Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Firm ID | 238 |
AuditorName | PricewaterhouseCoopers LLP |
AuditorLocation | Houston, Texas |
Cover Page (Details)
Cover Page (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Entity File Number | 1-6402-1 | |
Entity Registrant Name | SERVICE CORPORATION INTERNATIONAL | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-1488375 | |
Entity Address, Address Line One | 1929 Allen Parkway | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77019 | |
City Area Code | (713) | |
Local Phone Number | 522-5141 | |
Title of 12(b) Security | Common Stock ($1 par value) | |
Trading Symbol | SCI | |
Security Exchange Name | NYSE | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Public Float | $ 9,219,109,565 | |
Audited Annual Financial Statements | true |
Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Feb. 11, 2022 | |
Document Information [Line Items] | ||
Entity Registrant Name | SERVICE CORPORATION INTERNATIONAL | |
Entity Central Index Key | 0000089089 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Entity Shell Company | false | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 161,507,628 | |
Entity Emerging Growth Company | false | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Product Information [Line Items] | |||
Revenue | $ 4,143,143 | $ 3,511,509 | $ 3,230,785 |
Costs of revenue | (2,839,529) | (2,534,682) | (2,470,205) |
Gross profits | 1,303,614 | 976,827 | 760,580 |
Corporate general and administrative expenses | (138,107) | (141,066) | (126,886) |
Gains on divestitures and impairment charges, net | 25,169 | 7,009 | 32,919 |
Operating income | 1,190,676 | 842,770 | 666,613 |
Interest expense | (150,610) | (163,063) | (185,843) |
Losses on early extinguishment of debt, net | (5,226) | (18,428) | (16,637) |
Other income, net | 10,660 | 781 | 299 |
Income from continuing operations before income taxes | 1,045,500 | 662,060 | 464,432 |
Provision for income taxes | (242,248) | (145,923) | (94,661) |
Net income | 803,252 | 516,137 | 369,771 |
Net income attributable to noncontrolling interests | (313) | (230) | (175) |
Net income attributable to common stockholders | $ 802,939 | $ 515,907 | $ 369,596 |
Basic earnings per share: | |||
Net income attributable to common stockholders, basic | $ 4.79 | $ 2.92 | $ 2.03 |
Basic weighted average number of shares | 167,542 | 176,709 | 182,246 |
Diluted earnings per share: | |||
Net income attributable to common stockholders, diluted | $ 4.72 | $ 2.88 | $ 1.99 |
Diluted weighted average number of shares | 170,114 | 178,990 | 185,523 |
Product [Member] | |||
Product Information [Line Items] | |||
Revenue | $ 2,139,795 | $ 1,772,778 | $ 1,610,158 |
Costs of revenue | (1,007,261) | (867,215) | (829,158) |
Service [Member] | |||
Product Information [Line Items] | |||
Revenue | 1,730,860 | 1,513,420 | 1,379,001 |
Costs of revenue | (833,183) | (749,695) | (769,119) |
Product and Service, Other [Member] | |||
Product Information [Line Items] | |||
Revenue | 272,488 | 225,311 | 241,626 |
Costs of revenue | $ (999,085) | $ (917,772) | $ (871,928) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 803,252 | $ 516,137 | $ 369,771 |
Foreign currency translation adjustments | 846 | 9,507 | 16,470 |
Total comprehensive income | 804,098 | 525,644 | 386,241 |
Total comprehensive income attributable to noncontrolling interests | (311) | (235) | (176) |
Total comprehensive income attributable to common stockholders | 803,787 | 525,409 | 386,065 |
Comprehensive income | $ 804,098 | $ 525,644 | $ 386,241 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 268,626 | $ 230,857 |
Receivables, net | 106,051 | 92,939 |
Accounts Receivable, Allowance for Credit Loss | 6,338 | 6,031 |
Inventories | 25,935 | 23,929 |
Other | 40,448 | 28,427 |
Total current assets | 441,060 | 376,152 |
Preneed receivables, net and trust investments | 6,015,323 | 5,345,720 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | (4,577) | (6,902) |
Cemetery property | 1,900,844 | 1,879,340 |
Property and equipment, net | 2,252,158 | 2,133,664 |
Goodwill | 1,915,082 | 1,880,007 |
Deferred charges and other assets | 1,169,813 | 1,080,053 |
Cemetery perpetual care trust investments | 1,996,898 | 1,820,489 |
Total assets | 15,691,178 | 14,515,425 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 659,494 | 575,948 |
Current maturities of long-term debt | 65,016 | 228,352 |
Income taxes payable | 3,751 | 11,634 |
Total current liabilities | 728,261 | 815,934 |
Long-term debt | 3,901,304 | 3,514,182 |
Deferred preneed revenue | 1,532,749 | 1,488,909 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 437,902 | 437,308 |
Other liabilities | 438,903 | 420,039 |
Deferred receipts held in trust | 4,766,492 | 4,272,382 |
Care trusts’ corpus | 1,976,118 | 1,814,050 |
Commitments and contingencies (Note 9) | ||
Equity: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,909,449 | 1,752,621 |
Common Stock, Value, Outstanding | 163,114 | 170,717 |
Capital in excess of par value | 979,096 | 981,934 |
Accumulated deficit | 727,021 | 560,731 |
Accumulated other comprehensive income | 40,214 | 39,366 |
Total common stockholders’ equity | 1,909,445 | 1,752,748 |
Noncontrolling interests | 4 | (127) |
Total equity | $ 1,909,449 | $ 1,752,621 |
Common stock, par or stated value per share | $ 1 | |
Common stock, shares authorized | 500,000,000 | |
Common stock, shares, issued | 166,821,502 | 174,792,272 |
Common stock, shares outstanding | 163,114,202 | 170,717,236 |
Total liabilities and equity | $ 15,691,178 | $ 14,515,425 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par or stated value per share | $ 1 | |
Common stock, shares authorized | 500,000,000 | |
Common stock, shares, issued | 166,821,502 | 174,792,272 |
Common stock, shares outstanding | 163,114,202 | 170,717,236 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | |||
Net income | $ 803,252 | $ 516,137 | $ 369,771 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Losses on early extinguishment of debt, net | 5,226 | 18,428 | 16,637 |
Depreciation and amortization | 159,306 | 155,299 | 151,000 |
Amortization of intangibles | 20,002 | 22,444 | 25,649 |
Amortization of cemetery property | 98,162 | 80,403 | 70,330 |
Amortization of loan costs | 6,367 | 5,483 | 5,681 |
Provision for expected credit losses | 11,362 | 13,558 | 9,146 |
(Benefit from) provision for deferred income taxes | (5,837) | 7,884 | 23,030 |
Gain (Loss) on Disposition of Assets | (25,169) | (7,009) | (32,919) |
Share-based compensation | 14,168 | 14,103 | 15,029 |
Change in assets and liabilities, net of effects from acquisitions and divestitures: | |||
Increase (Decrease) in Other Operating Assets | (54,883) | (35,739) | (23,018) |
Increase (Decrease) in Other Operating Liabilities | 53,747 | 122,478 | 1,788 |
Increase (Decrease) in Accounts and Other Receivables | (20,215) | (14,518) | (12,711) |
Effect of preneed funeral production and maturities: | |||
Increase in preneed receivables, net and trust investments | (308,061) | (158,797) | (16,144) |
Increase in deferred revenue, net | (119,730) | (61,807) | (67,792) |
Increase (decrease) in deferred receipts held in trust | (43,451) | (2,390) | 42,306 |
Net cash provided by operating activities | 920,608 | 804,351 | 628,755 |
Cash flows from investing activities: | |||
Capital expenditures | (303,660) | (222,211) | (239,957) |
Payments to Acquire Businesses, Net of Cash Acquired | 121,382 | (64,164) | (55,644) |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | (26,604) | (52,079) | (51,373) |
Proceeds from divestitures and sales of property and equipment | 40,696 | 21,916 | 77,074 |
Payment to Acquire Life Insurance Policy, Investing Activities | (3,982) | (5,352) | (9,026) |
Proceeds from Life Insurance Policy | 0 | 3,519 | 415 |
Net cash used in investing activities | (414,932) | (318,371) | (278,511) |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 975,000 | 1,585,000 | 1,149,263 |
Debt issuance costs | (13,640) | (14,503) | (15,539) |
Scheduled payments of debt | (36,158) | (34,489) | (25,471) |
Repayments of Other Long-term Debt | (699,837) | (1,371,856) | (1,164,978) |
Finance Lease, Principal Payments | 34,617 | 43,598 | 42,627 |
Proceeds from exercise of stock options | 39,354 | 26,671 | 40,922 |
Purchase of Company common stock | (554,313) | (516,870) | (129,589) |
Payments of dividends | (146,919) | (137,392) | (131,402) |
Bank overdrafts and other | 5,510 | 14,259 | 328 |
Net cash (used in) provided by financing activities | (465,620) | (492,778) | (319,093) |
Effect of foreign currency | (111) | 2,788 | 3,885 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 39,945 | (4,010) | 35,036 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 278,555 | $ 238,610 | $ 242,620 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Capital in Excess of Par Value | Accumulated Other Comprehensive Income | Retained Earnings [Member] | Noncontrolling Interest | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentCommon Stock | Cumulative Effect, Period of Adoption, AdjustmentTreasury Stock | Cumulative Effect, Period of Adoption, AdjustmentCapital in Excess of Par Value | Cumulative Effect, Period of Adoption, AdjustmentAccumulated Other Comprehensive Income | Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings [Member] | Cumulative Effect, Period of Adoption, AdjustmentNoncontrolling Interest |
Balance at beginning of period at Dec. 31, 2018 | $ 1,641,815 | $ 184,721 | $ (3,250) | $ 972,710 | $ 13,395 | $ 474,327 | $ (88) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||||
Comprehensive income | 386,241 | 0 | 0 | 0 | 16,469 | 369,596 | 176 | |||||||
Dividends | (131,402) | 0 | 0 | 0 | 0 | (131,402) | ||||||||
Stock option exercises | 40,922 | 2,394 | 0 | 38,528 | 0 | 0 | 0 | |||||||
Restricted stock awards, net of forfeitures | 0 | 126 | 0 | (126) | 0 | 0 | 0 | |||||||
Employee share-based compensation earned | 15,029 | 0 | 0 | 15,029 | 0 | 0 | 0 | |||||||
Purchase of Company common stock | 129,589 | 0 | 2,909 | 16,062 | 0 | 110,618 | 0 | |||||||
Noncontrolling interest payments | $ (146) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (146) | |||||||
Retirement of treasury shares | 0 | (2,243) | (2,243) | 0 | 0 | 0 | 0 | |||||||
Other | $ 385 | $ 103 | $ 0 | $ 282 | $ 0 | $ 0 | $ 0 | |||||||
Balance at end of period at Dec. 31, 2019 | 1,823,255 | 185,101 | (3,916) | 1,010,361 | 29,864 | 601,903 | (58) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||||
Stockholders' Equity, Period Increase (Decrease) | $ 16,989 | $ 0 | $ 0 | $ 0 | $ 0 | $ 16,989 | $ 0 | |||||||
Comprehensive income | 525,644 | 0 | 0 | 0 | 9,502 | 515,907 | 235 | |||||||
Dividends | (137,392) | 0 | 0 | 0 | 0 | (137,392) | ||||||||
Stock option exercises | 26,671 | 1,361 | 0 | 25,310 | 0 | 0 | 0 | |||||||
Restricted stock awards, net of forfeitures | 0 | 170 | 0 | (170) | 0 | 0 | 0 | |||||||
Employee share-based compensation earned | 14,103 | 0 | 0 | 14,103 | 0 | 0 | 0 | |||||||
Purchase of Company common stock | 516,870 | 0 | 12,043 | 68,151 | 0 | 436,676 | 0 | |||||||
Noncontrolling interest payments | $ (304) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (304) | |||||||
Retirement of treasury shares | 0 | (11,884) | (11,884) | 0 | 0 | 0 | 0 | |||||||
Other | $ 525 | $ 44 | $ 0 | $ 481 | $ 0 | $ 0 | $ 0 | |||||||
Balance at end of period at Dec. 31, 2020 | 1,752,621 | 174,792 | (4,075) | 981,934 | 39,366 | 560,731 | (127) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||||
Comprehensive income | 804,098 | 0 | 0 | 0 | 848 | 802,939 | 311 | |||||||
Dividends | (146,919) | 0 | 0 | 0 | 0 | (146,919) | ||||||||
Stock option exercises | 39,677 | 1,642 | 0 | 38,035 | 0 | 0 | 0 | |||||||
Restricted stock awards, net of forfeitures | 0 | 163 | 0 | (163) | 0 | 0 | 0 | |||||||
Employee share-based compensation earned | 14,168 | 0 | 0 | 14,168 | 0 | 0 | 0 | |||||||
Purchase of Company common stock | 554,636 | 0 | 9,438 | 55,468 | 0 | 489,730 | 0 | |||||||
Noncontrolling interest payments | $ (180) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 180 | |||||||
Retirement of treasury shares | 0 | (9,805) | (9,805) | 0 | 0 | 0 | 0 | |||||||
Other | $ 620 | $ 30 | $ 0 | $ 590 | $ 0 | $ 0 | $ 0 | |||||||
Balance at end of period at Dec. 31, 2021 | $ 1,909,449 | $ 166,822 | $ (3,708) | $ 979,096 | $ 40,214 | $ 727,021 | $ 4 |
Supplementary Information Level
Supplementary Information Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Supplementary Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Supplementary Information The detail of certain balance sheet accounts is as follows: Years Ended December 31, 2021 2020 (In thousands) Cash and cash equivalents: Cash $ 260,750 $ 192,398 Commercial paper and temporary investments 7,876 38,459 $ 268,626 $ 230,857 Other current assets: Income tax receivable $ 13,635 $ 3,725 Prepaid insurance 4,583 4,598 Restricted cash 7,847 5,573 Other 14,383 14,531 $ 40,448 $ 28,427 Cemetery property: Undeveloped land $ 1,297,453 $ 1,240,387 Developed lots, lawn crypts, mausoleum spaces, cremation niches, and cremation memorialization property 603,391 638,953 $ 1,900,844 $ 1,879,340 Property and equipment, net: Land $ 701,337 $ 678,421 Buildings and improvements 2,445,913 2,295,113 Operating equipment 661,486 597,110 Leasehold improvements 42,387 40,691 Finance leases 325,823 318,634 4,176,946 3,929,969 Less: Accumulated depreciation (1,730,385) (1,623,815) Less: Accumulated amortization of finance leases (194,403) (172,490) $ 2,252,158 $ 2,133,664 Deferred charges and other assets: Intangible assets, net $ 471,715 $ 441,389 Restricted cash 2,082 2,180 Deferred tax assets 6,171 535 Notes receivable, net of reserves of $3,424 and $5,957, respectively 5,260 6,432 Cash surrender value of insurance policies 225,857 202,120 Deferred incremental direct selling costs 347,448 311,710 Operating leases 53,685 54,764 Other 57,595 60,923 $ 1,169,813 $ 1,080,053 Years Ended December 31, 2021 2020 (In thousands) Accounts payable and accrued liabilities: Accounts payable $ 204,094 $ 186,401 Accrued benefits 184,007 147,366 Accrued interest 22,565 20,468 Accrued property taxes 14,980 14,394 Self-insurance reserves 94,268 92,760 Bank overdrafts 39,043 32,352 Operating leases 8,049 8,584 Other accrued liabilities 92,488 73,623 $ 659,494 $ 575,948 Other liabilities: Accrued benefit costs $ 19,950 $ 22,203 Deferred compensation 201,401 174,721 Customer refund obligation reserve 46,241 45,780 Tax liability 2,156 2,104 Payable to perpetual care trust 110,279 96,828 Operating leases 48,178 48,656 Other 10,698 29,747 $ 438,903 $ 420,039 |
Supplementary Information Lev_2
Supplementary Information Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplementary Information [Abstract] | |
Schedule of Balance Sheet, Supplemental Disclosures | The detail of certain balance sheet accounts is as follows: Years Ended December 31, 2021 2020 (In thousands) Cash and cash equivalents: Cash $ 260,750 $ 192,398 Commercial paper and temporary investments 7,876 38,459 $ 268,626 $ 230,857 Other current assets: Income tax receivable $ 13,635 $ 3,725 Prepaid insurance 4,583 4,598 Restricted cash 7,847 5,573 Other 14,383 14,531 $ 40,448 $ 28,427 Cemetery property: Undeveloped land $ 1,297,453 $ 1,240,387 Developed lots, lawn crypts, mausoleum spaces, cremation niches, and cremation memorialization property 603,391 638,953 $ 1,900,844 $ 1,879,340 Property and equipment, net: Land $ 701,337 $ 678,421 Buildings and improvements 2,445,913 2,295,113 Operating equipment 661,486 597,110 Leasehold improvements 42,387 40,691 Finance leases 325,823 318,634 4,176,946 3,929,969 Less: Accumulated depreciation (1,730,385) (1,623,815) Less: Accumulated amortization of finance leases (194,403) (172,490) $ 2,252,158 $ 2,133,664 Deferred charges and other assets: Intangible assets, net $ 471,715 $ 441,389 Restricted cash 2,082 2,180 Deferred tax assets 6,171 535 Notes receivable, net of reserves of $3,424 and $5,957, respectively 5,260 6,432 Cash surrender value of insurance policies 225,857 202,120 Deferred incremental direct selling costs 347,448 311,710 Operating leases 53,685 54,764 Other 57,595 60,923 $ 1,169,813 $ 1,080,053 Years Ended December 31, 2021 2020 (In thousands) Accounts payable and accrued liabilities: Accounts payable $ 204,094 $ 186,401 Accrued benefits 184,007 147,366 Accrued interest 22,565 20,468 Accrued property taxes 14,980 14,394 Self-insurance reserves 94,268 92,760 Bank overdrafts 39,043 32,352 Operating leases 8,049 8,584 Other accrued liabilities 92,488 73,623 $ 659,494 $ 575,948 Other liabilities: Accrued benefit costs $ 19,950 $ 22,203 Deferred compensation 201,401 174,721 Customer refund obligation reserve 46,241 45,780 Tax liability 2,156 2,104 Payable to perpetual care trust 110,279 96,828 Operating leases 48,178 48,656 Other 10,698 29,747 $ 438,903 $ 420,039 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Cash interest payments for the three years ended December 31 were as follows (in thousands): Payments in 2021 $ 142,145 Payments in 2020 $ 152,524 Payments in 2019 $ 190,672 |
Summary of Significant Accounti
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash provided by operating activities | $ 920,608 | $ 804,351 | $ 628,755 | |
