Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 28, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Service Corporation International | |
Entity Central Index Key | 89,089 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 196,505,804 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statement of Operations Statement - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Unaudited Condensed Consolidated Statement of Operations [Abstract] | ||||
Revenue | $ 714,525 | $ 718,314 | $ 2,216,996 | $ 2,210,569 |
Costs and expenses | (572,581) | (570,016) | (1,730,373) | (1,740,167) |
Gross profit | 141,944 | 148,298 | 486,623 | 470,402 |
General and administrative expenses | (28,158) | (39,748) | (96,781) | (141,885) |
Gains on divestitures and impairment charges, net | 10,764 | 26,570 | 3,403 | 58,752 |
Operating income | 124,550 | 135,120 | 393,245 | 387,269 |
Interest expense | (43,921) | (43,376) | (129,842) | (134,679) |
Loss on early extinguishment of debt | (6,918) | 0 | (6,918) | (29,158) |
Other income (expense), net | 334 | (9) | 167 | 1,577 |
Income before income taxes | 74,045 | 91,735 | 256,652 | 225,009 |
Provision for income taxes | (26,118) | (74,934) | (93,778) | (134,998) |
Net income from continuing operations | 47,927 | 16,801 | 162,874 | 90,011 |
Net income (loss) from discontinued operations, net of tax | 0 | 884 | (390) | 846 |
Net income | 47,927 | 17,685 | 162,484 | 90,857 |
Net income attributable to noncontrolling interests | (479) | (34) | (1,066) | (6,182) |
Net income attributable to common stockholders | $ 47,448 | $ 17,651 | $ 161,418 | $ 84,675 |
Basic earnings per share: | ||||
Net income attributable to common stockholders, basic | $ 0.24 | $ 0.08 | $ 0.80 | $ 0.40 |
Basic weighted average number of shares | 199,310 | 210,820 | 201,729 | 212,009 |
Diluted earnings per share: | ||||
Net income attributable to common stockholders, diluted | $ 0.23 | $ 0.08 | $ 0.78 | $ 0.39 |
Diluted weighted average number of shares | 203,444 | 213,010 | 205,950 | 215,365 |
Dividends declared per share | $ 0.12 | $ 0.09 | $ 0.32 | $ 0.25 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Unaudited Condensed Consolidated Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 47,927 | $ 17,685 | $ 162,484 | $ 90,857 |
Other comprehensive income: | ||||
Foreign currency translation adjustments | (28,182) | (16,060) | (42,941) | (13,732) |
Reclassification of foreign currency translation adjustments to discontinued operations | 3,114 | 3,114 | ||
Comprehensive income | 19,745 | 4,739 | 119,543 | 80,239 |
Comprehensive income (loss) attributable to noncontrolling interests | (464) | (24) | (1,038) | (6,182) |
Comprehensive income attributable to common stockholders | $ 19,281 | $ 4,715 | $ 118,505 | $ 74,057 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 141,950 | $ 177,335 |
Receivables, net | 81,777 | 109,050 |
Inventories, net | 29,557 | 29,697 |
Other | 67,458 | 80,774 |
Total current assets | 320,742 | 396,856 |
Preneed funeral receivables, net and trust investments | 1,734,444 | 1,843,023 |
Preneed cemetery receivables, net and trust investments | 2,267,806 | 2,306,669 |
Cemetery property, at cost | 1,745,939 | 1,739,216 |
Property and equipment, net | 1,851,264 | 1,861,403 |
Goodwill, net | 1,799,939 | 1,810,853 |
Deferred charges and other assets | 628,768 | 624,248 |
Cemetery perpetual care trust investments | 1,304,219 | 1,341,376 |
Total assets | 11,653,121 | 11,923,644 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 449,725 | 453,042 |
Long-term Debt, Current Maturities | 95,045 | 90,931 |
Income taxes | 1,868 | 8,035 |
Total current liabilities | 546,638 | 552,008 |
Long-term debt | 3,046,414 | 2,963,794 |
Deferred preneed funeral revenues | 548,211 | 540,164 |
Deferred preneed cemetery revenues | 1,131,506 | 1,062,381 |
Deferred tax liability | 452,610 | 448,824 |
Other liabilities | 502,980 | 502,553 |
Deferred preneed funeral and cemetery receipts held in trust | 2,932,684 | 3,148,884 |
Care trusts’ corpus | $ 1,304,574 | $ 1,327,658 |
Commitments and contingencies (Note 15) | ||
Stockholders' Equity: | ||
Common stock, $1 per share par value, 500,000,000 shares authorized, 214,328,348 and 212,326,642 shares issued, respectively, and 211,175,401 and 212,316,642 shares outstanding, respectively | $ 197,126 | $ 204,867 |
Capital in excess of par value | 1,115,738 | 1,186,304 |
Accumulated deficit | (151,491) | (81,859) |
Accumulated other comprehensive income | 16,501 | 59,414 |
Total common stockholders’ equity | 1,177,874 | 1,368,726 |
Noncontrolling interests | 9,630 | 8,652 |
Total equity | 1,187,504 | 1,377,378 |
Total liabilities and equity | $ 11,653,121 | $ 11,923,644 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Stockholders' Equity: | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 208,729,686 | 205,458,331 |
Common stock, shares outstanding | 197,125,709 | 204,866,770 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 162,484 | $ 90,857 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 390 | (846) |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | (1,000) |
Gains on early extinguishment of debt, net | 6,918 | 29,158 |
Payments of Debt Extinguishment Costs | (6,549) | (24,804) |
Depreciation and amortization | 103,816 | 105,098 |
Amortization of intangible assets | 23,536 | 27,792 |
Amortization of cemetery property | 40,422 | 41,477 |
Amortization of loan costs | 7,221 | 6,436 |
Provision for doubtful accounts | 4,663 | 6,142 |
Provision for deferred income taxes | 13,761 | 59,614 |
Losses (gains) on divestitures and impairment charges, net | (3,403) | (58,752) |
Share-based compensation | 10,717 | 9,742 |
Excess tax benefits from share based awards | (17,266) | (20,727) |
Change in assets and liabilities, net of effects from acquisitions and divestitures: | ||
Decrease in receivables | 11,724 | (7,038) |
Increase (decrease) in other assets | (627) | (12,845) |
Decrease in payables and other liabilities | 39,546 | 38,439 |
Effect of preneed funeral production and maturities: | ||
Decrease in preneed funeral receivables, net and trust investments | 20,846 | 29,498 |
Decrease in deferred preneed funeral revenue | 9,922 | (24,746) |
Decrease in deferred preneed funeral receipts held in trust | (47,365) | (29,879) |
Effect of cemetery production and deliveries: | ||
Increase in preneed cemetery receivables, net and trust investments | (55,777) | (37,559) |
Increase in deferred preneed cemetery revenue | 70,995 | 34,388 |
(Decrease) increase in deferred preneed cemetery receipts held in trust | 644 | (5,355) |
Other | 0 | 1,131 |
Net cash provided by operating activities | 396,618 | 256,221 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 396,618 | 257,221 |
Cash flows from investing activities: | ||
Capital expenditures | (104,732) | (95,182) |
Acquisitions | (41,430) | (10,815) |
Proceeds from divestitures and sales of property and equipment, net | 11,329 | 397,297 |
Other | 8,066 | (12,225) |
Net cash used in investing activities | (125,780) | 284,056 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (126,767) | 279,075 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 987 | 4,981 |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 401,250 | 755,000 |
Debt Issuance Cost | (5,830) | (10,500) |
Payments of debt | (145,171) | (222,958) |
Early Repayment of Senior Debt | (197,377) | (762,764) |
Principal payments on capital leases | 20,421 | 21,979 |
Proceeds from exercise of stock options | 30,491 | 27,609 |
Excess tax benefits from share based awards | 17,266 | 20,727 |
Purchase of Company common stock | (305,488) | (130,162) |
Payments of dividends | (64,068) | (53,026) |
Purchase of noncontrolling interest | 0 | (15,000) |
Bank overdrafts and other | (9,095) | (3,377) |
Net cash used in financing activities | (298,443) | (416,430) |
Change in cash from discontinued operations | 0 | 1,361 |
Effect of foreign currency on cash and cash equivalents | (7,780) | (548) |
Net decrease in cash and cash equivalents | (35,385) | 124,660 |
Cash and cash equivalents at beginning of period | 177,335 | 141,599 |
Cash and cash equivalents at end of period | $ 141,950 | $ 266,259 |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statement of Equity Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Capital in Excess of Par Value | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Balance at beginning of period at Dec. 31, 2013 | $ 1,424,378 | $ 212,327 | $ (10) | $ 1,259,348 | $ (145,876) | $ 88,441 | $ 10,148 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 80,239 | 0 | 0 | 0 | 84,675 | (10,618) | $ 6,182 |
Dividends declared on common stock | (53,026) | 0 | 0 | (53,026) | 0 | 0 | |
Employee share-based compensation earned | 9,742 | 0 | 0 | 9,742 | 0 | 0 | $ 0 |
Stock option exercises | 28,370 | 2,855 | 0 | 25,515 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 352 | 0 | (352) | 0 | 0 | 0 |
Purchase of Company common stock | $ (130,923) | $ 0 | $ (6,386) | $ (37,653) | $ (86,884) | $ 0 | $ 0 |
Cancellation of Company Stock | 0 | (42) | (42) | 0 | 0 | 0 | 0 |
Tax Benefits Related to Share-Based Awards | $ 20,727 | $ 0 | $ 0 | $ 20,727 | $ 0 | $ 0 | $ 0 |
Purchase of noncontrolling interest | (15,000) | 0 | 0 | (7,440) | 0 | 0 | (7,560) |
Noncontrolling interest payment | (135) | 0 | 0 | 0 | 0 | 0 | (135) |
Other | 1,564 | 93 | 0 | 1,471 | 0 | 0 | 0 |
Balance at end of period at Sep. 30, 2014 | 1,365,936 | 215,585 | (6,354) | 1,218,332 | (148,085) | 77,823 | 8,635 |
Balance at beginning of period at Dec. 31, 2014 | 1,377,378 | 205,458 | (591) | 1,186,304 | (81,859) | 59,414 | 8,652 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 119,543 | 0 | 0 | 0 | 161,418 | (42,913) | 1,038 |
Dividends declared on common stock | (64,068) | 0 | 0 | (64,068) | 0 | 0 | 0 |
Employee share-based compensation earned | 10,717 | 0 | 0 | 10,717 | 0 | 0 | 0 |
Stock option exercises | 30,491 | 2,951 | 0 | 27,540 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 259 | (3) | (256) | 0 | 0 | 0 |
Purchase of Company common stock | (305,488) | $ 0 | (11,010) | (63,428) | (231,050) | 0 | 0 |
Tax Benefits Related to Share-Based Awards | 17,266 | 0 | 17,266 | 0 | 0 | 0 | |
Purchase of noncontrolling interest | 0 | ||||||
Noncontrolling interest payment | (60) | $ 0 | 0 | 0 | 0 | 0 | (60) |
Other | 1,725 | 62 | 0 | 1,663 | 0 | 0 | 0 |
Balance at end of period at Sep. 30, 2015 | $ 1,187,504 | $ 208,730 | $ (11,604) | $ 1,115,738 | $ (151,491) | $ 16,501 | $ 9,630 |
Unaudited Condensed Consolidat8
Unaudited Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Dividends declared per share | $ 0.12 | $ 0.09 | $ 0.32 | $ 0.25 |
Nature of Operations (Notes)
Nature of Operations (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Nature of Operations [Abstract] | |
Nature of Operations | Nature of Operations We are North America’s largest provider of deathcare products and services, with a network of funeral service locations and cemeteries operating in the United States and Canada. We are best known for our Dignity Memorial® brand, North America's first transcontinental brand of deathcare products and services. Our other brands are Dignity Planning™, National Cremation Society®, Advantage® Funeral and Cremation Services, Funeraria del Angel™, Making Everlasting Memories®, Neptune Society™, and Trident Society™. Our funeral and cemetery operations consist of funeral service locations, cemeteries, funeral service/cemetery combination locations, crematoria, and related businesses, which enable us to serve a wide array of customer needs. We sell cemetery property and funeral and cemetery merchandise and services at the time of need and on a preneed basis. Funeral service locations provide all professional services relating to funerals and cremations, including the use of funeral facilities and motor vehicles, arranging and directing services, removal, preparation, embalming, cremations, memorialization, and catering. Funeral merchandise, including burial caskets and related accessories, urns and other cremation receptacles, outer burial containers, flowers, on-line and video tributes, stationery products, casket and cremation memorialization products, and other ancillary merchandise, is sold at funeral service locations. Our cemeteries provide cemetery property interment rights, including developed lots, lawn crypts, mausoleum spaces, niches, and other cremation memorialization and interment options. Cemetery merchandise and services, including memorial markers and bases, outer burial containers, flowers and floral placement, other ancillary merchandise, graveside services, merchandise installation, and burial openings and closings, are sold at our cemeteries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation Our unaudited condensed consolidated financial statements include the accounts of Service Corporation International (SCI) and all subsidiaries in which we hold a controlling financial interest. Our financial statements also include the accounts of the merchandise and service trusts and cemetery perpetual care trusts in which we have a variable interest and are the primary beneficiary. Our interim condensed consolidated financial statements are unaudited but include all adjustments, consisting of normal recurring accruals and any other adjustments, which management considers necessary for a fair statement of our results for these periods. Our unaudited condensed consolidated financial statements have been prepared in a manner consistent with the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2014 , unless otherwise disclosed herein, and should be read in conjunction therewith. The accompanying year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year period. 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. Use of Estimates in the Preparation of Financial Statements The preparation of the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions as described in our Annual Report on Form 10-K for the year ended December 31, 2014 . These estimates and assumptions may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. As a result, actual results could differ from these estimates. Discontinued Operations In April 2014, the Financial Accounting Standards Board (FASB) amended the Presentation of Financial Statements and Property, Plant, and Equipment accounting standards to change the requirement for reporting discontinued operations. Under the new guidance, a disposal of a component of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Fewer disposals are expected to qualify as discontinued operations under the new guidance. It also requires the disclosure of pretax income of disposals that do not qualify as discontinued operations. We adopted the amendment effective January 1, 2015 with no impact on our consolidated results of operations, consolidated financial position, or cash flows. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Recently Issued Accounting Standards [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles | Recently Issued Accounting Standards Revenue Recognition In May 2014 , the FASB issued the Revenue from Contracts with Customers accounting standard, which supersedes the revenue recognition requirements in the Revenue Recognition accounting standard and most industry-specific guidance. This new standard is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, and timing of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Additionally, the new standard requires the deferral of direct incremental selling costs to the period in which the underlying revenue is recognized. In August 2015, the FASB issued an amendment that defers implementation of the Revenue from Contracts with Customers accounting standard for all entities by one year. The new standard will be effective for us beginning January 1, 2018 and we intend to implement the standard with the modified retrospective approach, which recognizes the cumulative effect of application recognized on that date. We are evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Consolidation In February 2015, the FASB amended the Consolidation accounting standard to revise the consolidation model for limited partnerships, variable interest entities, and certain investment funds. Further, the amendment provides guidance on how fee arrangements and related parties should be considered when determining whether to consolidate variable interest entities. As a result of this amendment, all legal entities are required to be reevaluated to determine if they should be consolidated. The new guidance is effective for us on January 1, 2016. We are evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Debt Issuance Costs In April 2015, the FASB amended the Interest—Imputation of Interest accounting standard to simplify the presentation of debt issuance costs on the balance sheet. Currently, debt issuance costs are included in Other current assets and Deferred charges and other assets on our condensed consolidated balance sheet. The amendment requires that these costs instead be presented as a direct deduction from the carrying amount of Current maturities of long-term debt and Long-term debt , consistent with the presentation of debt discounts. In August 2015, the FASB issued an additional amendment that provides additional guidance to the Interest—Imputation of Interest accounting standard since it did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. The amendment noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This change does not impact the manner in which the debt issuance costs are expensed over the term of the debt. The change in presentation is effective for us on January 1, 2016. As of September 30, 2015 , the effect of these amendments would have been to reduce Other current assets and Current maturities of long-term debt by $8.3 million and to reduce Deferred charges and other assets and Long-term debt by $36.1 million . As of December 31, 2014 the effect of these amendments would have been to reduce Other current assets and Current maturities of long-term debt by $8.0 million and to reduce Deferred charges and other assets and Long-term debt by $36.8 million . Cloud Computing Arrangements In April 2015, the FASB amended the Intangibles—Goodwill and Other—Internal-Use Software accounting standard to provide guidance on whether a cloud computing arrangement contains a software license. If a cloud computing arrangement includes a software license, then we should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, we should account for the arrangement as a service contract. The new guidance is effective for us on January 1, 2016, and we are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Fair Value Measurements In May 2015, the FASB amended the Fair Value Measurements accounting standard to remove the requirement to disclose the fair value measurement hierarchy level associated with investments measured at net asset value as a practical expedient. Other disclosures required by the standard for these assets remain the same. This amendment does not change the underlying accounting for these investments. The new guidance is effective for us with our first quarter 2016 filing on Form 10-Q. Inventory In July 2015, the FASB amended the Inventory accounting standard to state that an entity using an inventory method other than last-in, first out ("LIFO") or the retail inventory method should measure inventory at the lower of cost and net realizable value. The new guidance clarifies that net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance is effective for us on January 1, 2017, and we are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Business Combinations In September 2015, the FASB amended the Business Combinations accounting standard to eliminate the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Under the new guidance, acquirers must recognize measurement-period adjustments in the period in which they determine the amount of the adjustment. The new guidance is effective for us on January 1, 2017 and will be applied prospectively to measurement-period adjustments occurring after the effective date, if any. |
Preneed Funeral Activities (Not
Preneed Funeral Activities (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Funeral | |
Preneed Funeral Activities | Preneed Funeral Activities Preneed funeral receivables, net and trust investments represent trust investments, including investment earnings, and customer receivables, net of unearned finance charges, related to unperformed price-guaranteed preneed funeral contracts. Our merchandise and service trusts are variable interest entities as defined in the Consolidation accounting standard. In accordance with this standard, we have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. Our trust investments detailed in Notes 5 and 6 are also accounted for as variable interest entities. When we receive payments from the customer, we deposit the amount required by law into the trust and reclassify the corresponding amount from Deferred preneed funeral revenue into Deferred preneed receipts held in trust. Amounts are withdrawn from the trusts after the contract obligations are performed. Cash flows from preneed contracts are presented as operating cash flows in our unaudited condensed consolidated statement of cash flows. Preneed funeral receivables, net and trust investments are reduced by the trust investment earnings (realized and unrealized) that we have been allowed to withdraw in certain states prior to maturity. These earnings are recorded in Deferred preneed funeral revenue until the merchandise is delivered or the service is performed. The table below sets forth certain investment-related activities associated with these preneed merchandise and service trusts: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Deposits $ 30,143 $ 23,618 $ 92,623 $ 76,490 Withdrawals $ 36,310 $ 27,718 $ 123,499 $ 103,410 Purchases of available-for-sale securities $ 100,663 $ 238,860 $ 281,298 $ 379,650 Sales of available-for-sale securities $ 110,642 $ 274,630 $ 282,960 $ 445,880 Realized gains from sales of available-for-sale securities $ 9,341 $ 18,935 $ 23,546 $ 50,947 Realized losses from sales of available-for-sale securities $ (8,982 ) $ (2,094 ) $ (17,554 ) $ (6,233 ) The components of Preneed funeral receivables, net and trust investments in our unaudited condensed consolidated balance sheet at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 (In thousands) Trust investments, at fair value $ 1,098,236 $ 1,205,747 Cash and cash equivalents 130,161 162,229 Insurance-backed fixed income securities 269,744 260,899 Trust investments 1,498,141 1,628,875 Receivables from customers 286,463 262,700 Unearned finance charge (10,996 ) (11,054 ) 1,773,608 1,880,521 Allowance for cancellation (39,164 ) (37,498 ) Preneed funeral receivables, net and trust investments $ 1,734,444 $ 1,843,023 The costs and fair values associated with trust investments measured at fair value at September 30, 2015 and December 31, 2014 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities held by the trusts. September 30, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 82,969 $ 121 $ (1,248 ) $ 81,842 Canadian government 2 75,703 556 (558 ) 75,701 Corporate 2 21,521 364 (253 ) 21,632 Residential mortgage-backed 2 1,449 37 (21 ) 1,465 Asset-backed 2 5 — — 5 Equity securities: Preferred stock 2 1,939 22 (112 ) 1,849 Common stock: United States 1 351,048 18,956 (29,166 ) 340,838 Canada 1 12,032 2,700 (1,069 ) 13,663 Other international 1 36,612 1,403 (6,224 ) 31,791 Mutual funds: Equity 1 318,576 1,166 (41,814 ) 277,928 Fixed income 1 221,425 434 (9,628 ) 212,231 Private equity 3 34,994 4,450 (5,554 ) 33,890 Other 3 4,427 989 (15 ) 5,401 Trust investments $ 1,162,700 $ 31,198 $ (95,662 ) $ 1,098,236 December 31, 2014 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 85,775 $ 468 $ (455 ) $ 85,788 Canadian government 2 90,430 449 (874 ) 90,005 Corporate 2 24,765 423 (126 ) 25,062 Residential mortgage-backed 2 1,325 29 (12 ) 1,342 Asset-backed 2 6 — — 6 Equity securities: Preferred stock 2 2,503 113 (113 ) 2,503 Common stock: United States 1 377,441 18,533 (7,405 ) 388,569 Canada 1 14,708 4,292 (895 ) 18,105 Other international 1 38,035 1,175 (1,560 ) 37,650 Mutual funds: Equity 1 308,548 3,332 (15,901 ) 295,979 Fixed income 1 229,414 869 (3,576 ) 226,707 Private equity 3 35,094 2,649 (9,418 ) 28,325 Other 3 5,084 726 (104 ) 5,706 Trust investments $ 1,213,128 $ 33,058 $ (40,439 ) $ 1,205,747 Where quoted prices are available in an active market, securities are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the fair value measurements hierarchy. The valuation of private equity and other alternative investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. The fair value of these investments is estimated based on the market value of the underlying real estate and private equity investments. The underlying real estate value is determined using the most recent available appraisals. Private equity investments are valued based on reported net asset values. Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed by the Investment Committee of the Board of Directors quarterly. These funds are classified as Level 3 investments pursuant to the fair value measurements hierarchy. As of September 30, 2015 , our unfunded commitment for our private equity and other investments was $45.2 million which, if called, would be funded by the assets of the trusts. Our private equity and other investments include several funds that invest in limited partnerships, distressed debt, real estate, and mezzanine financing. These investments can never be redeemed by the funds. Instead, due to the nature of the investments in this category, distributions are received through the liquidation of the underlying assets of the funds. We estimate that the underlying assets will be liquidated over the next 2 to 10 years. The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows: Three Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair value, beginning balance $ 34,366 $ 7,111 $ 27,339 $ 4,476 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 1,859 (551 ) 265 1,071 Net realized losses included in Other income (expense), net (2) (7 ) (4 ) (7 ) (4 ) Purchases — — 289 — Contributions — — 4,998 121 Distributions (2,328 ) (1,155 ) (2,949 ) — Fair value, ending balance $ 33,890 $ 5,401 $ 29,935 $ 5,664 Nine Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair value, beginning balance $ 28,325 $ 5,706 $ 26,885 $ 1,810 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 6,048 533 (1,370 ) 3,927 Net realized losses included in Other income (expense), net (2) (45 ) (17 ) (21 ) (5 ) Purchases — 23 3,244 — Sales (36 ) — — — Contributions 4,632 1,226 5,955 121 Distributions (5,034 ) (2,070 ) (4,758 ) (189 ) Fair value, ending balance $ 33,890 $ 5,401 $ 29,935 $ 5,664 ______________________________________________ (1) All unrealized gains (losses) recognized in Accumulated other comprehensive income for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed receipts held in trust . See Note 7 for further information related to our Deferred preneed receipts held in trust . (2) All net realized losses recognized in Other income (expense), net for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed receipts held in trust . See Note 7 for further information related to our Deferred preneed receipts held in trust . Maturity dates of our fixed income securities range from 2015 to 2045 . Maturities of fixed income securities, excluding mutual funds, at September 30, 2015 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 111,193 Due in one to five years 25,996 Due in five to ten years 29,213 Thereafter 14,243 $ 180,645 Earnings from all our merchandise and service trust investments are recognized in revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract; these amounts are also recognized in current revenue in the period in which they are earned. Recognized trust fund income (realized and unrealized) related to these trust investments was $12.7 million and $15.1 million for the three months ended September 30, 2015 and 2014 , respectively. Recognized trust fund income (realized and unrealized) related to these trust investments was $41.1 million and $47.6 million for the nine months ended September 30, 2015 and 2014 , respectively. We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other income (expense), net and a decrease to Preneed funeral receivables, net and trust investments . These investment losses, if any, are offset by the corresponding reclassification in Other income (expense), net, which reduces Deferred preneed receipts held in trust . See Note 7 for further information related to our Deferred preneed receipts held in trust . For the three months ended September 30, 2015 and 2014 , we recorded a $1.4 million and a $41.2 million impairment charge, respectively, for other-than-temporary declines in fair value related to unrealized losses on certain investments. For the nine months ended September 30, 2015 and 2014 , we recorded a $2.9 million and a $41.6 million impairment charge, respectively, for other-than-temporary declines in fair value related to unrealized losses on certain investments. The third quarter 2014 impairment charges were recorded in anticipation of a strategic change in the management of our trust assets requiring the liquidation of a majority of our US trust assets during the fourth quarter of 2014. This change did not impact our asset allocation, but did change the underlying legal structure housing the assets. These impairment charges reflect the unrealized loss positions on these liquidated assets as of September 30, 2014. We have determined that the remaining unrealized losses in our merchandise and service trust investments are considered temporary in nature, as the unrealized losses were due to temporary fluctuations in interest rates and equity prices. The investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We believe that none of the remaining securities are other-than-temporarily impaired based on our analysis of the investments. Our analysis included a review of the portfolio holdings and discussions with the individual money managers as to the sector exposures, credit ratings, and the severity and duration of the unrealized losses. Our merchandise and service trust investment unrealized losses, their associated fair values, and the duration of unrealized losses as of September 30, 2015 and December 31, 2014 , respectively, are shown in the following tables: September 30, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 42,465 $ (1,209 ) $ 4,419 $ (39 ) $ 46,884 $ (1,248 ) Canadian government 1,433 (5 ) 12,058 (553 ) 13,491 (558 ) Corporate 5,611 (152 ) 2,666 (101 ) 8,277 (253 ) Residential mortgage-backed 262 (5 ) 224 (16 ) 486 (21 ) Equity securities: Preferred stock 534 (112 ) — — 534 (112 ) Common stock: United States 188,385 (29,166 ) — — 188,385 (29,166 ) Canada 3,428 (692 ) 545 (377 ) 3,973 (1,069 ) Other international 17,715 (6,034 ) 606 (190 ) 18,321 (6,224 ) Mutual funds: Equity 257,015 (38,133 ) 13,346 (3,681 ) 270,361 (41,814 ) Fixed income 177,919 (9,038 ) 12,059 (590 ) 189,978 (9,628 ) Private equity — — 17,031 (5,554 ) 17,031 (5,554 ) Other — — 442 (15 ) 442 (15 ) Total temporarily impaired securities $ 694,767 $ (84,546 ) $ 63,396 $ (11,116 ) $ 758,163 $ (95,662 ) December 31, 2014 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 32,243 $ (412 ) $ 4,978 $ (43 ) $ 37,221 $ (455 ) Canadian government 2,894 (52 ) 14,904 (822 ) 17,798 (874 ) Corporate 4,988 (56 ) 2,420 (70 ) 7,408 (126 ) Residential mortgage-backed 217 (10 ) 106 (2 ) 323 (12 ) Equity securities: Preferred stock 26 (113 ) — — 26 (113 ) Common stock: United States 126,527 (7,403 ) 438 (2 ) 126,965 (7,405 ) Canada 1,752 (379 ) 1,085 (516 ) 2,837 (895 ) Other international 19,593 (1,557 ) 2 (3 ) 19,595 (1,560 ) Mutual funds: Equity 233,827 (13,219 ) 23,717 (2,682 ) 257,544 (15,901 ) Fixed income 112,160 (3,128 ) 11,452 (448 ) 123,612 (3,576 ) Private equity 203 (461 ) 13,870 (8,957 ) 14,073 (9,418 ) Other 5 (11 ) 464 (93 ) 469 (104 ) Total temporarily impaired securities $ 534,435 $ (26,801 ) $ 73,436 $ (13,638 ) $ 607,871 $ (40,439 ) |
Preneed Cemetery Activities (No
Preneed Cemetery Activities (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Cemetery | |
Preneed Cemetery Activities | Preneed Cemetery Activities Preneed cemetery receivables, net and trust investments represent trust investments, including investment earnings, and customer receivables, net of unearned finance charges, for contracts sold in advance of when the property interment rights, merchandise, or services are needed. Our merchandise and service trusts are variable interest entities as defined in the Consolidation accounting standard. In accordance with this standard, we have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The trust investments detailed in Notes 4 and 6 are also accounted for as variable interest entities. When we receive payments from the customer, we deposit the amount required by law into the trust and reclassify the corresponding amount from Deferred preneed cemetery revenue into Deferred preneed receipts held in trust. Amounts are withdrawn from the trusts when the contract obligations are performed. Cash flows from preneed cemetery contracts are presented as operating cash flows in our unaudited condensed consolidated statement of cash flows. Preneed cemetery receivables, net and trust investments are reduced by the trust investment earnings (realized and unrealized) that we have been allowed to withdraw in certain states prior to maturity. These earnings are recorded in Deferred preneed cemetery revenue until the merchandise is delivered or the service is performed. The table below sets forth certain investment-related activities associated with these preneed merchandise and service trusts: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Deposits $ 40,327 $ 34,018 $ 116,581 $ 95,421 Withdrawals $ 33,260 $ 33,669 $ 115,930 $ 96,238 Purchases of available-for-sale securities $ 165,025 $ 247,853 $ 389,219 $ 458,176 Sales of available-for-sale securities $ 150,804 $ 285,411 $ 389,747 $ 481,258 Realized gains from sales of available-for-sale securities $ 10,318 $ 40,635 $ 33,859 $ 86,822 Realized losses from sales of available-for-sale securities $ (11,948 ) $ (4,439 ) $ (25,375 ) $ (10,564 ) The components of Preneed cemetery receivables, net and trust investments in our unaudited condensed consolidated balance sheet at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 (In thousands) Trust investments, at fair value $ 1,317,018 $ 1,404,298 Cash and cash equivalents 120,805 122,355 Trust investments 1,437,823 1,526,653 Receivables from customers 935,844 881,082 Unearned finance charges (33,477 ) (31,524 ) 2,340,190 2,376,211 Allowance for cancellation (72,384 ) (69,542 ) Preneed cemetery receivables, net and trust investments $ 2,267,806 $ 2,306,669 The costs and fair values associated with the trust investments measured at fair value at September 30, 2015 and December 31, 2014 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the market value of the underlying securities held by the trusts. September 30, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 67,552 $ 41 $ (1,258 ) $ 66,335 Canadian government 2 25,546 306 (86 ) 25,766 Corporate 2 5,293 31 (112 ) 5,212 Residential mortgage-backed 2 135 3 (2 ) 136 Asset-backed 2 170 18 — 188 Equity securities: Common stock: United States 1 546,840 27,293 (47,051 ) 527,082 Canada 1 9,077 3,737 (1,191 ) 11,623 Other international 1 56,256 2,102 (9,341 ) 49,017 Mutual funds: Equity 1 352,117 1,525 (48,602 ) 305,040 Fixed income 1 302,920 322 (13,353 ) 289,889 Private equity 3 30,896 6,462 (2,976 ) 34,382 Other 3 2,089 259 — 2,348 Trust investments $ 1,398,891 $ 42,099 $ (123,972 ) $ 1,317,018 December 31, 2014 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 63,447 $ 257 $ (605 ) $ 63,099 Canadian government 2 21,687 261 (134 ) 21,814 Corporate 2 8,725 122 (116 ) 8,731 Residential mortgage-backed 2 111 3 (1 ) 113 Asset-backed 2 170 16 — 186 Equity securities: Preferred stock 2 10 1 — 11 Common stock: United States 1 557,955 22,746 (11,706 ) 568,995 Canada 1 10,962 5,011 (841 ) 15,132 Other international 1 55,632 1,605 (2,395 ) 54,842 Mutual funds: Equity 1 344,443 4,244 (18,430 ) 330,257 Fixed income 1 314,600 679 (4,702 ) 310,577 Private equity 3 32,342 3,185 (6,183 ) 29,344 Other 3 1,082 186 (71 ) 1,197 Trust investments $ 1,411,166 $ 38,316 $ (45,184 ) $ 1,404,298 Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the fair value measurements hierarchy. The valuation of private equity and other alternative investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. The fair value of these investments is estimated based on the market value of the underlying real estate and private equity investments. The underlying real estate value is determined using the most recent available appraisals. Private equity investments are valued based on reported net asset values. Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed by the Investment Committee of the Board of Directors quarterly. These funds are classified as Level 3 investments pursuant to the fair value measurements hierarchy. As of September 30, 2015 , our unfunded commitment for our private equity and other investments was $46.8 million which, if called, would be funded by the assets of the trusts. Our private equity and other investments include several funds that invest in limited partnerships, distressed debt, real estate, and mezzanine financing. These investments can never be redeemed by the funds. Instead, due to the nature of the investments in this category, distributions are received through the liquidation of the underlying assets of the funds. We estimate that the underlying assets will be liquidated over the next 2 to 10 years. The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows: Three Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair value, beginning balance $ 34,867 $ 2,448 $ 27,557 $ 1,078 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 1,779 1,045 1,056 (186 ) Net realized losses included in Other income (expense), net (2) (6 ) (4 ) (8 ) (5 ) Purchases — (26 ) — — Contributions — — 5,379 127 Distributions and other (2,258 ) (1,115 ) (3,147 ) — Fair value, ending balance $ 34,382 $ 2,348 $ 30,837 $ 1,014 Nine Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair value, beginning balance $ 29,344 $ 1,197 $ 26,844 $ 1,245 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 5,312 590 2,666 (149 ) Net realized losses included in Other income (expense), net (2) (46 ) (17 ) (23 ) (6 ) Purchases — 1,348 — — Contributions 4,830 1,294 6,404 127 Distributions and other (5,058 ) (2,064 ) (5,054 ) (203 ) Fair value, ending balance $ 34,382 $ 2,348 $ 30,837 $ 1,014 ________________________________________ (1) All unrealized gains (losses) recognized in Accumulated other comprehensive income for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed receipts held in trust . See Note 7 for further information related to our Deferred preneed receipts held in trust . (2) All net realized losses recognized in Other income (expense), net for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed receipts held in trust . See Note 7 for further information related to our Deferred preneed receipts held in trust . Maturity dates of our fixed income securities range from 2015 to 2045 . Maturities of fixed income securities, excluding mutual funds, at September 30, 2015 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 26,631 Due in one to five years 25,881 Due in five to ten years 26,261 Thereafter 18,864 $ 97,637 Earnings from all our merchandise and service trust investments are recognized in current revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract; these amounts are also recognized in current revenue in the period in which they are earned. Recognized trust fund income (realized and unrealized) related to these trust investments was $10.7 million and $12.2 million for the three months ended September 30, 2015 and 2014 , respectively. Recognized trust fund income (realized and unrealized) related to these trust investments was $34.9 million and $36.2 million for the nine months ended September 30, 2015 and 2014 , respectively. We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other income (expense), net and a decrease to Preneed cemetery receivables, net and trust investments . These investment losses, if any, are offset by the corresponding reclassification in Other income (expense), net, which reduces Deferred preneed receipts held in trust . See Note 7 for further information related to our Deferred preneed receipts held in trust . For the three months ended September 30, 2015 and 2014 , we recorded a $1.8 million and a $59.3 million impairment charge, respectively, for other-than-temporary declines in fair value related to unrealized losses on certain investments. For the nine months ended September 30, 2015 and 2014 , we recorded a $3.8 million and a $59.8 million impairment charge, respectively, for other-than-temporary declines in fair value related to unrealized losses on certain investments. The third quarter 2014 impairment charges were recorded in anticipation of a strategic change in the management of our trust assets requiring the liquidation of a majority of our US trust assets during the fourth quarter of 2014. This change did not impact our asset allocation, but did change the underlying legal structure housing the assets. These impairment charges reflect the unrealized loss positions on these liquidated assets as of September 30, 2014. We have determined that the remaining unrealized losses in our merchandise and service trust investments are considered temporary in nature, as the unrealized losses were due to temporary fluctuations in interest rates and equity prices. The investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We believe that none of the remaining securities are other-than-temporarily impaired based on our analysis of the investments. Our analysis included a review of the portfolio holdings and discussions with the individual money managers as to the sector exposures, credit ratings, and the severity and duration of the unrealized losses. Our merchandise and service trust investment unrealized losses, their associated fair values and the duration of unrealized losses as of September 30, 2015 are shown in the following tables: September 30, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 55,492 $ (1,257 ) $ 13 $ (1 ) $ 55,505 $ (1,258 ) Canadian government 1,242 (20 ) 879 (66 ) 2,121 (86 ) Corporate 204 (8 ) 2,441 (104 ) 2,645 (112 ) Residential mortgage-backed 27 — 19 (2 ) 46 (2 ) Equity securities: Common stock: United States 300,606 (47,051 ) — — 300,606 (47,051 ) Canada 789 (442 ) 1,231 (749 ) 2,020 (1,191 ) Other international 28,359 (9,341 ) — — 28,359 (9,341 ) Mutual funds: Equity 296,807 (48,088 ) 1,889 (514 ) 298,696 (48,602 ) Fixed income 259,288 (12,800 ) 13,519 (553 ) 272,807 (13,353 ) Private equity — — 8,325 (2,976 ) 8,325 (2,976 ) Total temporarily impaired securities $ 942,814 $ (119,007 ) $ 28,316 $ (4,965 ) $ 971,130 $ (123,972 ) December 31, 2014 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 45,072 $ (605 ) $ — $ — $ 45,072 $ (605 ) Canadian government — — 4,858 (134 ) 4,858 (134 ) Corporate 2,017 (61 ) 1,936 (55 ) 3,953 (116 ) Residential mortgage-backed 33 (1 ) — — 33 (1 ) Equity securities: Common stock: United States 192,015 (11,706 ) 585 — 192,600 (11,706 ) Canada 2,069 (319 ) 778 (522 ) 2,847 (841 ) Other international 28,308 (2,395 ) — — 28,308 (2,395 ) Mutual funds: Equity 303,211 (18,329 ) 1,577 (101 ) 304,788 (18,430 ) Fixed income 159,572 (4,106 ) 15,113 (596 ) 174,685 (4,702 ) Private equity 88 (100 ) 7,518 (6,083 ) 7,606 (6,183 ) Other 2 (3 ) 259 (68 ) 261 (71 ) Total temporarily impaired securities $ 732,387 $ (37,625 ) $ 32,624 $ (7,559 ) $ 765,011 $ (45,184 ) |
Cemetery Perpetual Care Trusts
Cemetery Perpetual Care Trusts (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Cemetery Perpetual Care | |
Cemetery Perpetual Care Trusts Text Block | Cemetery Perpetual Care Trusts We are required by state and provincial law to pay into cemetery perpetual care trusts a portion of the proceeds from the sale of cemetery property interment rights. Our cemetery perpetual care trusts are variable interest entities as defined in the Consolidation accounting standard. In accordance with this standard, we have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The trust investments detailed in Notes 4 and 5 are also accounted for as variable interest entities. We consolidate our cemetery perpetual care trust investments with a corresponding amount recorded as Care trusts’ corpus. Cash flows from cemetery perpetual care trusts are presented as operating cash flows in our unaudited condensed consolidated statement of cash flows. The table below sets forth certain investment-related activities associated with our cemetery perpetual care trusts: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Deposits $ 10,264 $ 9,202 $ 29,717 $ 29,439 Withdrawals $ 8,073 $ 8,680 $ 32,749 $ 23,879 Purchases of available-for-sale securities $ 29,129 $ 169,973 $ 174,243 $ 233,795 Sales of available-for-sale securities $ 14,466 $ 172,646 $ 120,602 $ 251,719 Realized gains from sales of available-for-sale securities $ 524 $ 7,034 $ 2,675 $ 21,903 Realized losses from sales of available-for-sale securities $ (156 ) $ (935 ) $ (4,478 ) $ (1,599 ) The components of Cemetery perpetual care trust investments in our unaudited condensed consolidated balance sheet at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 (In thousands) Trust investments, at fair value $ 1,209,834 $ 1,192,966 Cash and cash equivalents 94,385 148,410 Cemetery perpetual care trust investments $ 1,304,219 $ 1,341,376 The cost and fair values associated with trust investments, at fair value at September 30, 2015 and December 31, 2014 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities or cash held by the trusts. September 30, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 3,697 $ 26 $ (95 ) $ 3,628 Canadian government 2 33,094 507 (154 ) 33,447 Corporate 2 13,178 168 (279 ) 13,067 Residential mortgage-backed 2 968 18 (7 ) 979 Asset-backed 2 662 6 (26 ) 642 Equity securities: Preferred stock 2 6,264 33 (626 ) 5,671 Common stock: United States 1 237,356 7,740 (21,941 ) 223,155 Canada 1 5,381 2,049 (837 ) 6,593 Other international 1 12,825 40 (2,523 ) 10,342 Mutual funds: Equity 1 21,602 3,116 (1,468 ) 23,250 Fixed income 1 881,664 563 (41,924 ) 840,303 Private equity 3 38,631 1,988 (6,773 ) 33,846 Other 3 13,235 2,038 (362 ) 14,911 Cemetery perpetual care trust investments $ 1,268,557 $ 18,292 $ (77,015 ) $ 1,209,834 December 31, 2014 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 794 $ 40 $ (4 ) $ 830 Canadian government 2 31,993 442 (233 ) 32,202 Corporate 2 16,762 344 (210 ) 16,896 Residential mortgage-backed 2 910 15 (6 ) 919 Asset-backed 2 661 10 (4 ) 667 Equity securities: Preferred stock 2 4,439 60 (12 ) 4,487 Common stock: United States 1 225,129 9,340 (4,881 ) 229,588 Canada 1 7,419 2,737 (596 ) 9,560 Other international 1 8,102 90 (399 ) 7,793 Mutual funds: Equity 1 17,310 3,264 (93 ) 20,481 Fixed income 1 846,230 1,580 (14,263 ) 833,547 Private equity 3 34,288 408 (10,788 ) 23,908 Other 3 13,526 1,094 (2,532 ) 12,088 Cemetery perpetual care trust investments $ 1,207,563 $ 19,424 $ (34,021 ) $ 1,192,966 Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the fair value measurements hierarchy. The valuation of private equity and other alternative investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. The fair value of these investments is estimated based on the market value of the underlying real estate and private equity investments. The underlying real estate value is determined using the most recently available appraisals. Private equity investments are valued based on reported net asset values. Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed by the Investment Committee of the Board of Directors quarterly. These funds are classified as Level 3 investments pursuant to the fair value measurements hierarchy. As of September 30, 2015 , our unfunded commitment for our private equity and other investments was $21.4 million which, if called, would be funded by the assets of the trusts. Our private equity and other investments include several funds that invest in limited partnerships, distressed debt, real estate, and mezzanine financing. These investments can never be redeemed by the funds. Instead, due to the nature of the investments in this category, distributions are received through the liquidation of the underlying assets of the funds. We estimate that the underlying assets will be liquidated over the next 2 to 10 years. The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows: Three Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair value, beginning balance $ 34,137 $ 14,089 $ 21,274 $ 11,983 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 87 1,310 (206 ) 23 Net realized losses included in Other income (expense), net (2) (10 ) (13 ) (13 ) (17 ) Contributions — — 9,058 — Distributions and other (368 ) (475 ) (3,331 ) — Fair value, ending balance $ 33,846 $ 14,911 $ 26,782 $ 11,989 Nine Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair market value, beginning balance $ 23,908 $ 12,088 $ 19,779 $ 11,587 Net unrealized gains included in Accumulated other comprehensive income (1) 6,380 1,344 1,091 704 Net realized losses included in Other income (expense), net (2) (40 ) (36 ) (37 ) (29 ) Sales — — (17 ) — Contributions 5,165 2,553 10,461 — Distributions and other (1,567 ) (1,038 ) (4,495 ) (273 ) Fair market value, ending balance $ 33,846 $ 14,911 $ 26,782 $ 11,989 _________________________________________ (1) All unrealized gains (losses) recognized in Accumulated other comprehensive income for our cemetery perpetual care trust investments are offset by a corresponding reclassification in Accumulated other comprehensive income to Care trusts’ corpus . See Note 7 for further information related to our Care trusts’ corpus . (2) All net losses recognized in Other income (expense), net for our cemetery perpetual care trust investments are offset by a corresponding reclassification in Other income (expense), net to Care trusts’ corpus . See Note 7 for further information related to our Care trusts’ corpus . Maturity dates of our fixed income securities range from 2015 to 2045 . Maturities of fixed income securities at September 30, 2015 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 26,894 Due in one to five years 16,644 Due in five to ten years 7,174 Thereafter 1,051 $ 51,763 Distributable earnings from these cemetery perpetual care trust investments are recognized in current cemetery revenue to the extent we incur qualifying cemetery maintenance costs. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. Recognized trust fund income related to these trust investments was $10.5 million and $10.9 million for the three months ended September 30, 2015 and 2014 , respectively. Recognized trust fund income related to these trust investments was $43.5 million and $39.9 million for the nine months ended September 30, 2015 and 2014 , respectively. We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other income (expense), net and a decrease to Cemetery perpetual care trust investments . These investment losses, if any, are offset by the corresponding reclassification in Other income (expense), net, which reduces Care trusts’ corpus . See Note 7 for further information related to our Care trusts’ corpus . For the three months ended September 30, 2015 and 2014 , we recorded a $0.1 million and an $8.0 million impairment charge, respectively, for other-than-temporary declines in fair value related to unrealized losses on certain investments. For the nine months ended September 30, 2015 and 2014 , we recorded a $1.6 million and an $8.1 million impairment charge, respectively, for other-than-temporary declines in fair value related to unrealized losses on certain investments. The third quarter 2014 impairment charges were recorded in anticipation of a strategic change in the management of our trust assets requiring the liquidation of a majority of our US trust assets during the fourth quarter of 2014. This change did not impact our asset allocation, but did change the underlying legal structure housing the assets. These impairment charges reflect the unrealized loss positions on these liquidated assets as of September 30, 2014. We have determined that the remaining unrealized losses in our cemetery perpetual care trust investments are considered temporary in nature, as the unrealized losses were due to temporary fluctuations in interest rates and equity prices. The investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We believe that none of the remaining securities are other-than-temporarily impaired based on our analysis of the investments. Our analysis included a review of the portfolio holdings and discussions with the individual money managers as to the sector exposures, credit ratings, and the severity and duration of the unrealized losses. Our cemetery perpetual care trust investment unrealized losses, their associated fair values and the duration of unrealized losses, are shown in the following tables. September 30, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 3,262 $ (95 ) $ — $ — $ 3,262 $ (95 ) Canadian government 15,585 (40 ) 1,412 (114 ) 16,997 (154 ) Corporate 2,112 (70 ) 4,474 (209 ) 6,586 (279 ) Residential mortgage-backed 200 (1 ) 89 (6 ) 289 (7 ) Asset-backed 131 (10 ) 372 (16 ) 503 (26 ) Equity securities: Preferred stock 4,911 (626 ) — — 4,911 (626 ) Common stock: United States 158,685 (21,941 ) — — 158,685 (21,941 ) Canada 692 (303 ) 923 (534 ) 1,615 (837 ) Other international 10,060 (2,494 ) 84 (29 ) 10,144 (2,523 ) Mutual funds: Equity 5,107 (1,432 ) 255 (36 ) 5,362 (1,468 ) Fixed income 822,656 (41,471 ) 4,384 (453 ) 827,040 (41,924 ) Private equity — — 14,564 (6,773 ) 14,564 (6,773 ) Other 14 (11 ) 5,587 (351 ) 5,601 (362 ) Total temporarily impaired securities $ 1,023,415 $ (68,494 ) $ 32,144 $ (8,521 ) $ 1,055,559 $ (77,015 ) December 31, 2014 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 497 $ (4 ) $ — $ — $ 497 $ (4 ) Canadian government — — 7,825 (233 ) 7,825 (233 ) Corporate 4,656 (108 ) 3,198 (102 ) 7,854 (210 ) Residential mortgage-backed 256 (5 ) 69 (1 ) 325 (6 ) Asset-backed 373 (4 ) — — 373 (4 ) Equity securities: Preferred stock 2,224 (11 ) 49 (1 ) 2,273 (12 ) Common stock: United States 100,370 (4,803 ) 419 (78 ) 100,789 (4,881 ) Canada 2,418 (244 ) 757 (352 ) 3,175 (596 ) Other international 4,444 (399 ) — — 4,444 (399 ) Mutual funds: Equity 2,601 (85 ) 153 (8 ) 2,754 (93 ) Fixed income 576,890 (14,177 ) 2,581 (86 ) 579,471 (14,263 ) Private equity 9,213 (798 ) 14,254 (9,990 ) 23,467 (10,788 ) Other 4,069 (352 ) 6,276 (2,180 ) 10,345 (2,532 ) Total temporarily impaired securities $ 708,011 $ (20,990 ) $ 35,581 $ (13,031 ) $ 743,592 $ (34,021 ) |
Deferred Preneed Funeral and Ce
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus [Abstract] | |
Deferred Preneed Funeral And Cemetery Receipts Held In Trust And Care Trusts Corpus | Deferred Preneed Receipts Held in Trust and Care Trusts’ Corpus Deferred Preneed Receipts Held in Trust We consolidate the merchandise and service trusts associated with our preneed activities. Although the consolidation of the merchandise and service trusts is required by accounting standards, it does not change the legal relationships among the trusts, us, or our customers. The customers are the legal beneficiaries of these merchandise and service trusts, and therefore their interests in these trusts represent a liability to us. The components of Deferred preneed receipts held in trust in our unaudited condensed consolidated balance sheet at September 30, 2015 and December 31, 2014 are detailed below. September 30, 2015 December 31, 2014 Preneed Funeral Preneed Cemetery Total Preneed Funeral Preneed Cemetery Total (In thousands) Trust investments $ 1,498,141 $ 1,437,823 $ 2,935,964 $ 1,628,875 $ 1,526,653 $ 3,155,528 Accrued trust operating payables and other (1,083 ) (2,197 ) (3,280 ) (2,487 ) (4,157 ) (6,644 ) Deferred preneed receipts held in trust $ 1,497,058 $ 1,435,626 $ 2,932,684 $ 1,626,388 $ 1,522,496 $ 3,148,884 Care Trusts’ Corpus The Care trusts’ corpus reflected in our unaudited condensed consolidated balance sheet represents the cemetery perpetual care trusts, including the related accrued expenses. The components of Care trusts’ corpus in our unaudited condensed consolidated balance sheet at September 30, 2015 and December 31, 2014 are detailed below. September 30, 2015 December 31, 2014 (In thousands) Cemetery perpetual care trust investments $ 1,304,219 $ 1,341,376 Accrued trust operating payables and other 355 (13,718 ) Care trusts’ corpus $ 1,304,574 $ 1,327,658 Other Income (Expense), Net The components of Other income (expense), net in our unaudited condensed consolidated statement of operations for the three and nine months ended September 30, 2015 and 2014 are detailed below. See Notes 4, 5, and 6 for further discussion of the amounts related to the funeral, cemetery, and cemetery perpetual care trusts. Three Months Ended September 30, 2015 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 9,341 $ 10,318 $ 524 $ — $ 20,183 Realized losses (8,982 ) (11,948 ) (156 ) — (21,086 ) Impairment charges (1,385 ) (1,761 ) (106 ) — (3,252 ) Interest, dividend, and other ordinary income 4,244 4,360 14,035 — 22,639 Trust expenses and income taxes (5,804 ) (7,902 ) (4,524 ) — (18,230 ) Net trust investment income (loss) (2,586 ) (6,933 ) 9,773 — 254 Reclassification to deferred preneed receipts held in trust and care trusts’ corpus 2,586 6,933 (9,773 ) — (254 ) Other income, net — — — 334 334 Total other income, net $ — $ — $ — $ 334 $ 334 Nine Months Ended September 30, 2015 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 23,546 $ 33,859 $ 2,675 $ — $ 60,080 Realized losses (17,554 ) (25,375 ) (4,478 ) — (47,407 ) Impairment charges (2,880 ) (3,811 ) (1,613 ) — (8,304 ) Interest, dividend, and other ordinary income 17,126 16,138 40,369 — 73,633 Trust expenses and income taxes (15,641 ) (23,009 ) (27,367 ) — (66,017 ) Net trust investment income (loss) 4,597 (2,198 ) 9,586 — 11,985 Reclassification to deferred preneed funeral and cemetery receipts held in trust and care trusts’ corpus (4,597 ) 2,198 (9,586 ) — (11,985 ) Other income, net — — — 167 167 Total other income, net $ — $ — $ — $ 167 $ 167 Three Months Ended September 30, 2014 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 18,935 $ 40,635 $ 7,034 $ — $ 66,604 Realized losses (2,094 ) (4,439 ) (935 ) — (7,468 ) Impairment charges (41,244 ) (59,311 ) (8,025 ) — (108,580 ) Interest, dividend, and other ordinary income 1,849 2,681 9,158 — 13,688 Trust expenses and income taxes (6,748 ) (6,541 ) (4,295 ) — (17,584 ) Net trust investment income (loss) (29,302 ) (26,975 ) 2,937 — (53,340 ) Reclassification to deferred preneed receipts held in trust and care trusts’ corpus 29,302 26,975 (2,937 ) — 53,340 Other expense, net — — — (9 ) (9 ) Total other expense, net $ — $ — $ — $ (9 ) $ (9 ) Nine Months Ended September 30, 2014 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 50,947 $ 86,822 $ 21,903 $ — $ 159,672 Realized losses (6,233 ) (10,564 ) (1,599 ) — (18,396 ) Impairment charges (41,614 ) (59,829 ) (8,072 ) — (109,515 ) Interest, dividend, and other ordinary income 15,323 10,157 40,065 — 65,545 Trust expenses and income taxes (16,193 ) (15,733 ) (16,905 ) — (48,831 ) Net trust investment income 2,230 10,853 35,392 — 48,475 Reclassification to deferred preneed receipts held in trust and care trusts’ corpus (2,230 ) (10,853 ) (35,392 ) — (48,475 ) Other income, net — — — 1,577 1,577 Total other income, net $ — $ — $ — $ 1,577 $ 1,577 |
Income Taxes (Notes)
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Tax Disclosure | Income Taxes Income tax expense during interim periods is based on our estimated annual effective income tax rate plus any discrete items, which are recorded in the period in which they occur. Discrete items include, among others, such events as changes in estimates due to the finalization of tax returns, tax audit settlements, expiration of statutes of limitation, and increases or decreases in valuation allowances on deferred tax assets. Our effective tax rate was 35.3% and 81.7% for the three months ended September 30, 2015 and 2014 , respectively. Our effective tax rate was 36.5% and 60.0% for the nine months ended September 30, 2015 and 2014 , respectively. The higher effective tax rate for the three and nine months ended September 30, 2014 was primarily due to the gain on required divestitures associated with the Stewart acquisition. The effective tax rate for the third quarter of 2015 is above the 35% federal statutory tax rate primarily due to the state expense partially offset by state legislative changes and foreign earnings taxed at lower rates. Unrecognized Tax Benefits As of September 30, 2015 , the total amount of our unrecognized tax benefits was $191.7 million and the total amount of our accrued interest was $50.4 million . Additional interest expense of $2.8 million was accrued during the nine months ended September 30, 2015 . A number of years may elapse before particular tax matters, for which we have unrecognized tax benefits, are settled. While we have effectively concluded our 2003 through 2005 tax years with respect to our affiliate, SCI Funeral & Cemetery Purchasing Cooperative, Inc., SCI and subsidiaries' tax years 1999 through 2005 remain under review at the IRS Appeals level. SCI and subsidiaries are under audit for 2006-2007 as a result of carry back claims. Furthermore, SCI and its affiliates are under audit by various state and foreign jurisdictions for years 2010 through 2013 . The outcome of each of these audits cannot be predicted at this time. It is reasonably possible that the amount of our unrecognized tax benefits could significantly increase or decrease over the next twelve months either because we prevail on positions or because the tax authorities prevail. Due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. |
Debt (Notes)
Debt (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Debt [Abstract] | |
Debt Disclosure | Debt Debt as of September 30, 2015 and December 31, 2014 was as follows: September 30, 2015 December 31, 2014 (In thousands) 6.75% Senior Notes due April 2016 $ — $ 197,377 7.0% Senior Notes due June 2017 295,000 295,000 7.625% Senior Notes due October 2018 250,000 250,000 4.5% Senior Notes due November 2020 200,000 200,000 8.0% Senior Notes due November 2021 150,000 150,000 5.375% Senior Notes due January 2022 425,000 425,000 5.375% Senior Notes due May 2024 850,000 550,000 7.5% Senior Notes due April 2027 200,000 200,000 Term Loan due July 2018 325,000 370,000 Bank Credit Facility due July 2018 225,000 235,000 Obligations under capital leases 208,613 181,002 Mortgage notes and other debt, maturities through 2050 4,087 4,251 Unamortized premiums (discounts), net 8,759 (2,905 ) Total debt 3,141,459 3,054,725 Less: Current maturities of long-term debt (95,045 ) (90,931 ) Total long-term debt $ 3,046,414 $ 2,963,794 Current maturities of debt at September 30, 2015 include amounts due under our Term Loan, mortgage notes and other debt, and capital leases within the next year. Our consolidated debt had a weighted average interest rate of 5.15% and 5.21% at September 30, 2015 and December 31, 2014 , respectively. Approximately 76% and 75% of our total debt had a fixed interest rate at September 30, 2015 and December 31, 2014 , respectively. Bank Credit Facility The Company has a $500.0 million bank credit facility due July 2018 with a syndicate of banks, including a sublimit of $175.0 million for letters of credit. As of September 30, 2015 , we have $225.0 million of outstanding borrowings under our Bank Credit Facility and have issued $33.3 million of letters of credit. The Bank Credit Facility provides us with flexibility for working capital, if needed, and is guaranteed by a majority of our domestic subsidiaries. The subsidiary guaranty is a guaranty of payment of the outstanding amount of the total lending commitment, including letters of credit. The Bank Credit Facility contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. We pay a quarterly fee on the unused commitment, which was 0.35% at September 30, 2015 . As of September 30, 2015 , we have $241.7 million in borrowing capacity under the bank credit facility. Debt Issuances and Additions In August 2015 , we issued an additional $ 300.0 million to our existing unsecured 5.375% Senior Notes Due May 2024 . This issuance generated a premium of $ 11.3 million . We used the net proceeds from this offering to redeem all of our outstanding 6.75% Senior Notes due April 2016 and to repay $ 100.0 million of outstanding borrowings under our Bank Credit Facility. During 2015, we drew $ 90.0 million on our Bank Credit Facility, which was used to make required payments on our Term Loan and for general corporate purposes. In May 2014 , we issued $ 550.0 million of unsecured 5.375% Senior Notes due May 2024 . We used the net proceeds from this offering, along with a $95.0 million draw on our bank credit facility, to repay our 6.75% Senior Notes due April 2015 , 6.5% Senior Notes due April 2019 , and 7.0% Senior Notes due May 2019 along with associated refinancing costs. The newly issued notes are subject to the provisions of the Company's Senior Indenture dated as of February 1, 1993 , as amended, which includes covenants limiting, among other things, the creation of liens securing indebtedness and sale-leaseback transactions. In February 2014 , we drew $ 110.0 million on our bank credit facility, which we used along with cash on hand to repay our 3.125% Senior Convertible Notes July 2014 and our 3.375% Senior Convertible Notes due July 2016 . Debt Extinguishments and Reductions During the nine months ended September 30, 2015 , we made debt payments of $342.5 million for scheduled and early extinguishment payments including: • $197.4 million in aggregate principal of our 6.75% Senior Notes due April 2016; • $100.0 million in aggregate principal of our Bank Credit Facility; and • $45.0 million in aggregate principal of our Term Loan due July 2018. Certain of the above transactions resulted in the recognition of a loss of $6.9 million recorded in Loss on early extinguishment of debt in our unaudited condensed consolidated statement of operations. During the nine months ended September 30, 2014 , we made debt payments of $985.8 million for scheduled and early extinguishment payments including: • $222.5 million in aggregate principal of our Term Loan due July 2018; • $250.0 million in aggregate principal of our 7.0% Senior Notes due May 2019; • $200.0 million in aggregate principal and $9.1 million in unamortized premiums of our 6.5% Senior Notes due April 2019; • $136.5 million in aggregate principal of our 6.75% Senior Notes due April 2015; • $86.4 million in aggregate principal and $21.7 million in unamortized premiums of our 3.125% Senior Convertible Notes due 2014; and • $45.0 million in aggregate principal and $14.2 million in unamortized premiums of our 3.375% Senior Convertible Notes due 2016. Certain of the above transactions resulted in the recognition of a loss of $29.2 million recorded in Loss on early extinguishment of debt in our unaudited condensed consolidated statement of operations. Capital Leases During the nine months ended September 30, 2015 and 2014 , we acquired $51.3 million and $30.8 million , respectively, of capital leases, primarily related to transportation equipment. We made aggregate principal payments of $20.4 million and $22.0 million on our capital lease obligations for the nine months ended September 30, 2015 and 2014 , respectively. |
Credit Risk and Fair Value of F
Credit Risk and Fair Value of Financial Instruments (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Credit Risk and Fair Value of Financial Instruments [Abstract] | |
Credit Risk and Fair Value of Financial Instruments | Credit Risk and Fair Value of Financial Instruments Fair Value Estimates The fair value estimates of the following financial instruments have been determined using available market information and appropriate valuation methodologies. The carrying values of cash and cash equivalents, trade receivables, and trade payables approximate the fair values of those instruments due to the short-term nature of the instruments. The fair values of receivables on preneed contracts are impracticable to estimate because of the lack of a trading market and the diverse number of individual contracts with varying terms. The fair value of our debt instruments at September 30, 2015 and December 31, 2014 was as follows: September 30, 2015 December 31, 2014 (In thousands) 6.75% Senior Notes due April 2016 $ — $ 208,075 7.0% Senior Notes due June 2017 316,759 320,043 7.625% Senior Notes due October 2018 282,500 277,538 4.5% Senior Notes due November 2020 204,500 201,700 8.0% Senior Notes due November 2021 176,250 174,375 5.375% Senior Notes due January 2022 448,503 437,750 5.375% Senior Notes due May 2024 887,188 558,250 7.5% Senior Notes due April 2027 226,000 220,890 Term Loan due July 2018 325,000 370,000 Bank Credit Facility due July 2018 225,000 235,000 Mortgage notes and other debt, maturities through 2050 4,101 4,277 Total fair value of debt instruments $ 3,095,801 $ 3,007,898 The fair values of our long-term, fixed-rate loans were estimated using market prices for those loans, and therefore they are classified within Level 2 of the fair value measurements hierarchy. The Term Loan, Bank Credit Facility agreement and the mortgage and other debt are classified within Level 3 of the fair value measurements hierarchy. The fair values of these instruments have been estimated using a discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. An increase (decrease) in the inputs results in a directionally opposite change in the fair value of the instruments. |
Share-Based Compensation (Notes
Share-Based Compensation (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments | Share-Based Compensation Stock Benefit Plans We utilize the Black-Scholes option valuation model for estimating the fair value of our stock options. This model uses a range of assumptions related to volatility, the risk-free interest rate, the expected life, and the dividend yield. The fair values of our stock options are calculated using the following weighted average assumptions for the nine months ended September 30, 2015 : Nine Months Ended Assumptions September 30, 2015 Dividend yield 1.8 % Expected volatility 23.3 % Risk-free interest rate 1.3 % Expected holding period (in years) 4.0 Stock Options The following table sets forth stock option activity for the nine months ended September 30, 2015 : Options Weighted-Average Exercise Price Outstanding at December 31, 2014 12,107,106 $ 11.63 Granted 2,036,010 $ 23.00 Exercised (2,945,438 ) $ 10.44 Canceled (21,400 ) $ 20.59 Outstanding at September 30, 2015 11,176,278 $ 13.98 Exercisable at September 30, 2015 7,008,300 $ 10.58 As of September 30, 2015 , the unrecognized compensation expense related to stock options of $10.4 million is expected to be recognized over a weighted average period of 1.3 years. Restricted Shares Restricted share activity for the nine months ended September 30, 2015 was as follows: Restricted Shares Weighted-Average Grant-Date Fair Value Nonvested restricted shares at December 31, 2014 1,319,260 $ 13.39 Granted 253,791 $ 23.00 Forfeited (3,840 ) $ 20.47 Vested (990,558 ) $ 12.37 Nonvested restricted shares at September 30, 2015 578,653 $ 19.32 As of September 30, 2015 , the unrecognized compensation expense related to restricted shares of $7.6 million is expected to be recognized over a weighted average period of 1.8 years. |
Equity (Notes)
Equity (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | Equity (All shares reported in whole numbers) Our components of Accumulated other comprehensive income are as follows: Foreign Currency Translation Adjustment Unrealized Gains and Losses Accumulated Other Comprehensive Income (In thousands) Balance at December 31, 2014 $ 59,414 $ — $ 59,414 Activity in 2015 (42,913 ) — (42,913 ) Increase in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes — (110,016 ) (110,016 ) Reclassification of net unrealized gains activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus, net of taxes — 110,016 110,016 Balance at September 30, 2015 $ 16,501 $ — $ 16,501 Balance at December 31, 2013 $ 88,441 $ — $ 88,441 Activity in 2014 (13,732 ) — (13,732 ) Reclassification of foreign currency translation adjustments to Net Income from discontinued operations 3,114 — 3,114 Increase in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes — 11,672 11,672 Reclassification of net unrealized gains activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus , net of taxes — (11,672 ) (11,672 ) Balance at September 30, 2014 $ 77,823 $ — $ 77,823 The assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. The U.S. dollar amount that arises from such translation, as well as exchange gains and losses on intercompany balances of a long-term investment nature, are included in the foreign currency translation adjustment in Accumulated other comprehensive income . Cash Dividends On August 12, 2015 , our Board of Directors approved a cash dividend of $0.12 per common share. This dividend, totaling $23.7 million , was paid on September 30, 2015 . Share Repurchases Subject to market conditions, normal trading restrictions, and limitations in our debt covenants, we may make purchases in the open market or through privately negotiated transactions under our stock repurchase program. During the nine months ended September 30, 2015 , we repurchased 11,008,576 shares of common stock at an aggregate cost of $305.5 million , which is an average cost per share of $27.75 . On August 12, 2015, our Board of Directors increased our share repurchase authorization to $400.0 million . After these repurchases and the increase in authorization, the remaining dollar value of shares authorized to be purchased under our share repurchase program was approximately $321.6 million at September 30, 2015 . Subsequent to September 30, 2015 , we repurchased 619,905 shares of common stock at an aggregate cost of $17.5 million , which is an average cost per share of $28.17 . After these fourth quarter repurchases, the remaining dollar value of shares authorized to be repurchased under our repurchase program is $304.1 million . Noncontrolling Interest Subsequent to September 30, 2015, we purchased an additional 24.4% of the common stock of our consolidated subsidiary, Wilson Financial Group, Inc. for $ 2.1 million . |
Segment Reporting (Notes)
