpus in the perpetual care trusts. We have recognized financial interests of third parties in the trust funds in our financial statements as Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus . The investments of such trust funds are classified as available-for-sale and are reported at fair market value; therefore, the unrealized gains and losses, as well as accumulated and undistributed income and realized gains and losses are recorded to Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus on our Consolidated Balance Sheets. Our future obligations to deliver merchandise and services are reported at estimated settlement amounts. Preneed funeral and cemetery trust investments are reduced by the trust investment earnings that we have been allowed to withdraw in certain states prior to maturity. These earnings, along with preneed contract collections not required to be placed in trust, are recorded in Deferred preneed funeral revenue and Deferred preneed cemetery revenue until the service is performed or the merchandise is delivered. In accordance with respective state laws, we are required to deposit a specified amount into perpetual and memorial care trust funds for each interment right and certain memorials sold. Income from the trust funds is distributed to us and used to provide for the care and maintenance of the cemeteries and mausoleums. Such trust fund income is recognized as revenue when realized by the trust and distributable to us. We are restricted from withdrawing any of the principal balances of these funds. An enterprise is required to perform an analysis to determine whether the enterprise’s variable interest(s) give it a controlling financial interest in a VIE. This analysis identifies the primary beneficiary of a VIE as the enterprise that has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our analysis continues to support our position as the primary beneficiary in the majority of our funeral and cemetery trust funds. 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 December 31, 2017 , CSV RIA provided these services to one institution, which has custody of approximately 80% 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. We determine whether or not the assets in the preneed 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 of the investment due to an other-than-temporary impairment is likewise recorded as a reduction to Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus on our Consolidated Balance Sheets. There will be no impact on earnings unless and until such time that the investment is withdrawn from the trust in accordance with state regulations at an amount that is less than its original basis. |
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. |
Inventory, Policy | Inventory Inventory consists primarily of caskets, outer burial containers and cemetery monuments and markers and is recorded at the lower of its cost basis (determined by the specific identification method) or net realizable value. |
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 major replacements that extend the useful economic life of the asset are capitalized. Depreciation of property, plant and equipment (including equipment under capital leases) is computed based on the straight-line method over the following estimated useful lives of the assets: Years Buildings and improvements 15 to 40 Furniture and fixtures 5 to 10 Machinery and equipment 3 to 15 Automobiles 5 to 7 0 Property, plant and equipment was comprised of the following at December 31, 2016 and 2017 (in thousands): December 31, 2016 December 31, 2017 Land $ 73,744 $ 74,981 Buildings and improvements 195,214 211,934 Furniture, equipment and automobiles 76,664 76,155 Property, plant and equipment, at cost 345,622 363,070 Less: accumulated depreciation (110,509 ) (115,776 ) Property, plant and equipment, net $ 235,113 $ 247,294 Depreciation expense was approximately $10.4 million, $11.5 million and $12.6 million for the years ended December 31, 2015 , 2016 and 2017 , respectively. During 2017, we acquired real estate for approximately $1.3 million for funeral home expansion projects. In addition, we acquired approximately $12.2 million of property, plant and equipment in connection with the seven funeral home businesses we acquired during 2017, as further discussed in Note 3 to the Consolidated Financial Statements included herein. During 2016 , we acquired real estate for approximately $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 . In addition, we acquired approximately $16.0 million of property, plant and equipment in connection with the six funeral home businesses we acquired during 2016. Long-lived assets, such as property, plant and equipment subject to depreciation and amortization, are reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with the Property, Plant and Equipment topic of the Accounting Standards Codification (“ASC”) 360. This guidance requires that long-lived assets to be held and used are reported at the lower of their carrying amount or fair value. We assess long-lived assets for impairment whenever events or circumstances indicate that the carrying value may be greater than the fair value. We evaluate our long-lived assets for impairment when a funeral home or cemetery business has negative earnings before interest, taxes, depreciation and amortization (“EBITDA”) for four consecutive years and if there has been a decline in EBITDA in that same period. We review our long-lived assets deemed held-for-sale to the point of recoverability. Assets to be disposed of and assets not expected to provide any future service potential are recorded at the lower of their carrying amount or fair value less estimated cost to sell. If we determine that the carrying value is not recoverable from the proceeds of the sale, we record an impairment at that time. For the years ended December 31, 2015 , 2016 and 2017 , no impairments were identified on our long-lived assets. |
Income Taxes, Policy | Income Taxes We and our subsidiaries file a consolidated U. S. federal income tax return, separate income tax returns in 16 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. Effective January 1, 2016, we adopted the FASB’s guidance requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. 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 the financial statements; provide certain disclosures of uncertain tax matters; and specify how reserves for uncertain tax positions should be classified on the Consolidated Balance Sheets. |
Stock Plans and Stock-Based Compensation, Policy | Stock Plans and Stock-Based Compensation |
Computation of Earnings Per Common Share, Policy | Computation of Earnings Per Common Share Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares consist of stock options and our Convertible Notes. Share-based awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are recognized as participating securities and included in the computation of both basic and diluted earnings per share. Our grants of restricted stock awards to our employees and directors are considered participating securities, and we have prepared our earnings per share calculations attributable to common stockholders to exclude outstanding unvested restricted stock awards, using the two-class method, in both the basic and diluted weighted average shares outstanding calculation. |
Fair Value Measurements, Policy | In the ordinary course of business, we are typically exposed to a variety of market risks. Currently, these are primarily related to changes in fair market values related to outstanding debts and changes in the values of securities associated with the preneed and perpetual care trusts. Management is actively involved in monitoring exposure to market risk and developing and utilizing risk management techniques when appropriate and when available for a reasonable price. Fair Value Measurements We measure the available-for-sale securities held by our funeral merchandise and service, cemetery merchandise and service, and cemetery perpetual care trusts at fair value on a recurring basis in accordance with the Fair Value Measurements Topic of the ASC. This guidance defines fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). The guidance establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 — inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. We disclose the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. The fair value disclosures of transfers in and out of Levels 1 and 2 and the gross presentation of purchases, sales, issuances and settlements in the Level 3 reconciliation of the three-tier fair value hierarchy are also presented in Notes 6 and 10 to the Consolidated Financial Statements included herein. We currently do not have any assets that have fair values determined by Level 3 inputs and no liabilities measured at fair value. We have not elected to measure any additional financial instruments and certain other items at fair value that are not currently required to be measured at fair value. To determine the fair value of assets and liabilities in an environment where the volume and level of activity for the asset or liability have significantly decreased, the exit price is used as the fair value measurement. For the year ended December 31, 2017 , we did not incur significant decreases in the volume or level of activity of any asset or liability. We consider an impairment of debt and equity securities other-than-temporary unless (a) we have the ability and intent to hold an investment and (b) evidence indicating the cost of the investment is recoverable before we are more likely than not required to sell the investment. If an impairment is indicated, then an adjustment is made to reduce the carrying amount to fair value which is recorded as a reduction to either Deferred preneed cemetery receipts held in trust, Deferred preneed funeral receipts held in trust or Care trusts’ corpus on our Consolidated Balance Sheets. |
Discontinued Operations, Policy | Divested and Discontinued Operations Effective January 1, 2015, we adopted the FASB's guidance for reporting discontinued operations, which amended the definition of “discontinued operations” to include only disposals or held-for-sale classifications for components or groups of components of an entity that represent a strategic shift that either has or will have a major effect on an entity's operations or financial results. Examples of a strategic shift that has or will have a major effect on an entity's operations and financial results include a disposal of a major geographical area, line of business, equity method of investment or other parts of an entity. The new guidance also requires the disclosure of pre-tax income of disposals that do not qualify as discontinued operations. |
Subsequent Events, Policy | Subsequent Events We have evaluated events and transactions during the period subsequent to December 31, 2017 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 Sum33
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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. |
Property, Plant and Equipment | Depreciation of property, plant and equipment (including equipment under capital leases) is computed based on the straight-line method over the following estimated useful lives of the assets: Years Buildings and improvements 15 to 40 Furniture and fixtures 5 to 10 Machinery and equipment 3 to 15 Automobiles 5 to 7 0 Property, plant and equipment was comprised of the following at December 31, 2016 and 2017 (in thousands): December 31, 2016 December 31, 2017 Land $ 73,744 $ 74,981 Buildings and improvements 195,214 211,934 Furniture, equipment and automobiles 76,664 76,155 Property, plant and equipment, at cost 345,622 363,070 Less: accumulated depreciation (110,509 ) (115,776 ) Property, plant and equipment, net $ 235,113 $ 247,294 |
Schedule of Error Corrections | The effect of this adjustment on our Consolidated Balance Sheets as of December 31, 2016 and 2017 is as follows (dollars in thousands): December 31, 2016 December 31, 2017 % Change Increase in Deferred tax liability $ 2,255 5.6 % 7.8 % Increase in Total liabilities $ 2,255 0.3 % 0.3 % Decrease in Retained earnings $ 2,255 9.8 % 3.7 % Decrease in Total stockholders' equity $ 2,255 1.3 % 1.1 % |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Summary of purchase price | The following table summarizes the breakdown of the purchase price for the businesses acquired during 2016 (in thousands): Purchase Price Cash paid $ 23,871 Deferred payments 8,884 Purchase price $ 32,755 |
Effect of acquisitions on Consolidated Balance Sheets | he following table summarizes the breakdown of the purchase price allocation for the businesses acquired during 2016 (in thousands): Purchase Price Allocation Current assets $ 530 Property, plant & equipment 15,972 Goodwill 11,832 Intangible and other non-current assets 4,588 Assumed liabilities (167 ) Purchase price $ 32,755 The intangible and other non-current assets relate to the fair value of tradenames and agreements not-to-compete, and the assumed liabilities relate to the obligations associated with certain financed automobiles we ac |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table presents changes in goodwill in the accompanying Consolidated Balance Sheets for the years ended December 31, 2016 and 2017 (in thousands): December 31, 2016 December 31, 2017 Goodwill at the beginning of year $ 264,416 $ 275,487 Increase in goodwill related to acquisitions 11,832 12,469 Decrease in goodwill related to divestitures (761 ) — Goodwill at the end of the year $ 275,487 $ 287,956 |
Discontinued Operations Assets
Discontinued Operations Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Operating Results and Gain on Discontinued Operations | The operating results of these divested businesses, as well as the gain or loss on the sale are included within net income on our Consolidated Statements of Operations and are reflected in the table below (in thousands): Year Ended December 31, 2015 2016 2017 Revenues $ — $ 744 $ 605 Operating income — 314 277 Net gain (loss) on disposal — (29 ) 191 Income tax provision — (112 ) (187 ) Net income from divested operations $ — $ 173 $ 281 |
Preneed Trust Investments (Tabl
Preneed Trust Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |
Components of Preneed Cemetery Trust Investments | The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2016 and 2017 were as follows (in thousands): December 31, 2016 December 31, 2017 Preneed cemetery trust investments, at market value $ 71,834 $ 75,992 Less: allowance for contract cancellation (2,138 ) (2,139 ) Preneed cemetery trust investments, net $ 69,696 $ 73,853 |
Cost and fair market values associated with preneed cemetery trust investments | The cost and market values associated with preneed cemetery trust investments at December 31, 2016 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 10,852 $ — $ — $ 10,852 Fixed income securities: Municipal bonds 2 496 18 (4 ) $ 510 Foreign debt 2 7,574 160 (656 ) 7,078 Corporate debt 2 20,621 1,569 (1,123 ) 21,067 Preferred stock 2 16,287 8 (947 ) 15,348 Mortgage-backed securities 2 949 372 (4 ) 1,317 Common stock 1 13,250 2,191 (1,838 ) 13,603 Mutual funds: Fixed Income 2 1,223 107 — 1,330 Trust Securities $ 71,252 $ 4,425 $ (4,572 ) $ 71,105 Accrued investment income $ 729 $ 729 Preneed cemetery trust investments $ 71,834 Market value as a percentage of cost 99.8 % The cost and fair market values associated with preneed cemetery trust investments at December 31, 2017 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 3,132 $ — $ — $ 3,132 Fixed income securities: Foreign debt 2 4,834 292 (193 ) 4,933 Corporate debt 2 18,238 1,184 (273 ) 19,149 Preferred stock 2 16,421 510 (588 ) 16,343 Mortgage-backed securities 2 1,018 249 (24 ) 1,243 Common stock 1 26,465 5,250 (2,460 ) 29,255 Mutual funds: Fixed Income 2 $ 1,198 50 (11 ) $ 1,237 Trust securities $ 71,306 $ 7,535 $ (3,549 ) $ 75,292 Accrued investment income $ 700 $ 700 Preneed cemetery trust investments $ 75,992 Market value as a percentage of cost 105.6 % |
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 2,183 Due in five to ten years 5,376 Thereafter 33,806 Total fixed income securities $ 41,668 |
Preneed cemetery trust investment security transactions | Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Investment income $ 2,562 $ 2,250 $ 2,250 Realized gains 2,952 2,141 2,218 Realized losses (3,671 ) (6,559 ) (2,384 ) Expenses and taxes (1,790 ) (1,266 ) (1,308 ) Decrease (increase) in deferred preneed cemetery receipts held in trust (53 ) 3,434 (776 ) $ — $ — $ — |
Purchases and sales of investments in preneed cemetary trusts | Purchases and sales of investments in the preneed cemetery trusts for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Purchases $ (26,757 ) $ (25,643 ) $ (21,966 ) Sales 23,141 25,846 14,002 |
Components of preneed funeral trust investments | The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2016 and 2017 were as follows (in thousands): December 31, 2016 December 31, 2017 Preneed funeral trust investments, at market value $ 91,980 $ 93,341 Less: allowance for contract cancellation (2,740 ) (2,659 ) Preneed funeral trust investments, net $ 89,240 $ 90,682 |