Capital expenditures | (303,660) | (222,211) | (239,957) | |
Proceeds from divestitures and sales of property and equipment | 40,696 | 21,916 | 77,074 | |
Payment to Acquire Life Insurance Policy, Investing Activities | (3,982) | (5,352) | (9,026) | |
Proceeds from Life Insurance Policy | 0 | 3,519 | 415 | |
Net Cash Provided by (Used in) Investing Activities | (414,932) | (318,371) | (278,511) | |
Proceeds from issuance of long-term debt | 975,000 | 1,585,000 | 1,149,263 | |
Debt issuance costs | (13,640) | (14,503) | (15,539) | |
Scheduled payments of debt | (36,158) | (34,489) | (25,471) | |
Proceeds from exercise of stock options | 39,354 | 26,671 | 40,922 | |
Purchase of Company common stock | (554,313) | (516,870) | (129,589) | |
Payments of dividends | (146,919) | (137,392) | (131,402) | |
Bank overdrafts and other | 5,510 | 14,259 | 328 | |
Net Cash Provided by (Used in) Financing Activities | (465,620) | (492,778) | (319,093) | |
Effect of foreign currency | (111) | 2,788 | 3,885 | |
Net (decrease) increase in cash, cash equivalents, and restricted cash | 39,945 | (4,010) | 35,036 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 278,555 | $ 238,610 | $ 242,620 | $ 207,584 |
Preneed Activities Preneed Acti
Preneed Activities Preneed Activities Receivables Net and Trust Invesments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Preneed Accounts Receivable Gross | $ 1,287,722 | $ 1,123,155 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (23,214) | (33,986) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 6,536,851 | 5,851,188 |
Investments | 6,768,440 | 6,096,244 |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,264,508 | 1,089,169 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | 20,727 | 19,204 |
Beginning balance — Preneed funeral receivables and trust investments | 5,345,720 | 4,789,562 |
Cash receipts from customers, net of refunds | (1,550,735) | (1,279,295) |
Deposits to trust | 519,023 | 429,307 |
Acquisitions (dispositions) of businesses, net | 4,912 | 19,299 |
Net undistributed investments (losses) earnings | 448,469 | 407,770 |
Maturities and distributed earnings | (464,247) | (430,608) |
Change in cancellation allowance | (1,523) | (4,468) |
Effect of foreign currency and other | (3,592) | 4,115 |
Ending balance — Preneed funeral receivables and trust investments | 6,015,323 | 5,345,720 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 19,204 | |
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 583,106 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 338,981 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 171,162 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 92,728 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 45,204 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 33,327 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 5,086 | |
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 0 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 3,566 | |
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (3) | |
Total Preneed receivables, Past Due | 93,415 | |
Preneed Receivable, Not Past Due | 1,171,093 | |
Financial Asset, 1 to 29 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 37,189 | |
Financing Receivables 30 to 90 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 26,165 | |
Financing Receivables 91 to 180 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 10,582 | |
Financing Receivables, Equal to Greater Than 180 days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 19,479 | |
Funeral [Member] | ||
Preneed Accounts Receivable Gross | 162,183 | 143,896 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (12,038) | (14,018) |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 150,145 | 129,878 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | 12,722 | 10,940 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | (10,940) | |
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 70,006 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 36,943 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 21,619 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 7,178 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 3,564 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 10,835 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 4,853 | |
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 0 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 3,071 | |
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | |
Accounts Receivable, Noncurrent, Nonaccrual | 3,806 | |
Total Preneed receivables, Past Due | 26,709 | |
Preneed Receivable, Not Past Due | 123,436 | |
Funeral [Member] | Financing Receivables 30 to 90 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 2,961 | |
Funeral [Member] | Financing Receivables 91 to 180 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 1,892 | |
Funeral [Member] | Financing Receivables, Equal to Greater Than 180 days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 18,050 | |
Cemetery [Member] | ||
Preneed Accounts Receivable Gross | 1,125,539 | 979,259 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (11,176) | (19,968) |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,114,363 | 959,291 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | 8,005 | $ 8,264 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | (8,264) | |
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 513,100 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 302,038 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 149,543 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 85,550 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 41,640 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 22,492 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 233 | |
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 0 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 495 | |
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (3) | |
Total Preneed receivables, Past Due | 66,706 | |
Preneed Receivable, Not Past Due | 1,047,657 | |
Cemetery [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 33,383 | |
Cemetery [Member] | Financing Receivables 30 to 90 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 23,204 | |
Cemetery [Member] | Financing Receivables 91 to 180 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 8,690 | |
Cemetery [Member] | Financing Receivables, Equal to Greater Than 180 days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | $ 1,429 |
Preneed Activities Preneed Ac_2
Preneed Activities Preneed Activities Deferred Preneed Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Preneed Revenues [Roll Forward] | ||||
Beginning balance — Deferred preneed funeral revenues, net | $ 0 | $ 26,394 | $ 0 | |
Deferred revenue and deferred receipts held in trust | 6,299,241 | 5,761,291 | 5,306,479 | $ 4,790,552 |
Net preneed contract sales | 1,314,001 | 1,089,060 | 984,575 | |
Acquisitions (dispositions) of businesses, net | 4,707 | 19,664 | (12,741) | |
Net investment (losses) earnings | 443,088 | 402,048 | 484,577 | |
Change in deferred revenue for unfulfilled performance obligations | (87,207) | (55,087) | (10,223) | |
Recognized Revenue From Backlog | (471,160) | (412,127) | (368,908) | |
Recognized Revenue From Current Period | (669,025) | (598,768) | (573,804) | |
Change in cancellation allowance | (459) | 1,070 | 1,066 | |
Effect of foreign currency and other | $ 4,005 | 8,952 | 11,385 | |
Ending balance — Deferred preneed funeral revenues, net | $ 0 | $ 26,394 |
Supplementary Information Lev_3
Supplementary Information Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents: | |||
Cash | $ 260,750 | $ 192,398 | |
Commercial paper and temporary investments | 7,876 | 38,459 | |
Cash and cash equivalents | 268,626 | 230,857 | |
Receivables, net: | |||
Receivables, net | 106,051 | 92,939 | |
Other current assets: | |||
Income tax receivable | 13,635 | 3,725 | |
Prepaid insurance | 4,583 | 4,598 | |
Restricted Cash and Cash Equivalents, Current | 7,847 | 5,573 | |
Other Assets, Current | 14,383 | 14,531 | |
Other | 40,448 | 28,427 | |
Cemetery Property, Undeveloped Land | 1,297,453 | 1,240,387 | |
Cemetery Property, Developed | 603,391 | 638,953 | |
Cemetery property, at cost | 1,900,844 | 1,879,340 | |
Land | 701,337 | 678,421 | |
Buildings and Improvements, Gross | 2,445,913 | 2,295,113 | |
Machinery and Equipment, Gross | 661,486 | 597,110 | |
Leasehold Improvements, Gross | 42,387 | 40,691 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 325,823 | 318,634 | |
Property, Plant and Equipment, Gross | 4,176,946 | 3,929,969 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,730,385) | (1,623,815) | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 194,403 | 172,490 | |
Property and equipment, net | 2,252,158 | 2,133,664 | |
Intangible Assets, Net (Excluding Goodwill) | 471,715 | 441,389 | |
Restricted Cash and Cash Equivalents, Noncurrent | 2,082 | 2,180 | |
Non-current deferred tax assets | 6,171 | 535 | |
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 5,260 | 6,432 | |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 4,577 | 6,902 | |
Operating Lease, Right-of-Use Asset | 53,685 | 54,764 | |
Other Assets, Miscellaneous, Noncurrent | 57,595 | 60,923 | |
Cash Surrender Value of Life Insurance | 225,857 | 202,120 | |
Accounts payable and accrued liabilities: | |||
Other Liabilities | 10,698 | 29,747 | |
Accounts payable | 204,094 | 186,401 | |
Accrued compensation | 184,007 | 147,366 | |
Interest Payable, Current | 22,565 | 20,468 | |
Accrual for Taxes Other than Income Taxes, Current | 14,980 | 14,394 | |
Self Insurance Reserve, Current | 94,268 | 92,760 | |
Bank Overdrafts | 39,043 | 32,352 | |
Other liabilities | 438,903 | 420,039 | |
Operating Lease, Liability, Current | 8,049 | 8,584 | |
Other Accrued Liabilities, Current | 92,488 | 73,623 | |
Accounts payable and accrued liabilities | 659,494 | 575,948 | |
Liability, Defined Benefit Pension Plan, Noncurrent | 19,950 | 22,203 | |
Deferred Compensation Liability, Classified, Noncurrent | 201,401 | 174,721 | |
Tax liability | 2,156 | 2,104 | |
Payable to ECF | 110,279 | 96,828 | |
Deferred charges and other assets | 1,169,813 | 1,080,053 | |
Operating Lease, Liability, Noncurrent | 48,178 | 48,656 | |
Deferred incremental selling costs | 347,448 | 311,710 | |
Capital Expenditures Incurred but Not yet Paid | (6,417) | ||
Change in Capital Expenditures Incurred but Not Yet Paid | 3,201 | $ 4,435 | |
Options exercised by attestation | (323) | 0 | 0 |
Shares repurchased for Options exercised by Attestation | 323 | 0 | $ 0 |
Customer Refund Liability, Noncurrent | 46,241 | 45,780 | |
Non-current deferred tax liabilities | $ (437,902) | $ (437,308) |
Nature of Operations Level 1 (N
Nature of Operations Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Nature of Operations [Abstract] | |
Nature of Operations [Text Block] | Nature of Operations |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation Our consolidated financial statements include the accounts of Service Corporation International (SCI) and all subsidiaries in which we hold a controlling financial interest. Intercompany balances and transactions have been eliminated in consolidation. Our consolidated 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. We have retained the specialized industry accounting principles when consolidating the trusts. Our trusts are variable interest entities, for which we have determined that we are the primary beneficiary as we absorb a majority of the losses and returns associated with these trusts. Although we consolidate the trusts, it does not change the legal relationships among the trusts, us, or our customers. The customers are the legal beneficiaries of these trusts; therefore, their interests in these trusts represent a liability to us. Use of Estimates in the Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. As a result, actual results could differ from these estimates. Cash, Cash Equivalents, and Restricted Cash We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amounts of our cash and cash equivalents approximate fair value due to the short-term nature of these instruments. The components of cash, cash equivalents, and restricted cash were as follows: Years Ended December 31, 2021 2020 (In thousands) Cash and cash equivalents $ 268,626 $ 230,857 Restricted cash (1) : Included in Other current assets 7,847 5,573 Included in Deferred charges and other assets 2,082 2,180 Total restricted cash 9,929 7,753 Total cash, cash equivalents, and restricted cash $ 278,555 $ 238,610 (1) Restricted cash in both periods primarily consists of proceeds from divestitures deposited into escrow accounts under IRS code section 1031 and collateralized obligations under certain insurance policies. Receivables, Net The components of Receivables, net in our Consolidated Balance Sheet were as follows: December 31, 2021 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 49,011 $ 27,461 $ 35,650 $ 267 $ 112,389 Reserve for credit losses (3,597) (2,231) (344) (166) (6,338) Receivables, net $ 45,414 $ 25,230 $ 35,306 $ 101 $ 106,051 December 31, 2020 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 56,745 $ 22,559 $ 18,545 $ 1,121 $ 98,970 Reserve for credit losses (3,752) (1,933) 144 (490) (6,031) Receivables, net $ 52,993 $ 20,626 $ 18,689 $ 631 $ 92,939 Additionally, included in Deferred charges and other assets, net were notes receivable, net and long-term miscellaneous receivables, net as follows: December 31, 2021 December 31, 2020 (In thousands) Notes receivable $ 8,684 $ 12,389 Reserve for credit losses (3,424) (5,957) Notes receivable, net $ 5,260 $ 6,432 Long-term miscellaneous receivables $ 8,146 $ 6,515 Reserve for credit losses (1,153) (945) Long-term miscellaneous receivables, net $ 6,993 $ 5,570 Our atneed trade receivables primarily consist of amounts due for funeral and cemetery services already performed. We provide reserves for credit losses for our receivables. These reserves are based on an analysis of historical trends of collection activity adjusted for current conditions and forecasts. These estimates are impacted by a number of factors, including changes in the economy and demographic or competitive changes in our areas of operation. During 2020, we increased our reserve for credit losses on trade and miscellaneous receivables as a result of the economic impact of the COVID-19 pandemic (COVID-19). Due to the ongoing nature of the pandemic, we have maintained these higher reserves in 2021. Cemetery preneed receivables are collateralized by cemetery property to the extent of the fair value of the property. Prior to adoption of the guidance on credit losses for financial instruments on January 1, 2020, we provided allowances for doubtful accounts on our receivables based on an analysis of historical trends of collection activity. Payment on atneed contracts is generally due at the time the merchandise is delivered or the services are performed. We also have preneed receivables, as disclosed in Note 3, for which payment generally occurs prior to our fulfillment of the performance obligations. Our preneed contracts may also have extended payment terms with associated financing charges. We do not accrue interest on preneed receivables if they are not paid in accordance with the contractual payment terms given the nature of our merchandise and services, the nature of our contracts with customers, and the timing of the delivery of our services. Generally, receivables are considered past due after thirty days. We do not consider preneed funeral receivables to be past due until the contract converts into an atneed contract at which time the preneed receivable is paid or reclassified as a trade receivable with payment terms of less than thirty days. Collections are generally managed by the locations or third party agencies acting on behalf of the locations, until a receivable is one hundred eighty days delinquent, at which time trade receivables are fully reserved. The following table summarizes the activity in our reserve for credit losses by portfolio segment, excluding preneed receivables which are presented in Note 3 , for the year ended December 31, 2021: December 31, 2020 Provision for Expected Credit Losses Acquisitions Write Recoveries Effect of Foreign Currency December 31, 2021 (In thousands) Trade receivables: Funeral $ (3,752) $ (4,655) $ (23) $ 6,399 $ (1,852) $ 286 $ (3,597) Cemetery (1,933) (1,250) — 1,121 (168) (1) (2,231) Total reserve for credit losses on trade receivables $ (5,685) $ (5,905) $ (23) $ 7,520 $ (2,020) $ 285 $ (5,828) Miscellaneous receivables: Current $ 144 $ (488) — $ — $ — $ — $ (344) Long-term (945) (208) — — — — (1,153) Total reserve for credit losses on miscellaneous receivables $ (801) $ (696) — $ — $ — $ — $ (1,497) Notes receivable $ (6,447) $ 325 — $ 2,532 $ — $ — $ (3,590) At December 31, 2021, the amortized cost basis of our miscellaneous and notes receivables by year of origination was as follows: 2021 2020 2019 2018 2017 Prior Revolving Line of Credit Total (In thousands) Miscellaneous receivables: Current $ 34,482 $ 507 $ 448 $ 195 $ 16 $ 2 $ — $ 35,650 Long-term 3,794 1,727 1,923 628 67 7 — 8,146 Total miscellaneous receivables $ 38,276 $ 2,234 $ 2,371 $ 823 $ 83 $ 9 $ — $ 43,796 Notes receivable $ — $ — $ — $ 114 $ — $ 4,902 $ 3,935 $ 8,951 At December 31, 2021, the payment status of our miscellaneous and notes receivables was as follows: Past Due <30 Days 30-90 Days 90-180 Days >180 Days Total Current Total (In thousands) Miscellaneous receivables: Current $ — $ — $ — $ 205 $ 205 $ 35,445 $ 35,650 Long-term — — — — — 8,146 8,146 Total miscellaneous receivables $ — $ — $ — $ 205 $ 205 $ 43,591 $ 43,796 Notes receivable $ 1 $ 4 $ 2 $ 1,117 $ 1,124 $ 7,827 $ 8,951 Inventories and Cemetery Property Funeral and cemetery merchandise are stated at the lower of average cost or net realizable value. Cemetery property is recorded at cost. Inventory costs and cemetery property are relieved using specific identification in fulfillment of performance obligations on our contracts. Cemetery property amortization was $98.2 million, $80.4 million, and $70.3 million for the years ended December 31, 2021, 2020, and 2019, respectively. Property and Equipment, Net Property and equipment are recorded at cost. Maintenance and repairs are charged to expense, whereas renewals and major replacements that extend the useful lives of the assets are capitalized. Depreciation is recognized ratably over the estimated useful lives of the various classes of assets. Buildings and improvements are depreciated over a period ranging from ten years to forty years, equipment is depreciated over a period from three years to twelve years, and leasehold improvements are depreciated over the shorter of the lease term or twelve years. Depreciation and amortization expense related to property and equipment was $159.3 million, $155.3 million, and $151.