Segment Reporting (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Reporting Our operations are both product-based and geographically-based, and the reportable operating segments presented below include our funeral and cemetery operations. Our geographic areas include the United States and Canada, in both of which we conduct both funeral and cemetery operations. Our reportable segment information is as follows: Funeral Cemetery Reportable Segments (In thousands) Three months ended September 30, Revenue from external customers: 2015 $ 449,240 $ 265,285 $ 714,525 2014 $ 458,941 $ 259,373 $ 718,314 Gross profit: 2015 $ 77,032 $ 64,912 $ 141,944 2014 $ 89,660 $ 58,638 $ 148,298 Nine months ended September 30, Revenue from external customers: 2015 $ 1,428,385 $ 788,611 $ 2,216,996 2014 $ 1,447,526 $ 763,043 $ 2,210,569 Gross profit: 2015 $ 298,899 $ 187,724 $ 486,623 2014 $ 310,059 $ 160,343 $ 470,402 The following table reconciles gross profit from reportable segments to our consolidated income before income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Gross profit from reportable segments $ 141,944 $ 148,298 $ 486,623 $ 470,402 General and administrative expenses (28,158 ) (39,748 ) (96,781 ) (141,885 ) Gains on divestitures and impairment charges, net 10,764 26,570 3,403 58,752 Operating income 124,550 135,120 393,245 387,269 Interest expense (43,921 ) (43,376 ) (129,842 ) (134,679 ) Loss on early extinguishment of debt (6,918 ) — (6,918 ) (29,158 ) Other income (expense), net 334 (9 ) 167 1,577 Income before income taxes $ 74,045 $ 91,735 $ 256,652 $ 225,009 Our geographic area information is as follows: United States Canada Total (In thousands) Three months ended September 30, Revenue from external customers: 2015 $ 671,857 $ 42,668 $ 714,525 2014 $ 671,949 $ 46,365 $ 718,314 Nine months ended September 30, Revenue from external customers: 2015 $ 2,077,383 $ 139,613 $ 2,216,996 2014 $ 2,062,231 $ 148,338 $ 2,210,569 |
Supplementary Information (Note
Supplementary Information (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Supplementary Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Supplementary Information Revenue and Costs and Expenses The detail of certain income statement accounts as presented in the unaudited condensed consolidated statement of operations is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Property and merchandise revenue: Funeral $ 145,193 $ 146,799 $ 456,806 $ 467,285 Cemetery 195,692 184,063 557,894 528,871 Total property and merchandise revenue 340,885 330,862 1,014,700 996,156 Services revenue: Funeral 265,025 276,449 859,878 878,154 Cemetery 62,356 66,021 207,637 208,190 Total services revenue 327,381 342,470 1,067,515 1,086,344 Other revenue 46,259 44,982 134,781 128,069 Total revenue $ 714,525 $ 718,314 $ 2,216,996 $ 2,210,569 Property and merchandise costs and expenses: Funeral $ 71,908 $ 72,569 $ 217,175 $ 222,542 Cemetery 80,827 80,532 240,564 238,608 Total cost of property and merchandise 152,735 153,101 457,739 461,150 Services costs and expenses: Funeral 154,538 152,625 472,602 476,288 Cemetery 31,817 35,049 101,989 111,627 Total cost of services 186,355 187,674 574,591 587,915 Overhead and other expense 233,491 229,241 698,043 691,102 Total costs and expenses $ 572,581 $ 570,016 $ 1,730,373 $ 1,740,167 Non-Cash Investing and Financing Transactions Nine Months Ended September 30, 2015 2014 (In thousands) Net change in capital expenditure accrual $ (1,587 ) $ 735 Options exercised by attestation $ — $ 761 Shares repurchased $ — $ (761 ) |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and Contingencies Insurance Loss Reserves We purchase comprehensive general liability, morticians’ and cemetery professional liability, automobile liability, and workers’ compensation insurance coverage structured with high deductibles. The high-deductible insurance program means we are primarily self-insured for claims and associated costs and losses covered by these policies. As of September 30, 2015 and December 31, 2014 , we have self-insurance reserves of $76.8 million and $74.0 million , respectively. Litigation We are a party to various litigation matters, investigations, and proceedings. Some of the more frequent ordinary routine litigation incidental to our business is based on burial practices claims and employment-related matters, including discrimination, harassment, and wage and hour laws and regulations. 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. We intend to vigorously defend ourselves in the lawsuits described herein; however, 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. We accrue such insurance recoveries when they become probable of being paid and can be reasonably estimated. Wage and Hour Claims. We are named a defendant in various lawsuits alleging violations of federal and state laws regulating wage and hour pay, including but not limited to the Samborsky lawsuit described below. Charles Samborsky, et al, individually and on behalf of those persons similarly situated, v. SCI California Funeral Services, Inc., et al ; Case No. BC544180; in the Superior Court of the State of California for the County of Los Angeles, Central District-Central Civil West Courthouse. This lawsuit was filed in April 2014 against an SCI subsidiary and purports to have been brought on behalf of employees who worked as family service counselors in California since April 2010. The plaintiffs allege causes of action for various violations of state laws regulating wage and hour pay. The plaintiffs seek unpaid wages, compensatory and punitive damages, attorneys’ fees and costs, interest, and injunctive relief. We cannot quantify our ultimate liability, if any, in this lawsuit. Claims Regarding Acquisition of Stewart Enterprises . We are involved in the following lawsuits. Karen Moulton, Individually and on behalf of all others similarly situated v. Stewart Enterprises, Inc., Service Corporation International and others ; Case No. 2013-5636; in the Civil District Court Parish of New Orleans. This case was filed as a class action in June 2013 against SCI and our subsidiary in connection with SCI's proposed acquisition of Stewart Enterprises, Inc. The plaintiffs allege that SCI aided and abetted breaches of fiduciary duties by Stewart Enterprises and its board of directors in negotiating the combination of Stewart Enterprises with a subsidiary of SCI. The plaintiffs seek damages concerning the combination. We filed exceptions to the plaintiffs’ complaint that were granted in June 2014. Thus, subject to appeals, SCI will no longer be party to the suit. The case will continue against our subsidiary Stewart Enterprises and its former individual directors. We cannot quantify our ultimate liability, if any, for the payment of damages. S.E. Funeral Homes of California, Inc. v. The Roman Catholic Archbishop of Los Angeles, et al. ; Case No. BC559142; in the Superior Court of the State of California for the County of Los Angeles. The plaintiff is a company indirectly owned by Stewart Enterprises, Inc. The plaintiff filed this action in September 2014 to prevent The Roman Catholic Archbishop of Los Angeles (the “Archdiocese”) from terminating six ground leases. In reliance on the leases having 40 year terms beginning at the earliest in 1997, the plaintiff had previously made material investments since 1997 in constructing and operating funeral homes, chapels, mausoleums, and other improvements on the leased premises. In addition, the plaintiff has created a material backlog of deferred preneed revenue that plaintiff expects to receive in the coming years. In September 2014, the Archdiocese delivered notices purporting to terminate the leases and alleging that the leases were breached because the plaintiff did not obtain the Archdiocese’s consent before Stewart Enterprises, Inc. entered into a reverse merger with an affiliate of SCI. The plaintiff disputes this contention and seeks, among other things, a declaratory judgment declaring that the Archdiocese’s purported termination notices are invalid, requiring specific performance of the leases, or, in the alternative, awarding plaintiff compensatory damages. We cannot quantify the ultimate outcome in this lawsuit. The ultimate outcome of the matters described above cannot be determined at this time. We intend to vigorously defend all of the above lawsuits; however, an adverse decision in one or more of such matters could have a material effect on us, our financial condition, results of operations, and cash flows. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per common share (EPS) excludes dilution and is computed by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common shares that then shared in our earnings. A reconciliation of the numerators and denominators of the basic and diluted EPS computations is presented below: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income: Net income — basic $ 47,448 $ 17,651 $ 161,418 $ 84,675 After tax interest on convertible debt 13 — 37 38 Net income — diluted $ 47,461 $ 17,651 $ 161,455 $ 84,713 Weighted average shares (denominator): Weighted average shares — basic 199,310 210,820 201,729 212,009 Stock options 4,013 2,190 4,100 3,235 Convertible debt 121 — 121 121 Weighted average shares — diluted 203,444 213,010 205,950 215,365 Net income per share: Basic $ 0.24 $ 0.08 $ 0.80 $ 0.40 Diluted $ 0.23 $ 0.08 $ 0.78 $ 0.39 Earnings per share from discontinued operations were less than $0.005 for all periods; therefore, net income from continuing operations attributable to common shareholders per share is the same as net income per share in the table above. |
Divestiture-Related Activities
Divestiture-Related Activities (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Divestiture-Related Activities [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | Divestiture-Related Activities As divestitures occur in the normal course of business, gains or losses on the sale of such locations are recognized in the income statement line item Gains on divestitures and impairment charges, net, which consist of the following for the three and nine months ended September 30 : Three Months Ended Nine Months Ended September 30 September 30 2015 2014 2015 2014 (In thousands) Gains on divestitures, net $ 12,400 $ 26,889 $ 9,373 $ 64,753 Impairment losses (1,636 ) (319 ) (5,970 ) (6,001 ) $ 10,764 $ 26,570 $ 3,403 $ 58,752 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Consolidation, Variable Interest Entity, Policy | Our merchandise and service trusts are variable interest entities as defined in the Consolidation accounting standard. In accordance with this standard, we have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. Our trust investments detailed in Notes 5 and 6 are also accounted for as variable interest entities. Our merchandise and service trusts are variable interest entities as defined in the Consolidation accounting standard. In accordance with this standard, we have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The trust investments detailed in Notes 4 and 6 are also accounted for as variable interest entities. Our cemetery perpetual care trusts are variable interest entities as defined in the Consolidation accounting standard. In accordance with this standard, we have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The trust investments detailed in Notes 4 and 5 are also accounted for as variable interest entities. |
Funeral and Cemetery cash flow | Cash flows from preneed contracts are presented as operating cash flows in our unaudited condensed consolidated statement of cash flows. Cash flows from preneed cemetery contracts are presented as operating cash flows in our unaudited condensed consolidated statement of cash flows. Cash flows from cemetery perpetual care trusts are presented as operating cash flows in our unaudited condensed consolidated statement of cash flows. |
Revenue Recognition, Deferred Revenue | These earnings are recorded in Deferred preneed funeral revenue until the merchandise is delivered or the service is performed. These earnings are recorded in Deferred preneed cemetery revenue until the merchandise is delivered or the service is performed. |
Fair Value of Financial Instruments, Policy | Where quoted prices are available in an active market, securities are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the fair value measurements hierarchy. The valuation of private equity and other alternative investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. The fair value of these investments is estimated based on the market value of the underlying real estate and private equity investments. The underlying real estate value is determined using the most recent available appraisals. Private equity investments are valued based on reported net asset values. Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed by the Investment Committee of the Board of Directors quarterly. These funds are classified as Level 3 investments pursuant to the Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the fair value measurements hierarchy. The valuation of private equity and other alternative investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. The fair value of these investments is estimated based on the market value of the underlying real estate and private equity investments. The underlying real estate value is determined using the most recent available appraisals. Private equity investments are valued based on reported net asset values. Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed by the Investment Committee of the Board of Directors quarterly. These funds are classified as Level 3 investments pursuant to the fair value measurements hierarchy. Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the fair value measurements hierarchy. The valuation of private equity and other alternative investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. The fair value of these investments is estimated based on the market value of the underlying real estate and private equity investments. The underlying real estate value is determined using the most recently available appraisals. Private equity investments are valued based on reported net asset values. Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed by the Investment Committee of the Board of Directors quarterly. These funds are classified as Level 3 investments pursuant to the fair value measurements hierarchy. The fair values of our long-term, fixed-rate loans were estimated using market prices for those loans, and therefore they are classified within Level 2 of the fair value measurements hierarchy. The Term Loan, Bank Credit Facility agreement and the mortgage and other debt are classified within Level 3 of the fair value measurements hierarchy. The fair values of these instruments have been estimated using a discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. |
Revenue Recognition, Policy | Earnings from all our merchandise and service trust investments are recognized in revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract; these amounts are also recognized in current revenue in the period in which they are earned. Earnings from all our merchandise and service trust investments are recognized in current revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract; these amounts are also recognized in current revenue in the period in which they are earned. Distributable earnings from these cemetery perpetual care trust investments are recognized in current cemetery revenue to the extent we incur qualifying cemetery maintenance costs. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. |
Marketable Securities, Available-for-sale Securities, Policy | We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other income (expense), net and a decrease to Preneed funeral receivables, net and trust investments . These investment losses, if any, are offset by the corresponding reclassification in Other income (expense), net, which reduces Deferred preneed receipts held in trust . We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other income (expense), net and a decrease to Preneed cemetery receivables, net and trust investments . These investment losses, if any, are offset by the corresponding reclassification in Other income (expense), net, which reduces Deferred preneed receipts held in trust . See Note 7 for further information related to our Deferred preneed receipts held in trust We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other income (expense), net and a decrease to Cemetery perpetual care trust investments . These investment losses, if any, are offset by the corresponding reclassification in Other income (expense), net, which reduces Care trusts’ corpus . |
Earnings Per Share, Policy | Basic earnings per common share (EPS) excludes dilution and is computed by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common shares that then shared in our earnings. Basic earnings per common share (EPS) excludes dilution and is computed by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common shares that then shared in our earnings. A reconciliation of the numerators and denominators of the basic and diluted EPS computations is presented below: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income: Net income — basic $ 47,448 $ 17,651 $ 161,418 $ 84,675 After tax interest on convertible debt 13 — 37 38 Net income — diluted $ 47,461 $ 17,651 $ 161,455 $ 84,713 Weighted average shares (denominator): Weighted average shares — basic 199,310 210,820 201,729 212,009 Stock options 4,013 2,190 4,100 3,235 Convertible debt 121 — 121 121 Weighted average shares — diluted 203,444 213,010 205,950 215,365 Net income per share: Basic $ 0.24 $ 0.08 $ 0.80 $ 0.40 Diluted $ 0.23 $ 0.08 $ 0.78 $ 0.39 Earnings per share from discontinued operations were less than $0.005 for all periods; therefore, net income from continuing operations attributable to common shareholders per share is the same as net income per share in the table above. |
Segment Reporting, Policy | Our operations are both product-based and geographically-based, and the reportable operating segments presented below include our funeral and cemetery operations. |
Share-based Compensation, Option and Incentive Plans Policy | We utilize the Black-Scholes option valuation model for estimating the fair value of our stock options. |
Consolidation, Policy | Principles of Consolidation and Basis of Presentation Our unaudited condensed consolidated financial statements include the accounts of Service Corporation International (SCI) and all subsidiaries in which we hold a controlling financial interest. Our financial statements also include the accounts of the merchandise and service trusts and cemetery perpetual care trusts in which we have a variable interest and are the primary beneficiary. Our interim condensed consolidated financial statements are unaudited but include all adjustments, consisting of normal recurring accruals and any other adjustments, which management considers necessary for a fair statement of our results for these periods. Our unaudited condensed consolidated financial statements have been prepared in a manner consistent with the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2014 , unless otherwise disclosed herein, and should be read in conjunction therewith. The accompanying year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year period. 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. |
Use of Estimates, Policy | Use of Estimates in the Preparation of Financial Statements The preparation of the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions as described in our Annual Report on Form 10-K for the year ended December 31, 2014 . These estimates and assumptions may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. As a result, actual results could differ from these estimates. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations In April 2014, the Financial Accounting Standards Board (FASB) amended the Presentation of Financial Statements and Property, Plant, and Equipment accounting standards to change the requirement for reporting discontinued operations. Under the new guidance, a disposal of a component of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Fewer disposals are expected to qualify as discontinued operations under the new guidance. It also requires the disclosure of pretax income of disposals that do not qualify as discontinued operations. We adopted the amendment effective January 1, 2015 with no impact on our consolidated results of operations, consolidated financial position, or cash flows. |
Preneed Funeral Activities (Tab
Preneed Funeral Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Preneed funeral receivables net and trust investments [Line Items] | |
Schedule of Unrealized Loss on Investments | Our merchandise and service trust investment unrealized losses, their associated fair values and the duration of unrealized losses as of September 30, 2015 are shown in the following tables: September 30, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 55,492 $ (1,257 ) $ 13 $ (1 ) $ 55,505 $ (1,258 ) Canadian government 1,242 (20 ) 879 (66 ) 2,121 (86 ) Corporate 204 (8 ) 2,441 (104 ) 2,645 (112 ) Residential mortgage-backed 27 — 19 (2 ) 46 (2 ) Equity securities: Common stock: United States 300,606 (47,051 ) — — 300,606 (47,051 ) Canada 789 (442 ) 1,231 (749 ) 2,020 (1,191 ) Other international 28,359 (9,341 ) — — 28,359 (9,341 ) Mutual funds: Equity 296,807 (48,088 ) 1,889 (514 ) 298,696 (48,602 ) Fixed income 259,288 (12,800 ) 13,519 (553 ) 272,807 (13,353 ) Private equity — — 8,325 (2,976 ) 8,325 (2,976 ) Total temporarily impaired securities $ 942,814 $ (119,007 ) $ 28,316 $ (4,965 ) $ 971,130 $ (123,972 ) December 31, 2014 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 45,072 $ (605 ) $ — $ — $ 45,072 $ (605 ) Canadian government — — 4,858 (134 ) 4,858 (134 ) Corporate 2,017 (61 ) 1,936 (55 ) 3,953 (116 ) Residential mortgage-backed 33 (1 ) — — 33 (1 ) Equity securities: Common stock: United States 192,015 (11,706 ) 585 — 192,600 (11,706 ) Canada 2,069 (319 ) 778 (522 ) 2,847 (841 ) Other international 28,308 (2,395 ) — — 28,308 (2,395 ) Mutual funds: Equity 303,211 (18,329 ) 1,577 (101 ) 304,788 (18,430 ) Fixed income 159,572 (4,106 ) 15,113 (596 ) 174,685 (4,702 ) Private equity 88 (100 ) 7,518 (6,083 ) 7,606 (6,183 ) Other 2 (3 ) 259 (68 ) 261 (71 ) Total temporarily impaired securities $ 732,387 $ (37,625 ) $ 32,624 $ (7,559 ) $ 765,011 $ (45,184 ) Our cemetery perpetual care trust investment unrealized losses, their associated fair values and the duration of unrealized losses, are shown in the following tables. September 30, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 3,262 $ (95 ) $ — $ — $ 3,262 $ (95 ) Canadian government 15,585 (40 ) 1,412 (114 ) 16,997 (154 ) Corporate 2,112 (70 ) 4,474 (209 ) 6,586 (279 ) Residential mortgage-backed 200 (1 ) 89 (6 ) 289 (7 ) Asset-backed 131 (10 ) 372 (16 ) 503 (26 ) Equity securities: Preferred stock 4,911 (626 ) — — 4,911 (626 ) Common stock: United States 158,685 (21,941 ) — — 158,685 (21,941 ) Canada 692 (303 ) 923 (534 ) 1,615 (837 ) Other international 10,060 (2,494 ) 84 (29 ) 10,144 (2,523 ) Mutual funds: Equity 5,107 (1,432 ) 255 (36 ) 5,362 (1,468 ) Fixed income 822,656 (41,471 ) 4,384 (453 ) 827,040 (41,924 ) Private equity — — 14,564 (6,773 ) 14,564 (6,773 ) Other 14 (11 ) 5,587 (351 ) 5,601 (362 ) Total temporarily impaired securities $ 1,023,415 $ (68,494 ) $ 32,144 $ (8,521 ) $ 1,055,559 $ (77,015 ) December 31, 2014 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 497 $ (4 ) $ — $ — $ 497 $ (4 ) Canadian government — — 7,825 (233 ) 7,825 (233 ) Corporate 4,656 (108 ) 3,198 (102 ) 7,854 (210 ) Residential mortgage-backed 256 (5 ) 69 (1 ) 325 (6 ) Asset-backed 373 (4 ) — — 373 (4 ) Equity securities: Preferred stock 2,224 (11 ) 49 (1 ) 2,273 (12 ) Common stock: United States 100,370 (4,803 ) 419 (78 ) 100,789 (4,881 ) Canada 2,418 (244 ) 757 (352 ) 3,175 (596 ) Other international 4,444 (399 ) — — 4,444 (399 ) Mutual funds: Equity 2,601 (85 ) 153 (8 ) 2,754 (93 ) Fixed income 576,890 (14,177 ) 2,581 (86 ) 579,471 (14,263 ) Private equity 9,213 (798 ) 14,254 (9,990 ) 23,467 (10,788 ) Other 4,069 (352 ) 6,276 (2,180 ) 10,345 (2,532 ) Total temporarily impaired securities $ 708,011 $ (20,990 ) $ 35,581 $ (13,031 ) $ 743,592 $ (34,021 ) |
Funeral | |
Preneed funeral receivables net and trust investments [Line Items] | |
Investment related activities | The table below sets forth certain investment-related activities associated with these preneed merchandise and service trusts: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Deposits $ 30,143 $ 23,618 $ 92,623 $ 76,490 Withdrawals $ 36,310 $ 27,718 $ 123,499 $ 103,410 Purchases of available-for-sale securities $ 100,663 $ 238,860 $ 281,298 $ 379,650 Sales of available-for-sale securities $ 110,642 $ 274,630 $ 282,960 $ 445,880 Realized gains from sales of available-for-sale securities $ 9,341 $ 18,935 $ 23,546 $ 50,947 Realized losses from sales of available-for-sale securities $ (8,982 ) $ (2,094 ) $ (17,554 ) $ (6,233 ) |