Cost and fair market values associated with preneed funeral trust investments | The cost and market values associated with preneed funeral trust investments at December 31, 2016 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 22,787 $ — $ — $ 22,787 Fixed income securities: U.S. treasury debt 1 1,491 21 (10 ) 1,502 Municipal bonds 2 447 17 (4 ) 460 Foreign debt 2 7,692 170 (677 ) 7,185 Corporate debt 2 21,454 1,566 (1,134 ) 21,886 Preferred stock 2 17,037 64 (970 ) 16,131 Mortgage-backed securities 2 1,165 400 (5 ) 1,560 Common stock 1 13,675 2,256 (1,850 ) 14,081 Mutual funds: Fixed income 2 2,124 115 (66 ) 2,173 Other investments 2 3,463 — — 3,463 Trust securities $ 91,335 $ 4,609 $ (4,716 ) $ 91,228 Accrued investment income $ 752 $ 752 Preneed funeral trust investments $ 91,980 Market value as a percentage of cost 99.9 % The cost and fair market values associated with preneed funeral trust investments at December 31, 2017 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 14,349 $ — $ — $ 14,349 Fixed income securities: U.S. treasury debt 1 1,490 10 (15 ) 1,485 Foreign debt 2 4,870 298 (189 ) 4,979 Corporate debt 2 18,963 1,197 (278 ) 19,882 Preferred stock 2 16,335 501 (585 ) 16,251 Mortgage-backed securities 2 1,187 263 (27 ) 1,423 Common stock 1 26,129 5,253 (2,468 ) 28,914 Mutual funds: Fixed income 2 1,974 52 (48 ) 1,978 Other investments 2 3,341 — — 3,341 Trust securities $ 88,638 $ 7,574 $ (3,610 ) $ 92,602 Accrued investment income $ 739 $ 739 Preneed funeral trust investments $ 93,341 Market value as a percentage of cost 104.5 % |
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 $ 320 Due in one to five years 3,744 Due in five to ten years 5,782 Thereafter 34,174 Total fixed income securities $ 44,020 |
Preneed funereal trust investment security transactions | Preneed funeral trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Investment income $ 2,819 $ 2,344 $ 2,420 Realized gains 3,931 2,287 2,386 Realized losses (3,979 ) (6,642 ) (2,396 ) Expenses and taxes (988 ) (1,174 ) (1,290 ) Decrease (increase) in deferred preneed funeral receipts held in trust (1,783 ) 3,185 (1,120 ) $ — $ — $ — |
Purchases and sales of investments in preneed funeral trusts | Purchases and sales of investments in the preneed funeral trusts for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Purchases $ (26,021 ) $ (26,457 ) $ (21,954 ) Sales 42,582 27,425 14,463 |
Preneed Cemetery Trust Investments | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of unrealized loss position, fair value | Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2017 are shown in the following tables (in thousands): December 31, 2017 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 $ 151 $ (6 ) $ 1,637 $ (187 ) $ 1,788 $ (193 ) Corporate debt 3,735 (72 ) 846 (201 ) 4,581 (273 ) Preferred stock 48 — 8,109 (588 ) 8,157 (588 ) Mortgage-backed securities 127 (15 ) 27 (9 ) 154 (24 ) Common stock 8,249 (1,512 ) 1,742 (948 ) 9,991 (2,460 ) Mutual funds: Fixed Income 496 (11 ) — — 496 (11 ) Total temporary impaired securities $ 12,806 $ (1,616 ) $ 12,361 $ (1,933 ) $ 25,167 $ (3,549 ) Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2016 are shown in the following tables (in thousands): December 31, 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: Municipal bonds $ 228 $ (4 ) $ — $ — $ 228 $ (4 ) Foreign debt 2,523 (180 ) 2,868 (475 ) 5,391 (655 ) Corporate debt 6,939 (233 ) 2,168 (890 ) 9,107 (1,123 ) Preferred stock 3,217 (121 ) 11,635 (826 ) 14,852 (947 ) Mortgage-backed securities 51 (5 ) — — 51 (5 ) Common stock 2,608 (202 ) 3,385 (1,636 ) 5,993 (1,838 ) Total temporary impaired securities $ 15,566 $ (745 ) $ 20,056 $ (3,827 ) $ 35,622 $ (4,572 ) |
Preneed Funeral Trust Investments | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of unrealized loss position, fair value | December 31, 2017 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. treasury debt $ 1,325 $ (15 ) $ — $ — $ 1,325 $ (15 ) Foreign debt 159 (6 ) 1,608 (183 ) 1,767 (189 ) Corporate debt 3,770 (74 ) 842 (203 ) 4,612 (277 ) Preferred stock 50 — 8,184 (585 ) 8,234 (585 ) Mortgage-backed securities 221 (17 ) 36 (10 ) 257 (27 ) Common Stock 8,001 (1,496 ) 1,728 (972 ) 9,729 (2,468 ) Mutual funds: Fixed income 549 (12 ) 615 (37 ) 1,164 (49 ) Total temporary impaired securities $ 14,075 $ (1,620 ) $ 13,013 $ (1,990 ) $ 27,088 $ (3,610 ) Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2016 are shown the the following tables (in thousands): December 31, 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: U.S. treasury debt $ 834 $ (10 ) $ — $ — $ 834 $ (10 ) Municipal bonds 244 (5 ) — — 244 (5 ) Foreign debt 2,654 (186 ) 2,905 (490 ) 5,559 (676 ) Corporate debt 6,977 (215 ) 2,234 (919 ) 9,211 (1,134 ) Preferred stock 3,420 (128 ) 11,750 (842 ) 15,170 (970 ) Mortgage-backed securities 55 (5 ) 11 (1 ) 66 (6 ) Mutual funds: Equity 2,795 (216 ) 3,390 (1,634 ) 6,185 (1,850 ) Fixed income 97 (7 ) 644 (58 ) 741 (65 ) Total temporary impaired securities $ 17,076 $ (772 ) $ 20,934 $ (3,944 ) $ 38,010 $ (4,716 ) |
Preneed Cemetery Receivables (T
Preneed Cemetery Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Preneed Cemetery Receivables [Abstract] | |
Schedule of Financing Receivables | Total financed preneed cemetery receivables were comprised of the following at December 31, 2016 and December 31, 2017 (in thousands): December 31, 2016 December 31, 2017 Cemetery interment rights $ 28,687 $ 29,625 Cemetery merchandise and services 10,299 10,849 Preneed cemetery receivables $ 38,986 $ 40,474 These amounts are presented on our Consolidated Balance Sheets at December 31, 2016 and December 31, 2017 as follows (in thousands): December 31, 2016 December 31, 2017 Accounts receivable, excluding unearned finance charges and allowance for contract cancellations of $2,622 and $2,779, respectively $ 11,380 $ 11,843 Preneed receivables , excluding unearned finance charges and allowance for contract cancellations of $4,983 and $4,922, respectively 27,606 28,631 Preneed cemetery receivables $ 38,986 $ 40,474 |
Preneed Cemetery Receivables | For the years ending December 31, 2016 and 2017 , the change in the allowance for contract cancellations was as follows (in thousands): As of December 31, 2016 2017 Beginning balance $ 1,765 $ 1,861 Write-offs and cancellations (1,332 ) (1,298 ) Provision 1,428 1,456 Ending balance $ 1,861 $ 2,019 |
Aging of Past Due Financing Receivables | The aging of past due financing receivables as of December 31, 2017 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 $ 1,140 $ 530 $ 155 $ 1,301 $ 3,126 $ 26,449 $ 29,575 Deferred revenue 380 171 63 392 1,006 9,893 10,899 Total contracts $ 1,520 $ 701 $ 218 $ 1,693 $ 4,132 $ 36,342 $ 40,474 The aging of past due financing receivables as of December 31, 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 $ 674 $ 356 $ 233 $ 1,086 $ 2,349 $ 26,003 $ 28,352 Deferred revenue 310 112 86 316 824 9,810 10,634 Total contracts $ 984 $ 468 $ 319 $ 1,402 $ 3,173 $ 35,813 $ 38,986 |
Receivables from Preneed Trus39
Receivables from Preneed Trusts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables From Preneed Trusts [Abstract] | |
Receivables from Preneed Funeral Trust Funds | As of December 31, 2016 and 2017 , receivables from preneed trusts were as follows (in thousands): December 31, 2016 December 31, 2017 Preneed trust funds, at cost $ 14,658 $ 15,759 Less: allowance for contract cancellation (440 ) (472 ) Receivables from preneed trusts, net $ 14,218 $ 15,287 |
Composition of Assets Held in Trust | Fair value includes unrealized gains and losses on trust assets. The composition of the preneed trust funds at December 31, 2017 was as follows (in thousands): Historical Cost Basis Fair Value As of December 31, 2017 Cash and cash equivalents $ 3,903 $ 3,903 Fixed income investments 9,306 9,306 Mutual funds and common stocks 2,544 2,567 Annuities 6 6 Total $ 15,759 $ 15,782 The composition of the preneed trust funds at December 31, 2016 was as follows (in thousands): Historical Cost Basis Fair Value As of December 31, 2016 Cash and cash equivalents $ 3,378 $ 3,378 Fixed income investments 8,809 8,809 Mutual funds and common stocks 2,455 2,463 Annuities 16 16 Total $ 14,658 $ 14,666 |
Cemetery Perpetual Care Trust40
Cemetery Perpetual Care Trust Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |
Components of Care Trusts' Corpus | The components of Care trusts’ corpus as of December 31, 2016 and 2017 were as follows (in thousands): December 31, 2016 December 31, 2017 Trust assets, at market value $ 46,889 $ 50,229 Obligations due from trust (599 ) (373 ) Care trusts’ corpus $ 46,290 $ 49,856 |
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 December 31, 2017 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 1,906 $ — $ — $ 1,906 Fixed income securities: Foreign debt 2 3,580 227 (134 ) 3,673 Corporate debt 2 12,557 805 (187 ) 13,175 Preferred stock 2 11,545 364 (411 ) 11,498 Mortgage-backed securities 2 621 152 (15 ) 758 Common stock 1 16,326 3,116 (1,595 ) 17,847 Mutual funds: Fixed income 2 913 42 (10 ) 945 Trust securities $ 47,448 $ 4,706 $ (2,352 ) $ 49,802 Accrued investment income $ 427 $ 427 Cemetery perpetual care investments $ 50,229 Market value as a percentage of cost 105.0 % The following table reflects the cost and market values associated with the trust investments held in perpetual care trust funds at December 31, 2016 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 6,522 $ — $ — $ 6,522 Fixed income securities: Municipal bonds 2 365 13 (3 ) 375 Foreign debt 2 5,100 99 (435 ) 4,764 Corporate debt 2 13,715 966 (821 ) 13,860 Preferred stock 2 11,323 5 (664 ) 10,664 Mortgage-backed securities 2 569 223 (3 ) 789 Common stock 1 8,259 1,382 (1,146 ) 8,495 Mutual funds: Fixed income 2 855 76 — 931 Trust securities $ 46,708 $ 2,764 $ (3,072 ) $ 46,400 Accrued investment income $ 489 $ 489 Cemetery perpetual care investments $ 46,889 Market value as a percentage of cost 99.3 % |
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 $ 184 Due in one to five years 1,441 Due in five to ten years 3,788 Thereafter 23,691 Total fixed income securities $ 29,104 |
Perpetual care trust investment security transactions recorded in interest income and other, net | Perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Realized gains $ 1,773 $ 872 $ 926 Realized losses (2,431 ) (3,069 ) (1,195 ) Decrease in Care trusts’ corpus 658 2,197 269 Total $ — $ — $ — |
Perpetual care trust investment security transactions recorded in cemetery revenue | Perpetual care trust investment security transactions recorded in Revenues: Cemetery for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Investment income $ 5,315 $ 6,451 $ 5,949 Realized gains (losses), net 436 (434 ) (838 ) Total $ 5,751 $ 6,017 $ 5,111 |
Purchases and sales of investments in perpetual care trusts | Purchases and sales of investments in the perpetual care trusts for the years ended December 31, 2015 , 2016 and 2017 were as follows (in thousands): Year ended December 31, 2015 2016 2017 Purchases $ (16,694 ) $ (16,546 ) $ (13,923 ) Sales 14,710 16,534 8,899 |
Perpetual Care Trust Invesments | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of unrealized loss position, fair value | Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the year ended December 31, 2017 are shown in the following tables (in thousands): December 31, 2017 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 $ 92 $ (3 ) $ 1,128 $ (131 ) $ 1,220 $ (134 ) Corporate debt 2,621 (59 ) 555 (128 ) 3,176 (187 ) Preferred stock 29 — 5,492 (411 ) 5,521 (411 ) Mortgage-backed securities 76 (10 ) 16 (5 ) 92 (15 ) Common stock 5,119 (991 ) 1,108 (604 ) 6,227 (1,595 ) Mutual funds: Fixed income 433 (10 ) — — 433 (10 ) Total temporary impaired securities $ 8,370 $ (1,073 ) $ 8,299 $ (1,279 ) $ 16,669 $ (2,352 ) Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the year ended December 31, 2016 are shown in the following tables (in thousands): December 31, 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: Municipal bonds $ 137 $ (3 ) $ — $ — $ 137 $ (3 ) Foreign debt 1,619 (120 ) 1,961 (315 ) 3,580 (435 ) Corporate debt 4,679 (152 ) 1,439 (669 ) 6,118 (821 ) Preferred stock 2,038 (77 ) 8,329 (587 ) 10,367 (664 ) Mortgage-backed securities 31 (3 ) — — 31 (3 ) Common stock 1,563 (121 ) 2,004 (1,025 ) 3,567 (1,146 ) Total temporary impaired securities $ 10,067 $ (476 ) $ 13,733 $ (2,596 ) $ 23,800 $ (3,072 ) |
Intangible and Other Non-Curr41
Intangible and Other Non-Current Assets Intangible and Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 and 2017 were as follows (in thousands): December 31, 2016 December 31, 2017 Prepaid agreements not-to-compete, net of accumulated amortization of $5,501 and $6,051, respectively $ 3,244 $ 3,730 Tradenames 11,663 14,372 Other 50 15 Intangible and other non-current assets $ 14,957 $ 18,117 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Our long-term debt consisted of the following at December 31, 2016 and 2017 (in thousands): December 31, 2016 December 31, 2017 Revolving credit facility, secured, floating rate $ 67,700 $ 92,000 Term loan, secured, floating rate 138,750 127,500 Acquisition debt 12,245 10,548 Debt issuance costs, net of accumulated amortization of $4,138 and $4,442, respectively (1,270 ) (967 ) Less: current portion (13,021 ) (16,927 ) Total long-term debt $ 204,404 $ 212,154 |
Schedule of Maturities of Long-term Debt | The aggregate maturities of our long-term debt for the next five years subsequent to December 31, 2017 and thereafter are as follows (in thousands): Years ending December 31, 2018 $ 16,927 2019 16,949 2020 19,068 2021 172,699 2022 530 2023 and thereafter 3,875 $ 230,048 The aggregate maturities of our Convertible Notes for the five years subsequent to December 31, 2017 are as follows (in thousa |
Convertible Subordinated Notes
Convertible Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Convertible Subordinated Notes, Carrying Values of Liability and Equity Components | as $4.1 million . The carrying values of the liability and equity components of the Convertible Notes at December 31, 2016 and 2017 are reflected on our Consolidated Balance Sheets as follows (in thousan |
Schedule of Maturities of Long-term Debt | The aggregate maturities of our long-term debt for the next five years subsequent to December 31, 2017 and thereafter are as follows (in thousands): Years ending December 31, 2018 $ 16,927 2019 16,949 2020 19,068 2021 172,699 2022 530 2023 and thereafter 3,875 $ 230,048 The aggregate maturities of our Convertible Notes for the five years subsequent to December 31, 2017 are as follows (in thousa |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments For Operating and Capital Leases | At December 31, 2017 , future minimum lease payments under non-cancelable lease agreements were as follows (in thousands): Future Minimum Lease Payments Operating Leases Capital Leases Years ending December 31, 2018 $ 3,441 $ 842 2019 3,056 817 2020 2,521 771 2021 2,155 779 2022 303 803 Thereafter 586 7,818 Total future minimum lease payments $ 12,062 $ 11,830 Less: amount representing interest (rates ranging from 7.0% to 11.5%) (5,145 ) Less: current portion of obligations under capital leases (324 ) Long-term obligations under capital leases $ 6,361 |