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. When property or equipment is sold or retired, the cost and related accumulated depreciation are removed from the Consolidated Balance Sheet; resulting gains and losses are included in the Consolidated Statement of Operations in the period of sale or disposal. Leases We have operating and finance leases. Our operating leases primarily include funeral service real estate and office equipment for funeral service locations, cemetery locations, and administrative offices. Our finance leases primarily include transportation equipment but also include real estate and office equipment. Lease terms related to real estate generally range from one year to forty years with options to renew at varying terms. Lease terms related to office and transportation equipment generally range from one year to eight years with options to renew at varying terms. We determine whether an arrangement is or contains a lease at the inception of the arrangement based on the unique facts and circumstances present. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Leases with a term greater than one year are recognized on the balance sheet as ROU assets and lease liabilities. We have elected not to recognize on the balance sheet leases with terms of one year or less. Lease liabilities and their corresponding ROU assets are recorded at commencement date based on the present value of lease payments over the expected lease term. For transportation equipment, we use the rate implicit in each lease to calculate the present value. For real estate and non-transportation equipment leases, the interest rate implicit in lease contracts is typically not readily determinable. Therefore, we use the appropriate collateralized incremental borrowing rate based on the information available at commencement date in determining the present value of future payments for real estate and non-transportation equipment leases. Certain adjustments to the ROU asset may be required for items such as initial direct costs paid or incentives received. For a lessee, the discount rate for the lease is defined as the rate implicit in the lease unless that rate cannot be readily determined. In that case, the lessee is required to use its incremental borrowing rate, which is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term with an amount equal to the lease payments in a similar economic environment. We use the rate implicit in each lease for vehicles and other transportation equipment, which represents 63% of our total lease liability as of December 31, 2021 and which are substantially all finance leases. For leases of real estate and non-transportation equipment, which are primarily operating leases, we use our incremental borrowing rate since the rate implicit in these leases cannot be readily determined. To calculate the incremental borrowing rate, we utilize the yield-to-worst of our publicly traded debt securities, adjusted for the appropriate duration on a secured basis. As an accounting policy election, we include reasonably certain renewal periods when determining the rate to use as the incremental borrowing rate for each lease. We calculate operating lease expense ratably over the lease term. We consider reasonably assured renewal options and fixed escalation provisions in our calculation. Generally, our leases do not include options to terminate the lease prior to the contractual lease expiration date, but future renewal periods are generally cancelable. The majority of our contractually available renewal periods for leases of buildings and land are considered reasonably certain of being exercised. This determination is made by our real estate team based on facts and circumstances surrounding each property. Leases with a term of 12 months or less are not recorded on the balance sheet. The majority of our lease arrangements contain options to (i) purchase the property at fair value on the exercise date, (ii) purchase the property for a value determined at the inception of the lease, or (iii) renew the lease for the fair rental value at the end of the primary lease term. The depreciable life of assets and leasehold improvements are generally limited by the expected lease term. Certain of our lease agreements include variable rental payments based on a percentage of sales over base contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We generally do not have sublease arrangements, sale-leaseback arrangements, or leveraged leases. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For leases commencing before January 1, 2019, we have elected the practical expedient to not separate lease and non-lease components on certain equipment leases, such as copiers where the cost-per-copy maintenance charges are included in the lease charge. On these leases, we have elected to account for the lease and non-lease components as a single component. For leases commencing on or after January 1, 2019, we account for the maintenance charges (non-lease components) separately from the lease components. For more information related to leases, see Note 8 . Goodwill The excess of purchase price over the fair value of identifiable net assets acquired in business combinations is recorded as goodwill. Goodwill is tested annually during the fourth quarter for impairment by assessing the fair value of each of our reporting units. Our goodwill impairment test involves estimates and management judgment. In order to perform our goodwill impairment test, we compare the fair value of a reporting unit to its carrying amount, including goodwill. We determine fair value of each reporting unit using both a market and income approach. The income approach, which is a discounted cash flow method, uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions that may differ from actual future cash flows. We do not record an impairment of goodwill in instances where the fair value of a reporting unit exceeds its carrying amount. If the carrying amount exceeds the fair value of a reporting unit, an impairment is recognized in an amount equal to the excess, up to the amount of goodwill in the reporting unit. F or our most recent annual impairment test performed in the fourth quarter, we used a 6.25% discount rate, revenue growth rates ranging from (7.5)% to 15.4% over a seven-year period, plus a terminal value determined using the constant growth method in projecting our future cash flows. Our terminal value was calculated using a long-term revenue growth rate of 1.0% and 2.4% for our funeral and cemetery reporting units, respectively. Additionally, we used a ratio of expenses to revenue ranging from 72.2% to 78.3% and growth rates for other assumptions in our model ranging from (7.5)% to 15.4%. Fair value was calculated as the sum of the projected discounted cash flows of our reporting units over the next seven years plus terminal value at the end of those seven years. In addition to our annual review, we assess the impairment of goodwill whenever certain events or changes in circumstances indicate that the carrying value may be greater than fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant underperformance relative to historical or projected future operating results and significant negative industry or economic trends. For more information related to goodwill, see Note 4 . Other Intangible Assets Our intangible assets include covenants-not-to-compete, customer relationships, trademarks and tradenames, and other intangible assets primarily resulting from acquisitions. Certain of our trademark and tradenames and other intangible assets are considered to have an indefinite life and are not subject to amortization. We test for impairment of indefinite-lived intangible assets annually during the fourth quarter. Our intangible asset impairment tests involve estimates and management judgment. For trademarks and tradenames, our test uses the relief from royalty method whereby we determine the fair value of the assets by discounting the cash flows that represent a savings over having to pay a royalty fee for use of the trademarks and tradenames. The discounted cash flow valuation uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions that may differ from actual future cash flows. For our most recent annual impairment test performed in the fourth quarter, we estimated that the pre-tax savings would range from 2.0% to 5.0% (4.6% weighted average using carrying value) of the revenue associated with the trademarks and tradenames, based primarily on our research of intellectual property valuation and licensing databases. We also assumed a terminal growth rate of 1.0% and 2.4% for our funeral and cemetery segments (1.5% weighted average using carrying value), respectively, and discounted the cash flows at a 6.45% discount rate based on the relative risk of these assets to our overall business. In addition to our annual review, we assess the impairment of intangible assets whenever certain events or changes in circumstances indicate that the carrying value may be greater than the fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant negative industry or economic trends. Certain of our intangible assets associated with prior acquisitions are relieved using specific identification in fulfillment of performance obligations on our contracts with customers. We amortize all other finite-lived intangible assets on a straight-line basis over their estimated useful lives, which range from two years to eighty-nine years. For more information related to intangible assets, see Note 4 . Fair Value Measurements We measure the securities held by our funeral merchandise and service, cemetery merchandise and service, and cemetery perpetual care trusts at fair value on a recurring basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We utilize a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments. • 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 securities are classified as Level 2 investments. • The valuation of other investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. These securities are classified as Level 3 investments. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Fixed income commingled funds, money market funds, and private equity investments are measured at net asset value. Fixed income commingled funds and money market funds are redeemable for net asset value with two weeks' notice and immediately, respectively. Our private equity investments include several funds that invest in limited partnerships, distressed debt, real estate, and mezzanine financing. These investments can never be redeemed by the funds. Instead, due to the nature of the investments in this category, distributions are received through the liquidation of the underlying assets of the funds. Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed quarterly by the Investment Committee of the Board of Directors. Treasury Stock We make treasury stock purchases in the open market or through privately negotiated transactions subject to market conditions and normal trading restrictions. We account for the repurchase of our common stock under the par value method. We canceled 9.8 million, 11.9 million, and 2.2 million shares of our common stock held in our treasury in 2021, 2020, and 2019, respectively. These retired treasury shares were changed to authorized but unissued status. Foreign Currency Translation All assets and liabilities of Canadian subsidiaries are translated into U.S. dollars at exchange rates in effect as of the end of the reporting period. Revenue and expense items are translated at the average exchange rates for the reporting period. The resulting translation adjustments are included as a component of Accumulated other comprehensive income in the Consolidated Statement of Equity and Consolidated Balance Sheet. The functional currency of SCI and its subsidiaries is the respective local currency. The transactional currency gains and losses that arise from transactions denominated in currencies other than the functional currencies of our operations are recorded in Other income, net in the Consolidated Statement of Operations. We do not have any investments in foreign operations considered to be in highly inflationary economies. Funeral and Cemetery Operations Revenue is recognized when control of the merchandise or services is transferred to the customer. Our performance obligations include the delivery of funeral and cemetery merchandise and services and cemetery property interment rights. Control transfers when merchandise is delivered or services are performed. For cemetery property interment rights, control transfers to the customer when the property is developed and the interment right has been sold and can no longer be marketed or sold to another customer. Sales taxes collected are recognized on a net basis in our consolidated financial statements. On our atneed contracts, we generally deliver the merchandise and perform the services at the time of need. Personalized marker merchandise and marker installation services sold on atneed contracts are recognized when control is transferred to the customer, generally when the marker is delivered and installed in the cemetery. We also sell price-guaranteed preneed contracts through various programs providing for future merchandise and services at prices prevailing when the agreements are signed. Revenue associated with sales of preneed contracts is deferred until control of the merchandise or the services is transferred to the customer, which is upon delivery of the merchandise or as services are performed, generally at the time of need. On certain preneed contracts, we sell memorialization merchandise, which consists of urns and urn-related products, that we deliver to the customer at the time of sale. Revenue is recognized at the time of delivery when control of the memorialization merchandise is transferred. For personalized marker merchandise sold on a preneed contract, we will: • purchase the merchandise from vendors, • personalize such merchandise in accordance with the customer's specific written instructions, • either store the merchandise at a third-party bonded storage facility or install the merchandise, based on the customer's instructions, and • transfer title to the customer. We recognize revenue and record the cost of sales when control is transferred for the merchandise, which occurs upon delivery to the third-party storage facility or installation of the merchandise at the cemetery. There is no general right of return for delivered items. We also sell travel protection as an agent of a third party. Travel protection is a service that provides shipment of remains to the servicing funeral home or cemetery of choice if the purchaser passes away outside of a certain radius of their residence, without any additional expense to the family. We do not provide travel protection services, and we are not primarily obligated to provide such services under these arrangements. Therefore, we record revenues, net of amounts due to the third-party, at the time of sale. Total consideration received for price-guaranteed preneed and for atneed contracts with customers represents the stated amount of the contract excluding any amounts collected on behalf of third parties, such as sales taxes. Additionally, pursuant to state or provincial law, all or a portion of the proceeds from