Long-term receivable and investment components | The components of Preneed funeral receivables, net and trust investments in our unaudited condensed consolidated balance sheet at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 (In thousands) Trust investments, at fair value $ 1,098,236 $ 1,205,747 Cash and cash equivalents 130,161 162,229 Insurance-backed fixed income securities 269,744 260,899 Trust investments 1,498,141 1,628,875 Receivables from customers 286,463 262,700 Unearned finance charge (10,996 ) (11,054 ) 1,773,608 1,880,521 Allowance for cancellation (39,164 ) (37,498 ) Preneed funeral receivables, net and trust investments $ 1,734,444 $ 1,843,023 |
Schedule of Available-for-sale Securities Reconciliation | The costs and fair values associated with trust investments measured at fair value at September 30, 2015 and December 31, 2014 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities held by the trusts. September 30, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 82,969 $ 121 $ (1,248 ) $ 81,842 Canadian government 2 75,703 556 (558 ) 75,701 Corporate 2 21,521 364 (253 ) 21,632 Residential mortgage-backed 2 1,449 37 (21 ) 1,465 Asset-backed 2 5 — — 5 Equity securities: Preferred stock 2 1,939 22 (112 ) 1,849 Common stock: United States 1 351,048 18,956 (29,166 ) 340,838 Canada 1 12,032 2,700 (1,069 ) 13,663 Other international 1 36,612 1,403 (6,224 ) 31,791 Mutual funds: Equity 1 318,576 1,166 (41,814 ) 277,928 Fixed income 1 221,425 434 (9,628 ) 212,231 Private equity 3 34,994 4,450 (5,554 ) 33,890 Other 3 4,427 989 (15 ) 5,401 Trust investments $ 1,162,700 $ 31,198 $ (95,662 ) $ 1,098,236 December 31, 2014 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 85,775 $ 468 $ (455 ) $ 85,788 Canadian government 2 90,430 449 (874 ) 90,005 Corporate 2 24,765 423 (126 ) 25,062 Residential mortgage-backed 2 1,325 29 (12 ) 1,342 Asset-backed 2 6 — — 6 Equity securities: Preferred stock 2 2,503 113 (113 ) 2,503 Common stock: United States 1 377,441 18,533 (7,405 ) 388,569 Canada 1 14,708 4,292 (895 ) 18,105 Other international 1 38,035 1,175 (1,560 ) 37,650 Mutual funds: Equity 1 308,548 3,332 (15,901 ) 295,979 Fixed income 1 229,414 869 (3,576 ) 226,707 Private equity 3 35,094 2,649 (9,418 ) 28,325 Other 3 5,084 726 (104 ) 5,706 Trust investments $ 1,213,128 $ 33,058 $ (40,439 ) $ 1,205,747 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows: Three Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair value, beginning balance $ 34,366 $ 7,111 $ 27,339 $ 4,476 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 1,859 (551 ) 265 1,071 Net realized losses included in Other income (expense), net (2) (7 ) (4 ) (7 ) (4 ) Purchases — — 289 — Contributions — — 4,998 121 Distributions (2,328 ) (1,155 ) (2,949 ) — Fair value, ending balance $ 33,890 $ 5,401 $ 29,935 $ 5,664 Nine Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair value, beginning balance $ 28,325 $ 5,706 $ 26,885 $ 1,810 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 6,048 533 (1,370 ) 3,927 Net realized losses included in Other income (expense), net (2) (45 ) (17 ) (21 ) (5 ) Purchases — 23 3,244 — Sales (36 ) — — — Contributions 4,632 1,226 5,955 121 Distributions (5,034 ) (2,070 ) (4,758 ) (189 ) Fair value, ending balance $ 33,890 $ 5,401 $ 29,935 $ 5,664 |
Investments Classified by Contractual Maturity Date | Maturity dates of our fixed income securities range from 2015 to 2045 . Maturities of fixed income securities, excluding mutual funds, at September 30, 2015 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 111,193 Due in one to five years 25,996 Due in five to ten years 29,213 Thereafter 14,243 $ 180,645 |
Schedule of Unrealized Loss on Investments | Our merchandise and service trust investment unrealized losses, their associated fair values, and the duration of unrealized losses as of September 30, 2015 and December 31, 2014 , respectively, are shown in the following tables: September 30, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 42,465 $ (1,209 ) $ 4,419 $ (39 ) $ 46,884 $ (1,248 ) Canadian government 1,433 (5 ) 12,058 (553 ) 13,491 (558 ) Corporate 5,611 (152 ) 2,666 (101 ) 8,277 (253 ) Residential mortgage-backed 262 (5 ) 224 (16 ) 486 (21 ) Equity securities: Preferred stock 534 (112 ) — — 534 (112 ) Common stock: United States 188,385 (29,166 ) — — 188,385 (29,166 ) Canada 3,428 (692 ) 545 (377 ) 3,973 (1,069 ) Other international 17,715 (6,034 ) 606 (190 ) 18,321 (6,224 ) Mutual funds: Equity 257,015 (38,133 ) 13,346 (3,681 ) 270,361 (41,814 ) Fixed income 177,919 (9,038 ) 12,059 (590 ) 189,978 (9,628 ) Private equity — — 17,031 (5,554 ) 17,031 (5,554 ) Other — — 442 (15 ) 442 (15 ) Total temporarily impaired securities $ 694,767 $ (84,546 ) $ 63,396 $ (11,116 ) $ 758,163 $ (95,662 ) December 31, 2014 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 32,243 $ (412 ) $ 4,978 $ (43 ) $ 37,221 $ (455 ) Canadian government 2,894 (52 ) 14,904 (822 ) 17,798 (874 ) Corporate 4,988 (56 ) 2,420 (70 ) 7,408 (126 ) Residential mortgage-backed 217 (10 ) 106 (2 ) 323 (12 ) Equity securities: Preferred stock 26 (113 ) — — 26 (113 ) Common stock: United States 126,527 (7,403 ) 438 (2 ) 126,965 (7,405 ) Canada 1,752 (379 ) 1,085 (516 ) 2,837 (895 ) Other international 19,593 (1,557 ) 2 (3 ) 19,595 (1,560 ) Mutual funds: Equity 233,827 (13,219 ) 23,717 (2,682 ) 257,544 (15,901 ) Fixed income 112,160 (3,128 ) 11,452 (448 ) 123,612 (3,576 ) Private equity 203 (461 ) 13,870 (8,957 ) 14,073 (9,418 ) Other 5 (11 ) 464 (93 ) 469 (104 ) Total temporarily impaired securities $ 534,435 $ (26,801 ) $ 73,436 $ (13,638 ) $ 607,871 $ (40,439 ) |
Preneed Cemetery Activities (Ta
Preneed Cemetery Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Preneed Cemetery Receivables, Net and Trust Investments [Line Items] | |
Schedule of Unrealized Loss on Investments | Our merchandise and service trust investment unrealized losses, their associated fair values and the duration of unrealized losses as of September 30, 2015 are shown in the following tables: September 30, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 55,492 $ (1,257 ) $ 13 $ (1 ) $ 55,505 $ (1,258 ) Canadian government 1,242 (20 ) 879 (66 ) 2,121 (86 ) Corporate 204 (8 ) 2,441 (104 ) 2,645 (112 ) Residential mortgage-backed 27 — 19 (2 ) 46 (2 ) Equity securities: Common stock: United States 300,606 (47,051 ) — — 300,606 (47,051 ) Canada 789 (442 ) 1,231 (749 ) 2,020 (1,191 ) Other international 28,359 (9,341 ) — — 28,359 (9,341 ) Mutual funds: Equity 296,807 (48,088 ) 1,889 (514 ) 298,696 (48,602 ) Fixed income 259,288 (12,800 ) 13,519 (553 ) 272,807 (13,353 ) Private equity — — 8,325 (2,976 ) 8,325 (2,976 ) Total temporarily impaired securities $ 942,814 $ (119,007 ) $ 28,316 $ (4,965 ) $ 971,130 $ (123,972 ) December 31, 2014 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 45,072 $ (605 ) $ — $ — $ 45,072 $ (605 ) Canadian government — — 4,858 (134 ) 4,858 (134 ) Corporate 2,017 (61 ) 1,936 (55 ) 3,953 (116 ) Residential mortgage-backed 33 (1 ) — — 33 (1 ) Equity securities: Common stock: United States 192,015 (11,706 ) 585 — 192,600 (11,706 ) Canada 2,069 (319 ) 778 (522 ) 2,847 (841 ) Other international 28,308 (2,395 ) — — 28,308 (2,395 ) Mutual funds: Equity 303,211 (18,329 ) 1,577 (101 ) 304,788 (18,430 ) Fixed income 159,572 (4,106 ) 15,113 (596 ) 174,685 (4,702 ) Private equity 88 (100 ) 7,518 (6,083 ) 7,606 (6,183 ) Other 2 (3 ) 259 (68 ) 261 (71 ) Total temporarily impaired securities $ 732,387 $ (37,625 ) $ 32,624 $ (7,559 ) $ 765,011 $ (45,184 ) Our cemetery perpetual care trust investment unrealized losses, their associated fair values and the duration of unrealized losses, are shown in the following tables. September 30, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 3,262 $ (95 ) $ — $ — $ 3,262 $ (95 ) Canadian government 15,585 (40 ) 1,412 (114 ) 16,997 (154 ) Corporate 2,112 (70 ) 4,474 (209 ) 6,586 (279 ) Residential mortgage-backed 200 (1 ) 89 (6 ) 289 (7 ) Asset-backed 131 (10 ) 372 (16 ) 503 (26 ) Equity securities: Preferred stock 4,911 (626 ) — — 4,911 (626 ) Common stock: United States 158,685 (21,941 ) — — 158,685 (21,941 ) Canada 692 (303 ) 923 (534 ) 1,615 (837 ) Other international 10,060 (2,494 ) 84 (29 ) 10,144 (2,523 ) Mutual funds: Equity 5,107 (1,432 ) 255 (36 ) 5,362 (1,468 ) Fixed income 822,656 (41,471 ) 4,384 (453 ) 827,040 (41,924 ) Private equity — — 14,564 (6,773 ) 14,564 (6,773 ) Other 14 (11 ) 5,587 (351 ) 5,601 (362 ) Total temporarily impaired securities $ 1,023,415 $ (68,494 ) $ 32,144 $ (8,521 ) $ 1,055,559 $ (77,015 ) December 31, 2014 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 497 $ (4 ) $ — $ — $ 497 $ (4 ) Canadian government — — 7,825 (233 ) 7,825 (233 ) Corporate 4,656 (108 ) 3,198 (102 ) 7,854 (210 ) Residential mortgage-backed 256 (5 ) 69 (1 ) 325 (6 ) Asset-backed 373 (4 ) — — 373 (4 ) Equity securities: Preferred stock 2,224 (11 ) 49 (1 ) 2,273 (12 ) Common stock: United States 100,370 (4,803 ) 419 (78 ) 100,789 (4,881 ) Canada 2,418 (244 ) 757 (352 ) 3,175 (596 ) Other international 4,444 (399 ) — — 4,444 (399 ) Mutual funds: Equity 2,601 (85 ) 153 (8 ) 2,754 (93 ) Fixed income 576,890 (14,177 ) 2,581 (86 ) 579,471 (14,263 ) Private equity 9,213 (798 ) 14,254 (9,990 ) 23,467 (10,788 ) Other 4,069 (352 ) 6,276 (2,180 ) 10,345 (2,532 ) Total temporarily impaired securities $ 708,011 $ (20,990 ) $ 35,581 $ (13,031 ) $ 743,592 $ (34,021 ) |
Cemetery | |
Preneed Cemetery Receivables, Net and Trust Investments [Line Items] | |
Investment related activities | The table below sets forth certain investment-related activities associated with these preneed merchandise and service trusts: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Deposits $ 40,327 $ 34,018 $ 116,581 $ 95,421 Withdrawals $ 33,260 $ 33,669 $ 115,930 $ 96,238 Purchases of available-for-sale securities $ 165,025 $ 247,853 $ 389,219 $ 458,176 Sales of available-for-sale securities $ 150,804 $ 285,411 $ 389,747 $ 481,258 Realized gains from sales of available-for-sale securities $ 10,318 $ 40,635 $ 33,859 $ 86,822 Realized losses from sales of available-for-sale securities $ (11,948 ) $ (4,439 ) $ (25,375 ) $ (10,564 ) |
Long-term receivable and investment components | The components of Preneed cemetery receivables, net and trust investments in our unaudited condensed consolidated balance sheet at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 (In thousands) Trust investments, at fair value $ 1,317,018 $ 1,404,298 Cash and cash equivalents 120,805 122,355 Trust investments 1,437,823 1,526,653 Receivables from customers 935,844 881,082 Unearned finance charges (33,477 ) (31,524 ) 2,340,190 2,376,211 Allowance for cancellation (72,384 ) (69,542 ) Preneed cemetery receivables, net and trust investments $ 2,267,806 $ 2,306,669 |
Schedule of Available-for-sale Securities Reconciliation | September 30, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 67,552 $ 41 $ (1,258 ) $ 66,335 Canadian government 2 25,546 306 (86 ) 25,766 Corporate 2 5,293 31 (112 ) 5,212 Residential mortgage-backed 2 135 3 (2 ) 136 Asset-backed 2 170 18 — 188 Equity securities: Common stock: United States 1 546,840 27,293 (47,051 ) 527,082 Canada 1 9,077 3,737 (1,191 ) 11,623 Other international 1 56,256 2,102 (9,341 ) 49,017 Mutual funds: Equity 1 352,117 1,525 (48,602 ) 305,040 Fixed income 1 302,920 322 (13,353 ) 289,889 Private equity 3 30,896 6,462 (2,976 ) 34,382 Other 3 2,089 259 — 2,348 Trust investments $ 1,398,891 $ 42,099 $ (123,972 ) $ 1,317,018 December 31, 2014 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 63,447 $ 257 $ (605 ) $ 63,099 Canadian government 2 21,687 261 (134 ) 21,814 Corporate 2 8,725 122 (116 ) 8,731 Residential mortgage-backed 2 111 3 (1 ) 113 Asset-backed 2 170 16 — 186 Equity securities: Preferred stock 2 10 1 — 11 Common stock: United States 1 557,955 22,746 (11,706 ) 568,995 Canada 1 10,962 5,011 (841 ) 15,132 Other international 1 55,632 1,605 (2,395 ) 54,842 Mutual funds: Equity 1 344,443 4,244 (18,430 ) 330,257 Fixed income 1 314,600 679 (4,702 ) 310,577 Private equity 3 32,342 3,185 (6,183 ) 29,344 Other 3 1,082 186 (71 ) 1,197 Trust investments $ 1,411,166 $ 38,316 $ (45,184 ) $ 1,404,298 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows: Three Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair value, beginning balance $ 34,867 $ 2,448 $ 27,557 $ 1,078 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 1,779 1,045 1,056 (186 ) Net realized losses included in Other income (expense), net (2) (6 ) (4 ) (8 ) (5 ) Purchases — (26 ) — — Contributions — — 5,379 127 Distributions and other (2,258 ) (1,115 ) (3,147 ) — Fair value, ending balance $ 34,382 $ 2,348 $ 30,837 $ 1,014 Nine Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair value, beginning balance $ 29,344 $ 1,197 $ 26,844 $ 1,245 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 5,312 590 2,666 (149 ) Net realized losses included in Other income (expense), net (2) (46 ) (17 ) (23 ) (6 ) Purchases — 1,348 — — Contributions 4,830 1,294 6,404 127 Distributions and other (5,058 ) (2,064 ) (5,054 ) (203 ) Fair value, ending balance $ 34,382 $ 2,348 $ 30,837 $ 1,014 |
Investments Classified by Contractual Maturity Date | Maturity dates of our fixed income securities range from 2015 to 2045 . Maturities of fixed income securities, excluding mutual funds, at September 30, 2015 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 26,631 Due in one to five years 25,881 Due in five to ten years 26,261 Thereafter 18,864 $ 97,637 |
Cemetery Perpetual Care Trust29
Cemetery Perpetual Care Trusts (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Cemetery Perpetual Care Trust Investments [Line Items] | |
Schedule of Unrealized Loss on Investments | Our merchandise and service trust investment unrealized losses, their associated fair values and the duration of unrealized losses as of September 30, 2015 are shown in the following tables: September 30, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 55,492 $ (1,257 ) $ 13 $ (1 ) $ 55,505 $ (1,258 ) Canadian government 1,242 (20 ) 879 (66 ) 2,121 (86 ) Corporate 204 (8 ) 2,441 (104 ) 2,645 (112 ) Residential mortgage-backed 27 — 19 (2 ) 46 (2 ) Equity securities: Common stock: United States 300,606 (47,051 ) — — 300,606 (47,051 ) Canada 789 (442 ) 1,231 (749 ) 2,020 (1,191 ) Other international 28,359 (9,341 ) — — 28,359 (9,341 ) Mutual funds: Equity 296,807 (48,088 ) 1,889 (514 ) 298,696 (48,602 ) Fixed income 259,288 (12,800 ) 13,519 (553 ) 272,807 (13,353 ) Private equity — — 8,325 (2,976 ) 8,325 (2,976 ) Total temporarily impaired securities $ 942,814 $ (119,007 ) $ 28,316 $ (4,965 ) $ 971,130 $ (123,972 ) December 31, 2014 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 45,072 $ (605 ) $ — $ — $ 45,072 $ (605 ) Canadian government — — 4,858 (134 ) 4,858 (134 ) Corporate 2,017 (61 ) 1,936 (55 ) 3,953 (116 ) Residential mortgage-backed 33 (1 ) — — 33 (1 ) Equity securities: Common stock: United States 192,015 (11,706 ) 585 — 192,600 (11,706 ) Canada 2,069 (319 ) 778 (522 ) 2,847 (841 ) Other international 28,308 (2,395 ) — — 28,308 (2,395 ) Mutual funds: Equity 303,211 (18,329 ) 1,577 (101 ) 304,788 (18,430 ) Fixed income 159,572 (4,106 ) 15,113 (596 ) 174,685 (4,702 ) Private equity 88 (100 ) 7,518 (6,083 ) 7,606 (6,183 ) Other 2 (3 ) 259 (68 ) 261 (71 ) Total temporarily impaired securities $ 732,387 $ (37,625 ) $ 32,624 $ (7,559 ) $ 765,011 $ (45,184 ) Our cemetery perpetual care trust investment unrealized losses, their associated fair values and the duration of unrealized losses, are shown in the following tables. September 30, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 3,262 $ (95 ) $ — $ — $ 3,262 $ (95 ) Canadian government 15,585 (40 ) 1,412 (114 ) 16,997 (154 ) Corporate 2,112 (70 ) 4,474 (209 ) 6,586 (279 ) Residential mortgage-backed 200 (1 ) 89 (6 ) 289 (7 ) Asset-backed 131 (10 ) 372 (16 ) 503 (26 ) Equity securities: Preferred stock 4,911 (626 ) — — 4,911 (626 ) Common stock: United States 158,685 (21,941 ) — — 158,685 (21,941 ) Canada 692 (303 ) 923 (534 ) 1,615 (837 ) Other international 10,060 (2,494 ) 84 (29 ) 10,144 (2,523 ) Mutual funds: Equity 5,107 (1,432 ) 255 (36 ) 5,362 (1,468 ) Fixed income 822,656 (41,471 ) 4,384 (453 ) 827,040 (41,924 ) Private equity — — 14,564 (6,773 ) 14,564 (6,773 ) Other 14 (11 ) 5,587 (351 ) 5,601 (362 ) Total temporarily impaired securities $ 1,023,415 $ (68,494 ) $ 32,144 $ (8,521 ) $ 1,055,559 $ (77,015 ) December 31, 2014 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 497 $ (4 ) $ — $ — $ 497 $ (4 ) Canadian government — — 7,825 (233 ) 7,825 (233 ) Corporate 4,656 (108 ) 3,198 (102 ) 7,854 (210 ) Residential mortgage-backed 256 (5 ) 69 (1 ) 325 (6 ) Asset-backed 373 (4 ) — — 373 (4 ) Equity securities: Preferred stock 2,224 (11 ) 49 (1 ) 2,273 (12 ) Common stock: United States 100,370 (4,803 ) 419 (78 ) 100,789 (4,881 ) Canada 2,418 (244 ) 757 (352 ) 3,175 (596 ) Other international 4,444 (399 ) — — 4,444 (399 ) Mutual funds: Equity 2,601 (85 ) 153 (8 ) 2,754 (93 ) Fixed income 576,890 (14,177 ) 2,581 (86 ) 579,471 (14,263 ) Private equity 9,213 (798 ) 14,254 (9,990 ) 23,467 (10,788 ) Other 4,069 (352 ) 6,276 (2,180 ) 10,345 (2,532 ) Total temporarily impaired securities $ 708,011 $ (20,990 ) $ 35,581 $ (13,031 ) $ 743,592 $ (34,021 ) |
Cemetery Perpetual Care | |
Cemetery Perpetual Care Trust Investments [Line Items] | |
Investment related activities | The table below sets forth certain investment-related activities associated with our cemetery perpetual care trusts: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Deposits $ 10,264 $ 9,202 $ 29,717 $ 29,439 Withdrawals $ 8,073 $ 8,680 $ 32,749 $ 23,879 Purchases of available-for-sale securities $ 29,129 $ 169,973 $ 174,243 $ 233,795 Sales of available-for-sale securities $ 14,466 $ 172,646 $ 120,602 $ 251,719 Realized gains from sales of available-for-sale securities $ 524 $ 7,034 $ 2,675 $ 21,903 Realized losses from sales of available-for-sale securities $ (156 ) $ (935 ) $ (4,478 ) $ (1,599 ) |
Long-term receivable and investment components | The components of Cemetery perpetual care trust investments in our unaudited condensed consolidated balance sheet at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 (In thousands) Trust investments, at fair value $ 1,209,834 $ 1,192,966 Cash and cash equivalents 94,385 148,410 Cemetery perpetual care trust investments $ 1,304,219 $ 1,341,376 |
Schedule of Available-for-sale Securities Reconciliation | September 30, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 3,697 $ 26 $ (95 ) $ 3,628 Canadian government 2 33,094 507 (154 ) 33,447 Corporate 2 13,178 168 (279 ) 13,067 Residential mortgage-backed 2 968 18 (7 ) 979 Asset-backed 2 662 6 (26 ) 642 Equity securities: Preferred stock 2 6,264 33 (626 ) 5,671 Common stock: United States 1 237,356 7,740 (21,941 ) 223,155 Canada 1 5,381 2,049 (837 ) 6,593 Other international 1 12,825 40 (2,523 ) 10,342 Mutual funds: Equity 1 21,602 3,116 (1,468 ) 23,250 Fixed income 1 881,664 563 (41,924 ) 840,303 Private equity 3 38,631 1,988 (6,773 ) 33,846 Other 3 13,235 2,038 (362 ) 14,911 Cemetery perpetual care trust investments $ 1,268,557 $ 18,292 $ (77,015 ) $ 1,209,834 December 31, 2014 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 794 $ 40 $ (4 ) $ 830 Canadian government 2 31,993 442 (233 ) 32,202 Corporate 2 16,762 344 (210 ) 16,896 Residential mortgage-backed 2 910 15 (6 ) 919 Asset-backed 2 661 10 (4 ) 667 Equity securities: Preferred stock 2 4,439 60 (12 ) 4,487 Common stock: United States 1 225,129 9,340 (4,881 ) 229,588 Canada 1 7,419 2,737 (596 ) 9,560 Other international 1 8,102 90 (399 ) 7,793 Mutual funds: Equity 1 17,310 3,264 (93 ) 20,481 Fixed income 1 846,230 1,580 (14,263 ) 833,547 Private equity 3 34,288 408 (10,788 ) 23,908 Other 3 13,526 1,094 (2,532 ) 12,088 Cemetery perpetual care trust investments $ 1,207,563 $ 19,424 $ (34,021 ) $ 1,192,966 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows: Three Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair value, beginning balance $ 34,137 $ 14,089 $ 21,274 $ 11,983 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 87 1,310 (206 ) 23 Net realized losses included in Other income (expense), net (2) (10 ) (13 ) (13 ) (17 ) Contributions — — 9,058 — Distributions and other (368 ) (475 ) (3,331 ) — Fair value, ending balance $ 33,846 $ 14,911 $ 26,782 $ 11,989 Nine Months Ended September 30, 2015 September 30, 2014 Private Equity Other Private Equity Other (In thousands) Fair market value, beginning balance $ 23,908 $ 12,088 $ 19,779 $ 11,587 Net unrealized gains included in Accumulated other comprehensive income (1) 6,380 1,344 1,091 704 Net realized losses included in Other income (expense), net (2) (40 ) (36 ) (37 ) (29 ) Sales — — (17 ) — Contributions 5,165 2,553 10,461 — Distributions and other (1,567 ) (1,038 ) (4,495 ) (273 ) Fair market value, ending balance $ 33,846 $ 14,911 $ 26,782 $ 11,989 |
Investments Classified by Contractual Maturity Date | Maturity dates of our fixed income securities range from 2015 to 2045 . Maturities of fixed income securities at September 30, 2015 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 26,894 Due in one to five years 16,644 Due in five to ten years 7,174 Thereafter 1,051 $ 51,763 |
Deferred Preneed Funeral and 30
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus [Abstract] | |
Schedule of Deferred Preneed Funeral and Cemetery Receitps Held in Trust Components | The components of Deferred preneed receipts held in trust in our unaudited condensed consolidated balance sheet at September 30, 2015 and December 31, 2014 are detailed below. September 30, 2015 December 31, 2014 Preneed Funeral Preneed Cemetery Total Preneed Funeral Preneed Cemetery Total (In thousands) Trust investments $ 1,498,141 $ 1,437,823 $ 2,935,964 $ 1,628,875 $ 1,526,653 $ 3,155,528 Accrued trust operating payables and other (1,083 ) (2,197 ) (3,280 ) (2,487 ) (4,157 ) (6,644 ) Deferred preneed receipts held in trust $ 1,497,058 $ 1,435,626 $ 2,932,684 $ 1,626,388 $ 1,522,496 $ 3,148,884 |
Schedule of Care Trust Corpus' Components | The components of Care trusts’ corpus in our unaudited condensed consolidated balance sheet at September 30, 2015 and December 31, 2014 are detailed below. September 30, 2015 December 31, 2014 (In thousands) Cemetery perpetual care trust investments $ 1,304,219 $ 1,341,376 Accrued trust operating payables and other 355 (13,718 ) Care trusts’ corpus $ 1,304,574 $ 1,327,658 |
Schedule of Other Nonoperating Income, by Component | The components of Other income (expense), net in our unaudited condensed consolidated statement of operations for the three and nine months ended September 30, 2015 and 2014 are detailed below. See Notes 4, 5, and 6 for further discussion of the amounts related to the funeral, cemetery, and cemetery perpetual care trusts. Three Months Ended September 30, 2015 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 9,341 $ 10,318 $ 524 $ — $ 20,183 Realized losses (8,982 ) (11,948 ) (156 ) — (21,086 ) Impairment charges (1,385 ) (1,761 ) (106 ) — (3,252 ) Interest, dividend, and other ordinary income 4,244 4,360 14,035 — 22,639 Trust expenses and income taxes (5,804 ) (7,902 ) (4,524 ) — (18,230 ) Net trust investment income (loss) (2,586 ) (6,933 ) 9,773 — 254 Reclassification to deferred preneed receipts held in trust and care trusts’ corpus 2,586 6,933 (9,773 ) — (254 ) Other income, net — — — 334 334 Total other income, net $ — $ — $ — $ 334 $ 334 Nine Months Ended September 30, 2015 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 23,546 $ 33,859 $ 2,675 $ — $ 60,080 Realized losses (17,554 ) (25,375 ) (4,478 ) — (47,407 ) Impairment charges (2,880 ) (3,811 ) (1,613 ) — (8,304 ) Interest, dividend, and other ordinary income 17,126 16,138 40,369 — 73,633 Trust expenses and income taxes (15,641 ) (23,009 ) (27,367 ) — (66,017 ) Net trust investment income (loss) 4,597 (2,198 ) 9,586 — 11,985 Reclassification to deferred preneed funeral and cemetery receipts held in trust and care trusts’ corpus (4,597 ) 2,198 (9,586 ) — (11,985 ) Other income, net — — — 167 167 Total other income, net $ — $ — $ — $ 167 $ 167 Three Months Ended September 30, 2014 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 18,935 $ 40,635 $ 7,034 $ — $ 66,604 Realized losses (2,094 ) (4,439 ) (935 ) — (7,468 ) Impairment charges (41,244 ) (59,311 ) (8,025 ) — (108,580 ) Interest, dividend, and other ordinary income 1,849 2,681 9,158 — 13,688 Trust expenses and income taxes (6,748 ) (6,541 ) (4,295 ) — (17,584 ) Net trust investment income (loss) (29,302 ) (26,975 ) 2,937 — (53,340 ) Reclassification to deferred preneed receipts held in trust and care trusts’ corpus 29,302 26,975 (2,937 ) — 53,340 Other expense, net — — — (9 ) (9 ) Total other expense, net $ — $ — $ — $ (9 ) $ (9 ) Nine Months Ended September 30, 2014 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 50,947 $ 86,822 $ 21,903 $ — $ 159,672 Realized losses (6,233 ) (10,564 ) (1,599 ) — (18,396 ) Impairment charges (41,614 ) (59,829 ) (8,072 ) — (109,515 ) Interest, dividend, and other ordinary income 15,323 10,157 40,065 — 65,545 Trust expenses and income taxes (16,193 ) (15,733 ) (16,905 ) — (48,831 ) Net trust investment income 2,230 10,853 35,392 — 48,475 Reclassification to deferred preneed receipts held in trust and care trusts’ corpus (2,230 ) (10,853 ) (35,392 ) — (48,475 ) Other income, net — — — 1,577 1,577 Total other income, net $ — $ — $ — $ 1,577 $ 1,577 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt [Abstract] | |