Other Commitments [Table Text Block] | At December 31, 2017 , the maximum estimated future cash commitments under these agreements with remaining commitment terms, and with original terms of more than one year, are as follows (in thousands): Non-Compete Consulting Employment (a) Total Years ending December 31, 2018 $ 1,745 $ 907 $ 2,020 $ 4,672 2019 1,564 592 1,000 3,156 2020 1,324 421 1,000 2,745 2021 1,217 328 244 1,789 2022 837 118 — 955 Thereafter 1,360 — — 1,360 $ 8,047 $ 2,366 $ 4,264 $ 14,677 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes for the years ended December 31, 2015 , 2016 and 2017 consisted of the following (in thousands): Year Ended December 31, 2015 2016 2017 Current: U. S. federal provision $ 9,840 $ 6,609 $ 6,425 State provision 862 1,195 815 Total current provision $ 10,702 $ 7,804 $ 7,240 Deferred: U. S. federal provision (benefit) $ 1,928 $ 3,475 $ (12,881 ) State provision 1,107 1,381 1,230 Total deferred provision (benefit) $ 3,035 $ 4,856 $ (11,651 ) Total income tax provision (benefit) $ 13,737 $ 12,660 $ (4,411 ) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of taxes calculated at the U.S. federal statutory rate to those reflected in the Consolidated Statements of Operations for the years ended December 31, 2015 , 2016 and 2017 is as follows (dollars in thousands): Year Ended December 31, 2015 2016 2017 Amount Percent Amount Percent Amount Percent Federal statutory rate $ 12,105 35.0 % $ 11,300 35.0 % $ 11,474 35.0 % Effect of state income taxes, net of federal benefit 1,618 4.7 1,127 3.5 1,304 4.0 Effect of non-deductible expenses and other, net 155 0.4 213 0.7 (36 ) (0.1 ) Change in valuation allowance (141 ) (0.4 ) 20 0.1 23 0.1 Re-measurement of deferred taxes due to tax reform — — — — (17,176 ) (52.4 ) Total $ 13,737 39.7 % $ 12,660 39.3 % $ (4,411 ) (13.5 ) % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences from total operations that give rise to significant deferred tax assets and liabilities at December 31, 2016 and 2017 were as follows (in thousands): Year Ended December 31, 2016 2017 Deferred income tax assets: Net operating loss carryforwards $ 1,947 $ 1,978 Tax credit carryforwards 135 133 State bonus depreciation 373 494 Accrued liabilities and other 11,163 6,136 Amortization of non-compete agreements 1,433 873 Preneed liabilities, net 9,315 5,239 Total deferred income tax assets 24,366 14,853 Less valuation allowance (209 ) (244 ) Total deferred income tax assets $ 24,157 $ 14,609 Deferred income tax liabilities: Depreciation and amortization $ (57,716 ) $ (41,447 ) Convertible subordinated notes due 2021 (8,636 ) (4,096 ) Prepaids and other (615 ) (225 ) Total deferred income tax liabilities (66,967 ) (45,768 ) Total net deferred tax liabilities $ (42,810 ) $ (31,159 ) Current deferred tax asset $ — $ — Non-current deferred tax liabilities (42,810 ) (31,159 ) Total net deferred tax liabilities $ (42,810 ) $ (31,159 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Year Ended December 31, 2015 2016 2017 Unrecognized tax benefit at beginning of year $ 515 $ 814 $ — Reductions based on tax positions related to the prior year — (17 ) — Reductions for tax year 2011 federal audit — (568 ) — Additions (reductions) based on tax positions related to the current year 299 (229 ) — Reductions as a result of a lapse of the applicable statute of limitations — — — Unrecognized tax benefit at end of year $ 814 $ — $ — |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Status of Stock Based Compensation Plans | December 31, 2017 is as follows (shares in thousands): Shares Shares Options Performance Awards Outstanding (2) Amended and Restated 2006 Plan — — 1,918 311 2017 Plan 1,583 (1) 1,553 16 9 Total 1,583 1,553 1,934 320 (1) Amount includes approximately 28,000 shares granted from the Amended and Restated 2006 Plan that were returned to the Company due to cancellations and to pay the option price upon exercise. (2) Performance Awards are reserved at 200% of shares granted which is equal to the maximum payout in shares. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The assumptions used in the Monte-Carlo simulation pricing model are as follows: 2016 Performance period January 1, 2016 - December 31, 2020 Simulation period (years) 4.86 Share price at grant date $20.06 Expected volatility 31.2 % Risk-free interest rate 1.21 % Forfeiture rate 2.0 % |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the stock options at December 31, 2015 , 2016 and 2017 and changes during the three years ended December 31, 2017 is presented in the table and narrative below (shares in thousands): Year Ended December 31, 2015 2016 2017 Shares Wtd. Avg. Ex. Price Shares Wtd. Avg. Ex. Price Shares Wtd. Avg. Ex. Price Outstanding at beginning of period 1,381 $ 17.07 1,695 $ 18.95 1,650 $ 19.18 Adjustment to beginning balance — $ — 18 $ 18.94 — $ — Granted 653 $ 22.66 236 $ 20.06 462 $ 26.56 Exercised (110 ) $ 14.36 (112 ) $ 13.76 (159 ) $ 19.81 Canceled or expired (229 ) $ 20.39 (187 ) $ 21.30 (19 ) $ 23.17 Outstanding at end of year 1,695 $ 18.95 1,650 $ 19.18 1,934 $ 20.85 Exercisable at end of year 583 $ 15.00 1,106 $ 18.21 1,225 $ 18.68 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table further describes our outstanding stock options at December 31, 2017 : Options Outstanding Options Exercisable Actual Ranges of Exercise Prices Number Outstanding at 12/31/17 Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price Number Exercisable at 12/31/17 Weighted-Average Exercise Price $4.78 - $5.94 105,603 3.50 $ 5.66 105,603 $ 5.66 $16.73 - $20.49 942,153 3.92 $ 19.02 797,673 $ 18.83 $22.58 - $26.93 885,900 6.74 $ 24.61 322,001 $ 22.58 $4.78 - $26.93 1,933,656 5.19 $ 20.85 1,225,277 $ 18.68 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | In 2016 , a total of 16,900 shares of restricted stock were awarded with a grant date market value of approximately $0.3 million . In 2015 , a total of 37,900 shares of restricted stock were awarded with a grant date market value of approximately $0.9 million . A summary of the status of unvested restricted stock as of December 31, 2017 , and changes during 2017 , is presented below (shares in thousands): Unvested stock awards Shares Weighted Average Grant Date Fair Value Unvested at January 1, 2017 63 $ 21.07 Awards 27 27.53 Vestings (30 ) 20.10 Cancellations (6 ) 22.70 Unvested at December 31, 2017 54 $ 24.09 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Our components of Accumulated other comprehensive income are as follows (in thousands): Accumulated Other Comprehensive Income Balance at December 31, 2016 $ — Increase in net unrealized gains associated with available-for-sale securities of the trusts 10,304 Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus’ (10,304 ) Balance at December 31, 2017 $ — |
Schedule of Dividends Payable | For the years ended December 31, 2016 and 2017 , our Board declared the following dividends payable on the dates below (in thousands, except per share amounts): 2017 Per Share Dollar Value March 1st $ 0.050 $ 833 June 1st $ 0.050 $ 835 September 1st $ 0.050 $ 835 December 1st $ 0.075 $ 1,206 2016 Per Share Dollar Value March 1st $ 0.025 $ 415 June 1st $ 0.025 $ 415 September 1st $ 0.050 $ 831 December 1st $ 0.050 $ 830 |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of our stock options were calculated using the following weighted average assumptions, based on the methods described above for the years ended December 31, 2015 , 2016 and 2017 : 2015 2016 2017 Dividend yield 0.44 % 0.50 % 0.75 % Expected volatility 32.62 % 31.21 % 29.29 % Risk-free interest rate 1.13 % 1.23 % 1.95 % Expected holding period (years) 3.6 5.0 5.0 |
Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the right (option) to purchase shares under the ESPP are estimated at the date of purchase with the four quarterly purchase dates using the following assumptions: 2015 2016 2017 Dividend yield 0.4 % 0.6 % 0.9 % Expected volatility 24 % 25 % 19 % Risk-free interest rate 0.02%, 0.11%,0.18%, 0.25% 0.22%, 0.49%,0.55%, 0.61% 0.53%, 0.65%,0.77%0.89% Expected life (years) .25, .50, .75, 1.00 .25, .50, .75, 1.00 .25, .50, .75, 1.00 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 years ended December 31, 2015 , 2016 and 2017 (in thousands, except per share data): Year Ended December 31, 2015 2016 2017 Numerator for basic and diluted earnings per share: Net income $ 20,853 $ 19,581 $ 37,193 Less: Earnings allocated to unvested restricted stock (257 ) (89 ) (135 ) Income attributable to common stockholders $ 20,596 $ 19,492 $ 37,058 Denominator: Denominator for basic earnings per common share - weighted average shares outstanding 17,791 16,515 16,438 Effect of dilutive securities: Stock options 246 454 336 Convertible subordinated notes 276 491 941 Denominator for diluted earnings per common share - weighted average shares outstanding 18,313 17,460 17,715 Basic earnings per common share $ 1.16 $ 1.18 $ 2.25 Diluted earnings per common share $ 1.12 $ 1.12 $ 2.09 |
Major Segments of Business (Tab
Major Segments of Business (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Revenue, pre-tax income and total assets by segments | The following table presents revenues, gross profit (loss), income (loss) before income taxes, depreciation and amortization, interest expense, income tax expense (benefit), total assets, long-lived assets, capital expenditures and number of operating locations by segment (in thousands, except number of operating locations): Funeral Cemetery Corporate Consolidated Revenues: 2017 $ 200,886 $ 57,253 $ — $ 258,139 2016 189,401 58,799 — 248,200 2015 185,818 56,684 — 242,502 Gross Profit (loss): 2017 $ 61,369 $ 15,430 $ (27,858 ) $ 48,941 2016 61,620 18,030 (29,446 ) 50,204 2015 59,434 18,074 (28,860 ) 48,648 Income (loss) before income taxes: 2017 $ 60,634 $ 15,852 $ (43,704 ) $ 32,782 2016 61,163 18,400 (47,322 ) 32,241 2015 58,404 17,492 (41,306 ) 34,590 Depreciation and amortization 2017 $ 9,785 $ 4,589 $ 1,605 $ 15,979 2016 8,891 5,028 1,502 15,421 2015 7,614 4,420 1,746 13,780 Interest expense: 2017 $ 1,170 $ 2 $ 11,776 $ 12,948 2016 826 3 10,909 11,738 2015 577 8 9,974 10,559 Income tax expense (benefit) 2017 $ (8,159 ) $ (2,133 ) $ 5,881 $ (4,411 ) 2016 24,019 7,226 (18,585 ) 12,660 2015 23,195 6,947 (16,405 ) 13,737 Total assets: 2017 $ 665,483 $ 251,243 $ 4,807 $ 921,533 2016 634,145 241,621 9,303 885,069 2015 591,389 229,479 12,271 833,139 Long-lived assets: 2017 $ 537,282 $ 90,292 $ 2,124 $ 629,698 2016 509,361 89,767 2,548 601,676 2015 472,419 89,866 3,370 565,655 Capital expenditures: 2017 $ 9,835 $ 5,283 $ 1,277 $ 16,395 2016 17,411 4,962 731 23,104 2015 27,654 5,332 2,838 35,824 Number of operating locations at year end: 2017 178 32 — 210 2016 170 32 — 202 2015 167 32 — 199 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Income Statement Elements [Abstract] | |
Supplementary Balance Sheet Disclosures | The detail of certain balance sheet accounts as of December 31, 2016 and 2017 is as follows (in thousands): December 31, 2016 2017 Other current assets: Income tax receivables $ 1,932 $ 889 Other current assets 102 97 Total other current assets $ 2,034 $ 986 Current portion of long-term debt and capital lease obligations Term note $ 11,250 $ 15,000 Acquisition debt 1,771 1,927 Capital leases 246 324 Total current portion of long-term debt and capital lease obligations $ 13,267 $ 17,251 Other current liabilities: Income taxes payable $ 509 $ 1,120 Deferred rent 208 241 Total other current liabilities $ 717 $ 1,361 Accrued liabilities: Accrued salaries and wages $ 4,005 $ 2,643 Accrued incentive compensation 8,237 6,412 Accrued vacation 2,305 2,417 Accrued insurance 1,726 1,832 Accrued interest 1,235 1,271 Accrued ad valorem and franchise taxes 981 1,003 Accrued commissions 543 461 Other accrued liabilities 1,059 1,520 Total accrued liabilities $ 20,091 $ 17,559 Other long-term liabilities: Deferred rent $ 1,207 $ 966 Incentive compensation 575 1,287 Contingent consideration 785 1,125 Total other long-term liabilities $ 2,567 $ 3,378 |
Supplemental Disclosure for the Consolidated Statements of Operations | Year Ended December 31, 2015 2016 2017 Revenues: Goods Funeral $ 71,399 $ 72,002 $ 76,160 Cemetery 35,479 37,678 36,340 Total goods $ 106,878 $ 109,680 $ 112,500 Services Funeral $ 104,969 $ 108,622 $ 116,240 Cemetery 11,178 11,269 11,898 Total services $ 116,147 $ 119,891 $ 128,138 Financial revenue Preneed funeral commission income $ 1,484 $ 1,429 $ 1,254 Preneed funeral trust earnings 7,966 7,348 7,232 Preneed cemetery trust earnings 8,440 8,004 7,193 Preneed cemetery finance charges 1,587 1,848 1,822 Total financial revenue $ 19,477 $ 18,629 $ 17,501 Total revenues $ 242,502 $ 248,200 $ 258,139 Field costs and expenses: Goods Funeral $ 56,819 $ 56,787 $ 60,797 Cemetery 24,600 26,199 26,630 Total goods $ 81,419 $ 82,986 $ 87,427 Services Funeral $ 51,236 $ 52,595 $ 57,174 Cemetery 6,924 7,081 7,705 Total services $ 58,160 $ 59,676 $ 64,879 Financial expenses Preneed funeral commissions $ 1,031 $ 747 $ 818 Trust administration fees 353 378 503 Total financial expenses $ 1,384 $ 1,125 $ 1,321 Total field costs and expenses $ 140,963 $ 143,787 $ 153,627 |
Quarterly Financial Data (Una50
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The tables below set forth consolidated operating results by fiscal quarter for the years ended December 31, 2016 and 2017 (in thousands, except earnings per share): First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Revenues $ 68,157 $ 63,852 $ 61,054 $ 65,076 Gross profit 23,092 18,667 15,480 19,560 Net income $ 7,084 $ 4,410 $ 3,038 $ 22,661 Basic earnings per common share: (a) $ 0.42 $ 0.26 $ 0.18 $ 1.41 Diluted earnings per common share: (a) $ 0.39 $ 0.24 $ 0.17 $ 1.31 2016 Revenues $ 63,331 $ 61,865 $ 60,140 $ 62,864 Gross profit 21,303 18,807 18,228 21,312 Net income $ 4,571 $ 5,200 $ 5,683 $ 4,127 Basic earnings per common share: (a) $ 0.27 $ 0.31 $ 0.34 $ 0.25 Diluted earnings per common share: (a) $ 0.27 $ 0.30 $ 0.33 $ 0.22 (a) Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly per share amounts may not equal the total computed for 2016 and 2017 due to rounding. |
Supplemental Disclosure of Ca51
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure for the Consolidated Statements of Cash Flows | The following information is supplemental disclosure for the Consolidated Statements of Cash Flows (in thousands): Year Ended December 31, 2015 2016 2017 Cash paid for interest and financing costs $ 9,159 $ 10,366 $ 11,092 Cash paid for taxes 8,283 10,874 5,902 Fair value of stock, stock options and performance awards issued to directors, officers, and certain other employees 4,879 3,275 6,854 Net withdrawals (deposits) from / into preneed funeral trusts 12,054 (3,687 ) (1,442 ) Net withdrawals (deposits) from / into preneed cemetery trusts 8,681 (6,405 ) (4,157 ) Net withdrawals (deposits) from / into perpetual care trusts 5,543 (3,762 ) (3,340 ) Net increase in preneed receivables (1,714 ) (2,385 ) (1,261 ) Net deposits of receivables into preneed trusts (735 ) (674 ) (1,069 ) Net change in preneed funeral receivables increasing deferred revenue 483 1,450 1,387 Net change in preneed cemetery receivables (decreasing) increasing deferred revenue (154 ) (2,090 ) 59 Net (withdrawals) deposits from / into preneed funeral trust accounts (decreasing) increasing deferred preneed funeral receipts held in trust (12,054 ) 3,687 1,442 Net (withdrawals) deposits from / into preneed cemetery trust accounts (decreasing) increasing deferred cemetery receipts held in trust (8,681 ) 6,405 4,157 Net (withdrawals) deposits from / into perpetual care trust accounts (decreasing) increasing care trusts’ corpus (5,726 ) 3,874 3,566 |
Basis of Presentation and Sum52
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) shares in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($)states | Sep. 30, 2016USD ($)funeral_homes | Dec. 31, 2017USD ($)funeral_homeslocationsstatessegmentshares | Dec. 31, 2016USD ($)funeral_homeslocationsshares | Dec. 31, 2015USD ($)locationsshares | |
Debt Instrument [Line Items] | |||||
Number of operating locations at year end | locations | 210 | 202 | 199 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 94,000,000 | ||||
Taxes paid on restricted stock vestings and exercises of non-qualified options | (509,000) | $ (578,000) | $ (1,582,000) | ||
Impairment charge for other-than-temporary declines in fair value | 2,300,000 | ||||
Debt Issuance Costs, Net | $ 967,000 | $ 967,000 | 1,270,000 | ||
Number of states in which the entity operated funeral homes (in States) | states | 29 | 29 | |||
Number of states in which the entity operated cemeteries (in States) | states | 11 | 11 | |||
Number of business segments | segment | 2 | ||||
Cumulative payments to trigger recognition, percent of contract price | 10.00% | ||||
Amortization Of Cemetery Property | $ 3,300,000 | 3,900,000 | 3,400,000 | ||
Accounts receivable, current | $ 19,655,000 | 19,655,000 | 18,860,000 | ||
Bad debt | $ 2,198,000 | 2,098,000 | 1,679,000 | ||
Number Of Institutions To Which Management Services Are Provided | 1 | 1 | |||
The percentage of trust assets in custody of institution receiving trust management services | 80.00% | 80.00% | |||
Depreciation | $ 12,600,000 | $ 11,500,000 | $ 10,400,000 | ||
Impairment of long lived assets | $ 0 | ||||
Number of funeral homes acquired | funeral_homes | 7 | 6 | |||
Incremental common shares attributable to dilutive effect of conversion of debt securities | shares | 941 | 491 | 276 | ||
Goodwill Impairment, Two Step Test, Market Approach, Percentage | 10.00% | ||||
Goodwill Impairment, Two Step Test, Income Approach, Percentage | 90.00% | ||||
Number Of Funeral Homes From Which Land Buildings Were Purchased | funeral_homes | 4 | ||||
Impairment Of Intangible Assets, Period In Which Intangible Asset Impairment Is Performed | 3 years | ||||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense | $ 17,200,000 | ||||
Qualifying Assets Placed In Service, Expensed | $ 2,900,000 | ||||
Separate Income Tax Return | |||||
Debt Instrument [Line Items] | |||||
Number of States in Which Entity Files Separate State Income Tax Returns | states | 16 | ||||
Combined or unitary income tax return | |||||
Debt Instrument [Line Items] | |||||
Number of States in Which Entity Files Unitary Tax Returns | states | 13 | ||||
Funeral | |||||
Debt Instrument [Line Items] | |||||
Number of operating locations at year end | locations | 178 | 170 | 167 | ||
Cemetery | |||||
Debt Instrument [Line Items] | |||||
Number of operating locations at year end | locations | 32 | 32 | 32 | ||
Service Corporation International (SCI) | |||||
Debt Instrument [Line Items] | |||||
Acquired real estate | $ 1,300,000 | $ 2,700,000 | |||
Colorado And New York [Member] | |||||
Debt Instrument [Line Items] | |||||
Property, plant & equipment | 12,195,000 | $ 12,195,000 | |||
Houston, Texas And Madera, California [Member] | |||||
Debt Instrument [Line Items] | |||||
Property, plant & equipment | $ 15,972,000 | ||||
Houston, Texas [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of funeral homes acquired | funeral_homes | 2 | ||||
Madera, California [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of funeral homes acquired | funeral_homes | 1 | ||||
Brooksfield, Wisconsin [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of funeral homes acquired | funeral_homes | 1 | ||||