merchandise or services sold on a preneed basis may be required to be deposited into trust funds. Earnings on these trust funds, which are specifically identifiable for each performance obligation, are also included in total consideration. The total consideration received for contracts with customers is allocated to each performance obligation based on relative selling price. Relative selling prices are determined by either the amount we sell the performance obligation for on a stand-alone basis or our best estimate of the amount we would sell it for based on an adjusted market assessment approach that is consistent with our historical pricing practices. Payment on atneed contracts is generally due at the time the merchandise is delivered or the services are performed. For preneed contracts, payment generally occurs prior to our fulfillment of the performance obligations. Our preneed contracts may also have extended payment terms with associated financing charges. We do not accrue interest on preneed receivables if they are not paid in accordance with the contractual payment terms given the nature of our merchandise and services, the nature of our contracts with customers, and the timing of the delivery of our services. We do not consider preneed receivables to be past due until the merchandise or services are required to be delivered at which time the preneed receivable is paid or reclassified as a trade receivable with payment terms of less than thirty days. For unfulfilled performance obligations on cancelable preneed contracts, our Consolidated Balance Sheet reflects the net contract liability, which represents the amount we have collected from customers, in Deferred revenue, net . Pursuant to state or provincial law, all or a portion of the proceeds from merchandise or services sold on a preneed basis may be required to be deposited into trust funds. When we receive payments from the customer, we deposit the amount required by law into the merchandise and service trusts and reclassify the corresponding amount from Deferred revenue, net into Deferred receipts held in trust . Amounts are withdrawn from the merchandise and service trusts when we fulfill the performance obligations. Fixed income securities held by these trust funds are classified as trading securities. Earnings on these trust funds, which are specifically identifiable for each performance obligation, are also included in total consideration. We defer these investment earnings related to the merchandise and service trusts until the associated merchandise is delivered or services are performed. Fees charged by our wholly-owned registered investment advisor are also included in revenue in the period in which they are earned. If a preneed contract is canceled prior to delivery, state or provincial law determines the amount of the refund owed to the customer, if any, including the amount of the attributed investment earnings. Upon cancellation, we receive the amount of principal deposited to the trust and previously undistributed net investment earnings and, where required, issue a refund to the customer. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract. We recognize these retained funds, if any, and the attributed investment earnings (net of any investment earnings payable to the customer) as revenue in the Consolidated Statement of Operations. In certain jurisdictions, we may be obligated to fund any shortfall if the amount refundable to the customer exceeds the funds in trust. A portion of the proceeds from the sale of cemetery property interment rights is required by state or provincial law to be paid into perpetual care trust funds by us to maintain the cemetery. This portion of the proceeds is not recognized as revenue. Fixed income securities held by these trust funds are classified as trading securities. Investment earnings from these trusts are distributed to us regularly and recognized in current cemetery revenue. These distributions are intended to defray cemetery maintenance costs incurred by us for our cemetery properties, which are expensed as incurred. The principal of such perpetual care trust funds generally cannot be withdrawn; however, in lieu of the distribution of realized income, certain states allow a total return distribution, which may contain elements of income, capital appreciation, and principal. Costs related to delivery or performance of merchandise and services are charged to expense when merchandise is delivered or services are performed. Costs related to property interment rights include the property and construction costs specifically identified by each project. Property and construction costs are charged to expense when the revenue is recognized by specific identification in the fulfillment of the performance obligation. Incremental direct selling costs are deferred until fulfillment of the performance obligations. These deferred costs are classified as long-term on our Consolidated Balance Sheet because we do not control the timing of the delivery of the merchandise or performance of the services as they are generally provided at the time of need. For the years ended December 31, 2021, 2020, and 2019, we recognized $259.9 million, $199.6 million, and $174.7 million, respectively, of incremental selling costs. All other selling costs are expensed as incurred. The components of Cost of revenue in our Consolidated Statement of Operations are: • Cost of property and merchandise , which includes cemetery property amortization, the direct cost of merchandise, labor-related costs for merchandise handling and delivery, cemetery maintenance expenses and depreciation, and selling costs; • Cost of services , which includes the direct cost of providing the services (including labor-related costs), cemetery maintenance expenses and depreciation, vehicle operating costs and depreciation, and selling costs; and • Overhead and other expenses , which includes labor-related costs, facility expenses and depreciation, and other general and administrative expenses incurred in our funeral and cemetery operations. Corporate general and administrative expenses include labor-related costs, corporate asset depreciation and amortization, public company costs, and other general and administrative expenses incurred by our corporate functions. Insurance-Funded Preneed Contracts Where permitted by state or provincial law, we may sell a life insurance or annuity policy from third-party insurance companies, for which we earn a commission as |
Preneed Activities Level 1 (Not
Preneed Activities Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Preneed Activities [Abstract] | |
Preneed Activities Text Block | 3. Preneed Activities Preneed Receivables, Net and Trust Investments The components of Preneed receivables, net and trust investments in our Consolidated Balance Sheet were as follows: Years Ended December 31, 2021 2020 (In thousands) Preneed receivables, net $ 1,243,781 $ 1,069,965 Trust investments, at fair value 6,536,851 5,851,188 Insurance-backed fixed income securities and other 231,589 245,056 Trust investments 6,768,440 6,096,244 Less: Cemetery perpetual care trust investments (1,996,898) (1,820,489) Preneed trust investments 4,771,542 4,275,755 Preneed receivables, net and trust investments $ 6,015,323 $ 5,345,720 Preneed receivables, net comprised the following: December 31, 2021 Funeral Cemetery Total (In thousands) Preneed receivables $ 162,183 $ 1,125,539 $ 1,287,722 Unearned finance charges (12,038) (11,176) (23,214) Preneed receivables, at amortized cost $ 150,145 $ 1,114,363 $ 1,264,508 Reserve for credit losses (12,722) (8,005) (20,727) Preneed receivables, net $ 137,423 $ 1,106,358 $ 1,243,781 December 31, 2020 Funeral Cemetery Total (In thousands) Preneed receivables $ 143,896 $ 979,259 $ 1,123,155 Unearned finance charges (14,018) (19,968) (33,986) Preneed receivables, at amortized cost $ 129,878 $ 959,291 $ 1,089,169 Reserve for credit losses (10,940) (8,264) (19,204) Preneed receivables, net $ 118,938 $ 951,027 $ 1,069,965 At December 31, 2021, the amortized cost basis of our preneed receivables by year of origination was as follows: 2021 2020 2019 2018 2017 Prior Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 70,006 $ 36,943 $ 21,619 $ 7,178 $ 3,564 $ 10,835 $ 150,145 Cemetery 513,100 302,038 149,543 85,550 41,640 22,492 1,114,363 Total preneed receivables, at amortized cost $ 583,106 $ 338,981 $ 171,162 $ 92,728 $ 45,204 $ 33,327 $ 1,264,508 At December 31, 2021, the payment status of our preneed receivables was as follows: Past Due <30 Days 30-90 Days 90-180 Days >180 Days Total Current Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 3,806 $ 2,961 $ 1,892 $ 18,050 $ 26,709 $ 123,436 $ 150,145 Cemetery 33,383 23,204 8,690 1,429 66,706 1,047,657 1,114,363 Total preneed receivables, at amortized cost $ 37,189 $ 26,165 $ 10,582 $ 19,479 $ 93,415 $ 1,171,093 $ 1,264,508 The following table summarizes the activity for the reserve for credit losses on preneed receivables for the twelve months ended December 31, 2021. January 1, 2021 Provision for Expected Credit Losses Acquisitions (Divestitures), Net Write Offs Effect of Foreign Currency December 31, 2021 (In thousands) Funeral $ (10,940) $ (4,853) $ — $ 3,071 $ — $ (12,722) Cemetery (8,264) (233) — 495 (3) (8,005) Total reserve for credit losses on preneed receivables $ (19,204) $ (5,086) $ — $ 3,566 $ (3) $ (20,727) The table below sets forth certain investment-related activities associated with our trusts: Years Ended December 31, 2021 2020 2019 (In thousands) Deposits $ 519,023 $ 429,307 $ 421,460 Withdrawals $ 477,443 $ 424,986 $ 435,344 Purchases of securities $ 1,823,267 $ 2,147,935 $ 1,596,698 Sales of securities $ 1,744,618 $ 1,994,684 $ 1,495,733 Realized gains from sales of securities (1) $ 584,863 $ 418,851 $ 241,661 Realized losses from sales of securities (1) $ (91,715) $ (262,974) $ (121,272) (1) All realized gains and losses are recognized in Other income, net for our trust investments and are offset by a corresponding reclassification in Other income, net to Deferred receipts held in trust and Care trusts’ corpus. The activity in Preneed receivables, net and trust investments was as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Beginning balance - Preneed receivables, net and trust investments $ 5,345,720 $ 4,789,562 $ 4,271,392 Cumulative effect of accounting changes — 26,394 — Net preneed contract sales 1,870,972 1,494,557 1,372,705 Cash receipts from customers, net of refunds (1,550,735) (1,279,295) (1,280,468) Deposits to trust 452,554 373,663 372,644 Acquisitions of businesses, net 4,912 19,299 11,751 Net undistributed investment earnings (1) 448,469 407,770 489,577 Maturities and distributed earnings (464,247) (430,608) (442,507) Change in cancellation allowance (1,523) (4,468) (2,006) Change in amounts due on unfulfilled performance obligations (87,207) (55,269) (10,223) Effect of foreign currency and other (3,592) 4,115 6,697 Ending balance - Preneed receivables, net and trust investments $ 6,015,323 $ 5,345,720 $ 4,789,562 (1) Includes both realized and unrealized investment earnings. The cost and fair values associated with trust investments recorded at fair value at December 31, 2021 and 2020 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. December 31, 2021 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 51,002 $ 795 $ (283) $ 51,514 Canadian government 2 29,881 28 — 29,909 Corporate 2 170 6 (2) 174 Residential mortgage-backed 2 1,407 58 (15) 1,450 Asset-backed 2 274 2 (10) 266 Equity securities: Preferred stock 2 4,843 4 (1,024) 3,823 Common stock: United States 1 1,648,785 624,349 (56,092) 2,217,042 Canada 1 34,787 19,617 (898) 53,506 Other international 1 129,486 42,171 (9,819) 161,838 Mutual funds: Equity 1 875,828 140,893 (10,116) 1,006,605 Fixed income 1 1,025,327 12,560 (18,675) 1,019,212 Other 3 187 1 — 188 Trust investments, at fair value 3,801,977 840,484 (96,934) 4,545,527 Commingled funds Fixed income 662,125 115,939 (3,171) 774,893 Equity 230,926 161,125 (114) 391,937 Money market funds 408,762 — — 408,762 Alternative investments 292,888 128,197 (5,353) 415,732 Trust investments, at net asset value 1,594,701 405,261 (8,638) 1,991,324 Trust investments, at market $ 5,396,678 $ 1,245,745 $ (105,572) $ 6,536,851 As of December 31, 2021, our unfunded commitment for our private equity investments was $163.1 million which, if called, would be funded by the assets of the trusts. December 31, 2020 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 44,907 $ 1,566 $ (272) $ 46,201 Canadian government 2 30,210 51 (157) 30,104 Corporate 2 1,669 14 (8) 1,675 Residential mortgage-backed 2 2,438 131 — 2,569 Asset-backed 2 174 3 (5) 172 Equity securities: Preferred stock 2 358 — (24) 334 Common stock: United States 1 1,500,125 503,757 (54,748) 1,949,134 Canada 1 35,016 10,915 (1,823) 44,108 Other international 1 110,775 39,837 (1,831) 148,781 Mutual funds: Equity 1 821,406 95,155 (10,437) 906,124 Fixed income 1 1,022,409 35,872 (19,298) 1,038,983 Other 3 188 2 — 190 Trust investments, at fair value 3,569,675 687,303 (88,603) 4,168,375 Commingled funds Fixed income 657,219 37,474 (173) 694,520 Equity 283,329 97,704 — 381,033 Money market funds 330,745 — — 330,745 Alternative investments 217,953 68,846 (10,284) 276,515 Trust investments, at net asset value 1,489,246 204,024 (10,457) 1,682,813 Trust investments, at market $ 5,058,921 $ 891,327 $ (99,060) $ 5,851,188 The change in our market-based trust investments with significant unobservable inputs (Level 3) is as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Fair value, beginning balance at January 1 $ 190 $ 8,218 $ 9,755 Net realized and unrealized (losses) included in Other income, net (1) (2) (1,215) (761) Purchases — — 1,006 Sales — (2) (1,782) Transfers — (6,811) — Fair value, ending balance at December 31 $ 188 $ 190 $ 8,218 (1) All net realized and unrealized (losses) recognized in Other income, net for our trust investments are offset by a corresponding reclassification in Other income, net to Deferred receipts held in trust and Care trusts' corpus . Maturity dates of our fixed income securities range from 2022 to 2040. Maturities of fixed income securities (excluding mutual funds) at December 31, 2021 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 53,144 Due in one to five years 23,484 Due in five to ten years 6,445 Thereafter 240 Total estimated maturities of fixed income securities $ 83,313 Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $179.7 million, $129.1 million, and $119.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $96.1 million, $77.8 million, and $77.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. Deferred Revenue, Net At December 31, 2021 and 2020, Deferred revenue, net represents future revenue, including distributed trust investment earnings associated with unperformed trust-funded preneed contracts that are not held in trust accounts. Future revenue and net trust investment earnings that are held in trust accounts are included in Deferred receipts held in trust . The components of Deferred revenue, net in our Consolidated Balance Sheet were as follows: Years Ended December 31, 2021 2020 (In thousands) Deferred revenue $ 2,259,364 $ 2,127,878 Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts (726,615) (638,969) Deferred revenue, net $ 1,532,749 $ 1,488,909 The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust : Years Ended December 31, 2021 2020 2019 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,761,291 $ 5,306,479 $ 4,790,552 Net preneed contract sales 1,314,001 1,089,060 984,575 Acquisitions (dispositions) of businesses, net 4,707 19,664 (12,741) Net investment gains (losses) (1) 443,088 402,048 484,577 Recognized revenue from backlog (2) (471,160) (412,127) (368,908) Recognized revenue from current period sales (669,025) (598,768) (573,804) Change in amounts due on unfulfilled performance obligations (87,207) (55,087) (10,223) Change in cancellation reserve (459) 1,070 1,066 Effect of foreign currency and other 4,005 8,952 11,385 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 6,299,241 $ 5,761,291 $ 5,306,479 (1) Includes both realized and unrealized investment gains (losses). (2) Includes current year trust fund income through the date of performance. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | Goodwill and Intangible Assets The changes in the carrying amounts of goodwill for our funeral and cemetery reporting units are as follows: Years Ended December 31, 2021 2020 Funeral Cemetery Total Funeral Cemetery Total (In thousands) Beginning balance — Goodwill $ 1,551,062 $ 328,945 $ 1,880,007 $ 1,535,278 $ 328,945 $ 1,864,223 Increase in goodwill related to 34,703 1,990 36,693 14,796 — 14,796 Reduction of goodwill related to divestitures (1) (2,080) (28) (2,108) (1,175) — (1,175) Effect of foreign currency 490 — 490 2,163 — 2,163 Total activity 33,113 1,962 35,075 15,784 — 15,784 Ending balance — Goodwill $ 1,584,175 $ 330,907 $ 1,915,082 $ 1,551,062 $ 328,945 $ 1,880,007 (1) Also includes reductions for businesses held for sale. The components of intangible assets at December 31 were as follows: Useful Life Minimum Maximum 2021 2020 (Years) (In thousands) Amortizing intangibles: Covenants-not-to-compete 2 - 20 $ 223,854 $ 219,493 Customer relationships 10 - 20 153,927 150,365 Tradenames 5 - 89 7,000 7,000 Other 5 - 89 26,927 26,927 411,708 403,785 Less: accumulated amortization: Covenants-not-to-compete 203,935 201,427 Customer relationships 96,294 90,022 Tradenames 280 202 Other 9,546 8,807 310,055 300,458 Amortizing intangibles, net 101,653 103,327 Non-amortizing intangibles: Tradenames Indefinite 359,297 327,297 Other Indefinite 10,765 10,765 Non-amortizing intangibles 370,062 338,062 Intangible assets, net — included in Deferred charges and other assets, net $ 471,715 $ 441,389 Amortization expense for intangible assets was $20.0 million, $22.4 million, and $25.6 million for the years ended December 31, 2021, 2020, and 2019, respectively. The following is estimated amortization expense, excluding certain intangibles for which we are unable to provide an estimate because they are amortized based on specific identification in the fulfillment of performance obligations on our preneed contracts, for the five years subsequent to December 31, 2021 (in thousands): 2022 $ 6,691 2023 6,300 2024 6,155 2025 6,023 2026 4,023 Total estimated amortization expense $ 29,192 |