Schedule of Debt | Debt as of September 30, 2015 and December 31, 2014 was as follows: September 30, 2015 December 31, 2014 (In thousands) 6.75% Senior Notes due April 2016 $ — $ 197,377 7.0% Senior Notes due June 2017 295,000 295,000 7.625% Senior Notes due October 2018 250,000 250,000 4.5% Senior Notes due November 2020 200,000 200,000 8.0% Senior Notes due November 2021 150,000 150,000 5.375% Senior Notes due January 2022 425,000 425,000 5.375% Senior Notes due May 2024 850,000 550,000 7.5% Senior Notes due April 2027 200,000 200,000 Term Loan due July 2018 325,000 370,000 Bank Credit Facility due July 2018 225,000 235,000 Obligations under capital leases 208,613 181,002 Mortgage notes and other debt, maturities through 2050 4,087 4,251 Unamortized premiums (discounts), net 8,759 (2,905 ) Total debt 3,141,459 3,054,725 Less: Current maturities of long-term debt (95,045 ) (90,931 ) Total long-term debt $ 3,046,414 $ 2,963,794 |
Credit Risk and Fair Value of32
Credit Risk and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Credit Risk and Fair Value of Financial Instruments [Abstract] | |
Fair Value, Measurement Inputs, Disclosure | The fair value of our debt instruments at September 30, 2015 and December 31, 2014 was as follows: September 30, 2015 December 31, 2014 (In thousands) 6.75% Senior Notes due April 2016 $ — $ 208,075 7.0% Senior Notes due June 2017 316,759 320,043 7.625% Senior Notes due October 2018 282,500 277,538 4.5% Senior Notes due November 2020 204,500 201,700 8.0% Senior Notes due November 2021 176,250 174,375 5.375% Senior Notes due January 2022 448,503 437,750 5.375% Senior Notes due May 2024 887,188 558,250 7.5% Senior Notes due April 2027 226,000 220,890 Term Loan due July 2018 325,000 370,000 Bank Credit Facility due July 2018 225,000 235,000 Mortgage notes and other debt, maturities through 2050 4,101 4,277 Total fair value of debt instruments $ 3,095,801 $ 3,007,898 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of our stock options are calculated using the following weighted average assumptions for the nine months ended September 30, 2015 : Nine Months Ended Assumptions September 30, 2015 Dividend yield 1.8 % Expected volatility 23.3 % Risk-free interest rate 1.3 % Expected holding period (in years) 4.0 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table sets forth stock option activity for the nine months ended September 30, 2015 : Options Weighted-Average Exercise Price Outstanding at December 31, 2014 12,107,106 $ 11.63 Granted 2,036,010 $ 23.00 Exercised (2,945,438 ) $ 10.44 Canceled (21,400 ) $ 20.59 Outstanding at September 30, 2015 11,176,278 $ 13.98 Exercisable at September 30, 2015 7,008,300 $ 10.58 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Restricted share activity for the nine months ended September 30, 2015 was as follows: Restricted Shares Weighted-Average Grant-Date Fair Value Nonvested restricted shares at December 31, 2014 1,319,260 $ 13.39 Granted 253,791 $ 23.00 Forfeited (3,840 ) $ 20.47 Vested (990,558 ) $ 12.37 Nonvested restricted shares at September 30, 2015 578,653 $ 19.32 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Our components of Accumulated other comprehensive income are as follows: Foreign Currency Translation Adjustment Unrealized Gains and Losses Accumulated Other Comprehensive Income (In thousands) Balance at December 31, 2014 $ 59,414 $ — $ 59,414 Activity in 2015 (42,913 ) — (42,913 ) Increase in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes — (110,016 ) (110,016 ) Reclassification of net unrealized gains activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus, net of taxes — 110,016 110,016 Balance at September 30, 2015 $ 16,501 $ — $ 16,501 Balance at December 31, 2013 $ 88,441 $ — $ 88,441 Activity in 2014 (13,732 ) — (13,732 ) Reclassification of foreign currency translation adjustments to Net Income from discontinued operations 3,114 — 3,114 Increase in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes — 11,672 11,672 Reclassification of net unrealized gains activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus , net of taxes — (11,672 ) (11,672 ) Balance at September 30, 2014 $ 77,823 $ — $ 77,823 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Our reportable segment information is as follows: Funeral Cemetery Reportable Segments (In thousands) Three months ended September 30, Revenue from external customers: 2015 $ 449,240 $ 265,285 $ 714,525 2014 $ 458,941 $ 259,373 $ 718,314 Gross profit: 2015 $ 77,032 $ 64,912 $ 141,944 2014 $ 89,660 $ 58,638 $ 148,298 Nine months ended September 30, Revenue from external customers: 2015 $ 1,428,385 $ 788,611 $ 2,216,996 2014 $ 1,447,526 $ 763,043 $ 2,210,569 Gross profit: 2015 $ 298,899 $ 187,724 $ 486,623 2014 $ 310,059 $ 160,343 $ 470,402 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | The following table reconciles gross profit from reportable segments to our consolidated income before income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Gross profit from reportable segments $ 141,944 $ 148,298 $ 486,623 $ 470,402 General and administrative expenses (28,158 ) (39,748 ) (96,781 ) (141,885 ) Gains on divestitures and impairment charges, net 10,764 26,570 3,403 58,752 Operating income 124,550 135,120 393,245 387,269 Interest expense (43,921 ) (43,376 ) (129,842 ) (134,679 ) Loss on early extinguishment of debt (6,918 ) — (6,918 ) (29,158 ) Other income (expense), net 334 (9 ) 167 1,577 Income before income taxes $ 74,045 $ 91,735 $ 256,652 $ 225,009 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Our geographic area information is as follows: United States Canada Total (In thousands) Three months ended September 30, Revenue from external customers: 2015 $ 671,857 $ 42,668 $ 714,525 2014 $ 671,949 $ 46,365 $ 718,314 Nine months ended September 30, Revenue from external customers: 2015 $ 2,077,383 $ 139,613 $ 2,216,996 2014 $ 2,062,231 $ 148,338 $ 2,210,569 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplementary Information [Abstract] | |
Schedule of Product Information [Table Text Block] | The detail of certain income statement accounts as presented in the unaudited condensed consolidated statement of operations is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Property and merchandise revenue: Funeral $ 145,193 $ 146,799 $ 456,806 $ 467,285 Cemetery 195,692 184,063 557,894 528,871 Total property and merchandise revenue 340,885 330,862 1,014,700 996,156 Services revenue: Funeral 265,025 276,449 859,878 878,154 Cemetery 62,356 66,021 207,637 208,190 Total services revenue 327,381 342,470 1,067,515 1,086,344 Other revenue 46,259 44,982 134,781 128,069 Total revenue $ 714,525 $ 718,314 $ 2,216,996 $ 2,210,569 Property and merchandise costs and expenses: Funeral $ 71,908 $ 72,569 $ 217,175 $ 222,542 Cemetery 80,827 80,532 240,564 238,608 Total cost of property and merchandise 152,735 153,101 457,739 461,150 Services costs and expenses: Funeral 154,538 152,625 472,602 476,288 Cemetery 31,817 35,049 101,989 111,627 Total cost of services 186,355 187,674 574,591 587,915 Overhead and other expense 233,491 229,241 698,043 691,102 Total costs and expenses $ 572,581 $ 570,016 $ 1,730,373 $ 1,740,167 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of the numerators and denominators of the basic and diluted EPS computations is presented below: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income: Net income — basic $ 47,448 $ 17,651 $ 161,418 $ 84,675 After tax interest on convertible debt 13 — 37 38 Net income — diluted $ 47,461 $ 17,651 $ 161,455 $ 84,713 Weighted average shares (denominator): Weighted average shares — basic 199,310 210,820 201,729 212,009 Stock options 4,013 2,190 4,100 3,235 Convertible debt 121 — 121 121 Weighted average shares — diluted 203,444 213,010 205,950 215,365 Net income per share: Basic $ 0.24 $ 0.08 $ 0.80 $ 0.40 Diluted $ 0.23 $ 0.08 $ 0.78 $ 0.39 Three months ended Three months ended Nine months ended Nine months ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Earnings per share from discontinued operations 0.005 0.005 0.005 0.005 Options not currently included in the computation of dilutive EPS — |
Divestiture-Related Activitie38
Divestiture-Related Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Divestiture-Related Activities [Abstract] | |
Gains (Losses) on Divestitures and Impairment Charges | Three Months Ended Nine Months Ended September 30 September 30 2015 2014 2015 2014 (In thousands) Gains on divestitures, net $ 12,400 $ 26,889 $ 9,373 $ 64,753 Impairment losses (1,636 ) (319 ) (5,970 ) (6,001 ) $ 10,764 $ 26,570 $ 3,403 $ 58,752 |
Recently Issued Accounting St39
Recently Issued Accounting Standards Narrative (Details) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
Deferred Finance Costs, Current, Net | $ 8.3 | $ 8 |
Deferred Finance Costs, Noncurrent, Net | $ 36.1 | $ 36.8 |
Preneed Funeral Activities Inve
Preneed Funeral Activities Investment Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Investment related activities [Line Items] | |||||
Realized gains from sales of available-for-sale securities | $ 20,183 | $ 66,604 | $ 60,080 | $ 159,672 | |
Realized losses from sales of available-for-sale securities | (21,086) | (7,468) | (47,407) | (18,396) | |
Funeral | |||||
Investment related activities [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 694,767 | 694,767 | $ 534,435 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 84,546 | 84,546 | 26,801 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 63,396 | 63,396 | 73,436 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 11,116 | 11,116 | 13,638 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 758,163 | 758,163 | 607,871 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 95,662 | 95,662 | 40,439 | ||
Deposits | 30,143 | 23,618 | 92,623 | 76,490 | |
Withdrawals | 36,310 | 27,718 | 123,499 | 103,410 | |
Purchases of available-for-sale securities | 100,663 | 238,860 | 281,298 | 379,650 | |
Sales of available-for-sale securities | 110,642 | 274,630 | 282,960 | 445,880 | |
Realized gains from sales of available-for-sale securities | 9,341 | 18,935 | 23,546 | 50,947 | |
Realized losses from sales of available-for-sale securities | (8,982) | $ (2,094) | (17,554) | $ (6,233) | |
Private Equity Funds | Funeral | |||||
Investment related activities [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 | 203 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | 461 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 17,031 | 17,031 | 13,870 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,554 | 5,554 | 8,957 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 17,031 | 17,031 | 14,073 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 5,554 | 5,554 | 9,418 | ||
Other Investments | Funeral | |||||
Investment related activities [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 | 5 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | 11 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 442 | 442 | 464 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 15 | 15 | 93 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 442 | 442 | 469 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 15 | $ 15 | $ 104 |
Preneed Funeral Activities Long
Preneed Funeral Activities Long-term Receivable and Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Long-term receivable and investment components [Line Items] | ||
Preneed funeral receivables and trust investments | $ 1,734,444 | $ 1,843,023 |
Funeral | ||
Long-term receivable and investment components [Line Items] | ||
Trust investments, at market | 1,098,236 | 1,205,747 |
Cash and cash equivalents | 130,161 | 162,229 |
Insurance-backed fixed income securities | 269,744 | 260,899 |
Trust investments | 1,498,141 | 1,628,875 |
Receivables from customers | 286,463 | 262,700 |
Unearned finance charges | (10,996) | (11,054) |
Preneed funeral receivables, net and trust investments, excluding allowance for cancellation | 1,773,608 | 1,880,521 |
Allowance for cancellation | (39,164) | (37,498) |
Preneed funeral receivables and trust investments | $ 1,734,444 | $ 1,843,023 |
Preneed Funeral Activities Sche
Preneed Funeral Activities Schedule of Available-for-sale Securities (Details) - Funeral - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 1,162,700 | $ 1,213,128 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 31,198 | 33,058 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 95,662 | 40,439 |
Available-for-sale Securities, Fair Value | 1,098,236 | 1,205,747 |
Fair Value, Inputs, Level 2 | US Treasury Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 82,969 | 85,775 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 121 | 468 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1,248 | 455 |
Available-for-sale Securities, Fair Value | 81,842 | 85,788 |
Fair Value, Inputs, Level 2 | Foreign Government Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 75,703 | 90,430 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 556 | 449 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 558 | 874 |
Available-for-sale Securities, Fair Value | 75,701 | 90,005 |
Fair Value, Inputs, Level 2 | Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 21,521 | 24,765 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 364 | 423 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 253 | 126 |
Available-for-sale Securities, Fair Value | 21,632 | 25,062 |
Fair Value, Inputs, Level 2 | Residential Mortgage Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,449 | 1,325 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 37 | 29 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 21 | 12 |
Available-for-sale Securities, Fair Value | 1,465 | 1,342 |
Fair Value, Inputs, Level 2 | Asset-backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 5 | 6 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Securities, Fair Value | 5 | 6 |
Fair Value, Inputs, Level 2 | Preferred Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,939 | 2,503 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 22 | 113 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 112 | 113 |
Available-for-sale Securities, Fair Value | 1,849 | 2,503 |
Fair Value, Inputs, Level 1 | US Common Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 351,048 | 377,441 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 18,956 | 18,533 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 29,166 | 7,405 |
Available-for-sale Securities, Fair Value | 340,838 | 388,569 |
Fair Value, Inputs, Level 1 | Canada Common Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 12,032 | 14,708 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,700 | 4,292 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1,069 | 895 |
Available-for-sale Securities, Fair Value | 13,663 | 18,105 |
Fair Value, Inputs, Level 1 | Other International Common Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 36,612 | 38,035 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,403 | 1,175 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 6,224 | 1,560 |
Available-for-sale Securities, Fair Value | 31,791 | 37,650 |
Fair Value, Inputs, Level 1 | Equity Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 318,576 | 308,548 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,166 | 3,332 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 41,814 | 15,901 |
Available-for-sale Securities, Fair Value | 277,928 | 295,979 |
Fair Value, Inputs, Level 1 | Fixed Income Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 221,425 | 229,414 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 434 | 869 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 9,628 | 3,576 |
Available-for-sale Securities, Fair Value | 212,231 | 226,707 |
Fair Value, Inputs, Level 3 | Private Equity Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 34,994 | 35,094 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 4,450 | 2,649 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 5,554 | 9,418 |
Available-for-sale Securities, Fair Value | 33,890 | 28,325 |
Fair Value, Inputs, Level 3 | Other Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 4,427 | 5,084 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 989 | 726 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 15 | 104 |
Available-for-sale Securities, Fair Value | $ 5,401 | $ 5,706 |
Preneed Funeral Activities Leve
Preneed Funeral Activities Level 3 Activities (Details) - Funeral - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Private Equity Funds | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair market value, beginning balance | $ 34,366 | $ 27,339 | $ 28,325 | $ 26,885 | |
Net unrealized (losses) gains included in Accumulated other comprehensive income | [1] | 1,859 | 265 | 6,048 | (1,370) |
Net realized losses included in Other income, net(2) | [2] | (7) | (7) | (45) | (21) |
Payments to Acquire Other Investments | 0 | 289 | 0 | 3,244 | |
Proceeds from Sale of Other Investments | (36) | 0 | |||
Contributions | 0 | 4,998 | 4,632 | 5,955 | |
Distributions and other | (2,328) | (2,949) | (5,034) | (4,758) | |
Fair market value, ending balance | 33,890 | 29,935 | 33,890 | 29,935 | |
Other Investments | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair market value, beginning balance | 7,111 | 4,476 | 5,706 | 1,810 | |
Net unrealized (losses) gains included in Accumulated other comprehensive income | [1] | (551) | 1,071 | 533 | 3,927 |
Net realized losses included in Other income, net(2) | [2] | (4) | (4) | (17) | (5) |
Payments to Acquire Other Investments | 0 | 0 | 23 | 0 | |
Proceeds from Sale of Other Investments | 0 | 0 | |||
Contributions | 0 | 121 | 1,226 | 121 | |
Distributions and other | (1,155) | 0 | (2,070) | (189) | |
Fair market value, ending balance | $ 5,401 | $ 5,664 | $ 5,401 | $ 5,664 | |
[1] | All unrealized gains (losses) recognized in Accumulated other comprehensive income for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed receipts held in trust. See Note 7 for further information related to our Deferred preneed receipts held in trust. | ||||
[2] | All net realized losses recognized in Other income (expense), net for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed receipts held in trust. See Note 7 for further information related to our Deferred preneed receipts held in trust. |
Preneed Funeral Activities In44
Preneed Funeral Activities Investments Classified by Contractual Maturity Date (Details) - Funeral $ in Thousands | Sep. 30, 2015USD ($) |
Investments Classified By Contractual Maturity Date [Line Items] | |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | $ 111,193 |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 25,996 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 29,213 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 14,243 |
Available-for-sale Securities, Debt Maturities, Total, Fair Value | $ 180,645 |
Preneed Funeral Activities Sc45
Preneed Funeral Activities Schedule of Unrealized Loss on Investments (Details) - Funeral - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 694,767 | $ 534,435 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 84,546 | 26,801 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 63,396 | 73,436 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 11,116 | 13,638 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 758,163 | 607,871 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 95,662 | 40,439 |
US Treasury Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 42,465 | 32,243 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,209 | 412 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,419 | 4,978 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 39 | 43 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 46,884 | 37,221 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,248 | 455 |
Foreign Government Debt Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,433 | 2,894 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 52 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,058 | 14,904 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 553 | 822 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 13,491 | 17,798 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 558 | 874 |
Corporate Debt Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,611 | 4,988 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 152 | 56 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,666 | 2,420 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 101 | 70 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 8,277 | 7,408 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 253 | 126 |
Residential Mortgage Backed Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 262 | 217 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 10 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 224 | 106 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 16 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 486 | 323 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 21 | 12 |
Preferred Stock Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 534 | 26 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 112 | 113 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 534 | 26 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 112 | 113 |
US Common Stock Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 188,385 | 126,527 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 29,166 | 7,403 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 438 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 188,385 | 126,965 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 29,166 | 7,405 |
Canada Common Stock Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,428 | 1,752 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 692 | 379 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 545 | 1,085 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 377 | 516 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,973 | 2,837 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,069 | 895 |
Other International Common Stock Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 17,715 | 19,593 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6,034 | 1,557 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 606 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 190 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 18,321 | 19,595 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 6,224 | 1,560 |
Equity Funds | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 257,015 | 233,827 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 38,133 | 13,219 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13,346 | 23,717 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,681 | 2,682 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 270,361 | 257,544 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 41,814 | 15,901 |
Fixed Income Funds | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 177,919 | 112,160 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9,038 | 3,128 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,059 | 11,452 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 590 | 448 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 189,978 | 123,612 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 9,628 | 3,576 |
Private Equity Funds | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 203 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 461 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 17,031 | 13,870 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,554 | 8,957 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 17,031 | 14,073 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 5,554 | 9,418 |
Other Investments | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 11 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 442 | 464 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 15 | 93 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 442 | 469 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 15 | $ 104 |
Preneed Funeral Activities Pren
Preneed Funeral Activities Preneed Funeral Activities, Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 21,400 | $ 21,400 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 3,252 | $ 108,580 | 8,304 | $ 109,515 |
Funeral | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 45,200 | 45,200 | ||
Investment Earnings, Net | 12,700 | 15,100 | 41,100 | 47,600 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 1,385 | $ 41,244 | $ 2,880 | $ 41,614 |