Longmont, Colorado [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of funeral homes acquired | funeral_homes | 1 | ||||
Loveland, Colorado [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of funeral homes acquired | funeral_homes | 1 | ||||
Long Island, New York [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of funeral homes acquired | funeral_homes | 5 | ||||
NORTH CAROLINA | |||||
Debt Instrument [Line Items] | |||||
Number of funeral homes acquired | funeral_homes | 2 | ||||
Land and Building | |||||
Debt Instrument [Line Items] | |||||
Property, Plant and Equipment, Additions | $ 6,300,000 | ||||
Trade Names | |||||
Debt Instrument [Line Items] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 145,000 | $ 0 | |||
Accounting Standards Update 2015-03 [Member] | Long-term Debt | |||||
Debt Instrument [Line Items] | |||||
Debt Issuance Costs, Net | (2,700,000) | (2,700,000) | (3,600,000) | ||
Convertible subordinated notes | |||||
Debt Instrument [Line Items] | |||||
Debt Issuance Costs, Net | 1,750,000 | 1,750,000 | 2,268,000 | ||
Discontinued Operations, Disposed of by Sale [Member] | Tennessee | |||||
Debt Instrument [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 600,000 | 600,000 | 1,350,000 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 281,000 | $ 173,000 | $ 0 |
Basis of Presentation and Sum53
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Preneed Receivables Net of Allowance for Bad Debts | $ 31,644 | $ 30,383 |
Accounts receivable, current | 19,655 | 18,860 |
Property, Plant and Equipment, Gross | 363,070 | 345,622 |
Less: accumulated depreciation | (115,776) | (110,509) |
Property, plant and equipment, net | 247,294 | 235,113 |
Other Receivables | 263 | 334 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 74,981 | 73,744 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 211,934 | 195,214 |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15 years | |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 40 years | |
Furniture and fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Furniture and fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years | |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 3 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15 years | |
Automobiles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Automobiles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 7 years | |
Furniture, equipment and automobiles | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 76,155 | 76,664 |
Cemetery | ||
Property, Plant and Equipment [Line Items] | ||
Preneed Receivables Net of Allowance for Bad Debts | 23,710 | 22,622 |
Accounts receivable, current | 10,331 | 9,862 |
Funeral | ||
Property, Plant and Equipment [Line Items] | ||
Preneed Receivables Net of Allowance for Bad Debts | 7,934 | 7,761 |
Accounts receivable, current | $ 9,061 | $ 8,664 |
Basis of Presentation and Sum54
Basis of Presentation and Summary of Significant Accounting Policies Correction of Immaterial Error (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Liabilities | $ 709,335 | $ 723,877 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (175,734) | $ (197,656) | $ (155,339) | $ (179,875) |
Out-of-period Immaterial Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Increase (Decrease) in Deferred Income Taxes | 2,255 | |||
Liabilities | 2,255 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (2,255) | (2,255) | ||
Increase in Deferred tax liability | 5.60% | 7.80% | ||
Increase in Total liabilities | 0.30% | 0.30% | ||
Decrease in Retained earnings | 9.80% | 3.70% | ||
Decrease in Total stockholders' equity | 1.30% | 1.10% | ||
Accumulated Deficit | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (20,711) | $ (57,904) | $ (1,130) | $ 17,468 |
Accumulated Deficit | Out-of-period Immaterial Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (2,255) |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Dec. 05, 2017USD ($) | Nov. 07, 2017USD ($) | Dec. 31, 2017USD ($)funeral_homes | Dec. 31, 2016USD ($)funeral_homes |
Business Acquisition [Line Items] | ||||
Consideration transferred | $ | $ 32,755 | |||
Payments to acquire businesses | $ | 23,871 | |||
Present value of future deferred payments | $ | $ 8,884 | |||
Number of funeral homes acquired | 7 | 6 | ||
Longmont, Colorado [Member] | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ | $ 2,200 | |||
Number of funeral homes acquired | 1 | |||
Loveland, Colorado [Member] | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ | $ 2,300 | |||
Number of funeral homes acquired | 1 | |||
Long Island, New York [Member] | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ | $ 23,000 | |||
Number of funeral homes acquired | 5 | |||
Houston, Texas [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of funeral homes acquired | 2 | |||
Madera, California [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of funeral homes acquired | 1 | |||
Service Corporation International (SCI) | ||||
Business Acquisition [Line Items] | ||||
Acquired real estate | $ | $ 1,300 | $ 2,700 | ||
Brooksfield, Wisconsin [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of funeral homes acquired | 1 | |||
NORTH CAROLINA | ||||
Business Acquisition [Line Items] | ||||
Number of funeral homes acquired | 2 |
Acquisitions Acquisitions (Purc
Acquisitions Acquisitions (Purchase Price Breakdown) (Details) - USD ($) $ in Thousands | Dec. 05, 2017 | Nov. 07, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 08, 2016 | Sep. 20, 2016 | May 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||||
Payments to acquire businesses | $ 23,871 | |||||||
Present value of future deferred payments | 8,884 | |||||||
Consideration transferred | 32,755 | |||||||
Goodwill | $ 287,956 | $ 275,487 | $ 264,416 | |||||
Longmont, Colorado [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Assets Acquired (Excluding Goodwill) | $ 1,500 | |||||||
Consideration transferred | 2,200 | |||||||
Goodwill | 700 | |||||||
Liabilities and Debt Assumed | 0 | |||||||
Houston, Texas [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Assets Acquired (Excluding Goodwill) | $ 7,000 | |||||||
Goodwill | $ 3,300 | |||||||
Madera, California [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Assets Acquired (Excluding Goodwill) | $ 3,700 | |||||||
Goodwill | $ 1,900 | |||||||
Brooksfield, Wisconsin [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Assets Acquired (Excluding Goodwill) | $ 5,700 | |||||||
Goodwill | $ 1,200 | |||||||
Loveland, Colorado [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Assets Acquired (Excluding Goodwill) | 1,700 | |||||||
Consideration transferred | 2,300 | |||||||
Goodwill | 700 | |||||||
Liabilities and Debt Assumed | $ (100) | |||||||
Long Island, New York [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Assets Acquired (Excluding Goodwill) | $ 12,500 | |||||||
Consideration transferred | 23,000 | |||||||
Goodwill | 11,100 | |||||||
Liabilities and Debt Assumed | $ (600) |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 15, 2016 | Nov. 08, 2016 | Sep. 20, 2016 | May 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 287,956 | $ 275,487 | $ 264,416 | ||||
Houston, Texas And Madera, California [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Current assets | 530 | ||||||
Property, plant & equipment | 15,972 | ||||||
Goodwill | 11,832 | ||||||
Intangible and other non-current assets | 4,588 | ||||||
Assumed liabilities | (167) | ||||||
Purchase Price | $ 32,755 | ||||||
Houston, Texas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Assets Acquired (Excluding Goodwill) | $ 7,000 | ||||||
Goodwill | 3,300 | ||||||
Assumed liabilities | $ (100) | ||||||
Madera, California [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Assets Acquired (Excluding Goodwill) | $ 3,700 | ||||||
Goodwill | 1,900 | ||||||
Assumed liabilities | $ 0 | ||||||
Brooksfield, Wisconsin [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Assets Acquired (Excluding Goodwill) | $ 5,700 | ||||||
Goodwill | 1,200 | ||||||
Assumed liabilities | $ (100) | ||||||
Colorado And New York [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Current assets | 180 | ||||||
Property, plant & equipment | 12,195 | ||||||
Goodwill | 12,469 | ||||||
Intangible and other non-current assets | 3,309 | ||||||
Assumed liabilities | (63) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation | (590) | ||||||
Purchase Price | $ 27,500 | ||||||
Burlington/Graham, North Carolina [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Assets Acquired (Excluding Goodwill) | $ 4,700 | ||||||
Goodwill | 5,400 | ||||||
Assumed liabilities | $ 0 |
Goodwill (Changes in Goodwill)
Goodwill (Changes in Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Goodwill at the beginning of year | $ 275,487 | $ 264,416 |
Increase in goodwill related to acquisitions | 12,469 | 11,832 |
Decrease in goodwill related to divestitures | 0 | (761) |
Goodwill at the end of the year | $ 287,956 | $ 275,487 |
Assets Held for Sale and Discon
Assets Held for Sale and Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Discontinued Operations, Disposed of by Sale [Member] | Tennessee | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 600 | $ 1,350 |
Discontinued Operations Asset60
Discontinued Operations Assets Held for Sale and Discontinued Operations (Assets held for sale and discontinued operations) (Details) - Tennessee - Discontinued Operations, Disposed of by Sale [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | $ 605 | $ 744 | $ 0 |
Operating income | 277 | 314 | 0 |
Net gain on disposal | 191 | (29) | 0 |
Income tax provision | (187) | (112) | 0 |
Income from discontinued operations, net of tax | $ 281 | $ 173 | $ 0 |
Preneed Trust Investments (Comp
Preneed Trust Investments (Components of preneed cemetery trust investments) (Details) - Preneed Cemetery Trust Investments - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed cemetery trust investments, at market value | $ 75,992 | $ 71,834 |
Less: allowance for contract cancellation | (2,139) | (2,138) |
Available-for-sale securities, current | $ 73,853 | $ 69,696 |
Preneed Trust Investments (Cost
Preneed Trust Investments (Cost and fair market values associated with preneed cemetery trust investments) (Details) - Preneed Cemetery Trust Investments - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed cemetery trust investments | $ 75,992 | $ 71,834 |
Market value as a percentage of cost | 105.60% | 99.80% |
Foreign Debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 7,574 | |
Unrealized Gains | 160 | |
Unrealized Losses | (656) | |
Fair Market Value | 7,078 | |
Corporate debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 20,621 | |
Unrealized Gains | 1,569 | |
Unrealized Losses | (1,123) | |
Fair Market Value | 21,067 | |
Preferred stock | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 16,287 | |
Unrealized Gains | 8 | |
Unrealized Losses | (947) | |
Fair Market Value | 15,348 | |
Mortgage-backed securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 949 | |
Unrealized Gains | 372 | |
Unrealized Losses | (4) | |
Fair Market Value | 1,317 | |
Trust securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 71,306 | 71,252 |
Unrealized Gains | 7,535 | 4,425 |
Unrealized Losses | (3,549) | (4,572) |
Fair Market Value | 75,292 | 71,105 |
Accrued investment income | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 700 | 729 |
Fair Market Value | 700 | 729 |
Fair Value, Level 1 | Cash and money market accounts | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 3,132 | 10,852 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | 3,132 | 10,852 |
Fair Value, Level 1 | Common stock | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 26,465 | 13,250 |
Unrealized Gains | 5,250 | 2,191 |
Unrealized Losses | (2,460) | (1,838) |
Fair Market Value | 29,255 | 13,603 |
Fair Value, Level 2 | Municipal bonds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 496 | |
Unrealized Gains | 18 | |
Unrealized Losses | (4) | |
Fair Market Value | 510 | |
Fair Value, Level 2 | Foreign Debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 4,834 | |
Unrealized Gains | 292 | |
Unrealized Losses | (193) | |
Fair Market Value | 4,933 | |
Fair Value, Level 2 | Corporate debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 18,238 | |
Unrealized Gains | 1,184 | |
Unrealized Losses | (273) | |
Fair Market Value | 19,149 | |
Fair Value, Level 2 | Preferred stock | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 16,421 | |
Unrealized Gains | 510 | |
Unrealized Losses | (588) | |
Fair Market Value | 16,343 | |
Fair Value, Level 2 | Mortgage-backed securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1,018 | |
Unrealized Gains | 249 | |
Unrealized Losses | (24) | |
Fair Market Value | 1,243 | |
Fair Value, Level 2 | Fixed income | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1,198 | 1,223 |
Unrealized Gains | 50 | 107 |
Unrealized Losses | (11) | 0 |
Fair Market Value | $ 1,237 | $ 1,330 |
Preneed Trust Investments (Esti
Preneed Trust Investments (Estimated maturities of fixed preneed cemetery trust income securities) (Details) - Preneed Cemetery Trust Investments $ in Thousands | Dec. 31, 2017USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $ 303 |
Due in one to five years | 2,183 |
Due in five to ten years | 5,376 |
Thereafter | 33,806 |
Total | $ 41,668 |
Preneed Trust Investments Prene
Preneed Trust Investments Preneed Trust Investments (Unrealized losses on cemetery merchandise and service trust investments) (Details) - Preneed Cemetery Trust Investments - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | $ 12,806 | $ 15,566 |
Unrealized Losses, In Loss Position Less than12 months | (1,616) | (745) |
Fair market value, In Loss Position Greater than12 months | 12,361 | 20,056 |
Unrealized Losses, In Loss Position Greater than12 months | (1,933) | (3,827) |
Fair market value, Total | 25,167 | 35,622 |
Unrealized Losses, Total | (3,549) | (4,572) |
Municipal bonds | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 228 | |
Unrealized Losses, In Loss Position Less than12 months | (4) | |
Fair market value, In Loss Position Greater than12 months | 0 | |
Unrealized Losses, In Loss Position Greater than12 months | 0 | |
Fair market value, Total | 228 | |
Unrealized Losses, Total | (4) | |
Foreign debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 151 | 2,523 |
Unrealized Losses, In Loss Position Less than12 months | (6) | (180) |
Fair market value, In Loss Position Greater than12 months | 1,637 | 2,868 |
Unrealized Losses, In Loss Position Greater than12 months | (187) | (475) |
Fair market value, Total | 1,788 | 5,391 |
Unrealized Losses, Total | (193) | (655) |
Corporate debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 3,735 | 6,939 |
Unrealized Losses, In Loss Position Less than12 months | (72) | (233) |
Fair market value, In Loss Position Greater than12 months | 846 | 2,168 |
Unrealized Losses, In Loss Position Greater than12 months | (201) | (890) |
Fair market value, Total | 4,581 | 9,107 |
Unrealized Losses, Total | (273) | (1,123) |
Preferred stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 48 | 3,217 |
Unrealized Losses, In Loss Position Less than12 months | 0 | (121) |
Fair market value, In Loss Position Greater than12 months | 8,109 | 11,635 |
Unrealized Losses, In Loss Position Greater than12 months | (588) | (826) |
Fair market value, Total | 8,157 | 14,852 |
Unrealized Losses, Total | (588) | (947) |
Mortgage-backed securities | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 127 | 51 |
Unrealized Losses, In Loss Position Less than12 months | (15) | (5) |
Fair market value, In Loss Position Greater than12 months | 27 | 0 |
Unrealized Losses, In Loss Position Greater than12 months | (9) | 0 |
Fair market value, Total | 154 | 51 |
Unrealized Losses, Total | (24) | (5) |
Common stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 8,249 | 2,608 |
Unrealized Losses, In Loss Position Less than12 months | (1,512) | (202) |
Fair market value, In Loss Position Greater than12 months | 1,742 | 3,385 |
Unrealized Losses, In Loss Position Greater than12 months | (948) | (1,636) |
Fair market value, Total | 9,991 | 5,993 |
Unrealized Losses, Total | (2,460) | $ (1,838) |
Mutual Fund [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 496 | |
Unrealized Losses, In Loss Position Less than12 months | (11) | |
Fair market value, In Loss Position Greater than12 months | 0 | |
Unrealized Losses, In Loss Position Greater than12 months | 0 | |
Fair market value, Total | 496 | |
Unrealized Losses, Total | $ (11) |
Preneed Trust Investments (Pren
Preneed Trust Investments (Preneed cemetery trust investment security transactions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Impairment charge for other-than-temporary declines in fair value | $ 2,300 | ||
Investment income | 5,949 | $ 6,451 | $ 5,315 |
Decrease (increase) in deferred preneed cemetery receipts held in trust | (5,111) | (6,017) | (5,751) |
Preneed Cemetery Trust Investments | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Impairment charge for other-than-temporary declines in fair value | 900 | ||
Investment income | 2,250 | 2,250 | 2,562 |
Realized gains | 2,218 | 2,141 | 2,952 |
Realized losses | (2,384) | (6,559) | (3,671) |