Income Taxes Level 1 (Notes)
Income Taxes Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The provision or benefit for income taxes includes U.S. federal income taxes (determined on a consolidated return basis), foreign income taxes, and state income taxes. Income before income taxes was composed of the following components: Years Ended December 31, 2021 2020 2019 (In thousands) United States $ 994,632 $ 633,608 $ 441,579 Foreign 50,868 28,452 22,853 $ 1,045,500 $ 662,060 $ 464,432 Income tax provision consisted of the following: Years Ended December 31, 2021 2020 2019 (In thousands) Current: United States $ 194,545 $ 106,632 $ 51,664 Foreign 14,088 7,968 7,059 State 39,452 23,439 12,908 Total current income taxes 248,085 138,039 71,631 Deferred: United States $ (3,543) $ 6,339 $ 12,973 Foreign (5,492) (64) (571) State 3,198 1,609 10,628 Total deferred income taxes (5,837) 7,884 23,030 Total income taxes $ 242,248 $ 145,923 $ 94,661 We made income tax payments of $270.2 million, $138.0 million, and $70.6 million in 2021, 2020, and 2019, respectively, and received refunds of $4.7 million, $5.2 million, and $4.7 million, respectively. The differences between the U.S. federal statutory income tax rate and our effective tax rate were as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Computed tax provision at the applicable federal statutory income tax rate $ 219,555 $ 139,031 $ 97,531 State and local taxes, net of federal income tax benefits 35,045 20,711 20,081 Foreign jurisdiction differences 3,041 2,496 1,646 Permanent differences associated with divestitures 400 73 1,288 Changes in uncertain tax positions and audit settlements 51 100 (9,842) Foreign valuation allowance, net of federal income tax benefits (4,155) (566) 43 Excess tax benefit from share-based compensation (12,476) (9,093) (13,868) Other 787 (6,829) (2,218) Provision for income taxes $ 242,248 $ 145,923 $ 94,661 Total consolidated effective tax rate 23.2 % 22.0 % 20.4 % Deferred taxes are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates. The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following: Years Ended December 31, 2021 2020 (In thousands) Inventories and cemetery property $ (205,660) $ (208,707) Deferred incremental direct selling costs (90,691) (81,301) Property and equipment (170,198) (161,293) Intangibles (203,229) (201,361) Other (3,728) (2,424) Deferred tax liabilities (673,506) (655,086) Loss and tax credit carryforwards 148,069 134,912 Deferred revenue on preneed funeral and cemetery contracts 135,112 117,748 Accrued liabilities 79,333 73,743 Deferred tax assets 362,514 326,403 Less: valuation allowance (120,739) (108,090) Net deferred income tax liability $ (431,731) $ (436,773) Deferred tax assets and deferred income tax liabilities are recognized in our Consolidated Balance Sheet as follows: Years Ended December 31, 2021 2020 (In thousands) Non-current deferred tax assets - included in Deferred charges and other assets, net $ 6,171 $ 535 Non-current deferred tax liabilities - included in Deferred tax liability (437,902) (437,308) Net deferred income tax liability $ (431,731) $ (436,773) As of December 31, 2021, foreign withholding taxes have not been provided on the estimated $339.9 million of undistributed earnings and profits (E&P) of our foreign subsidiaries as we intend to permanently reinvest these foreign E&P in those businesses outside the U.S. However, if we were to repatriate such foreign E&P, the foreign withholding tax liability is estimated to be $16.4 million. The following table summarizes the activity related to our gross unrecognized tax benefits from January 1, 2019 to December 31, 2021 (in thousands): Federal, State, and Foreign Tax (In thousands) Balance at December 31, 2018 $ 1,348 Reduction to tax positions related to prior years — Balance at December 31, 2019 $ 1,348 Reductions to tax positions related to prior years — Balance at December 31, 2020 $ 1,348 Reductions to tax positions related to prior years — Balance at December 31, 2021 $ 1,348 Our total unrecognized tax benefits that, if recognized, would affect our effective tax rates were $1.3 million as of December 31, 2021, 2020 and 2019. We include potential accrued interest and penalties related to unrecognized tax benefits within our income tax provision account. We have accrued $0.8 million, $0.7 million, and $0.6 million for the payment of interest, net of tax benefits, and penalties as of December 31, 2021, 2020 and 2019, respectively. We recorded an increase of interest and penalties of $0.1 million for each of the years ended December 31, 2021, 2020 and 2019, respectively. To the extent interest and penalties are not assessed with respect to uncertain tax positions or the uncertainty of deductions in the future, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. We file income tax returns, including tax returns for our subsidiaries, with federal, state, local, and foreign jurisdictions. We consider the United States to be our most significant jurisdiction; however, all tax returns are subject to routine compliance review by the taxing authorities in the jurisdictions in which we file tax returns in the ordinary course of business. The federal statutes of limitations have expired for all tax years prior to 2018, and we are not currently under audit by the IRS. However, pursuant to the 2017 Tax Cuts and Jobs Act, the statute of limitations on the transition tax for the 2017 tax year does not expire until 2024. Various state jurisdictions are auditing years 2013 through 2020. There are currently no federal or provincial audits in Canada; however, years subsequent to 2015 remain open and could be subject to examination. We believe that it is reasonably possible that the recorded amount of gross unrecognized tax benefits may decrease by $1.3 million within the next twelve months as a result of concluding various state tax matters. Various subsidiaries have federal, state, and foreign loss carryforwards in the aggregate of $2.7 billion with expiration dates through 2040. Such loss carryforwards will expire as follows: Federal State Foreign Total (In thousands) 2022 $ — $ 76,127 $ — $ 76,127 2023 — 219,103 — 219,103 2024 — 160,530 415 160,945 2025 — 330,888 3,032 333,920 Thereafter — 1,886,616 8,030 1,894,646 Total $ — $ 2,673,264 $ 11,477 $ 2,684,741 In assessing the usefulness of deferred tax assets, we consider whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The future realization of net deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. During 2021, we recorded a net $17.6 million increase in our state valuation allowance due to state legislative changes and a net $4.9 million decrease in our foreign valuation allowance resulting from increased income in Puerto Rico. The valuation allowances can be affected in future periods by changes to tax laws, changes to statutory tax rates, and changes in estimates of future taxable income. At December 31, 2021, our loss and tax credit carryforward deferred tax assets and related valuation allowances by jurisdiction are as follows (presented net of federal benefit): Federal State Foreign Total (In thousands) Loss and tax credit carryforwards $ — $ 141,551 $ 6,518 $ 148,069 Valuation allowance $ — $ 105,635 $ 15,104 $ 120,739 |
Debt Level 1 (Notes)
Debt Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt The components of Debt are: Years Ended December 31, 2021 2020 (In thousands) 8.000% Senior Notes due November 2021 $ — $ 150,000 7.500% Senior Notes due April 2027 152,710 152,710 4.625% Senior Notes due December 2027 550,000 550,000 5.125% Senior Notes due June 2029 750,000 750,000 3.375% Senior Notes due August 2030 850,000 850,000 4.000% Senior Notes due May 2031 800,000 — Term Loan due May 2024 568,750 601,250 Bank Credit Facility due May 2024 155,000 525,000 Obligations under finance leases 136,847 148,864 Mortgage notes and other debt, maturities through 2050 48,113 51,766 Unamortized premiums and discounts, net — (317) Unamortized debt issuance costs (45,100) (36,739) Total debt $ 3,966,320 $ 3,742,534 Less: Current maturities of long-term debt (65,016) (228,352) Total long-term debt $ 3,901,304 $ 3,514,182 Current maturities of debt at December 31, 2021 include amounts due under our term loan, mortgage notes and other debt, and finance leases within the next year as well as the portion of unamortized debt issuance costs expected to be recognized in the next twelve months. Our consolidated debt had a weighted average interest rate of 3.70% and 3.62% at December 31, 2021 and 2020, respectively. Approximately 79% and 66% of our total debt had a fixed interest rate at December 31, 2021 and 2020, respectively. The following table summarizes the aggregate maturities of our debt for the five years subsequent to December 31, 2021 and thereafter, excluding unamortized premiums and debt issuance costs (in thousands): 2022 $ 65,016 2023 85,299 2024 671,611 2025 40,709 2026 1,986 2027 and thereafter 3,101,699 Total debt maturities $ 3,966,320 Bank Credit Agreement The bank credit agreement 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 agreement contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. As of December 31, 2021, we are in compliance with all of our debt covenants. At December 31, 2021 we have issued $34.0 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.10%. As of December 31, 2021, we have $811.0 million in borrowing capacity under the facility. As of December 31, 2020, we issued $34.0 million of letters of credit. Debt Issuances and Additions During the year ended December 31, 2021, we issued or added $975.0 million of debt including: • $800.0 million unsecured 4.0% Senior Notes due May 2031; and • $175.0 million on our Bank Credit Facility due May 2024. Newly issued debt was used to pay down our Bank Credit Facility due May 2024, to redeem our 8.0% Senior Notes due November 2021, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $13.6 million. During the year ended December 31, 2020, we issued or added $1,585.0 million of debt including: • $850.0 million unsecured 3.375% Senior Notes due August 2030; and • $735.0 million on our Bank Credit Facility due May 2024. Newly issued debt was used to pay down our Bank Credit Facility due May 2024, to redeem our 5.375% Senior Notes due May 2024, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $14.5 million. Debt Extinguishments and Reductions During the year ended December 31, 2021, we made aggregate debt payments of $736.0 million for scheduled and early extinguishment payments including: • $545.0 million in aggregate principal of our Bank Credit Facility due May 2024; • $32.5 million in aggregate principal of our Term Loan due May 2024; • $150.0 million in aggregate principal of 8.0% Senior Notes due November 2021; • $4.8 million of premiums paid on early extinguishment; and • $3.7 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $5.2 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the year ended December 31, 2021. During the year ended December 31, 2020, we made aggregate debt payments of $1,406.4 million for scheduled and early extinguishment payments including: • $505.0 million in aggregate principal of our Bank Credit Facility due May 2024; • $32.5 million in aggregate principal of our Term Loan due May 2024; • $0.8 million in aggregate principal of 7.5% Senior Notes due April 2027 repurchased on the open market; • $850.0 million in aggregate principal of 5.375% Senior Notes due May 2024; • $16.1 million of premiums paid on early extinguishment; and • $2.0 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $18.4 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the year ended December 31, 2020. Additional Debt Disclosures At December 31, 2021 and 2020, we had deposits of $0.4 million and $2.0 million, respectively, in restricted, interest-bearing accounts that were pledged as collateral for various credit instruments and commercial commitments. These deposits are included in Other current assets and Deferred charges and other assets, net in our Consolidated Balance Sheet. We had assets of approximately $1.1 million and $1.2 million pledged as collateral for the mortgage notes and other debt at December 31, 2021 and 2020, respectively. Cash interest payments for the three years ended December 31 were as follows (in thousands): Payments in 2021 $ 142,145 Payments in 2020 $ 152,524 Payments in 2019 $ 190,672 Expected cash interest payments on our existing long-term debt for the five years subsequent to December 31, 2021 and thereafter are as follows (in thousands): Payments in 2022 $ 148,490 Payments in 2023 147,524 Payments in 2024 141,477 Payments in 2025 137,300 Payments in 2026 136,738 Payments in 2027 and thereafter 367,756 Total expected cash interest payments $ 1,079,285 |
Credit Risk and Fair Value of F
Credit Risk and Fair Value of Financial Instruments Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Credit Risk and Fair Value of Financial Instruments [Abstract] | |
Credit Risk and Fair Value of Financial Instruments [Text Block] | Credit Risk and Fair Value of Financial Instruments Fair Value Estimates The fair value estimates of the following financial instruments have been determined using available market information and appropriate valuation methodologies. The carrying values of cash and cash equivalents, trade receivables, and trade payables approximate the fair values of those instruments due to the short-term nature of the instruments. The carrying values of receivables on preneed funeral and cemetery contracts approximate fair value due to the diverse number of individual contracts with varying terms. The fair value of our debt instruments was as follows: Years Ended December 31, 2021 2020 (In thousands) 8.000% Senior Notes due November 2021 $ — $ 159,000 7.500% Notes due April 2027 181,511 185,639 4.625% Senior Notes due December 2027 575,443 590,700 5.125% Senior Notes due June 2029 809,737 840,368 3.375% Senior Notes due August 2030 836,825 883,099 4.000% Senior Notes due May 2031 813,552 — Term Loan due May 2024 568,750 601,250 Bank Credit Facility due May 2024 155,000 525,000 Mortgage notes and other debt, maturities through 2050 46,878 51,659 Total fair value of debt instruments $ 3,987,696 $ 3,836,715 The fair values of our long-term, fixed rate loans were estimated using market prices for those loans, and therefore they are classified within Level 2 of the fair value measurements hierarchy. The Term Loan, Bank Credit Facility 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 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. Credit Risk Exposure Our cash deposits, some of which exceed insured limits, are distributed among various market and national banks in the jurisdictions in which we operate. In addition, we regularly invest excess cash in financial instruments that are not insured, such as commercial paper that is offered by corporations with quality credit ratings and money market funds and Eurodollar time deposits that are offered by a variety of reputable financial institutions. We believe that the credit risk associated with such instruments is minimal. We grant credit to customers in the normal course of business. The credit risk associated with our funeral, cemetery, and preneed funeral and preneed cemetery receivables due from customers is generally considered minimal because of the diversification of the customers served. Furthermore, bad debts have not been significant relative to the volume of deferred revenue. Customer payments on preneed funeral or preneed cemetery contracts that are either placed into state-regulated trusts or used to pay premiums on life insurance contracts generally do not subject us to collection risk. Insurance-funded contracts are subject to supervision by state insurance departments and are protected in the majority of states by insurance guaranty acts. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Finance Leases [Text Block] | Leases Our leases principally relate to office, maintenance, and transportation equipment and funeral service real estate. The majority of our lease arrangements contain options to (i) purchase the property at fair value on the exercise date, (ii) purchase the property for a value determined at the inception of the lease, or (iii) renew the lease for the fair rental value at the end of the primary lease term. Future lease payments for non-cancelable operating and finance leases as of December 31, 2021 were as follows: Operating Finance Total (In thousands) 2022 $ 10,083 $ 37,979 $ 48,062 2023 8,377 41,315 49,692 2024 7,274 32,320 39,594 2025 6,211 13,035 19,246 2026 5,403 7,704 13,107 2027 and thereafter 36,599 18,196 54,795 Total lease payments $ 73,947 $ 150,549 $ 224,496 Less: Interest (17,720) (13,702) (31,422) Present value of lease liabilities $ 56,227 $ 136,847 $ 193,074 The components of lease cost were as follows: Years Ended December 31, 2021 2020 (In thousands) Amortization of leased assets $ 37,569 $ 41,938 Interest on lease liabilities 4,642 5,955 Total finance lease cost 42,211 47,893 Operating lease cost 11,586 12,196 Variable lease cost 178 29 Total lease cost $ 53,975 $ 60,118 Supplemental balance sheet information related to leases was as follows: Lease Type Balance Sheet Classification December 31, 2021 December 31, 2020 (In thousands) Operating lease right-of-use assets (1) Deferred charges and other assets $ 53,685 $ 54,764 Finance lease right-of-use assets (1) Property and equipment, net 131,420 146,144 Total right-of-use assets (1) $ 185,105 $ 200,908 Operating Accounts payable and accrued liabilities $ 8,049 $ 8,584 Finance Current maturities of long-term debt 34,222 47,109 Total current lease liabilities 42,271 55,693 Operating Other liabilities 48,178 48,656 Finance Long-term debt 102,625 101,755 Total non-current lease liabilities 150,803 150,411 Total lease liabilities $ 193,074 $ 206,104 (1) Right-of-use assets are presented net of accumulated amortization. The weighted-average life remaining and discount rates of our leases were as follows: December 31, 2021 December 31, 2020 Operating Finance Operating Finance Weighted-average remaining lease term (years) 12.1 4.9 12.2 4.8 Weighted-average discount rate 3.9% 3.1% 4.3% 3.3% Supplemental cash flow information related to leases was as follows: Years Ended December 31, 2021 2020 (In thousands) Cash paid for amounts in the measurement of lease liabilities: Operating cash flows for operating leases $ 11,693 $ 12,190 Operating cash flows for finance leases 4,207 5,446 Financing cash flows for finance leases 34,617 43,598 Total cash paid for amounts included in the measurement of lease liabilities $ 50,517 $ 61,234 New finance leases 21,097 23,523 Finance lease renewals and extensions 1,095 — Right-of-use assets obtained in exchange for finance lease liabilities $ 22,192 $ 23,523 New operating leases 3,268 4,684 Operating lease renewals and extensions 4,554 4,128 Right-of-use assets obtained in exchange for operating lease liabilities $ 7,822 $ 8,812 During the years ended December 31, 2021 and 2020, we acquired buildings and land previously leased for our funeral service locations. These real estate acquisitions, excluded from the table above, reduced right-of-use assets by $1.0 million and $2.7 million for the years ended December 31, 2021 and 2020, respectively. We have 59 operating leases where we are the lessor and the non-cancelable term is greater than one year, resulting in $4.4 million and $3.6 million in lease income for the years ended December 31, 2021 and 2020, respectively. We determine whether an arrangement is or contains a lease at the inception of the arrangement based on the terms of the arrangement. We lease retail space, office space and land, and we are party to cellular agreements and land easements. The underlying assets of these lease agreements are buildings and land. We generally do not have sales-type leases, direct financing leases, or lease receivables. Certain of our agreements include variable rental income based on a percentage of sales over base contractual levels. Renewal options that can be cancelled by the lessees are not included in our disclosure of future lease income, which includes only the non-cancelable terms and fixed escalation provisions. Certain lease arrangements contain options to purchase the property at fair value at the conclusion of the lease term. Non lease components are excluded from rental income disclosures. Future undiscounted lease income from operating leases where we are the lessor were as follows as of December 31, 2021 (in thousands): 2022 $ 4,123 2023 3,513 2024 3,124 2025 2,818 2026 2,542 2027 and thereafter 19,714 Total expected cash receipts $ 35,834 We own certain land, buildings, and improvements for the sole purpose of generating lease income. Property is recorded at cost, and depreciation is recognized ratably over the estimated useful lives of the various classes of assets. Buildings and improvements are depreciated over a period ranging from ten years to forty years. For these properties, we recorded depreciation expense of $0.7 million, $0.5 million, and $0.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, our Consolidated Balance Sheet includes Land of $25.0 million, and Buildings and improvements of $24.6 million, net of $2.9 million accumulated depreciation, related to these properties. |
Commitments and Contingencies L
Commitments and Contingencies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 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 December 31, 2021 and 2020, we have self-insurance reserves of $94.3 million and $92.8 million, respectively. Litigation and Regulatory Matters |
Equity Level 1 (Notes)
Equity Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity (All shares reported in whole numbers) Share Authorization We are authorized to issue 1,000,000 shares of preferred stock, $1 per share par value. No preferred shares were issued as of December 31, 2021 or 2020. At December 31, 2021 and 2020, 500,000,000 common shares of $1 par value were authorized. We had 166,821,502 and 174,792,272 shares issued and 163,114,202 and 170,717,236 outstanding at par at December 31, 2021 and 2020, respectively. Accumulated Other Comprehensive Income 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 cumulative currency translation adjustments in Accumulated other comprehensive income. Share Repurchase Program 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 share repurchase program. In 2021, we repurchased 9,437,446 shares of our common stock at an aggregate cost of $554.6 million, which is an average cost per share of $58.77. During 2020, we repurchased 12,043,347 shares of our common stock at an aggregate cost of $516.9 million, which is an average cost per share of $42.92. During November 2021, our Board of Directors increased our share repurchase authorization to $600.0 million. After these repurchases and the increase in authorization, the remaining dollar value of shares authorized to be purchased under the share repurchase program was $495.0 million at December 31, 2021. |
Share-Based Compensation Level
Share-Based Compensation Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Payment Arrangement [Text Block] | Share-Based Compensation Stock Benefit Plans We maintain benefit plans whereby shares of our common stock may be issued pursuant to the exercise of stock options or restricted stock granted to officers and key associates. Our Amended and Restated Incentive Plan ("the 1996 Plan") reserved 44,000,000 shares of our common stock for outstanding and future awards of stock options, restricted stock, and other share-based awards to officers and key associates. In May 2017, our shareholders approved the amended 2016 Equity Incentive Plan ("the 2016 Plan"), which reserved 13,404,404 shares of common stock for outstanding and future awards of stock options, restricted stock, and other awards to officers and key associates. Our benefit plans allow for options to be granted as either non-qualified or incentive stock options. The options historically have been granted annually, or upon hire, as approved by the Compensation Committee of the Board of Directors. The options are granted with an exercise price equal to the market price of our common stock on the date of the grant, as approved by the Compensation Committee of the Board of Directors. The options are generally exercisable at a rate of 33 1 / 3 % each year unless alternative vesting methods are approved by the Compensation Committee of the Board of Directors. Outstanding options will expire, if not exercised or forfeited, within eight years from the date of grant. Restricted shares are generally expensed ratably over the period during which the restrictions lapse, which is typically 33 1 / 3 % each year. At December 31, 2021 and 2020, 4,912,904 and 5,873,329 shares, respectively, were reserved for future option and restricted share grants under our stock benefit plans. We utilize the Black-Scholes option valuation model for estimating the fair value of our stock options. This model allows the use of a range of assumptions related to volatility, risk-free interest rate, expected holding period, and dividend yield. The expected volatility utilized in the valuation model is based on the historical volatility of our stock price. The dividend yield and expected holding period are based on historical experience and management’s estimate of future events. The risk-free interest rate is derived from the U.S. Treasury yield curve based on the expected life of the option in effect at the time of grant. The fair values of our stock options are calculated using the following weighted average assumptions, based on the methods described above: Years Ended December 31, Assumptions 2021 2020 2019 Dividend yield 1.8% 1.7% 1.7% Expected volatility 23.5% 18.0% 19.8% Risk-free interest rate 0.4% 1.4% 2.5% Expected holding period (years) 4.0 3.7 4.0 The following table summarizes certain information with respect to stock option and restricted share compensation included in our Consolidated Statement of Operations: Years Ended December 31, 2021 2020 2019 (In thousands) Total pretax employee share-based compensation expense included in net income $ 14,168 $ 14,103 $ 15,029 Income tax benefit related to share-based compensation included in net income $ 3,537 $ 3,417 $ 3,842 Stock Options The following table sets forth stock option activity for the year ended December 31, 2021 (shares reported in whole numbers): Options Weighted-Average Outstanding at December 31, 2020 6,912,065 $ 32.34 Granted 652,290 $ 49.59 Exercised (1,641,663) $ 24.17 Outstanding at December 31, 2021 5,922,692 $ 36.50 Exercisable at December 31, 2021 4,375,143 $ 32.10 The aggregate intrinsic value for stock options outstanding and exercisable was $204.3 million and $170.1 million, respectively, at December 31, 2021. Set forth below is certain information related to stock options outstanding and exercisable at December 31, 2021 (shares reported in whole numbers): Options Outstanding Options Exercisable Range of Exercise Price Number Weighted-Average Remaining Contractual Life Weighted- Number Weighted- $0.00 — 25.00 1,425,927 1.8 $ 22.54 1,425,927 $ 22.54 $25.01 — 35.00 1,087,720 3.1 $ 29.25 1,087,720 $ 29.25 $35.01 — 45.00 1,809,995 4.6 $ 39.65 1,552,021 $ 39.16 $45.01 — 55.00 1,599,050 6.5 $ 50.32 309,475 $ 50.82 $0.00 — 55.00 5,922,692 4.2 $ 36.50 4,375,143 $ 32.10 Other information pertaining to stock options was as follows (in thousands, except weighted-average grant date fair value): Years Ended December 31, 2021 2020 2019 Weighted average grant-date fair value of stock options granted $ 7.50 $ 6.44 $ 6.86 Total fair value of stock options vested $ 5,708 $ 5,535 $ 7,250 Total intrinsic value of stock options exercised $ 59,180 $ 41,995 $ 65,023 Cash received from the exercise of stock options $ 39,354 $ 26,671 $ 40,922 Recognized compensation expense $ 5,514 $ 5,668 $ 6,314 As of December 31, 2021, the unrecognized compensation expense related to stock options of $6.0 million is expected to be recognized over a weighted average period of 1.7 years. Restricted Shares The fair value of our restricted share awards and units, as determined on the grant date, is being amortized and charged to income (with an offsetting credit to Capital in excess of par value ) generally over the average period during which the restrictions lapse. Restricted share award activity was as follows (share awards reported in whole numbers): Restricted Weighted-Average Nonvested restricted share awards at December 31, 2020 243,529 $ 45.52 Granted 113,359 $ 49.59 Vested (126,978) $ 43.28 Nonvested restricted share awards at December 31, 2021 229,910 $ 48.76 Other information pertaining to restricted share awards was as follows (in thousands, except weighted-average grant date fair value): Years Ended December 31, 2021 2020 2019 Recognized compensation expense related to restricted share awards $ 5,647 $ 5,568 $ 6,000 Weighted-average grant date fair value for nonvested restricted stock granted $ 49.59 $ 50.82 $ 42.73 Total fair market value of restricted share awards vested $ 5,496 $ 5,674 $ 6,718 Aggregate intrinsic value of restricted share awards vested $ 3,513 $ 2,100 $ 3,724 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Retirement Plans We currently have a supplemental retirement plan for certain current and former key employees (SERP), a supplemental retirement plan for officers and certain key employees (Senior SERP), a retirement plan for certain non-employee directors (Directors’ Plan), a Retirement Plan for Rose Hills ® Trustees, a Rose Hills ® Supplemental Retirement Plan, and a Stewart Supplemental Retirement Plan (collectively, the “Plans”). All of our Plans are unfunded and have a measurement date of December 31. The Plans are frozen; therefore, the participants do not earn incremental benefits from additional years of service, and we do not incur any additional service cost. Retirement benefits under the SERP are based on years of service and average monthly compensation, reduced by benefits under Social Security. The Senior SERP provides retirement benefits based on years of service and position. The Directors’ Plan provides for an annual benefit to directors following retirement, based on a vesting schedule. We recognize pension related gains and losses in Other income, net on our Consolidated Statement of Operations in the year such gains and losses are incurred. The components of the Plans’ net periodic benefit cost were as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Interest cost on projected benefit obligation $ 482 $ 698 $ 956 Recognized net actuarial (gains) losses (353) 1,641 2,886 Total net periodic benefit cost $ 129 $ 2,339 $ 3,842 The Plans’ funded status were as follows: Years Ended December 31, 2021 2020 (In thousands) Change in Benefit Obligation: Benefit obligation at beginning of year $ 24,635 $ 24,961 Interest cost 482 698 Actuarial (gain) loss (353) 1,641 Benefits paid (2,383) (2,665) Benefit obligation at end of year $ 22,381 $ 24,635 Change in Plan Assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 2,383 2,665 Benefits paid, including expenses (2,383) (2,665) Fair value of plan assets at end of year $ — $ — Funded status of plan $ (22,381) $ (24,635) Funding Summary: Projected benefit obligations $ 22,381 $ 24,635 Accumulated benefit obligation $ 22,381 $ 24,635 Amounts Recognized in the Consolidated Balance Sheet: Included in Accounts payable and accrued liabilities $ (2,431) $ (2,432) Included in Other liabilities (19,950) (22,203) Total accrued benefit (liability) $ (22,381) $ (24,635) The retirement benefits under the Plans are unfunded obligations of the Company. We have purchased various life insurance policies on the participants in the Plans with the intent to use the proceeds or any cash value buildup from these policies to assist in meeting, at least to the extent of such assets, the Plans' funding requirements. The face value of these insurance policies at December 31, 2021 and 2020 was $49.4 million and $48.8 million, respectively, and the cash surrender value was $39.9 million and $39.1 million, respectively. The outstan ding loans against the policies are minimal and there are no restrictions in the policies regarding loans. The Plans’ weighted-average assumptions used to determine the benefit obligation and net periodic benefit cost are as follows: Years Ended December 31, 2021 2020 2019 Weighted-average discount rate used to determine obligations 2.52 % 2.06 % 2.95 % Weighted-average discount rate used to determine net periodic benefit cost 2.42 % 2.98 % 4.15 % We determine our discount rate used to compute future benefit obligations using an analysis of expected future benefit payments. The reasonableness of our discount rate is verified by comparing the rate to the rate earned on high-quality fixed income investments, such as the Moody’s Aa index, plus 50 basis points. The assumed rate of return on plan assets was not applicable as we pay plan benefits as they come due. As all Plans are frozen, the assumed rate of compensation increase is zero. The following benefit payments are expected to be paid over the next ten years related to our Plans (in thousands): 2022 $ 2,381 2023 2,140 2024 1,945 2025 1,847 2026 1,818 Years 2027 through 2031 7,632 Total expected benefit payments $ 17,763 We also have an employee savings plan that qualifies under Section 401(k) of the Internal Revenue Code for the exclusive benefit of our United States employees. Under the plan, participating employees may contribute a portion of their pretax and/or after-tax income in accordance with specified guidelines up to a maximum of 50%. During 2021, 2020, and 2019, we matched a percentage of the employee contributions through contributions of cash. For these years, our matching contribution was based upon the following: Years of Vesting Service Percentage of Deferred Compensation 0 — 5 years 75% of the first 6% of deferred compensation 6 — 10 years 100% of the first 6% of deferred compensation 11 or more years 125% of the first 6% of deferred compensation The amount of our matched contributions in 2021, 2020, and 2019 was $46.0 million, $39.8 million, and $39.7 million, respectively. |