Underlying assets liquidation range, minimum | 2 years | |||
Underlying assets liquidation range, maximum | 10 years |
Preneed Cemetery Activities Inv
Preneed Cemetery Activities Investment Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investment related activities [Line Items] | ||||
Realized gains from sales of available-for-sale securities | $ 20,183 | $ 66,604 | $ 60,080 | $ 159,672 |
Realized losses from sales of available-for-sale securities | (21,086) | (7,468) | (47,407) | (18,396) |
Cemetery | ||||
Investment related activities [Line Items] | ||||
Deposits | 40,327 | 34,018 | 116,581 | 95,421 |
Withdrawals | 33,260 | 33,669 | 115,930 | 96,238 |
Purchases of available-for-sale securities | 165,025 | 247,853 | 389,219 | 458,176 |
Sales of available-for-sale securities | 150,804 | 285,411 | 389,747 | 481,258 |
Realized gains from sales of available-for-sale securities | 10,318 | 40,635 | 33,859 | 86,822 |
Realized losses from sales of available-for-sale securities | $ (11,948) | $ (4,439) | $ (25,375) | $ (10,564) |
Preneed Cemetery Activities Lon
Preneed Cemetery Activities Long-term Receivable and Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Long-term receivable and investment components [Line Items] | ||
Preneed cemetery receivables, net and trust investments | $ 2,267,806 | $ 2,306,669 |
Cemetery | ||
Long-term receivable and investment components [Line Items] | ||
Trust investments, at market | 1,317,018 | 1,404,298 |
Cash and cash equivalents | 120,805 | 122,355 |
Trust investments | 1,437,823 | 1,526,653 |
Receivables from customers | 935,844 | 881,082 |
Unearned finance charges | (33,477) | (31,524) |
Preneed cemetary receivables, net and trust investments, excluding allowance for cancellation | 2,340,190 | 2,376,211 |
Allowance for cancellation | (72,384) | (69,542) |
Preneed cemetery receivables, net and trust investments | $ 2,267,806 | $ 2,306,669 |
Preneed Cemetery Activities Sch
Preneed Cemetery Activities Schedule of Available-for-sale Securities (Details) - Cemetery - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 1,398,891 | $ 1,411,166 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 42,099 | 38,316 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 123,972 | 45,184 |
Available-for-sale Securities, Fair Value | 1,317,018 | 1,404,298 |
Fair Value, Inputs, Level 2 | US Treasury Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 67,552 | 63,447 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 41 | 257 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1,258 | 605 |
Available-for-sale Securities, Fair Value | 66,335 | 63,099 |
Fair Value, Inputs, Level 2 | Foreign Government Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 25,546 | 21,687 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 306 | 261 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 86 | 134 |
Available-for-sale Securities, Fair Value | 25,766 | 21,814 |
Fair Value, Inputs, Level 2 | Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 5,293 | 8,725 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 31 | 122 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 112 | 116 |
Available-for-sale Securities, Fair Value | 5,212 | 8,731 |
Fair Value, Inputs, Level 2 | Residential Mortgage Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 135 | 111 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3 | 3 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2 | 1 |
Available-for-sale Securities, Fair Value | 136 | 113 |
Fair Value, Inputs, Level 2 | Asset-backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 170 | 170 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 18 | 16 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Securities, Fair Value | 188 | 186 |
Fair Value, Inputs, Level 2 | Preferred Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 10 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |
Available-for-sale Securities, Fair Value | 11 | |
Fair Value, Inputs, Level 1 | US Common Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 546,840 | 557,955 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 27,293 | 22,746 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 47,051 | 11,706 |
Available-for-sale Securities, Fair Value | 527,082 | 568,995 |
Fair Value, Inputs, Level 1 | Canada Common Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 9,077 | 10,962 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,737 | 5,011 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1,191 | 841 |
Available-for-sale Securities, Fair Value | 11,623 | 15,132 |
Fair Value, Inputs, Level 1 | Other International Common Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 56,256 | 55,632 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,102 | 1,605 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 9,341 | 2,395 |
Available-for-sale Securities, Fair Value | 49,017 | 54,842 |
Fair Value, Inputs, Level 1 | Equity Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 352,117 | 344,443 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,525 | 4,244 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 48,602 | 18,430 |
Available-for-sale Securities, Fair Value | 305,040 | 330,257 |
Fair Value, Inputs, Level 1 | Fixed Income Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 302,920 | 314,600 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 322 | 679 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 13,353 | 4,702 |
Available-for-sale Securities, Fair Value | 289,889 | 310,577 |
Fair Value, Inputs, Level 3 | Private Equity Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 30,896 | 32,342 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 6,462 | 3,185 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2,976 | 6,183 |
Available-for-sale Securities, Fair Value | 34,382 | 29,344 |
Fair Value, Inputs, Level 3 | Other Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 2,089 | 1,082 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 259 | 186 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 71 |
Available-for-sale Securities, Fair Value | $ 2,348 | $ 1,197 |
Preneed Cemetery Activities Lev
Preneed Cemetery Activities Level 3 Activities (Details) - Cemetery - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Private Equity Funds | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair market value, beginning balance | $ 34,867 | $ 27,557 | $ 29,344 | $ 26,844 | |
Net unrealized losses included in Accumulated other comprehensive income | [1] | 1,779 | 1,056 | 5,312 | 2,666 |
Net realized losses included in Other income, net(2) | [2] | (6) | (8) | (46) | (23) |
Payments to Acquire Other Investments | 0 | 0 | 0 | 0 | |
Contributions | 0 | 5,379 | 4,830 | 6,404 | |
Distributions and other | (2,258) | (3,147) | (5,058) | (5,054) | |
Fair market value, ending balance | 34,382 | 30,837 | 34,382 | 30,837 | |
Other Investments | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair market value, beginning balance | 2,448 | 1,078 | 1,197 | 1,245 | |
Net unrealized losses included in Accumulated other comprehensive income | [1] | 1,045 | (186) | 590 | (149) |
Net realized losses included in Other income, net(2) | [2] | (4) | (5) | (17) | (6) |
Payments to Acquire Other Investments | (26) | 0 | (1,348) | 0 | |
Contributions | 0 | 127 | 1,294 | 127 | |
Distributions and other | (1,115) | 0 | (2,064) | (203) | |
Fair market value, ending balance | $ 2,348 | $ 1,014 | $ 2,348 | $ 1,014 | |
[1] | All unrealized gains (losses) recognized in Accumulated other comprehensive income for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed receipts held in trust. See Note 7 for further information related to our Deferred preneed receipts held in trust. | ||||
[2] | All net realized losses recognized in Other income (expense), net for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed receipts held in trust. See Note 7 for further information related to our Deferred preneed receipts held in trust. |
Preneed Cemetery Activities I51
Preneed Cemetery Activities Investments Classified by Contractual Maturity Date (Details) - Cemetery $ in Thousands | Sep. 30, 2015USD ($) |
Investments Classified By Contractual Maturity Date [Line Items] | |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | $ 26,631 |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 25,881 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 26,261 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 18,864 |
Available-for-sale Securities, Debt Maturities, Total, Fair Value | $ 97,637 |
Preneed Cemetery Activities S52
Preneed Cemetery Activities Schedule of Unrealized Loss on Investments (Details) - Cemetery - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 942,814 | $ 732,387 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (119,007) | (37,625) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 28,316 | 32,624 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,965) | (7,559) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 971,130 | 765,011 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (123,972) | (45,184) |
US Treasury Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 55,492 | 45,072 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,257) | (605) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 55,505 | 45,072 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,258) | (605) |
Foreign Government Debt Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,242 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (20) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 879 | 4,858 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (66) | (134) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,121 | 4,858 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (86) | (134) |
Corporate Debt Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 204 | 2,017 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (8) | (61) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,441 | 1,936 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (104) | (55) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,645 | 3,953 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (112) | (116) |
Residential Mortgage Backed Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 27 | 33 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (1) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 19 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 46 | 33 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (2) | (1) |
US Common Stock Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 300,606 | 192,015 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (47,051) | (11,706) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 585 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 300,606 | 192,600 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (47,051) | (11,706) |
Canada Common Stock Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 789 | 2,069 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (442) | (319) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,231 | 778 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (749) | (522) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,020 | 2,847 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,191) | (841) |
Other International Common Stock Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 28,359 | 28,308 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9,341) | (2,395) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 28,359 | 28,308 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (9,341) | (2,395) |
Equity Funds | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 296,807 | 303,211 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (48,088) | (18,329) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,889 | 1,577 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (514) | (101) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 298,696 | 304,788 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (48,602) | (18,430) |
Fixed Income Funds | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 259,288 | 159,572 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (12,800) | (4,106) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13,519 | 15,113 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (553) | (596) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 272,807 | 174,685 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (13,353) | (4,702) |
Private Equity Funds | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 88 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (100) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 8,325 | 7,518 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,976) | (6,083) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 8,325 | 7,606 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (2,976) | (6,183) |
Other Investments | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 259 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (68) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 261 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (71) |
Preneed Cemetery Activities Pre
Preneed Cemetery Activities Preneed Cemetery Activities, Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 21,400 | $ 21,400 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 3,252 | $ 108,580 | 8,304 | $ 109,515 |
Cemetery | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 46,800 | 46,800 | ||
Investment Earnings, Net | 10,700 | 12,200 | 34,900 | 36,200 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 1,761 | $ 59,311 | $ 3,811 | $ 59,829 |
Underlying assets liquidation range, minimum | 2 years | |||
Underlying assets liquidation range, maximum | 10 years |
Cemetery Perpetual Care Trust54
Cemetery Perpetual Care Trusts Investment Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investment related activities [Line Items] | ||||
Realized gains from sales of available-for-sale securities | $ 20,183 | $ 66,604 | $ 60,080 | $ 159,672 |
Realized losses from sales of available-for-sale securities | (21,086) | (7,468) | (47,407) | (18,396) |
Cemetery Perpetual Care | ||||
Investment related activities [Line Items] | ||||
Deposits | 10,264 | 9,202 | 29,717 | 29,439 |
Withdrawals | 8,073 | 8,680 | 32,749 | 23,879 |
Purchases of available-for-sale securities | 29,129 | 169,973 | 174,243 | 233,795 |
Sales of available-for-sale securities | 14,466 | 172,646 | 120,602 | 251,719 |
Realized gains from sales of available-for-sale securities | 524 | 7,034 | 2,675 | 21,903 |
Realized losses from sales of available-for-sale securities | $ (156) | $ (935) | $ (4,478) | $ (1,599) |
Cemetery Perpetual Care Trust55
Cemetery Perpetual Care Trusts Long-term Receivable and Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Long-term receivable and investment components [Line Items] | ||
Cemetery perpetual care trust investments | $ 1,304,219 | $ 1,341,376 |
Cemetery Perpetual Care | ||
Long-term receivable and investment components [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,023,415 | 708,011 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 68,494 | 20,990 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 32,144 | 35,581 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 8,521 | 13,031 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,055,559 | 743,592 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 77,015 | 34,021 |
Trust investments, at market | 1,209,834 | 1,192,966 |
Restricted Cash | 94,385 | 148,410 |
Cemetery perpetual care trust investments | 1,304,219 | 1,341,376 |
Asset-backed Securities | Cemetery Perpetual Care | ||
Long-term receivable and investment components [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 131 | 373 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 10 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 372 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 16 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 503 | 373 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 26 | $ 4 |
Cemetery Perpetual Care Trust56
Cemetery Perpetual Care Trusts Schedule of Available-for-sale Securities (Details) - Cemetery Perpetual Care - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 1,268,557 | $ 1,207,563 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 18,292 | 19,424 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (77,015) | (34,021) |
Available-for-sale Securities, Fair Value | 1,209,834 | 1,192,966 |
Fair Value, Inputs, Level 2 | US Treasury Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 3,697 | 794 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 26 | 40 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (95) | (4) |
Available-for-sale Securities, Fair Value | 3,628 | 830 |
Fair Value, Inputs, Level 2 | Foreign Government Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 33,094 | 31,993 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 507 | 442 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (154) | (233) |
Available-for-sale Securities, Fair Value | 33,447 | 32,202 |
Fair Value, Inputs, Level 2 | Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 13,178 | 16,762 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 168 | 344 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (279) | (210) |
Available-for-sale Securities, Fair Value | 13,067 | 16,896 |
Fair Value, Inputs, Level 2 | Residential Mortgage Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 968 | 910 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 18 | 15 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (7) | (6) |
Available-for-sale Securities, Fair Value | 979 | 919 |
Fair Value, Inputs, Level 2 | Asset-backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 662 | 661 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 6 | 10 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (26) | (4) |
Available-for-sale Securities, Fair Value | 642 | 667 |
Fair Value, Inputs, Level 2 | Preferred Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 6,264 | 4,439 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 33 | 60 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (626) | (12) |
Available-for-sale Securities, Fair Value | 5,671 | 4,487 |
Fair Value, Inputs, Level 1 | US Common Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 237,356 | 225,129 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 7,740 | 9,340 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (21,941) | (4,881) |
Available-for-sale Securities, Fair Value | 223,155 | 229,588 |
Fair Value, Inputs, Level 1 | Canada Common Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 5,381 | 7,419 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,049 | 2,737 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (837) | (596) |
Available-for-sale Securities, Fair Value | 6,593 | 9,560 |
Fair Value, Inputs, Level 1 | Other International Common Stock Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 12,825 | 8,102 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 40 | 90 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (2,523) | (399) |
Available-for-sale Securities, Fair Value | 10,342 | 7,793 |
Fair Value, Inputs, Level 1 | Equity Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 21,602 | 17,310 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,116 | 3,264 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1,468) | (93) |
Available-for-sale Securities, Fair Value | 23,250 | 20,481 |
Fair Value, Inputs, Level 1 | Fixed Income Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 881,664 | 846,230 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 563 | 1,580 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (41,924) | (14,263) |
Available-for-sale Securities, Fair Value | 840,303 | 833,547 |
Fair Value, Inputs, Level 3 | Private Equity Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 38,631 | 34,288 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,988 | 408 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (6,773) | (10,788) |
Available-for-sale Securities, Fair Value | 33,846 | 23,908 |
Fair Value, Inputs, Level 3 | Other Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 13,235 | 13,526 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,038 | 1,094 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (362) | (2,532) |
Available-for-sale Securities, Fair Value | $ 14,911 | $ 12,088 |
Cemetery Perpetual Care Trust57
Cemetery Perpetual Care Trusts Level 3 Activities (Details) - Cemetery Perpetual Care - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Private Equity Funds | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair market value, beginning balance | $ 34,137 | $ 21,274 | $ 23,908 | $ 19,779 | |
Net unrealized (losses) gains included in Accumulated other comprehensive income | [1] | 87 | (206) | 6,380 | 1,091 |
Net realized gains (losses) included in Other income, net(2) | [2] | (10) | (13) | (40) | (37) |
Sales | 0 | (17) | |||
Contributions | 0 | 9,058 | 5,165 | 10,461 | |
Distributions and other | (368) | (3,331) | (1,567) | (4,495) | |
Fair market value, ending balance | 33,846 | 26,782 | 33,846 | 26,782 | |
Other Investments | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair market value, beginning balance | 14,089 | 11,983 | 12,088 | 11,587 | |
Net unrealized (losses) gains included in Accumulated other comprehensive income | [1] | 1,310 | 23 | 1,344 | 704 |
Net realized gains (losses) included in Other income, net(2) | [2] | (13) | (17) | (36) | (29) |
Sales | 0 | 0 | |||
Contributions | 0 | 0 | 2,553 | 0 | |
Distributions and other | (475) | 0 | (1,038) | (273) | |
Fair market value, ending balance | $ 14,911 | $ 11,989 | $ 14,911 | $ 11,989 | |
[1] | All unrealized gains (losses) recognized in Accumulated other comprehensive income for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed receipts held in trust. See Note 7 for further information related to our Deferred preneed receipts held in trust. | ||||
[2] | All net realized losses recognized in Other income (expense), net for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed receipts held in trust. See Note 7 for further information related to our Deferred preneed receipts held in trust. |
Cemetery Perpetual Care Trust58
Cemetery Perpetual Care Trusts Investments Classifed by Contractual Maturity Date (Details) - Cemetery Perpetual Care $ in Thousands | Sep. 30, 2015USD ($) |
Investments Classified By Contractual Maturity Date [Line Items] | |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | $ 26,894 |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 16,644 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 7,174 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 1,051 |
Available-for-sale Securities, Debt Maturities, Total, Fair Value | $ 51,763 |
Cemetery Perpetual Care Trust59
Cemetery Perpetual Care Trusts Schedule of Unrealized Loss on Investments (Details) - Cemetery Perpetual Care - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,023,415 | $ 708,011 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 68,494 | 20,990 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 32,144 | 35,581 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 8,521 | 13,031 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,055,559 | 743,592 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 77,015 | 34,021 |
US Treasury Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,262 | 497 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 95 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,262 | 497 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 95 | 4 |
Foreign Government Debt Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 15,585 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 40 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,412 | 7,825 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 114 | 233 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 16,997 | 7,825 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 154 | 233 |
Corporate Debt Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,112 | 4,656 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 70 | 108 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,474 | 3,198 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 209 | 102 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 6,586 | 7,854 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 279 | 210 |
Residential Mortgage Backed Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 200 | 256 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 89 | 69 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 289 | 325 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 7 | 6 |
Asset-backed Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 131 | 373 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 10 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 372 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 16 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 503 | 373 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 26 | 4 |