Expenses and taxes | (1,308) | (1,266) | (1,790) |
Decrease (increase) in deferred preneed cemetery receipts held in trust | $ (776) | $ 3,434 | $ (53) |
Preneed Trust Investments (Purc
Preneed Trust Investments (Purchases and sales of investments in preneed cemetery trusts) (Details) - Preneed Cemetery Trust Investments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Purchases | $ (21,966) | $ (25,643) | $ (26,757) |
Sales | $ 14,002 | $ 25,846 | $ 23,141 |
Preneed Trust Investments (Co67
Preneed Trust Investments (Components of preneed funeral trust investments) (Details) - Preneed Funeral Trust Investments - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed cemetery trust investments, at market value | $ 93,341 | $ 91,980 |
Less: allowance for contract cancellation | (2,659) | (2,740) |
Available-for-sale securities, current | $ 90,682 | $ 89,240 |
Preneed Trust Investments (Co68
Preneed Trust Investments (Cost and fair market values associated with preneed funeral trust investments) (Details) - Preneed Funeral Trust Investments - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 88,638 | $ 91,335 |
Unrealized Gains | 7,574 | 4,609 |
Unrealized Losses | (3,610) | (4,716) |
Fair Market Value | 92,602 | 91,228 |
Preneed cemetery trust investments, at market value | $ 93,341 | $ 91,980 |
Market value as a percentage of cost | 104.50% | 99.90% |
Accrued investment income | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 739 | $ 752 |
Fair Market Value | 739 | 752 |
Fair Value, Level 1 | Cash and money market accounts | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 14,349 | 22,787 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | 14,349 | 22,787 |
Fair Value, Level 1 | U.S. treasury debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1,490 | 1,491 |
Unrealized Gains | 10 | 21 |
Unrealized Losses | (15) | (10) |
Fair Market Value | 1,485 | 1,502 |
Fair Value, Level 1 | Common stock | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 26,129 | 13,675 |
Unrealized Gains | 5,253 | 2,256 |
Unrealized Losses | (2,468) | (1,850) |
Fair Market Value | 28,914 | 14,081 |
Fair Value, Level 2 | Municipal bonds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 447 | |
Unrealized Gains | 17 | |
Unrealized Losses | (4) | |
Fair Market Value | 460 | |
Fair Value, Level 2 | Foreign Debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 4,870 | 7,692 |
Unrealized Gains | 298 | 170 |
Unrealized Losses | (189) | (677) |
Fair Market Value | 4,979 | 7,185 |
Fair Value, Level 2 | Corporate debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 18,963 | 21,454 |
Unrealized Gains | 1,197 | 1,566 |
Unrealized Losses | (278) | (1,134) |
Fair Market Value | 19,882 | 21,886 |
Fair Value, Level 2 | Preferred stock | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 16,335 | 17,037 |
Unrealized Gains | 501 | 64 |
Unrealized Losses | (585) | (970) |
Fair Market Value | 16,251 | 16,131 |
Fair Value, Level 2 | Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1,187 | 1,165 |
Unrealized Gains | 263 | 400 |
Unrealized Losses | (27) | (5) |
Fair Market Value | 1,423 | 1,560 |
Fair Value, Level 2 | Fixed Income Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1,974 | 2,124 |
Unrealized Gains | 52 | 115 |
Unrealized Losses | (48) | (66) |
Fair Market Value | 1,978 | 2,173 |
Fair Value, Level 2 | Other investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 3,341 | 3,463 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | $ 3,341 | $ 3,463 |
Preneed Trust Investments Pre69
Preneed Trust Investments Preneed Trust Investments (Estimated maturities of fixed preneed funeral trust income securities) (Details) - Preneed Funeral Trust Investments $ in Thousands | Dec. 31, 2017USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Due in one year or less | $ 320 |
Due in one to five years | 3,744 |
Due in five to ten years | 5,782 |
Thereafter | 34,174 |
Total | $ 44,020 |
Preneed Trust Investments Pre70
Preneed Trust Investments Preneed Trust Investments (Unrealized losses on preneed funeral trust investments) (Details) - Preneed Funeral Trust Investments - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | $ 14,075 | $ 17,076 |
Unrealized Losses, In Loss Position Less than12 months | (1,620) | (772) |
Fair market value, In Loss Position Greater than12 months | 13,013 | 20,934 |
Unrealized Losses, In Loss Position Greater than12 months | (1,990) | (3,944) |
Fair market value, Total | 27,088 | 38,010 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,610) | (4,716) |
U.S. treasury debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 1,325 | 834 |
Unrealized Losses, In Loss Position Less than12 months | (15) | (10) |
Fair market value, In Loss Position Greater than12 months | 0 | 0 |
Unrealized Losses, In Loss Position Greater than12 months | 0 | 0 |
Fair market value, Total | 1,325 | 834 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (15) | (10) |
Municipal bonds | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 244 | |
Unrealized Losses, In Loss Position Less than12 months | (5) | |
Fair market value, In Loss Position Greater than12 months | 0 | |
Unrealized Losses, In Loss Position Greater than12 months | 0 | |
Fair market value, Total | 244 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (5) | |
Foreign debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 159 | 2,654 |
Unrealized Losses, In Loss Position Less than12 months | (6) | (186) |
Fair market value, In Loss Position Greater than12 months | 1,608 | 2,905 |
Unrealized Losses, In Loss Position Greater than12 months | (183) | (490) |
Fair market value, Total | 1,767 | 5,559 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (189) | (676) |
Corporate debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 3,770 | 6,977 |
Unrealized Losses, In Loss Position Less than12 months | (74) | (215) |
Fair market value, In Loss Position Greater than12 months | 842 | 2,234 |
Unrealized Losses, In Loss Position Greater than12 months | (203) | (919) |
Fair market value, Total | 4,612 | 9,211 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (277) | (1,134) |
Preferred stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 50 | 3,420 |
Unrealized Losses, In Loss Position Less than12 months | 0 | (128) |
Fair market value, In Loss Position Greater than12 months | 8,184 | 11,750 |
Unrealized Losses, In Loss Position Greater than12 months | (585) | (842) |
Fair market value, Total | 8,234 | 15,170 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (585) | (970) |
Mortgage-backed securities | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 221 | 55 |
Unrealized Losses, In Loss Position Less than12 months | (17) | (5) |
Fair market value, In Loss Position Greater than12 months | 36 | 11 |
Unrealized Losses, In Loss Position Greater than12 months | (10) | (1) |
Fair market value, Total | 257 | 66 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (27) | (6) |
Equity | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 2,795 | |
Unrealized Losses, In Loss Position Less than12 months | (216) | |
Fair market value, In Loss Position Greater than12 months | 3,390 | |
Unrealized Losses, In Loss Position Greater than12 months | (1,634) | |
Fair market value, Total | 6,185 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,850) | |
Common stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 8,001 | |
Unrealized Losses, In Loss Position Less than12 months | (1,496) | |
Fair market value, In Loss Position Greater than12 months | 1,728 | |
Unrealized Losses, In Loss Position Greater than12 months | (972) | |
Fair market value, Total | 9,729 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (2,468) | |
Fixed income | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 549 | 97 |
Unrealized Losses, In Loss Position Less than12 months | (12) | (7) |
Fair market value, In Loss Position Greater than12 months | 615 | 644 |
Unrealized Losses, In Loss Position Greater than12 months | (37) | (58) |
Fair market value, Total | 1,164 | 741 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (49) | $ (65) |
Preneed Trust Investments (Pr71
Preneed Trust Investments (Preneed funeral trust investment security transactions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Impairment charge for other-than-temporary declines in fair value | $ 2,300 | ||
Investment income | 5,949 | $ 6,451 | $ 5,315 |
Decrease (increase) in deferred preneed cemetery receipts held in trust | (5,111) | (6,017) | (5,751) |
Preneed Funeral Trust Investments | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Impairment charge for other-than-temporary declines in fair value | 900 | ||
Investment income | 2,420 | 2,344 | 2,819 |
Realized gains | 2,386 | 2,287 | 3,931 |
Realized losses | (2,396) | (6,642) | (3,979) |
Expenses and taxes | (1,290) | (1,174) | (988) |
Decrease (increase) in deferred preneed cemetery receipts held in trust | $ (1,120) | $ 3,185 | $ (1,783) |
Preneed Trust Investments (Pu72
Preneed Trust Investments (Purchases and sales of investments in preneed funeral trusts) (Details) - Preneed Funeral Trust Investments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Purchases | $ (21,954) | $ (26,457) | $ (26,021) |
Sales | $ 14,463 | $ 27,425 | $ 42,582 |
Preneed Cemetery Receivables (N
Preneed Cemetery Receivables (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Preneed Cemetery Receivables [Abstract] | ||
Term of sales contract for cemetery interment rights, maximum (in years) | 5 years | |
Unearned Finance Charges Included In Receivables | $ 5.7 | $ 5.7 |
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) | 4.90% |
Preneed Cemetery Receivables (P
Preneed Cemetery Receivables (Preneed cemetery receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Allowance for amount of receivables for preneed cemetery interment rights and related products and services presented in accounts receivables | $ 2,779 | $ 2,622 | |
Cemetery interment rights | 29,625 | 28,687 | |
Cemetery merchandise and services | 10,849 | 10,299 | |
Accounts receivable, excluding unearned finance charges and allowance for contract cancellations of $2,622 and $2,779, respectively | 11,843 | 11,380 | |
Preneed receivables, excluding unearned finance charges and allowance for contract cancellations of $4,983 and $4,922, respectively | 28,631 | 27,606 | |
Preneed cemetery receivables | 40,474 | 38,986 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Provision for losses on accounts receivable | 2,198 | 2,098 | $ 1,679 |
Allowance for amount of receivables for preneed cemetery interment rights and related products and services presented in preneed receivables | 4,922 | 4,983 | |
Preneed Cemetery Receivables | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning balance | 1,861 | 1,765 | |
Write-offs and cancellations | (1,298) | (1,332) | |
Provision for losses on accounts receivable | 1,456 | 1,428 | |
Ending balance | $ 2,019 | $ 1,861 | $ 1,765 |
Preneed Cemetery Receivables (A
Preneed Cemetery Receivables (Aging of past due financing receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 4,132 | $ 3,173 |
Current | 36,342 | 35,813 |
Total Financing Receivables | 40,474 | 38,986 |
Recognized Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,126 | 2,349 |
Current | 26,449 | 26,003 |
Total Financing Receivables | 29,575 | 28,352 |
Deferred Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,006 | 824 |
Current | 9,893 | 9,810 |
Total Financing Receivables | 10,899 | 10,634 |
31-60 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,520 | 984 |
31-60 Days Past Due | Recognized Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,140 | 674 |
31-60 Days Past Due | Deferred Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 380 | 310 |
61-90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 701 | 468 |
61-90 Days Past Due | Recognized Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 530 | 356 |
61-90 Days Past Due | Deferred Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 171 | 112 |
91-120 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 218 | 319 |
91-120 Days Past Due | Recognized Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 155 | 233 |
91-120 Days Past Due | Deferred Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 63 | 86 |
Greater than 120 Day Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,693 | 1,402 |
Greater than 120 Day Past Due | Recognized Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,301 | 1,086 |
Greater than 120 Day Past Due | Deferred Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 392 | $ 316 |
Receivables from Preneed Trus76
Receivables from Preneed Trusts (Receivables from preneed funeral trust funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables From Preneed Trusts [Abstract] | ||
Preneed trust funds, at cost | $ 15,759 | $ 14,658 |
Less: allowance for contract cancellation | (472) | (440) |
Receivables from preneed funeral trusts | $ 15,287 | $ 14,218 |
Receivables from Preneed Trus77
Receivables from Preneed Trusts Receivables from Preneed Trusts (Composition of Asset Held in Trusts) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Historical Cost Basis | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | $ 15,759 | $ 14,658 |
Historical Cost Basis | Cash and Cash Equivalents | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 3,903 | 3,378 |
Historical Cost Basis | Fixed Income Investments | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 9,306 | 8,809 |
Historical Cost Basis | Mutual Funds And Common Stocks | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 2,544 | 2,455 |
Historical Cost Basis | Annuities | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 6 | 16 |
Fair Value | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 15,782 | 14,666 |
Fair Value | Cash and Cash Equivalents | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 3,903 | 3,378 |
Fair Value | Fixed Income Investments | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 9,306 | 8,809 |
Fair Value | Mutual Funds And Common Stocks | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 2,567 | 2,463 |
Fair Value | Annuities | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | $ 6 | $ 16 |
Contracts Secured by Insurance
Contracts Secured by Insurance (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Contracts Secured by Insurance [Abstract] | ||
Preneed funeral contracts secured by insurance | $ 371.5 | $ 357.4 |
Cemetery Perpetual Care Trust79
Cemetery Perpetual Care Trust Investments (The Components of Care trusts' corpus) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Care trusts’ corpus | $ 49,856 | $ 46,290 |
Perpetual Care Trust Invesments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trust assets, at market value | 50,229 | 46,889 |
Obligations due from trust | (373) | (599) |
Care trusts’ corpus | $ 49,856 | $ 46,290 |
Cemetery Perpetual Care Trust80
Cemetery Perpetual Care Trust Investments (Cost and fair market values associated with the trust investments held in perpetual care trust funds) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Impairment charge for other-than-temporary declines in fair value | $ 2,300 | |
Perpetual Care Trust Invesments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cemetery perpetual care investments | $ (50,229) | $ (46,889) |
Market value as a percentage of cost | 105.00% | 99.30% |
Impairment charge for other-than-temporary declines in fair value | $ 400 | |
Perpetual Care Trust Invesments | Cash and money market accounts | Fair Value, Level 1 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 1,906 | 6,522 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | 1,906 | 6,522 |
Perpetual Care Trust Invesments | Municipal bonds | Fair Value, Level 2 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 365 | |
Unrealized Gains | 13 | |
Unrealized Losses | (3) | |
Fair Market Value | 375 | |
Perpetual Care Trust Invesments | Foreign debt | Fair Value, Level 2 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 3,580 | 5,100 |
Unrealized Gains | 227 | 99 |
Unrealized Losses | (134) | (435) |
Fair Market Value | 3,673 | 4,764 |
Perpetual Care Trust Invesments | Corporate debt | Fair Value, Level 2 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 12,557 | 13,715 |
Unrealized Gains | 805 | 966 |
Unrealized Losses | (187) | (821) |
Fair Market Value | 13,175 | 13,860 |
Perpetual Care Trust Invesments | Preferred stock | Fair Value, Level 2 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 11,545 | 11,323 |
Unrealized Gains | 364 | 5 |
Unrealized Losses | (411) | (664) |
Fair Market Value | 11,498 | 10,664 |
Perpetual Care Trust Invesments | Mortgage-backed securities | Fair Value, Level 2 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 621 | 569 |
Unrealized Gains | 152 | 223 |
Unrealized Losses | (15) | (3) |
Fair Market Value | 758 | 789 |
Perpetual Care Trust Invesments | Common stock | Fair Value, Level 1 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 16,326 | 8,259 |
Unrealized Gains | 3,116 | 1,382 |
Unrealized Losses | (1,595) | (1,146) |
Fair Market Value | 17,847 | 8,495 |
Perpetual Care Trust Invesments | Fixed income | Fair Value, Level 2 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 913 | 855 |
Unrealized Gains | 42 | 76 |
Unrealized Losses | (10) | 0 |
Fair Market Value | 945 | 931 |