Segment Reporting Level 1 (Note
Segment Reporting Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Reporting Our operations are both product-based and geography-based, and the reportable operating segments presented below include our funeral and cemetery operations. Our geographic areas include the United States and Canada, where we conduct both funeral and cemetery operations. Our reportable segment information, including disaggregated revenue, was as follows and includes a reconciliation of gross profit to our consolidated income before income taxes. Years Ended December 31, 2021 2020 2019 (In thousands) Revenue from customers: Funeral revenue: Atneed revenue $ 1,268,111 $ 1,092,016 $ 996,643 Matured preneed revenue 700,473 662,675 605,237 Core funeral revenue 1,968,584 1,754,691 1,601,880 Non-funeral home revenue 74,099 61,198 52,211 Recognized preneed revenue 159,595 124,645 139,525 Other revenue 140,898 111,767 130,286 Total funeral revenue 2,343,176 2,052,301 1,923,902 Cemetery revenue: Atneed revenue 477,950 386,850 326,230 Recognized preneed property revenue 846,528 659,950 581,724 Recognized preneed merchandise and services revenue 343,899 298,864 287,589 Core cemetery revenue 1,668,377 1,345,664 1,195,543 Other revenue 131,590 113,544 111,340 Total cemetery revenue 1,799,967 1,459,208 1,306,883 Total revenue from customers $ 4,143,143 $ 3,511,509 $ 3,230,785 Gross profit: Funeral gross profit $ 625,621 $ 494,602 $ 372,638 Cemetery gross profit 677,993 482,225 387,942 Gross profit from reportable segments 1,303,614 976,827 760,580 Corporate general and administrative expenses (138,107) (141,066) (126,886) Gains on divestitures and impairment charges, net 25,169 7,009 32,919 Operating income 1,190,676 842,770 666,613 Interest expense (150,610) (163,063) (185,843) Losses on early extinguishment of debt, net (5,226) (18,428) (16,637) Other income, net 10,660 781 299 Income before income taxes $ 1,045,500 $ 662,060 $ 464,432 Other reportable segment information as of and for the year ended December 31 were as follows: Reportable Segments Funeral Cemetery Corporate Consolidated (In thousands) 2021 Interest expense $ 2,864 $ 681 $ 147,065 $ 150,610 Depreciation and amortization $ 112,667 $ 37,866 $ 8,773 $ 159,306 Amortization of intangibles $ 12,980 $ 7,016 $ 6 $ 20,002 Amortization of cemetery property $ — $ 98,162 $ — $ 98,162 Capital expenditures $ 140,432 $ 149,145 $ 14,083 $ 303,660 Total assets $ 6,390,917 $ 8,793,348 $ 506,913 $ 15,691,178 2020 Interest expense $ 3,896 $ 514 $ 158,653 $ 163,063 Depreciation and amortization $ 107,770 $ 34,693 $ 12,836 $ 155,299 Amortization of intangibles $ 13,593 $ 8,841 $ 10 $ 22,444 Amortization of cemetery property $ — $ 80,403 $ — $ 80,403 Capital expenditures $ 86,902 $ 132,443 $ 2,866 $ 222,211 Total assets $ 6,030,764 $ 8,042,339 $ 442,322 $ 14,515,425 2019 Interest expense $ 4,026 $ 659 $ 181,158 $ 185,843 Depreciation and amortization $ 106,982 $ 33,323 $ 10,695 $ 151,000 Amortization of intangibles $ 15,343 $ 10,297 $ 9 $ 25,649 Amortization of cemetery property $ — $ 70,330 $ — $ 70,330 Capital expenditures $ 112,090 $ 125,365 $ 2,502 $ 239,957 Our geographic area information as of and for the year ended December 31 were as follows: United States Canada Total (In thousands) 2021 Revenue from external customers $ 3,918,777 $ 224,366 $ 4,143,143 Interest expense $ 150,385 $ 225 $ 150,610 Depreciation and amortization $ 149,351 $ 9,955 $ 159,306 Amortization of intangibles $ 19,721 $ 281 $ 20,002 Amortization of cemetery property $ 92,128 $ 6,034 $ 98,162 Operating income $ 1,120,154 $ 70,522 $ 1,190,676 Gains on divestitures and impairment charges, net $ 19,837 $ 5,332 $ 25,169 Long-lived assets $ 6,895,439 $ 342,458 $ 7,237,897 2020 Revenue from external customers $ 3,328,381 $ 183,128 $ 3,511,509 Interest expense $ 162,804 $ 259 $ 163,063 Depreciation and amortization $ 146,378 $ 8,921 $ 155,299 Amortization of intangibles $ 22,132 $ 312 $ 22,444 Amortization of cemetery property $ 76,275 $ 4,128 $ 80,403 Operating income $ 795,461 $ 47,309 $ 842,770 Gains on divestitures and impairment charges, net $ 6,935 $ 74 $ 7,009 Long-lived assets $ 6,633,470 $ 339,594 $ 6,973,064 2019 Revenue from external customers $ 3,052,101 $ 178,684 $ 3,230,785 Interest expense $ 185,512 $ 331 $ 185,843 Depreciation and amortization $ 142,550 $ 8,450 $ 151,000 Amortization of intangibles $ 25,079 $ 570 $ 25,649 Amortization of cemetery property $ 66,552 $ 3,778 $ 70,330 Operating income $ 628,204 $ 38,409 $ 666,613 Gains (losses) on divestitures and impairment charges, net $ 33,200 $ (281) $ 32,919 |
Earnings Per Share Level 1 (Not
Earnings Per Share Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 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 stock that shared in our earnings. A reconciliation of the numerators and denominators of basic and diluted EPS is presented below: Years Ended December 31, 2021 2020 2019 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income — basic and diluted 802,939 515,907 369,596 Weighted average shares: Weighted average shares — basic 167,542 176,709 182,246 Stock options 2,501 2,234 3,223 Restricted share units 71 47 54 Weighted average shares — diluted 170,114 178,990 185,523 Amounts attributable to common stockholders: Income from continuing operations per share: Net income per share: Basic $ 4.79 $ 2.92 $ 2.03 Diluted $ 4.72 $ 2.88 $ 1.99 |
Acquisition Level 1 (Notes)
Acquisition Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions In December 2021, we acquired twenty-one funeral homes and one cemetery in two states as part of two acquisitions (the "Ohio and California Businesses") for $94.8 million in cash. This amount includes the use of $6.1 million in IRS Section 1031 exchange funds. The primary reasons for the acquisitions and the principal factors that contributed to the recognition of goodwill in these acquisitions were: • the acquisitions enhance our network footprint, enabling us to serve a number of new, complementary areas; and • the acquisitions of the preneed backlog of deferred revenues enhance our long-term stability. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed in the acquisitions (in thousands): Other current assets $ 140 Cemetery property 2,918 Property and equipment, net 36,768 Preneed receivables, net and trust investments 7,732 Finite-lived intangible assets 3,900 Indefinite-lived intangible assets 24,734 Deferred charges and other assets 128 Cemetery perpetual care trust investments 1,484 Goodwill 29,683 Total assets acquired 107,487 Current liabilities 660 Deferred revenue and deferred receipts held in trust 7,204 Care trusts' corpus 1,484 Other liabilities 3,336 Total liabilities assumed 12,684 Net assets acquired $ 94,803 The purchase accounting is preliminary because we have not finalized our assessment of the fair value because there has been insufficient time between the acquisition date and the issuance of these financial statements to complete our review and final determination of fair value. Goodwill, land, and certain identifiable intangible assets recorded in the acquisitions are not subject to amortization; however, the goodwill and intangible assets will be tested periodically for impairment. Of the $29.7 million in goodwill recognized, all of which is deductible for tax purposes, $1.5 million was allocated to our cemetery segment and $28.2 million was allocated to our funeral segment. The identified intangible assets comprise the following: Useful Life Fair Value (Years) (In thousands) Preneed customer relationships to insurance claims 10 $ 3,900 Tradenames Indefinite 24,734 Total intangible assets $ 28,634 We incurred acquisition costs of $0.3 million, which is included in Corporate general and administrative expenses in our Consolidated Statement of Operations. The Ohio and California Businesses contributed revenue of $1.1 million and net income of $0.3 million from acquisition through December 31, 2021. The following unaudited pro forma summary presents financial information as if the acquisition of the Ohio and California Businesses had occurred on January 1, 2020 and the acquisition costs of $0.3 million were included in 2020: 2021 2020 (In thousands) Revenue $ 4,172,574 $ 3,536,915 Net income $ 807,040 $ 517,933 Excluding the December 2021 acquisitions described above, we spent $26.3 million, $64.2 million, and $55.6 million, net of cash acquired, for several business acquisitions, and $26.6 million, $52.1 million, and $51.4 million, net of cash acquired, for several real estate acquisitions for the three years ended December 31, 2021, 2020, and 2019, respectively. These amounts include the use of $10.9 million, $55.1 million, and $13.6 million in IRS Section 1031 exchange funds for the three years ended December 31, 2021, 2020, and 2019, respectively. 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 Consolidated Statement of Operations line item Gains on divestitures and impairment charges, net , which consist of the following: Years Ended December 31, 2021 2020 2019 (In thousands) Gains on divestitures, net $ 28,573 $ 11,962 $ 41,835 Impairment losses (3,404) (4,953) (8,916) Gains on divestitures and impairment charges, net $ 25,169 $ 7,009 $ 32,919 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Account | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Description Balance at Charged Charged Balance at (in thousands) Current Provision: Reserve for credit losses: Year Ended December 31, 2021 $ 6,031 $ 6,393 $ (6,086) $ 6,338 Year Ended December 31, 2020 $ — $ 5,756 $ 275 $ 6,031 Allowance For Doubtful Accounts: Year Ended December 31, 2020 $ 2,230 $ — $ (2,230) $ — Year Ended December 31, 2019 $ 1,578 $ 9,146 $ (8,494) $ 2,230 Due After One Year: Reserve for credit losses: Year Ended December 31, 2021 $ 6,902 $ (117) $ (2,208) $ 4,577 Year Ended December 31, 2020 $ — $ 88 $ 6,814 $ 6,902 Allowance For Doubtful Accounts: Year Ended December 31, 2020 $ 8,374 $ — $ (8,374) $ — Year Ended December 31, 2019 $ 10,814 $ — $ (2,440) $ 8,374 Preneed Receivables, Net: Reserve for credit losses: Year Ended December 31, 2021 $ 19,204 $ 5,086 $ (3,563) $ 20,727 Year Ended December 31, 2020 $ — $ 7,739 $ 11,465 $ 19,204 Asset Allowance For Cancellation: Year Ended December 31, 2020 $ 55,340 $ — $ (55,340) $ — Year Ended December 31, 2019 $ 48,380 $ 1,617 $ 5,343 $ 55,340 Deferred Tax Valuation Allowance: Year Ended December 31, 2021 $ 108,090 $ 12,649 $ — $ 120,739 Year Ended December 31, 2020 $ 114,331 $ (6,492) $ 251 $ 108,090 Year Ended December 31, 2019 $ 120,931 $ (6,604) $ 4 $ 114,331 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation Our consolidated financial statements include the accounts of Service Corporation International (SCI) and all subsidiaries in which we hold a controlling financial interest. Intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. As a result, actual results could differ from these estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents, and Restricted Cash We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amounts of our cash and cash equivalents approximate fair value due to the short-term nature of these instruments. |
Accounts Receivable [Policy Text Block] | Receivables, Net The components of Receivables, net in our Consolidated Balance Sheet were as follows: December 31, 2021 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 49,011 $ 27,461 $ 35,650 $ 267 $ 112,389 Reserve for credit losses (3,597) (2,231) (344) (166) (6,338) Receivables, net $ 45,414 $ 25,230 $ 35,306 $ 101 $ 106,051 December 31, 2020 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 56,745 $ 22,559 $ 18,545 $ 1,121 $ 98,970 Reserve for credit losses (3,752) (1,933) 144 (490) (6,031) Receivables, net $ 52,993 $ 20,626 $ 18,689 $ 631 $ 92,939 Additionally, included in Deferred charges and other assets, net were notes receivable, net and long-term miscellaneous receivables, net as follows: December 31, 2021 December 31, 2020 (In thousands) Notes receivable $ 8,684 $ 12,389 Reserve for credit losses (3,424) (5,957) Notes receivable, net $ 5,260 $ 6,432 Long-term miscellaneous receivables $ 8,146 $ 6,515 Reserve for credit losses (1,153) (945) Long-term miscellaneous receivables, net $ 6,993 $ 5,570 Our atneed trade receivables primarily consist of amounts due for funeral and cemetery services already performed. We provide reserves for credit losses for our receivables. These reserves are based on an analysis of historical trends of collection activity adjusted for current conditions and forecasts. These estimates are impacted by a number of factors, including changes in the economy and demographic or competitive changes in our areas of operation. During 2020, we increased our reserve for credit losses on trade and miscellaneous receivables as a result of the economic impact of the COVID-19 pandemic (COVID-19). Due to the ongoing nature of the pandemic, we have maintained these higher reserves in 2021. Cemetery preneed receivables are collateralized by cemetery property to the extent of the fair value of the property. Prior to adoption of the guidance on credit losses for financial instruments on January 1, 2020, we provided allowances for doubtful accounts on our receivables based on an analysis of historical trends of collection activity. Payment on atneed contracts is generally due at the time the merchandise is delivered or the services are performed. We also have preneed receivables, as disclosed in Note 3, for which payment generally occurs prior to our fulfillment of the performance obligations. Our preneed contracts may also have extended payment terms with associated financing charges. We do not accrue interest on preneed receivables if they are not paid in accordance with the contractual payment terms given the nature of our merchandise and services, the nature of our contracts with customers, and the timing of the delivery of our services. Generally, receivables are considered past due after thirty days. We do not consider preneed funeral receivables to be past due until the contract converts into an atneed contract at which time the preneed receivable is paid or reclassified as a trade receivable with payment terms of less than thirty days. Collections are generally managed by the locations or third party agencies acting on behalf of the locations, until a receivable is one hundred eighty days delinquent, at which time trade receivables are fully reserved. The following table summarizes the activity in our reserve for credit losses by portfolio segment, excluding preneed receivables which are presented in Note 3 , for the year ended December 31, 2021: December 31, 2020 Provision for Expected Credit Losses Acquisitions Write Recoveries Effect of Foreign Currency December 31, 2021 (In thousands) Trade receivables: Funeral $ (3,752) $ (4,655) $ (23) $ 6,399 $ (1,852) $ 286 $ (3,597) Cemetery (1,933) (1,250) — 1,121 (168) (1) (2,231) Total reserve for credit losses on trade receivables $ (5,685) $ (5,905) $ (23) $ 7,520 $ (2,020) $ 285 $ (5,828) Miscellaneous receivables: Current $ 144 $ (488) — $ — $ — $ — $ (344) Long-term (945) (208) — — — — (1,153) Total reserve for credit losses on miscellaneous receivables $ (801) $ (696) — $ — $ — $ — $ (1,497) Notes receivable $ (6,447) $ 325 — $ 2,532 $ — $ — $ (3,590) At December 31, 2021, the amortized cost basis of our miscellaneous and notes receivables by year of origination was as follows: 2021 2020 2019 2018 2017 Prior Revolving Line of Credit Total (In thousands) Miscellaneous receivables: Current $ 34,482 $ 507 $ 448 $ 195 $ 16 $ 2 $ — $ 35,650 Long-term 3,794 1,727 1,923 628 67 7 — 8,146 Total miscellaneous receivables $ 38,276 $ 2,234 $ 2,371 $ 823 $ 83 $ 9 $ — $ 43,796 Notes receivable $ — $ — $ — $ 114 $ — $ 4,902 $ 3,935 $ 8,951 At December 31, 2021, the payment status of our miscellaneous and notes receivables was as follows: Past Due <30 Days 30-90 Days 90-180 Days >180 Days Total Current Total (In thousands) Miscellaneous receivables: Current $ — $ — $ — $ 205 $ 205 $ 35,445 $ 35,650 Long-term — — — — — 8,146 8,146 Total miscellaneous receivables $ — $ — $ — $ 205 $ 205 $ 43,591 $ 43,796 Notes receivable $ 1 $ 4 $ 2 $ 1,117 $ 1,124 $ 7,827 $ 8,951 |