Preferred Stock Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,911 | 2,224 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 626 | 11 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 49 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,911 | 2,273 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 626 | 12 |
US Common Stock Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 158,685 | 100,370 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 21,941 | 4,803 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 419 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 78 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 158,685 | 100,789 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 21,941 | 4,881 |
Canada Common Stock Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 692 | 2,418 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 303 | 244 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 923 | 757 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 534 | 352 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,615 | 3,175 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 837 | 596 |
Other International Common Stock Securities | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 10,060 | 4,444 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,494 | 399 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 84 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 29 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,144 | 4,444 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2,523 | 399 |
Equity Funds | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,107 | 2,601 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,432 | 85 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 255 | 153 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 36 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,362 | 2,754 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,468 | 93 |
Fixed Income Funds | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 822,656 | 576,890 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 41,471 | 14,177 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,384 | 2,581 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 453 | 86 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 827,040 | 579,471 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 41,924 | 14,263 |
Private Equity Funds | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 9,213 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 798 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 14,564 | 14,254 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6,773 | 9,990 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,564 | 23,467 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 6,773 | 10,788 |
Other Investments | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 14 | 4,069 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 11 | 352 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,587 | 6,276 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 351 | 2,180 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,601 | 10,345 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 362 | $ 2,532 |
Cemetery Perpetual Care Trust60
Cemetery Perpetual Care Trusts Cemetery Perpetual Care Trusts, Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 21,400 | $ 21,400 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (3,252) | $ (108,580) | (8,304) | $ (109,515) |
Cemetery Perpetual Care | ||||
Investment Earnings, Net | 10,500 | 10,900 | 43,500 | 39,900 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ (106) | $ (8,025) | $ (1,613) | $ (8,072) |
Underlying assets liquidation range, minimum | 2 years | |||
Underlying assets liquidation range, maximum | 10 years |
Deferred Preneed Funeral and 61
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Component of Other Income, Nonoperating [Line Items] | |||||
Deferred preneed funeral and cemetery receipts held in trust, excluding accrued expenses | $ 2,935,964 | $ 2,935,964 | $ 3,155,528 | ||
Accrued trust operating payables and other | (3,280) | (3,280) | (6,644) | ||
Deferred preneed funeral and cemetery receipts held in trust | 2,932,684 | 2,932,684 | 3,148,884 | ||
Care trusts’ corpus | 1,304,574 | 1,304,574 | 1,327,658 | ||
Realized gains from sales of available-for-sale securities | 20,183 | $ 66,604 | 60,080 | $ 159,672 | |
Realized losses from sales of available-for-sale securities | (21,086) | (7,468) | (47,407) | (18,396) | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (3,252) | (108,580) | (8,304) | (109,515) | |
Interest, dividend, and other ordinary income | 22,639 | 13,688 | 73,633 | 65,545 | |
Trust expenses and income taxes | (18,230) | (17,584) | (66,017) | (48,831) | |
Net trust investment income | 254 | (53,340) | 11,985 | 48,475 | |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | (254) | 53,340 | (11,985) | (48,475) | |
Total other income, net | 334 | (9) | 167 | 1,577 | |
Funeral | |||||
Component of Other Income, Nonoperating [Line Items] | |||||
Deferred preneed funeral and cemetery receipts held in trust, excluding accrued expenses | 1,498,141 | 1,498,141 | 1,628,875 | ||
Accrued trust operating payables and other | (1,083) | (1,083) | (2,487) | ||
Deferred preneed funeral and cemetery receipts held in trust | 1,497,058 | 1,497,058 | 1,626,388 | ||
Realized gains from sales of available-for-sale securities | 9,341 | 18,935 | 23,546 | 50,947 | |
Realized losses from sales of available-for-sale securities | (8,982) | (2,094) | (17,554) | (6,233) | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (1,385) | (41,244) | (2,880) | (41,614) | |
Interest, dividend, and other ordinary income | 4,244 | 1,849 | 17,126 | 15,323 | |
Trust expenses and income taxes | (5,804) | (6,748) | (15,641) | (16,193) | |
Net trust investment income | (2,586) | (29,302) | 4,597 | 2,230 | |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | 2,586 | 29,302 | (4,597) | (2,230) | |
Other income, net | 0 | 0 | 0 | 0 | |
Total other income, net | 0 | 0 | 0 | 0 | |
Cemetery | |||||
Component of Other Income, Nonoperating [Line Items] | |||||
Deferred preneed funeral and cemetery receipts held in trust, excluding accrued expenses | 1,437,823 | 1,437,823 | 1,526,653 | ||
Accrued trust operating payables and other | (2,197) | (2,197) | (4,157) | ||
Deferred preneed funeral and cemetery receipts held in trust | 1,435,626 | 1,435,626 | 1,522,496 | ||
Realized gains from sales of available-for-sale securities | 10,318 | 40,635 | 33,859 | 86,822 | |
Realized losses from sales of available-for-sale securities | (11,948) | (4,439) | (25,375) | (10,564) | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (1,761) | (59,311) | (3,811) | (59,829) | |
Interest, dividend, and other ordinary income | 4,360 | 2,681 | 16,138 | 10,157 | |
Trust expenses and income taxes | (7,902) | (6,541) | (23,009) | (15,733) | |
Net trust investment income | (6,933) | (26,975) | (2,198) | 10,853 | |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | 6,933 | 26,975 | 2,198 | (10,853) | |
Other income, net | 0 | 0 | 0 | 0 | |
Total other income, net | 0 | 0 | 0 | 0 | |
Cemetery Perpetual Care | |||||
Component of Other Income, Nonoperating [Line Items] | |||||
Care trusts' corpus, excluding accrued expenses | 1,304,219 | 1,304,219 | 1,341,376 | ||
Accrued trust operating payables and other | (355) | (355) | (13,718) | ||
Care trusts’ corpus | 1,304,574 | 1,304,574 | $ 1,327,658 | ||
Realized gains from sales of available-for-sale securities | 524 | 7,034 | 2,675 | 21,903 | |
Realized losses from sales of available-for-sale securities | (156) | (935) | (4,478) | (1,599) | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (106) | (8,025) | (1,613) | (8,072) | |
Interest, dividend, and other ordinary income | 14,035 | 9,158 | 40,369 | 40,065 | |
Trust expenses and income taxes | (4,524) | (4,295) | (27,367) | (16,905) | |
Net trust investment income | 9,773 | 2,937 | 9,586 | 35,392 | |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | (9,773) | (2,937) | (9,586) | (35,392) | |
Other income, net | 0 | 0 | 0 | 0 | |
Total other income, net | 0 | 0 | 0 | 0 | |
Intersegment Eliminations | |||||
Component of Other Income, Nonoperating [Line Items] | |||||
Realized gains from sales of available-for-sale securities | 0 | 0 | 0 | 0 | |
Realized losses from sales of available-for-sale securities | 0 | 0 | 0 | 0 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | 0 | 0 | 0 | |
Interest, dividend, and other ordinary income | 0 | 0 | 0 | 0 | |
Trust expenses and income taxes | 0 | 0 | 0 | 0 | |
Net trust investment income | 0 | 0 | 0 | 0 | |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | 0 | 0 | 0 | 0 | |
Other income, net | 334 | (9) | 167 | 1,577 | |
Total other income, net | $ 334 | $ (9) | $ 167 | $ 1,577 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes [Abstract] | ||||
Effective Income Tax Rate, Continuing Operations | 35.30% | 81.70% | 36.50% | 60.00% |
Unrecognized Tax Benefits | $ 191.7 | $ 191.7 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 50.4 | 50.4 | ||
Unrecognized tax benefits, reduction of accrued interest | $ 2.8 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Total debt | $ 3,141,459 | $ 3,054,725 | |
Less current maturities | (95,045) | (90,931) | |
Long-term Debt and Capital Lease Obligations, Current | (95,045) | (90,931) | |
Total long-term debt | 3,046,414 | 2,963,794 | |
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Repayments of Other Debt | 342,500 | $ 985,800 | |
Unamortized pricing discounts and other | 8,759 | (2,905) | |
Unsecured Debt | April 2016 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 0 | 197,377 | |
Unsecured Debt | June 2017 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 295,000 | 295,000 | |
Unsecured Debt | October 2018 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 250,000 | 250,000 | |
Unsecured Debt | November 2020 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 200,000 | 200,000 | |
Unsecured Debt | November 2021 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 150,000 | 150,000 | |
Unsecured Debt | January 2022 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 425,000 | 425,000 | |
Unsecured Debt | May 2024 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 850,000 | 550,000 | |
Unsecured Debt | April 2027 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 200,000 | 200,000 | |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable to Bank | 325,000 | 370,000 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Bank credit facility due March 2016 | 225,000 | 235,000 | |
Capital Lease Obligations | |||
Debt Instrument [Line Items] | |||
Obligations under capital leases | 208,613 | 181,002 | |
Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes and other debt, maturities through 2047 | $ 4,087 | $ 4,251 |
Debt Narratives (Details)
Debt Narratives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 5.15% | 5.15% | 5.21% | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 76.00% | 76.00% | 75.00% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | $ 500,000 | ||||
Letters of Credit, Maximum Borrowing Capacity | 175,000 | 175,000 | ||||
Letters of Credit Outstanding, Amount | $ 33,300 | 33,300 | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 241,700 | 241,700 | ||||
Line of Credit Facility, Increase (Decrease), Net | $ 95,000 | $ 110,000 | 90,000 | |||
Repayments of Long-term Debt | 145,171 | $ 222,958 | ||||
Gains (Losses) on Extinguishment of Debt | (6,918) | $ 0 | (6,918) | (29,158) | ||
Capital Lease Obligations Incurred | 51,300 | 30,800 | ||||
Repayments of Long-term Capital Lease Obligations | 20,421 | 21,979 | ||||
Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Other Debt | 342,500 | 985,800 | ||||
Unsecured Debt | May 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 250,000 | |||||
Unsecured Debt | May 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | 850,000 | 850,000 | $ 550,000 | |||
Additional Issuance of Unsecured Debt | 300,000 | |||||
Debt Instrument, Unamortized Premium | 11,300 | 11,300 | ||||
Unsecured Debt | April 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 200,000 | |||||
Repayments of Long-term Debt | 9,100 | |||||
Unsecured Debt | April 2015 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 136,500 | |||||
Unsecured Debt | July 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 45,000 | 222,500 | ||||
Unsecured Debt | July 2014 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 86,400 | |||||
Repayments of Long-term Debt | 21,700 | |||||
Unsecured Debt | July 2016 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 45,000 | |||||
Repayments of Long-term Debt | $ 14,200 | |||||
Unsecured Debt | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 100,000 | |||||
Unsecured Debt | April 2016 | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | $ 0 | 0 | $ 197,377 | |||
Repayments of Debt | $ 197,400 |
Credit Risk and Fair Value of65
Credit Risk and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of debt instruments | $ 3,095,801 | $ 3,007,898 |
April 2,016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 208,075 |
June 2,017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 316,759 | 320,043 |
October 2,018 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 282,500 | 277,538 |
November 2,020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 204,500 | 201,700 |
November 2,021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 176,250 | 174,375 |
January 2,022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 448,503 | 437,750 |
May 2,024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 887,188 | 558,250 |
April 2,027 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 226,000 | 220,890 |
July 2,018 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage notes and other debt, maturities through 2047 | 325,000 | 370,000 |
Mortgages [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage notes and other debt, maturities through 2047 | 4,101 | 4,277 |
Line of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility due March 2016 | $ 225,000 | $ 235,000 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Exercised | 0 | (761,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 20.59 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 1.80% | |
Expected volatility | 23.30% | |
Risk-free interest rate | 1.30% | |
Expected holding period | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding at beginning of period | 12,107,106 | |
Options outstanding at beginning of period, weighted average exercise price | $ 11.63 | |
Granted | 2,036,010 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 23 | |
Exercised | 2,945,438 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 10.44 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (21,400) | |
Options outstanding at end of period | 11,176,278 | |
Options outstanding at end of period, weighted average exercise price | $ 13.98 | |
Options exercisable at March 31, 2012 | 7,008,300 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 10.58 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (3,840) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 20.47 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||
Nonvested restricted shares at beginning of period | 1,319,260 | |
Nonvested restricted shares at beginning of period, weighted average grant date fair value | $ 13.39 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 253,791 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 23 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (990,558) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 12.37 | |
Nonvested restricted shares at end of period | 578,653 | |
Nonvested restricted shares at end of period, weighted average grant date fair value | $ 19.32 |
Share-Based Compensation Narrat
Share-Based Compensation Narratives (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Stock Options | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 10.4 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months |
Restricted Stock | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 7.6 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months |
Equity Components of Accumulate
Equity Components of Accumulated Other Comrehensive income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Oct. 28, 2015 | |
Accumulated other comprehensive income [Roll Forward] | ||||||
Balance at beginning of period | $ 16,501,000 | $ 59,414,000 | ||||
Activity | 119,543,000 | $ 80,239,000 | ||||
Foreign currency translation adjustments | $ (28,182,000) | $ (16,060,000) | (42,941,000) | (13,732,000) | ||
Reclassification of foreign currency translation adjustments to Net Income from discontinued operations | 3,114,000 | $ 3,114,000 | ||||
Balance at end of period | $ 16,501,000 | $ 16,501,000 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 27.75 | |||||
Treasury Stock, Shares, Acquired | 11,008,576 | 0 | ||||
Treasury Stock, Value, Acquired, Par Value Method | $ 305,500,000 | |||||
Stock Repurchase Program, Authorized Amount | $ 400,000,000 | 400,000,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 321,600,000 | 321,600,000 | ||||
Payments to Acquire Additional Interest in Subsidiaries | 0 | $ 15,000,000 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||
Accumulated other comprehensive income [Roll Forward] | ||||||
Balance at beginning of period | 16,501,000 | 59,414,000 | 88,441,000 | |||
Activity | (42,913,000) | (10,618,000) | ||||
Increase in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | (110,016,000) | 11,672,000 | ||||
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus’, net of taxes | 110,016,000 | (11,672,000) | ||||
Balance at end of period | 16,501,000 | 77,823,000 | 16,501,000 | $ 77,823,000 | ||
Treasury Stock, Shares, Acquired | 0 | |||||
Payments to Acquire Additional Interest in Subsidiaries | $ 0 | |||||
Foreign Currency Gain (Loss) | ||||||
Accumulated other comprehensive income [Roll Forward] | ||||||
Balance at beginning of period | 16,501,000 | 59,414,000 | 88,441,000 | |||
Activity | (42,913,000) | |||||
Foreign currency translation adjustments | (13,732,000) | |||||
Reclassification of foreign currency translation adjustments to Net Income from discontinued operations | 3,114,000 | |||||
Balance at end of period | 16,501,000 | 77,823,000 | 16,501,000 | 77,823,000 | ||
Accumulated Net Unrealized Investment Gain (Loss) | ||||||
Accumulated other comprehensive income [Roll Forward] | ||||||
Balance at beginning of period | $ 0 | 0 | 0 | |||
Increase in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | (110,016,000) | 11,672,000 | ||||
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus’, net of taxes | 110,016,000 | (11,672,000) | ||||
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 | ||
Subsequent Event [Member] | ||||||
Accumulated other comprehensive income [Roll Forward] | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ 28.17 | |||||
Treasury Stock, Shares, Acquired | 619,905 | |||||
Treasury Stock, Value, Acquired, Par Value Method | $ 17,500,000 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 304,100,000 | |||||
Payments to Acquire Additional Interest in Subsidiaries | $ 2,100,000 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 24.40% |
Equity Narratives (Details)
Equity Narratives (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Oct. 28, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Dividends declared per share | $ 0.12 | $ 0.09 | $ 0.32 | $ 0.25 | ||
Dividends, Common Stock, Cash | $ 23.7 | |||||
Treasury Stock, Shares, Acquired | 11,008,576 | 0 | ||||
Treasury Stock, Value, Acquired, Par Value Method | $ 305.5 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 27.75 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 321.6 | $ 321.6 | ||||
Subsequent Event [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 619,905 | |||||
Treasury Stock, Value, Acquired, Par Value Method | $ 17.5 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 28.17 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 304.1 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue from External Customers | $ 714,525 | $ 718,314 | $ 2,216,996 | $ 2,210,569 |
Gross Profit | 141,944 | 148,298 | 486,623 | 470,402 |
General and administrative expenses | (28,158) | (39,748) | (96,781) | (141,885) |
Losses (gains) on divestitures and impairment charges, net | 10,764 | 26,570 | 3,403 | 58,752 |
Operating income | 124,550 | 135,120 | 393,245 | 387,269 |
Interest expense | (43,921) | (43,376) | (129,842) | (134,679) |
Loss on early extinguishment of debt | (6,918) | 0 | (6,918) | (29,158) |
Other income (expense), net | 334 | (9) | 167 | 1,577 |
Income before income taxes | 74,045 | 91,735 | 256,652 | 225,009 |
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from External Customers | 671,857 | 671,949 | 2,077,383 | 2,062,231 |
CANADA | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from External Customers | 42,668 | 46,365 | 139,613 | 148,338 |
Funeral | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from External Customers | 449,240 | 458,941 | 1,428,385 | 1,447,526 |
Gross Profit | 77,032 | 89,660 | 298,899 | 310,059 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Cemetery | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from External Customers | 265,285 | 259,373 | 788,611 | 763,043 |
Gross Profit | 64,912 | 58,638 | 187,724 | 160,343 |
Other income (expense), net | $ 0 | $ 0 | $ 0 | $ 0 |
Supplementary Information (Deta
Supplementary Information (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Product Information [Line Items] | ||||
Capital Expenditures Incurred but Not yet Paid | $ (1,587) | $ (735) | ||
Total merchandise revenues | $ 340,885 | $ 330,862 | 1,014,700 | 996,156 |
Total services revenues | 327,381 | 342,470 | 1,067,515 | 1,086,344 |
Other revenues | 46,259 | 44,982 | 134,781 | 128,069 |
Total revenues | 714,525 | 718,314 | 2,216,996 | 2,210,569 |
Total cost of merchandise | 152,735 | 153,101 | 457,739 | 461,150 |
Total cost of services | 186,355 | 187,674 | 574,591 | 587,915 |
Overhead and other expenses | 233,491 | 229,241 | 698,043 | 691,102 |
Total costs and expenses | 572,581 | 570,016 | $ 1,730,373 | $ 1,740,167 |
Options exercised by attestation | 0 | 761 | ||
Stock Repurchased During Period, Shares | 0 | (761) | ||
Funeral | ||||
Product Information [Line Items] | ||||
Total merchandise revenues | 145,193 | 146,799 | $ 456,806 | $ 467,285 |
Total services revenues | 265,025 | 276,449 | 859,878 | 878,154 |
Total revenues | 449,240 | 458,941 | 1,428,385 | 1,447,526 |
Total cost of merchandise | 71,908 | 72,569 | 217,175 | 222,542 |
Total cost of services | 154,538 | 152,625 | 472,602 | 476,288 |
Cemetery | ||||
Product Information [Line Items] | ||||
Total merchandise revenues | 195,692 | 184,063 | 557,894 | 528,871 |
Total services revenues | 62,356 | 66,021 | 207,637 | 208,190 |
Total revenues | 265,285 | 259,373 | 788,611 | 763,043 |
Total cost of merchandise | 80,827 | 80,532 | 240,564 | 238,608 |
Total cost of services | $ 31,817 | $ 35,049 | $ 101,989 | $ 111,627 |
Commitments and Contingencies72
Commitments and Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies [Abstract] | ||
Self Insurance Reserve | $ 76.8 | $ 74 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 142 | 1,431 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | $ 0.005 | $ 0.01 | $ 0.01 | $ 0.01 |
Net Income (Loss) Attributable to Parent [Abstract] | ||||
Net income attributable to common stockholders | $ 47,448 | $ 17,651 | $ 161,418 | $ 84,675 |
After tax interest on convertible debt | 13 | 37 | 38 | |
Net income — diluted | $ 47,461 | $ 17,651 | $ 161,455 | $ 84,713 |
Weighted average shares (denominator): | ||||
Weighted average shares — basic | (199,310) | (210,820) | (201,729) | (212,009) |
Stock options | 4,013 | 2,190 | 4,100 | 3,235 |
Convertible debt | 121 | 0 | 121 | 121 |
Weighted average shares — diluted | 203,444 | 213,010 | 205,950 | 215,365 |
Net income attributable to common stockholders, basic | $ 0.24 | $ 0.08 | $ 0.80 | $ 0.40 |
Net income attributable to common stockholders, diluted | $ 0.23 | $ 0.08 | $ 0.78 | $ 0.39 |
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 21 | 1,431 | ||
Antidilutive Convertible Debentures [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 121 |
Earnings Per Share Narratives (
Earnings Per Share Narratives (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | $ 0.005 | $ 0.01 | $ 0.01 | $ 0.01 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 142 | 1,431 |
Divestiture-Related Activitie75
Divestiture-Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Divestiture-Related Activities [Abstract] | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 12,400 | $ 26,889 | $ 9,373 | $ 64,753 |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | (1,636) | (319) | (5,970) | (6,001) |
Gains on divestitures and impairment charges, net | $ 10,764 | $ 26,570 | $ 3,403 | $ 58,752 |