Perpetual Care Trust Invesments | Trust securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 47,448 | 46,708 |
Unrealized Gains | 4,706 | 2,764 |
Unrealized Losses | (2,352) | (3,072) |
Fair Market Value | 49,802 | 46,400 |
Perpetual Care Trust Invesments | Accrued investment income | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 427 | 489 |
Fair Market Value | $ 427 | $ 489 |
Cemetery Perpetual Care Trust81
Cemetery Perpetual Care Trust Investments (Estimated maturities of fixed perpetual care trust income securities) (Details) - Perpetual Care Trust Invesments $ in Thousands | Dec. 31, 2017USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $ 184 |
Due in one to five years | 1,441 |
Due in five to ten years | 3,788 |
Thereafter | 23,691 |
Total | $ 29,104 |
Cemetery Perpetual Care Trust82
Cemetery Perpetual Care Trust Investments Cemetery Perpetual Care Trust Investments (Unrealized losses on perpetual care trust investments) (Details) - Perpetual Care Trust Invesments - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | $ 8,370 | $ 10,067 |
Unrealized Losses, In Loss Position Less than12 months | (1,073) | (476) |
Fair market value, In Loss Position Greater than12 months | 8,299 | 13,733 |
Unrealized Losses, In Loss Position Greater than12 months | (1,279) | (2,596) |
Fair market value, Total | 16,669 | 23,800 |
Unrealized Losses, Total | (2,352) | (3,072) |
Municipal bonds | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 137 | |
Unrealized Losses, In Loss Position Less than12 months | (3) | |
Fair market value, In Loss Position Greater than12 months | 0 | |
Unrealized Losses, In Loss Position Greater than12 months | 0 | |
Fair market value, Total | 137 | |
Unrealized Losses, Total | (3) | |
Foreign debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 92 | 1,619 |
Unrealized Losses, In Loss Position Less than12 months | (3) | (120) |
Fair market value, In Loss Position Greater than12 months | 1,128 | 1,961 |
Unrealized Losses, In Loss Position Greater than12 months | (131) | (315) |
Fair market value, Total | 1,220 | 3,580 |
Unrealized Losses, Total | (134) | (435) |
Corporate debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 2,621 | 4,679 |
Unrealized Losses, In Loss Position Less than12 months | (59) | (152) |
Fair market value, In Loss Position Greater than12 months | 555 | 1,439 |
Unrealized Losses, In Loss Position Greater than12 months | (128) | (669) |
Fair market value, Total | 3,176 | 6,118 |
Unrealized Losses, Total | (187) | (821) |
Preferred stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 2,038 | |
Unrealized Losses, In Loss Position Less than12 months | (77) | |
Fair market value, In Loss Position Greater than12 months | 8,329 | |
Unrealized Losses, In Loss Position Greater than12 months | (587) | |
Fair market value, Total | 10,367 | |
Unrealized Losses, Total | (664) | |
Preferred stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 29 | |
Unrealized Losses, In Loss Position Less than12 months | 0 | |
Fair market value, In Loss Position Greater than12 months | 5,492 | |
Unrealized Losses, In Loss Position Greater than12 months | (411) | |
Fair market value, Total | 5,521 | |
Unrealized Losses, Total | (411) | |
Mortgage-backed securities | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 76 | 31 |
Unrealized Losses, In Loss Position Less than12 months | (10) | (3) |
Fair market value, In Loss Position Greater than12 months | 16 | 0 |
Unrealized Losses, In Loss Position Greater than12 months | (5) | 0 |
Fair market value, Total | 92 | 31 |
Unrealized Losses, Total | (15) | (3) |
Common stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 5,119 | 1,563 |
Unrealized Losses, In Loss Position Less than12 months | (991) | (121) |
Fair market value, In Loss Position Greater than12 months | 1,108 | 2,004 |
Unrealized Losses, In Loss Position Greater than12 months | (604) | (1,025) |
Fair market value, Total | 6,227 | 3,567 |
Unrealized Losses, Total | (1,595) | $ (1,146) |
Mutual Fund [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 433 | |
Unrealized Losses, In Loss Position Less than12 months | (10) | |
Fair market value, In Loss Position Greater than12 months | 0 | |
Unrealized Losses, In Loss Position Greater than12 months | 0 | |
Fair market value, Total | 433 | |
Unrealized Losses, Total | $ (10) |
Cemetery Perpetual Care Trust83
Cemetery Perpetual Care Trust Investments (Perpetual care trust investment security transactions recorded in interest income and other, net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Decrease (increase) in deferred preneed cemetery receipts held in trust | $ (5,111) | $ (6,017) | $ (5,751) |
Perpetual Care Trust Invesments | Other Interest Income | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Realized gains | 926 | 872 | 1,773 |
Realized losses | (1,195) | (3,069) | (2,431) |
Decrease (increase) in deferred preneed cemetery receipts held in trust | $ 269 | $ 2,197 | $ 658 |
Cemetery Perpetual Care Trust84
Cemetery Perpetual Care Trust Investments (Perpetual care trust investment security transactions recorded in Cemetery revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cemetery Perpetual Care Trust Investments [Abstract] | |||
Investment income | $ 5,949 | $ 6,451 | $ 5,315 |
Realized gains (losses), net | (838) | (434) | 436 |
Increase in Care trusts’ corpus | $ 5,111 | $ 6,017 | $ 5,751 |
Cemetery Perpetual Care Trust85
Cemetery Perpetual Care Trust Investments (Purchases and sales of investments in perpetual care trusts) (Details) - Perpetual Care Trust Invesments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Purchases | $ (13,923) | $ (16,546) | $ (16,694) |
Sales | $ 8,899 | $ 16,534 | $ 14,710 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Narrative) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Convertible junio subordinated debenture | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt, fair value | $ 180.3 |
Intangible and Other Non-Curr87
Intangible and Other Non-Current Assets Intangible and Other Non-Current Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Costs and Other Noncurrent Assets [Abstract] | ||||
Tradenames | $ 14,372 | $ 11,663 | ||
Other | 15 | 50 | ||
Intangible and other non-current assets | 18,117 | 14,957 | ||
Noncompete Agreements | ||||
Deferred Costs and Other Noncurrent Assets [Abstract] | ||||
Prepaid agreements not-to-compete, net of accumulated amortization of $5,501 and $6,051, respectively | 3,730 | 3,244 | ||
Accumulated amortization | 6,051 | 5,501 | ||
Amortization of intangible assets | $ 550 | $ 435 | $ 300 | |
Noncompete Agreements | Minimum | ||||
Deferred Costs and Other Noncurrent Assets [Abstract] | ||||
Term of agreements not to compete | 1 year | |||
Noncompete Agreements | Maximum | ||||
Deferred Costs and Other Noncurrent Assets [Abstract] | ||||
Term of agreements not to compete | 10 years | |||
Noncompete Agreements | ||||
Deferred Costs and Other Noncurrent Assets [Abstract] | ||||
Increase (Decrease) in Deferred Charges | $ 900 | |||
Trade Names | ||||
Deferred Costs and Other Noncurrent Assets [Abstract] | ||||
Tradenames acquired | 2,700 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 145 | $ 0 |
Long-Term Debt Long-Term Debt88
Long-Term Debt Long-Term Debt (Senior long-term debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Accumulated Amortization, Debt Issuance Costs | $ 4,442 | $ 4,138 |
Principal amount | 230,048 | |
Debt Issuance Costs, Net | (967) | (1,270) |
Less: current portion | (16,927) | (13,021) |
Total long-term debt | 212,154 | 204,404 |
Notes payable, other | Acquisition Debt | ||
Debt Instrument [Line Items] | ||
Principal amount | 10,548 | 12,245 |
Revolving Credit Facility | Line of Credit | Revolving Credit Facility, Secured, Floating Rate | ||
Debt Instrument [Line Items] | ||
Principal amount | 92,000 | 67,700 |
Credit Facility, Term Note | Notes payable, other | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 127,500 | $ 138,750 |
Long-Term Debt Long-Term Debt89
Long-Term Debt Long-Term Debt (Narrative) (Details) $ in Thousands | Feb. 09, 2016USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 19, 2014 |
Debt Instrument [Line Items] | ||||||||
Line of credit facility, current borrowing capacity | $ 300,000 | |||||||
Principal amount | $ 230,048 | |||||||
Ratio of indebtedness to net capital (in ratio) | 3.15 | |||||||
Debt compliance, required minimum fixed charge ratio | 1.20 | |||||||
Ratio of earnings to fixed cost obligations (in ratio) | 2.14 | |||||||
Amortization of debt issuance costs | $ 820 | $ 824 | $ 921 | |||||
After June 29, 2013 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt compliance, required maximum leverage ratio | 3.50 | |||||||
Line of Credit | ||||||||
Debt Instrument [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 | |||||||
Line of Credit | Prime Rate Option | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate (in percent) | 1.55% | |||||||
Line of Credit | LIBOR Margin Option | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate (in percent) | 2.125% | |||||||
Convertible subordinated notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 143,750 | $ 143,750 | 143,750 | |||||
Debt instrument interest rate (in percent) | 2.75% | |||||||
Debt instrument, term | 7 years | |||||||
Write off of Deferred Debt Issuance Cost | 600 | |||||||
Amortization of debt issuance costs | $ 500 | |||||||
Deferred Purchase Price Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate (in percent) | 0.00% | |||||||
Deferred Purchase Price Notes | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred purchase price notes payable to sellers of acquired entities, discounted imputed interest rate (in Percent) | 7.30% | |||||||
Debt instrument, term | 5 years | |||||||
Deferred Purchase Price Notes | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred purchase price notes payable to sellers of acquired entities, discounted imputed interest rate (in Percent) | 10.00% | |||||||
Debt instrument, term | 20 years | |||||||
Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortization of debt issuance costs | $ 300 | $ 400 | ||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, current borrowing capacity | 150,000 | 150,000 | ||||||
Line of credit facility, potential increase to borrowing capacity | 75,000 | 75,000 | ||||||
Credit Facility, Term Note | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, current borrowing capacity | $ 150,000 | $ 150,000 | ||||||
Line of credit facility, weighted average interest rate | 3.20% | |||||||
Repayments of Lines of Credit | $ 2,810 | |||||||
Loans Payable [Member] | Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of Credit Outstanding, Amount | $ 2,000 | |||||||
Debt instrument interest rate (in percent) | 2.125% | |||||||
Scenario, Forecast [Member] | Credit Facility, Term Note | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Lines of Credit | $ 4,690 | $ 3,750 |
Long-Term Debt Long-Term Debt90
Long-Term Debt Long-Term Debt (Aggregate Maturities) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 16,927 |
2,019 | 16,949 |
2,019 | 19,068 |
2,020 | 172,699 |
2,022 | 530 |
2023 and thereafter | 3,875 |
Carrying value of the liability component | $ 230,048 |
Convertible Subordinated Note91
Convertible Subordinated Notes (Narrative) (Details) | Dec. 31, 2017USD ($)$ / shares | Mar. 19, 2014component$ / shares | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Sep. 30, 2014 | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.050 | $ 0.050 | $ 0.025 | $ 0.025 | $ 0.075 | $ 0.05 | ||||
Debt instrument maturity date | Mar. 15, 2021 | |||||||||
Deferred tax liability | $ 225,000 | $ 615,000 | $ 225,000 | $ 615,000 | ||||||
Amortization of debt issuance costs | 820,000 | 824,000 | $ 921,000 | |||||||
Deferred Tax Liabilities, Convertible Subordinated Notes | 4,096,000 | $ 8,636,000 | 4,096,000 | 8,636,000 | ||||||
Convertible subordinated notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 143,750,000 | $ 143,750,000 | ||||||||
Debt instrument interest rate (in percent) | 2.75% | |||||||||
Debt conversion (in dollars per share) | $ / shares | $ 22.41 | $ 22.56 | $ 22.41 | |||||||
Debt redemption price (percent) | 100.00% | |||||||||
Debt instrument, term | 7 years | |||||||||
Number of recognition components, convertible debt | component | 2 | |||||||||
Deferred tax liability | $ 12,700,000 | $ 12,700,000 | ||||||||
Conversion ratio | 44.6266 | 44.3169 | 0.0444108 | |||||||
Long-term debt, fair value | $ 180,300,000 | $ 180,300,000 | ||||||||
Interest expense | 4,000,000 | |||||||||
Amortization of debt issuance costs | 500,000 | |||||||||
Accretion of discount | $ 4,300,000 | $ 3,900,000 | ||||||||
Remaining discount amortization period | 38 months | |||||||||
Effective interest rate (percent) | 2.75% | 6.75% | 2.75% | 6.75% |
Convertible Subordinated Note92
Convertible Subordinated Notes Convertible Subordinated Notes (Liability and Equity Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 09, 2016 |
Debt Instrument [Line Items] | |||
Principal amount | $ 230,048 | ||
Unamortized discount of liability component | (17,559) | ||
Debt Issuance Costs, Net | (967) | $ (1,270) | |
Convertible subordinated notes due 2021 | 124,441 | 119,596 | |
Convertible subordinated notes | |||
Debt Instrument [Line Items] | |||
Principal amount | 143,750 | 143,750 | $ 143,750 |
Unamortized discount of liability component | (17,559) | (21,887) | |
Debt Issuance Costs, Net | (1,750) | (2,268) | |
Convertible subordinated notes due 2021 | 124,441 | 119,596 | |
Carrying value of the equity component | $ 17,973 | $ 17,973 |
Convertible Subordinated Note93
Convertible Subordinated Notes (5 Year Maturity For Convertible Subordinated Notes) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 09, 2016 |
Debt Instrument [Line Items] | |||
Principal Maturity, 2018 | $ 16,927 | ||
Principal Maturity, 2019 | 16,949 | ||
Principal Maturity, 2020 | 19,068 | ||
Principal Maturity, 2021 | 172,699 | ||
Principal Maturity, 2022 | 530 | ||
Carrying value of the liability component | 230,048 | ||
Discount Amortization, 2018 | (4,844) | ||
Discount Amortization, 2019 | (5,422) | ||
Discount Amortization, 2020 | (6,068) | ||
Discount Amortization, 2021 | (1,225) | ||
Discount Amortization, 2022 | 0 | ||
Discount Amortization, Total | (17,559) | ||
Convertible subordinated notes | |||
Debt Instrument [Line Items] | |||
Principal Maturity, 2018 | 0 | ||
Principal Maturity, 2019 | 0 | ||
Principal Maturity, 2020 | 0 | ||
Principal Maturity, 2021 | 143,750 | ||
Principal Maturity, 2022 | 0 | ||
Carrying value of the liability component | 143,750 | $ 143,750 | $ 143,750 |
Discount Amortization, Total | (17,559) | $ (21,887) | |
Present Value, 2018 | (4,844) | ||
Present Value, 2019 | (5,422) | ||
Present Value, 2020 | (6,068) | ||
Present Value, 2021 | 142,525 | ||
Present Value, 2022 | 0 | ||
Carrying value of the liability component | $ 126,191 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||
Rent expense | $ 6,100 | $ 6,100 | $ 6,500 |
Assets aquired under capital leases | 6,600 | 2,700 | |
Agreements, Future Payments, Due in One Year | 4,672 | ||
Agreements, Future Payments, Due in Two Years | 3,156 | ||
Agreements, Future Payments, Due in Three Years | 2,745 | ||
Agreements, Future Payments, Due in Four Years | 1,789 | ||
Agreements, Future Payments, Due in Five Years | 955 | ||
Agreements, Future Payments, Due Thereafter | 1,360 | ||
Matching contributions and plan administrative expenses | 1,900 | 1,800 | 1,700 |
Cemetery business and accounting services expense | 900 | 1,900 | |
Cemetery Business And Accounting Services Expense Paid | $ 600 | $ 1,000 | |
Noncompete Agreements | |||
Loss Contingencies [Line Items] | |||
Agreements, Future Payments, Due in One Year | 1,745 | ||
Agreements, Future Payments, Due in Two Years | 1,564 | ||
Agreements, Future Payments, Due in Three Years | 1,324 | ||
Agreements, Future Payments, Due in Four Years | 1,217 | ||
Agreements, Future Payments, Due in Five Years | 837 | ||
Agreements, Future Payments, Due Thereafter | 1,360 | ||
Consulting Agreement | |||
Loss Contingencies [Line Items] | |||
Agreements, Future Payments, Due in One Year | 907 | ||
Agreements, Future Payments, Due in Two Years | 592 | ||
Agreements, Future Payments, Due in Three Years | 421 | ||
Agreements, Future Payments, Due in Four Years | 328 | ||
Agreements, Future Payments, Due in Five Years | 118 | ||
Agreements, Future Payments, Due Thereafter | 0 | ||
Employment Agreement | |||
Loss Contingencies [Line Items] | |||
Agreements, Future Payments, Due in One Year | 2,020 | ||
Agreements, Future Payments, Due in Two Years | 1,000 | ||
Agreements, Future Payments, Due in Three Years | 1,000 | ||
Agreements, Future Payments, Due in Four Years | 244 | ||
Agreements, Future Payments, Due in Five Years | 0 | ||
Agreements, Future Payments, Due Thereafter | $ 0 | ||
Minimum | |||
Loss Contingencies [Line Items] | |||
Agreements, Term of Contract | 1 year | ||
Minimum | Noncompete Agreements | |||
Loss Contingencies [Line Items] | |||
Agreements, Term of Contract | 1 year | ||
Minimum | Consulting Agreement | |||
Loss Contingencies [Line Items] | |||
Agreements, Term of Contract | 1 year | ||
Minimum | Employment Agreement | |||
Loss Contingencies [Line Items] | |||
Agreements, Term of Contract | 3 years | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Agreements, Term of Contract | 12 years | ||
Maximum | Noncompete Agreements | |||
Loss Contingencies [Line Items] | |||
Agreements, Term of Contract | 10 years | ||
Maximum | Consulting Agreement | |||
Loss Contingencies [Line Items] | |||
Agreements, Term of Contract | 10 years | ||
Maximum | Employment Agreement | |||
Loss Contingencies [Line Items] | |||
Agreements, Term of Contract | 4 years |
Commitments and Contingencies95
Commitments and Contingencies Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 3,441 | |
2,017 | 3,056 | |
2,018 | 2,521 | |
2,019 | 2,155 | |
2,020 | 303 | |
Thereafter | 586 | |
Total future minimum lease payments | 12,062 | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,016 | 842 | |
2,017 | 817 | |
2,018 | 771 | |
2,019 | 779 | |
2,020 | 803 | |
Thereafter | 7,818 | |
Total future minimum lease payments | 11,830 | |
Less: amount representing interest (rates ranging from 7.0% to 11.5%) | (5,145) | |
Less: current portion of obligations under capital leases | (324) | $ (246) |
Long-term obligations under capital leases | $ 6,361 | $ 2,630 |
Capital Lease Obligations | Minimum | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Future Minimum Lease Payments Interest Rate | 7.00% | |
Capital Lease Obligations | Maximum | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Future Minimum Lease Payments Interest Rate | 11.50% |
Commitments and Contingencies96
Commitments and Contingencies Commitments and Contingencies (Non-Compete, Consulting and Employment Agreements) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | $ 4,672 |
Other Commitment, Due in Second Year | 3,156 |
Other Commitment, Due in Third Year | 2,745 |
Other Commitment, Due in Fourth Year | 1,789 |
Other Commitment, Due in Fifth Year | 955 |
Other Commitment, Due after Fifth Year | 1,360 |
Other Commitment | 14,677 |
Noncompete Agreements | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | 1,745 |
Other Commitment, Due in Second Year | 1,564 |
Other Commitment, Due in Third Year | 1,324 |
Other Commitment, Due in Fourth Year | 1,217 |
Other Commitment, Due in Fifth Year | 837 |
Other Commitment, Due after Fifth Year | 1,360 |
Other Commitment | 8,047 |
Consulting Agreement [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | 907 |
Other Commitment, Due in Second Year | 592 |
Other Commitment, Due in Third Year | 421 |
Other Commitment, Due in Fourth Year | 328 |
Other Commitment, Due in Fifth Year | 118 |
Other Commitment, Due after Fifth Year | 0 |
Other Commitment | 2,366 |
Employment Agreement [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | 2,020 |
Other Commitment, Due in Second Year | 1,000 |
Other Commitment, Due in Third Year | 1,000 |
Other Commitment, Due in Fourth Year | 244 |
Other Commitment, Due in Fifth Year | 0 |
Other Commitment, Due after Fifth Year | 0 |
Other Commitment | $ 4,264 |
Minimum | |
Other Commitments [Line Items] | |
Other Commitment, Term of Contract | 1 year |
Minimum | Noncompete Agreements | |
Other Commitments [Line Items] | |
Other Commitment, Term of Contract | 1 year |
Minimum | Consulting Agreement [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Term of Contract | 1 year |
Minimum | Employment Agreement [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Term of Contract | 3 years |
Maximum | |
Other Commitments [Line Items] | |
Other Commitment, Term of Contract | 12 years |
Maximum | Noncompete Agreements | |
Other Commitments [Line Items] | |
Other Commitment, Term of Contract | 10 years |
Maximum | Consulting Agreement [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Term of Contract | 10 years |
Maximum | Employment Agreement [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Term of Contract | 4 years |
Income Taxes Income Taxes (Prov
Income Taxes Income Taxes (Provision of Income Taxes from Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
U. S. federal provision | $ 6,425 | $ 6,609 | $ 9,840 |
State provision | 815 | 1,195 | 862 |
Total current provision | 7,240 | 7,804 | 10,702 |
Deferred: | |||
U. S. federal provision (benefit) | (12,881) | 3,475 | 1,928 |
State provision | 1,230 | 1,381 | 1,107 |
Total deferred provision (benefit) | (11,651) | 4,856 | 3,035 |
Total income tax provision (benefit) | $ (4,411) | $ 12,660 | $ 13,737 |
Income Taxes Income Taxes (Sche
Income Taxes Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | $ 11,474 | $ 11,300 | $ 12,105 |
Federal statutory rate (as a percent) | 35.00% | 35.00% | 35.00% |
Effect of state income taxes, net of federal benefit | $ 1,304 | $ 1,127 | $ 1,618 |
Effect of state income taxes, net of federal benefit (as a percent) | 4.00% | 3.50% | 4.70% |
Effect of non-deductible expenses and other, net | $ (36) | $ 213 | $ 155 |
Effectof non-deductible expenses and other, net (as a percent) | (0.10%) | 0.70% | 0.40% |
Change in valuation allowance | $ 23 | $ 20 | $ (141) |
Change in valuation allowance (as a percent) | 0.10% | 0.10% | (0.40%) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ (17,176) | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (52.40%) | 0.00% | 0.00% |
Total income tax provision (benefit) | $ (4,411) | $ 12,660 | $ 13,737 |
Income tax expense (benefit) (as a percent) | (13.50%) | 39.30% | 39.70% |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefit at beginning of year | $ 0 | $ 814 | $ 515 |
Reductions based on tax positions related to the prior year | 0 | (17) | 0 |
Unrecognized tax benefit, reductions for tax year 2011 federal audit | 0 | (568) | 0 |
Additions (reductions) based on tax positions related to the current year | 0 | 299 | |
Additions (reductions) based on tax positions related to the current year | (229) | ||
Reductions as a result of a lapse of the applicable statute of limitations | 0 | 0 | 0 |
Unrecognized tax benefit at end of year | $ 0 | $ 0 | $ 814 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred income tax assets: | ||
Net operating loss carryforwards | $ 1,978 | $ 1,947 |
Tax credit carryforwards | 133 | 135 |
State bonus depreciation | 494 | 373 |
Accrued liabilities and other | 6,136 | 11,163 |
Amortization of non-compete agreements | 873 | 1,433 |
Preneed liabilities, net | 5,239 | 9,315 |
Total deferred income tax assets | 14,853 | 24,366 |
Less valuation allowance | (244) | (209) |
Total deferred income tax assets | 14,609 | 24,157 |
Deferred income tax liabilities: | ||
Depreciation and amortization | (41,447) | (57,716) |
Deferred Tax Liabilities, Convertible Subordinated Notes | (4,096) | (8,636) |
Prepaids and other | (225) | (615) |
Total deferred income tax liabilities | (45,768) | (66,967) |
Deferred Tax Liabilities, Net | (31,159) | (42,810) |
Current deferred tax asset | 0 | 0 |
Non-current deferred tax liabilities | $ (31,159) | $ (42,810) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 29, 2016 | Aug. 15, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||||||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense | $ (17,200) | ||||||
Qualifying Assets Placed In Service, Expensed | $ 2,900 | ||||||
Unrecognized tax benefits | 0 | 0 | $ 0 | $ 814 | $ 515 | ||
Increase (Decrease) To Deferred Tax Liability, Re-measurement Upon Completion Of Tax Examination | $ 600 | ||||||
State | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating loss carryforwards | $ 36,400 | $ 36,400 | |||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 600 | $ 200 |
Stockholders' Equity Stockho102
Stockholders' Equity Stockholders' Equity (Narrative) (Details) - USD ($) | May 17, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | ||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Common stock, shares issued (in shares) | 22,622,242 | 22,490,855 | 22,622,242 | 22,490,855 | ||||||||||
Common stock, shares outstanding (in shares) | 22,622,242 | 22,490,855 | 22,622,242 | 22,490,855 | ||||||||||
Treasury stock, shares (in shares) | 6,523,370 | 5,849,316 | 6,523,370 | 5,849,316 | ||||||||||
Stock options awarded (in shares) | 462,000 | 236,000 | 653,000 | |||||||||||
Grants, weighted average exercise price (in usd per share) | $ 26.56 | $ 20.06 | $ 22.66 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 19,000 | 187,000 | 229,000 | |||||||||||
Shares purchased through Employee Stock Purchase Plan (in shares) | 43,808 | 44,774 | 44,074 | |||||||||||
Weighted average purchase price of ESPP shares purchased during the period (in dollars per share) | $ 22.43 | $ 19.48 | $ 17.17 | |||||||||||
Share-Based Compensation Arrangement, By Share-Based Payment Award, Equity Instrument Other Than Options, Percent Represented By EBITDA | 50.00% | 25.00% | ||||||||||||
Share-Based Compensation Aggrangement, By Share-Based Payment Award, Equity Instrument Other Than Options, Percent Represented By Relative Shareholder Return Performance | 50.00% | 75.00% | ||||||||||||
Dividends declared per share (in dollars per share) | $ 0.075 | $ 0.05 | $ 0.050 | $ 0.050 | 0.225 | 0.15 | $ 0.10 | |||||||
Dividends declared, common stock, amount | $ 1,206,000 | $ 835,000 | $ 835,000 | $ 833,000 | $ 830,000 | $ 831,000 | $ 415,000 | $ 415,000 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.050 | $ 0.050 | $ 0.025 | $ 0.025 | $ 0.075 | $ 0.05 | ||||||||
Employee Stock Option | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Contractual term of all options granted | 7 years | |||||||||||||
Stock options awarded (in shares) | 461,700 | 235,500 | 628,000 | |||||||||||
Grants, weighted average exercise price (in usd per share) | $ 26.56 | |||||||||||||
Incremental award vesting percentage | 20.00% | |||||||||||||
Award vesting period (in years) | 5 years | |||||||||||||
Stock option, contracted term | 10 years | |||||||||||||
Value of stock options granted | $ 3,300,000 | $ 1,300,000 | $ 3,700,000 | |||||||||||
Intrinsic value of outstanding stock options | 9,800,000 | 9,800,000 | ||||||||||||
Intrinsic value of exercisable stock options | 8,600,000 | 8,600,000 | ||||||||||||
Total intrinsic value of options exercised | 1,000,000 | 1,200,000 | 1,100,000 | |||||||||||
Total fair value of stock options vested | 1,500,000 | 2,800,000 | 1,800,000 | |||||||||||
Share based compensation expense | 1,500,000 | 1,700,000 | 2,400,000 | |||||||||||
Unrecognized share based compensation cost | 3,000,000 | $ 3,000,000 | ||||||||||||
Unrecognized share based compensation, expected term (in years) | 4 years | |||||||||||||
Employee Stock Option | Maximum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Contractual term of all options granted | 10 years | |||||||||||||
Employee Stock Option | Minimum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Contractual term of all options granted | 5 years | |||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share based compensation expense | $ 244,000 | 234,000 | 197,000 | |||||||||||
Purchase price percentage of grant date price per share (as a percent) | 85.00% | |||||||||||||
Restricted Stock | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share based compensation expense | $ 700,000 | $ 700,000 | $ 1,500,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 6,000 | |||||||||||||
Unrecognized share based compensation cost | $ 1,300,000 | $ 1,300,000 | ||||||||||||
Unrecognized share based compensation, expected term (in years) | 1 year 4 months 24 days | |||||||||||||
Awards (in shares) | 27,000 | |||||||||||||
Awards ( in usd per share) | $ 27.53 | |||||||||||||
Restricted Stock | Maximum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period (in years) | 4 years | |||||||||||||
Vesting percentage per period | 33.33% | |||||||||||||
Restricted Stock | Minimum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period (in years) | 3 years | |||||||||||||
Vesting percentage per period | 25.00% | |||||||||||||
Restricted Stock Units (RSUs) | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Awards (in shares) | 27,250 | 16,900 | 37,900 | |||||||||||
Awards granted, aggregate grant date market value | $ 800,000 | $ 300,000 | $ 900,000 | |||||||||||
Performance Shares | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Awards (in shares) | 73,700 | 105,540 | ||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Granted In Period, Fair Value | $ 1,600,000 | $ 2,800,000 | ||||||||||||
Awards ( in usd per share) | $ 26.56 | |||||||||||||
Officers And Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Directors compensation expense | $ 700,000 | 200,000 | ||||||||||||
Board of Directors | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Directors compensation expense | $ 400,000 | $ 400,000 | $ 700,000 | |||||||||||
Audit Committee Chairman | ||||||||||||||
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 | |||||||||||||
Director | ||||||||||||||
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 | |||||||||||||
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 | |||||||||||||
New Director [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Director compensation, annual cash retainer | $ 25,000 | |||||||||||||
Share-based Compensation Award, Tranche One [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Incremental award vesting percentage | 50.00% | |||||||||||||
Share-based Compensation Award, Tranche Two [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Incremental award vesting percentage | 25.00% |
Stockholders' Equity Stockho103
Stockholders' Equity Stockholders' Equity (Status of stock based compensation plans) (Details) - shares shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,583 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,553 | |||
Options Outstanding (in shares) | 1,934 | 1,650 | 1,695 | 1,381 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 320 | |||
Amended And Restated 2006 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||
Options Outstanding (in shares) | 1,918 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 311 | |||
2017 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,583 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,553 | |||
Options Outstanding (in shares) | 16 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 9 |
Stockholders' Equity Stockho104
Stockholders' Equity Stockholders' Equity (Assumptions using the Black-Scholes option pricing model) (Details) - Employee Stock Option | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.75% | 0.50% | 0.44% |
Expected volatility | 29.29% | 31.21% | 32.62% |
Risk-free interest rate | 1.95% | 1.23% | 1.13% |
Expected life (years) | 5 years | 5 years | 3 years 7 months 6 days |
Stockholders' Equity Stockho105
Stockholders' Equity Stockholders' Equity (Summary of Options) (Details) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Period Adjustment | 0 | 18 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,553 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,583 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 1,650 | 1,695 | 1,381 | |
Granted (in shares) | 462 | 236 | 653 | |
Exercised (in shares) | (159) | (112) | (110) | |
Canceled or expired (in shares) | (19) | (187) | (229) | |
Outstanding at end of year (in shares) | 1,934 | 1,650 | 1,695 | |
Exercisable at end of year (in shares) | 1,225 | 1,106 | 583 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Outstanding at beginning of period (in usd per share) | $ 19.18 | $ 18.95 | $ 17.07 | |
Adjustment to beginning balance (in usd per share) | 0 | 18.94 | $ 0 | |
Granted (in usd per share) | 26.56 | 20.06 | 22.66 | |
Exercised (in usd per share) | 19.81 | 13.76 | 14.36 | |
Canceled or expired (in usd per share) | 23.17 | 21.30 | 20.39 | |
Outstanding at end of year (in usd per share) | 20.85 | 19.18 | 18.95 | |
Exercisable at end of year (in usd per share) | $ 18.68 | $ 18.21 | $ 15 | |
Amended And Restated 2006 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at end of year (in shares) | 1,918 |
Stockholders' Equity Stockho106
Stockholders' Equity Stockholders' Equity (Outstanding stock options) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Range Of Exercise Prices, $4.78-5.94 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in usd per share) | $ 4.78 |
Exercise price range, upper range limit (in usd per share) | $ 5.94 |
Number of outstanding options at end of year (in shares) | shares | 105,603 |
Weighted-average remaining contractual life, options outstanding | 3 years 6 months |
Weighted average exercise price, options outstanding (in usd per share) | $ 5.66 |
Number of exercisable options at end of year (in shares) | shares | 105,603 |
Weighted average exercise price, options exercisable (in usd per share) | $ 5.66 |
Range Of Exercise Prices, $16.73-17.21 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in usd per share) | 16.73 |
Exercise price range, upper range limit (in usd per share) | $ 20.49 |
Number of outstanding options at end of year (in shares) | shares | 942,153 |
Weighted-average remaining contractual life, options outstanding | 3 years 11 months 1 day |
Weighted average exercise price, options outstanding (in usd per share) | $ 19.02 |
Number of exercisable options at end of year (in shares) | shares | 797,673 |
Weighted average exercise price, options exercisable (in usd per share) | $ 18.83 |
Range of Exercise Prices, $18.86-20.49 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in usd per share) | 22.58 |
Exercise price range, upper range limit (in usd per share) | $ 26.93 |
Number of outstanding options at end of year (in shares) | shares | 885,900 |
Weighted-average remaining contractual life, options outstanding | 6 years 8 months 27 days |
Weighted average exercise price, options outstanding (in usd per share) | $ 24.61 |
Number of exercisable options at end of year (in shares) | shares | 322,001 |
Weighted average exercise price, options exercisable (in usd per share) | $ 22.58 |
Range of Exercise Prices, $4.78-20.49 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in usd per share) | 4.78 |
Exercise price range, upper range limit (in usd per share) | $ 26.93 |
Number of outstanding options at end of year (in shares) | shares | 1,933,656 |
Weighted-average remaining contractual life, options outstanding | 5 years 2 months 9 days |
Weighted average exercise price, options outstanding (in usd per share) | $ 20.85 |
Number of exercisable options at end of year (in shares) | shares | 1,225,277 |
Weighted average exercise price, options exercisable (in usd per share) | $ 18.68 |
Stockholders' Equity Stockho107
Stockholders' Equity Stockholders' Equity (Four quarterly assumptions for fair value of the right (option) to purchase shares under ESPP) (Details) - Employee Stock Purchase Plan | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Dividend yield | 0.90% | 0.60% | 0.40% | ||||||||||||
Expected volatility | 19.00% | 25.00% | 24.00% | ||||||||||||
Risk-free interest rate | 0.77% | 0.89% | 0.61% | 0.65% | 0.53% | 0.55% | 0.49% | 0.22% | 0.25% | 0.18% | 0.11% | 0.02% | |||
Expected life (years) | 9 months | 1 year | 1 year | 6 months | 3 months | 9 months | 6 months | 3 months | 1 year | 9 months | 6 months | 3 months |
Stockholders' Equity Stockho108
Stockholders' Equity Stockholders' Equity (Summary of unvested restricted stock awards) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Awards (in shares) | 27,250 | 16,900 | 37,900 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Unvested at beginning of year (in shares) | 63,000 | |||
Awards (in shares) | 27,000 | |||
Vestings (in shares) | (30,000) | |||
Cancellations (in shares) | (6,000) | |||
Unvested at end of year (in shares) | 54,000 | 63,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Unvested at beginning of year ( in usd per share) | $ 21.07 | |||
Awards ( in usd per share) | 27.53 | |||
Vestings ( in usd per share) | 20.10 | |||
Cancellations ( in usd per share) | 22.70 | |||
Unvested at beginning of year ( in usd per share) | $ 24.09 | $ 21.07 |
Stockholders' Equity (Monte-Car
Stockholders' Equity (Monte-Carlo Simulation Pricing Model) (Details) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Simulation period (years) | 4 years 10 months 10 days |
Share Price (in usd per share) | $ 20.06 |
Expected volatility | 31.20% |
Risk-free interest rate | 1.21% |
Forfeiture rate | 2.00% |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Equity [Abstract] | |
Balance at December 31, 2016 | $ 0 |
Increase in net unrealized gains associated with available-for-sale securities of the trusts | 10,304 |
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus’ | (10,304) |
Balance at December 31, 2017 | $ 0 |
Share Repurchase Program Share
Share Repurchase Program Share Repurchase Program (Narrative) (Details) - USD ($) | Aug. 18, 2017 | Dec. 31, 2017 | Dec. 31, 2015 | Oct. 25, 2017 | Feb. 25, 2016 |
Related Party Transaction [Line Items] | |||||
Authorized amount | $ 40,000,000 | $ 25,000,000 | |||
Authorized amount, additional | $ 15,000,000 | ||||
Treasury stock acquired, shares | 574,054 | 1,927,665 | |||
Payments for repurchase of equity | $ 14,000,000 | $ 45,000,000 | |||
Average cost per share (in usd per share) | $ 24.35 | $ 23.34 | |||
Board of Directors Chairman [Member] | Share Repurchase [Member] | |||||
Related Party Transaction [Line Items] | |||||
Treasury stock acquired, shares | 100,000 | ||||
Payments for repurchase of equity | $ 2,400,000 | ||||
Average cost per share (in usd per share) | $ 23.85 |
Earnings Per Share Earnings 112
Earnings Per Share Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 22,661 | $ 3,038 | $ 4,410 | $ 7,084 | $ 4,127 | $ 5,683 | $ 5,200 | $ 4,571 | $ 37,193 | $ 19,581 | $ 20,853 |
Earnings Allocated to Unvested Restricted Stock | (135) | (89) | (257) | ||||||||
Income from Continuing Operations Less Earnings Allocated to Unvested Restricted Stock | $ 37,058 | $ 19,492 | $ 20,596 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 16,438 | 16,515 | 17,791 | ||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 336 | $ 454 | $ 246 | ||||||||
Incremental common shares attributable to dilutive effect of conversion of debt securities | 941 | 491 | 276 | ||||||||
Weighted average number of common and common equivalent shares outstanding for diluted EPS computation | 17,715 | 17,460 | 18,313 | ||||||||
Basic earnings per common share (in dollars per share) | $ 1.41 | $ 0.18 | $ 0.26 | $ 0.42 | $ 0.25 | $ 0.34 | $ 0.31 | $ 0.27 | $ 2.25 | $ 1.18 | $ 1.16 |
Diluted earnings per common share (in dollars per share) | $ 1.31 | $ 0.17 | $ 0.24 | $ 0.39 | $ 0.22 | $ 0.33 | $ 0.30 | $ 0.27 | $ 2.09 | $ 1.12 | $ 1.12 |
Earnings Per Share Earnings 113
Earnings Per Share Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Incremental common shares attributable to dilutive effect of conversion of debt securities | 941,000 | 491,000 | 276,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 354,000 | 0 | 0 |
Major Segments of Business (Rev
Major Segments of Business (Revenue, pre-tax income and total assets by segments) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)locations | Dec. 31, 2016USD ($)locations | Dec. 31, 2015USD ($)locations | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 65,076 | $ 61,054 | $ 63,852 | $ 68,157 | $ 62,864 | $ 60,140 | $ 61,865 | $ 63,331 | $ 258,139 | $ 248,200 | $ 242,502 |
Gross Profit (loss) | 48,941 | 50,204 | 48,648 | ||||||||
Income (loss) from continuing operations before income taxes | 32,782 | 32,241 | 34,590 | ||||||||
Total assets | 921,533 | 885,069 | 921,533 | 885,069 | 833,139 | ||||||
Long-lived assets | 629,698 | 601,676 | 629,698 | 601,676 | 565,655 | ||||||
Depreciation and amortization | 15,979 | 15,421 | 13,780 | ||||||||
Payments to Acquire Productive Assets | $ 16,395 | $ 23,104 | $ 35,824 | ||||||||
Number of operating locations at year end | locations | 210 | 202 | 199 | ||||||||
Interest expense | $ 12,948 | $ 11,738 | $ 10,559 | ||||||||
Income tax expense (benefit) from continuing operations | (4,411) | 12,660 | 13,737 | ||||||||
Funeral | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 200,886 | 189,401 | 185,818 | ||||||||
Gross Profit (loss) | 61,369 | 61,620 | 59,434 | ||||||||
Income (loss) from continuing operations before income taxes | 60,634 | 61,163 | 58,404 | ||||||||
Total assets | 665,483 | 634,145 | 665,483 | 634,145 | 591,389 | ||||||
Long-lived assets | 537,282 | 509,361 | 537,282 | 509,361 | 472,419 | ||||||
Depreciation and amortization | 9,785 | 8,891 | 7,614 | ||||||||
Payments to Acquire Productive Assets | $ 9,835 | $ 17,411 | $ 27,654 | ||||||||
Number of operating locations at year end | locations | 178 | 170 | 167 | ||||||||
Interest expense | $ 1,170 | $ 826 | $ 577 | ||||||||
Income tax expense (benefit) from continuing operations | (8,159) | 24,019 | 23,195 | ||||||||
Cemetery | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 57,253 | 58,799 | 56,684 | ||||||||
Gross Profit (loss) | 15,430 | 18,030 | 18,074 | ||||||||
Income (loss) from continuing operations before income taxes | 15,852 | 18,400 | 17,492 | ||||||||
Total assets | 251,243 | 241,621 | 251,243 | 241,621 | 229,479 | ||||||
Long-lived assets | 90,292 | 89,767 | 90,292 | 89,767 | 89,866 | ||||||
Depreciation and amortization | 4,589 | 5,028 | 4,420 | ||||||||
Payments to Acquire Productive Assets | $ 5,283 | $ 4,962 | $ 5,332 | ||||||||
Number of operating locations at year end | locations | 32 | 32 | 32 | ||||||||
Interest expense | $ 2 | $ 3 | $ 8 | ||||||||
Income tax expense (benefit) from continuing operations | (2,133) | 7,226 | 6,947 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Gross Profit (loss) | (27,858) | (29,446) | (28,860) | ||||||||
Income (loss) from continuing operations before income taxes | (43,704) | (47,322) | (41,306) | ||||||||
Total assets | 4,807 | 9,303 | 4,807 | 9,303 | 12,271 | ||||||
Long-lived assets | $ 2,124 | $ 2,548 | 2,124 | 2,548 | 3,370 | ||||||
Depreciation and amortization | 1,605 | 1,502 | 1,746 | ||||||||
Payments to Acquire Productive Assets | $ 1,277 | $ 731 | $ 2,838 | ||||||||
Number of operating locations at year end | locations | 0 | 0 | 0 | ||||||||
Interest expense | $ 11,776 | $ 10,909 | $ 9,974 | ||||||||
Income tax expense (benefit) from continuing operations | $ 5,881 | $ (18,585) | $ (16,405) |
Supplementary Information Suppl
Supplementary Information Supplementary Information (Balance Sheet Disclosures) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other current assets: | ||
Income tax receivables | $ 889 | $ 1,932 |
Other current assets | 97 | 102 |
Total other current assets | 986 | 2,034 |
Long-term Debt, Current Maturities | 16,927 | 13,021 |
Capital Lease Obligations, Current | 324 | 246 |
Long-term Debt and Capital Lease Obligations, Current | 17,251 | 13,267 |
Accrued Income Taxes, Current | 1,120 | 509 |
Deferred Rent Credit, Current | 241 | 208 |
Other liabilities | 1,361 | 717 |
Accrued liabilities: | ||
Accrued salaries and wages | 2,643 | 4,005 |
Accrued incentive compensation | 6,412 | 8,237 |
Accrued vacation | 2,417 | 2,305 |
Accrued insurance | 1,832 | 1,726 |
Accrued interest | 1,271 | 1,235 |
Accrued ad valorem and franchise taxes | 1,003 | 981 |
Accrued commissions | 461 | 543 |
Other accrued liabilities | 1,520 | 1,059 |
Total accrued liabilities | 17,559 | 20,091 |
Deferred Rent Credit, Noncurrent | 966 | 1,207 |
Accrued Bonuses | 1,287 | 575 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 1,125 | 785 |
Other long-term liabilities | 3,378 | 2,567 |
Term Loan [Member] | Credit Agreement [Member] | ||
Other current assets: | ||
Long-term Debt, Current Maturities | 15,000 | 11,250 |
Acquisition Debt, Deferred Purchase Price [Member] | Notes payable, other | ||
Other current assets: | ||
Long-term Debt, Current Maturities | $ 1,927 | $ 1,771 |
Supplementary Information (Supp
Supplementary Information (Supplemental Disclosure for the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 65,076 | $ 61,054 | $ 63,852 | $ 68,157 | $ 62,864 | $ 60,140 | $ 61,865 | $ 63,331 | $ 258,139 | $ 248,200 | $ 242,502 |
Cost of Revenue | 181,340 | 168,550 | 164,994 | ||||||||
Funeral | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 200,886 | 189,401 | 185,818 | ||||||||
Cemetery | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 57,253 | 58,799 | 56,684 | ||||||||
Funeral And Cemetery | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cost of Revenue | 153,627 | 143,787 | 140,963 | ||||||||
Goods Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 112,500 | 109,680 | 106,878 | ||||||||
Cost of Revenue | 87,427 | 82,986 | 81,419 | ||||||||
Goods Revenue | Funeral | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 76,160 | 72,002 | 71,399 | ||||||||
Cost of Revenue | 60,797 | 56,787 | 56,819 | ||||||||
Goods Revenue | Cemetery | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 36,340 | 37,678 | 35,479 | ||||||||
Cost of Revenue | 26,630 | 26,199 | 24,600 | ||||||||
Service Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 128,138 | 119,891 | 116,147 | ||||||||
Cost of Revenue | 64,879 | 59,676 | 58,160 | ||||||||
Service Revenue | Funeral | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 116,240 | 108,622 | 104,969 | ||||||||
Cost of Revenue | 57,174 | 52,595 | 51,236 | ||||||||
Service Revenue | Cemetery | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 11,898 | 11,269 | 11,178 | ||||||||
Cost of Revenue | 7,705 | 7,081 | 6,924 | ||||||||
Financial Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,501 | 18,629 | 19,477 | ||||||||
Cost of Revenue | 1,321 | 1,125 | 1,384 | ||||||||
Financial Revenue | Trust | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cost of Revenue | 503 | 378 | 353 | ||||||||
Financial Revenue | Funeral | Preneed Commission | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,254 | 1,429 | 1,484 | ||||||||
Cost of Revenue | 818 | 747 | 1,031 | ||||||||
Financial Revenue | Funeral | Preneed Trust | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 7,232 | 7,348 | 7,966 | ||||||||
Financial Revenue | Cemetery | Trust | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 7,193 | 8,004 | 8,440 | ||||||||
Financial Revenue | Cemetery | Finance Charges | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 1,822 | $ 1,848 | $ 1,587 |
Quarterly Financial Data (Un117
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 65,076 | $ 61,054 | $ 63,852 | $ 68,157 | $ 62,864 | $ 60,140 | $ 61,865 | $ 63,331 | $ 258,139 | $ 248,200 | $ 242,502 |
Gross profit | 19,560 | 15,480 | 18,667 | 23,092 | 21,312 | 18,228 | 18,807 | 21,303 | 76,799 | 79,650 | 77,508 |
Net income from continuing operations | $ 22,661 | $ 3,038 | $ 4,410 | $ 7,084 | $ 4,127 | $ 5,683 | $ 5,200 | $ 4,571 | $ 37,193 | $ 19,581 | $ 20,853 |
Basic earnings per common share (in dollars per share) | $ 1.41 | $ 0.18 | $ 0.26 | $ 0.42 | $ 0.25 | $ 0.34 | $ 0.31 | $ 0.27 | $ 2.25 | $ 1.18 | $ 1.16 |
Diluted earnings per common share (in dollars per share) | $ 1.31 | $ 0.17 | $ 0.24 | $ 0.39 | $ 0.22 | $ 0.33 | $ 0.30 | $ 0.27 | $ 2.09 | $ 1.12 | $ 1.12 |
Supplemental Disclosure of C118
Supplemental Disclosure of Cash Flow Information (Supplemental disclosure for the Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Segment [Line Items] | |||
Cash paid for interest and financing costs | $ 11,092 | $ 10,366 | $ 9,159 |
Cash paid for taxes | 5,902 | 10,874 | 8,283 |
Fair value of stock, stock options and performance awards issued to directors, officers, and certain other employees | 6,854 | 3,275 | 4,879 |
Preneed Funeral Trust | |||
Business Segment [Line Items] | |||
Net deposits or withdrawals into or from preneed trust accounts | (1,442) | (3,687) | 12,054 |
Net deposits of receivables into preneed trusts | (1,069) | (674) | (735) |
Net deposits or withdrawals into or from preneed trust accounts, increasing or decreasing deferred preneed receipts | 1,442 | 3,687 | (12,054) |
Preneed Cemetery Trust | |||
Business Segment [Line Items] | |||
Net deposits or withdrawals into or from preneed trust accounts | (4,157) | (6,405) | 8,681 |
Net deposits or withdrawals into or from preneed trust accounts, increasing or decreasing deferred preneed receipts | 4,157 | 6,405 | (8,681) |
Perpetual Care Trust | |||
Business Segment [Line Items] | |||
Net deposits or withdrawals into or from preneed trust accounts | (3,340) | (3,762) | 5,543 |
Net (withdrawals) deposits from / into perpetual care trust accounts (decreasing) increasing care trusts’ corpus | 3,566 | 3,874 | (5,726) |
Preneed Funeral Receivables | |||
Business Segment [Line Items] | |||
Net increase or decrease in preneed receivables | (1,261) | (2,385) | (1,714) |
Net change in preneed receivables increasing or decreasing deferred revenue | 1,387 | 1,450 | 483 |
Preneed Cemetery Receivables | |||
Business Segment [Line Items] | |||
Net change in preneed receivables increasing or decreasing deferred revenue | $ 59 | $ (2,090) | $ (154) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 13, 2017 | Aug. 18, 2017 | Dec. 31, 2017 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||||
Treasury stock acquired, shares | 574,054 | 1,927,665 | ||
Average cost per share (in usd per share) | $ 24.35 | $ 23.34 | ||
Payments for repurchase of equity | $ 14 | $ 45 | ||
Board of Directors Chairman [Member] | Share Repurchase [Member] | ||||
Related Party Transaction [Line Items] | ||||
Treasury stock acquired, shares | 100,000 | |||
Average cost per share (in usd per share) | $ 23.85 | |||
Payments for repurchase of equity | $ 2.4 | |||
Purchases from related party | $ 0.3 |
Valuation and Qualifying Acc120
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for bad debts, current portion | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 746 | $ 729 | $ 802 |
Charged to costs and expenses | 1,248 | 1,155 | 966 |
Deduction | 1,159 | 1,138 | 1,039 |
Balance at end of year | 835 | 746 | 729 |
Allowance for receivables from preneed funeral and cemetery trusts and contract cancellations, non-current portion | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 2,166 | 2,042 | 2,339 |
Charged to costs and expenses | 950 | 943 | 712 |
Deduction | 838 | 819 | 1,009 |
Balance at end of year | 2,278 | 2,166 | 2,042 |
Employee severance accruals | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 1,517 | 280 | 216 |
Charged to costs and expenses | 571 | 3,641 | 698 |
Deduction | 2,088 | 2,404 | 634 |
Balance at end of year | 0 | 1,517 | 280 |
Litigation reserves | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 0 | 3 | |
Charged to costs and expenses | 0 | ||
Deduction | 3 | ||
Balance at end of year | 0 | ||
Valuation allowance of the deferred tax asset | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 209 | 189 | 330 |
Charged to costs and expenses | 35 | 20 | 0 |
Deduction | 0 | 0 | 141 |
Balance at end of year | $ 244 | $ 209 | $ 189 |