Inventory, Policy [Policy Text Block] | Inventories and Cemetery PropertyFuneral and cemetery merchandise are stated at the lower of average cost or net realizable value. Cemetery property is recorded at cost. Inventory costs and cemetery property are relieved using specific identification in fulfillment of performance obligations on our contracts. Cemetery property amortization was $98.2 million, $80.4 million, and $70.3 million for the years ended December 31, 2021, 2020, and 2019, respectively. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, Net Property and equipment are recorded at cost. Maintenance and repairs are charged to expense, whereas renewals and major replacements that extend the useful lives of the assets are capitalized. Depreciation is recognized ratably over the estimated useful lives of the various classes of assets. Buildings and improvements are depreciated over a period ranging from ten years to forty years, equipment is depreciated over a period from three years to twelve years, and leasehold improvements are depreciated over the shorter of the lease term or twelve years. Depreciation and amortization expense related to property and equipment was $159.3 million, $155.3 million, and $151.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. When property or equipment is sold or retired, the cost and related accumulated depreciation are removed from the Consolidated Balance Sheet; resulting gains and losses are included in the Consolidated Statement of Operations in the period of sale or disposal. |
Lease, Policy [Policy Text Block] (Deprecated 2017-01-31) | Leases We have operating and finance leases. Our operating leases primarily include funeral service real estate and office equipment for funeral service locations, cemetery locations, and administrative offices. Our finance leases primarily include transportation equipment but also include real estate and office equipment. Lease terms related to real estate generally range from one year to forty years with options to renew at varying terms. Lease terms related to office and transportation equipment generally range from one year to eight years with options to renew at varying terms. We determine whether an arrangement is or contains a lease at the inception of the arrangement based on the unique facts and circumstances present. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Leases with a term greater than one year are recognized on the balance sheet as ROU assets and lease liabilities. We have elected not to recognize on the balance sheet leases with terms of one year or less. Lease liabilities and their corresponding ROU assets are recorded at commencement date based on the present value of lease payments over the expected lease term. For transportation equipment, we use the rate implicit in each lease to calculate the present value. For real estate and non-transportation equipment leases, the interest rate implicit in lease contracts is typically not readily determinable. Therefore, we use the appropriate collateralized incremental borrowing rate based on the information available at commencement date in determining the present value of future payments for real estate and non-transportation equipment leases. Certain adjustments to the ROU asset may be required for items such as initial direct costs paid or incentives received. For a lessee, the discount rate for the lease is defined as the rate implicit in the lease unless that rate cannot be readily determined. In that case, the lessee is required to use its incremental borrowing rate, which is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term with an amount equal to the lease payments in a similar economic environment. We use the rate implicit in each lease for vehicles and other transportation equipment, which represents 63% of our total lease liability as of December 31, 2021 and which are substantially all finance leases. For leases of real estate and non-transportation equipment, which are primarily operating leases, we use our incremental borrowing rate since the rate implicit in these leases cannot be readily determined. To calculate the incremental borrowing rate, we utilize the yield-to-worst of our publicly traded debt securities, adjusted for the appropriate duration on a secured basis. As an accounting policy election, we include reasonably certain renewal periods when determining the rate to use as the incremental borrowing rate for each lease. We calculate operating lease expense ratably over the lease term. We consider reasonably assured renewal options and fixed escalation provisions in our calculation. Generally, our leases do not include options to terminate the lease prior to the contractual lease expiration date, but future renewal periods are generally cancelable. The majority of our contractually available renewal periods for leases of buildings and land are considered reasonably certain of being exercised. This determination is made by our real estate team based on facts and circumstances surrounding each property. Leases with a term of 12 months or less are not recorded on the balance sheet. The majority of our lease arrangements contain options to (i) purchase the property at fair value on the exercise date, (ii) purchase the property for a value determined at the inception of the lease, or (iii) renew the lease for the fair rental value at the end of the primary lease term. The depreciable life of assets and leasehold improvements are generally limited by the expected lease term. Certain of our lease agreements include variable rental payments based on a percentage of sales over base contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We generally do not have sublease arrangements, sale-leaseback arrangements, or leveraged leases. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For leases commencing before January 1, 2019, we have elected the practical expedient to not separate lease and non-lease components on certain equipment leases, such as copiers where the cost-per-copy maintenance charges are included in the lease charge. On these leases, we have elected to account for the lease and non-lease components as a single component. For leases commencing on or after January 1, 2019, we account for the maintenance charges (non-lease components) separately from the lease components. For more information related to leases, see Note 8 . |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The excess of purchase price over the fair value of identifiable net assets acquired in business combinations is recorded as goodwill. Goodwill is tested annually during the fourth quarter for impairment by assessing the fair value of each of our reporting units. Our goodwill impairment test involves estimates and management judgment. In order to perform our goodwill impairment test, we compare the fair value of a reporting unit to its carrying amount, including goodwill. We determine fair value of each reporting unit using both a market and income approach. The income approach, which is a discounted cash flow method, uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions that may differ from actual future cash flows. We do not record an impairment of goodwill in instances where the fair value of a reporting unit exceeds its carrying amount. If the carrying amount exceeds the fair value of a reporting unit, an impairment is recognized in an amount equal to the excess, up to the amount of goodwill in the reporting unit. F or our most recent annual impairment test performed in the fourth quarter, we used a 6.25% discount rate, revenue growth rates ranging from (7.5)% to 15.4% over a seven-year period, plus a terminal value determined using the constant growth method in projecting our future cash flows. Our terminal value was calculated using a long-term revenue growth rate of 1.0% and 2.4% for our funeral and cemetery reporting units, respectively. Additionally, we used a ratio of expenses to revenue ranging from 72.2% to 78.3% and growth rates for other assumptions in our model ranging from (7.5)% to 15.4%. Fair value was calculated as the sum of the projected discounted cash flows of our reporting units over the next seven years plus terminal value at the end of those seven years. |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Other Intangible Assets Our intangible assets include covenants-not-to-compete, customer relationships, trademarks and tradenames, and other intangible assets primarily resulting from acquisitions. Certain of our trademark and tradenames and other intangible assets are considered to have an indefinite life and are not subject to amortization. We test for impairment of indefinite-lived intangible assets annually during the fourth quarter. Our intangible asset impairment tests involve estimates and management judgment. For trademarks and tradenames, our test uses the relief from royalty method whereby we determine the fair value of the assets by discounting the cash flows that represent a savings over having to pay a royalty fee for use of the trademarks and tradenames. The discounted cash flow valuation uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions that may differ from actual future cash flows. For our most recent annual impairment test performed in the fourth quarter, we estimated that the pre-tax savings would range from 2.0% to 5.0% (4.6% weighted average using carrying value) of the revenue associated with the trademarks and tradenames, based primarily on our research of intellectual property valuation and licensing databases. We also assumed a terminal growth rate of 1.0% and 2.4% for our funeral and cemetery segments (1.5% weighted average using carrying value), respectively, and discounted the cash flows at a 6.45% discount rate based on the relative risk of these assets to our overall business. |
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock We make treasury stock purchases in the open market or through privately negotiated transactions subject to market conditions and normal trading restrictions. We account for the repurchase of our common stock under the par value method. We canceled 9.8 million, 11.9 million, and 2.2 million shares of our common stock held in our treasury in 2021, 2020, and 2019, respectively. These retired treasury shares were changed to authorized but unissued status. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation All assets and liabilities of Canadian subsidiaries are translated into U.S. dollars at exchange rates in effect as of the end of the reporting period. Revenue and expense items are translated at the average exchange rates for the reporting period. The resulting translation adjustments are included as a component of Accumulated other comprehensive income in the Consolidated Statement of Equity and Consolidated Balance Sheet. The functional currency of SCI and its subsidiaries is the respective local currency. The transactional currency gains and losses that arise from transactions denominated in currencies other than the functional currencies of our operations are recorded in Other income, net |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements We measure the securities held by our funeral merchandise and service, cemetery merchandise and service, and cemetery perpetual care trusts at fair value on a recurring basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We utilize a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments. • 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 securities are classified as Level 2 investments. • The valuation of other investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. These securities are classified as Level 3 investments. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Fixed income commingled funds, money market funds, and private equity investments are measured at net asset value. Fixed income commingled funds and money market funds are redeemable for net asset value with two weeks' notice and immediately, respectively. Our private equity investments include several funds that invest in limited partnerships, distressed debt, real estate, and mezzanine financing. These investments can never be redeemed by the funds. Instead, due to the nature of the investments in this category, distributions are received through the liquidation of the underlying assets of the funds. Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed quarterly by the Investment Committee of the Board of Directors. |
Revenue [Policy Text Block] | Revenue is recognized when control of the merchandise or services is transferred to the customer. Our performance obligations include the delivery of funeral and cemetery merchandise and services and cemetery property interment rights. Control transfers when merchandise is delivered or services are performed. For cemetery property interment rights, control transfers to the customer when the property is developed and the interment right has been sold and can no longer be marketed or sold to another customer. Sales taxes collected are recognized on a net basis in our consolidated financial statements. On our atneed contracts, we generally deliver the merchandise and perform the services at the time of need. Personalized marker merchandise and marker installation services sold on atneed contracts are recognized when control is transferred to the customer, generally when the marker is delivered and installed in the cemetery. We also sell price-guaranteed preneed contracts through various programs providing for future merchandise and services at prices prevailing when the agreements are signed. Revenue associated with sales of preneed contracts is deferred until control of the merchandise or the services is transferred to the customer, which is upon delivery of the merchandise or as services are performed, generally at the time of need. On certain preneed contracts, we sell memorialization merchandise, which consists of urns and urn-related products, that we deliver to the customer at the time of sale. Revenue is recognized at the time of delivery when control of the memorialization merchandise is transferred. For personalized marker merchandise sold on a preneed contract, we will: • purchase the merchandise from vendors, • personalize such merchandise in accordance with the customer's specific written instructions, • either store the merchandise at a third-party bonded storage facility or install the merchandise, based on the customer's instructions, and • transfer title to the customer. We recognize revenue and record the cost of sales when control is transferred for the merchandise, which occurs upon delivery to the third-party storage facility or installation of the merchandise at the cemetery. There is no general right of return for delivered items. We also sell travel protection as an agent of a third party. Travel protection is a service that provides shipment of remains to the servicing funeral home or cemetery of choice if the purchaser passes away outside of a certain radius of their residence, without any additional expense to the family. We do not provide travel protection services, and we are not primarily obligated to provide such services under these arrangements. Therefore, we record revenues, net of amounts due to the third-party, at the time of sale. Total consideration received for price-guaranteed preneed and for atneed contracts with customers represents the stated amount of the contract excluding any amounts collected on behalf of third parties, such as sales taxes. Additionally, pursuant to state or provincial law, all or a portion of the proceeds from merchandise or services sold on a preneed basis may be required to be deposited into trust funds. Earnings on these trust funds, which are specifically identifiable for each performance obligation, are also included in total consideration. The total consideration received for contracts with customers is allocated to each performance obligation based on relative selling price. Relative selling prices are determined by either the amount we sell the performance obligation for on a stand-alone basis or our best estimate of the amount we would sell it for based on an adjusted market assessment approach that is consistent with our historical pricing practices. Payment on atneed contracts is generally due at the time the merchandise is delivered or the services are performed. For preneed contracts, payment generally occurs prior to our fulfillment of the performance obligations. Our preneed contracts may also have extended payment terms with associated financing charges. We do not accrue interest on preneed receivables if they are not paid in accordance with the contractual payment terms given the nature of our merchandise and services, the nature of our contracts with customers, and the timing of the delivery of our services. We do not consider preneed receivables to be past due until the merchandise or services are required to be delivered at which time the preneed receivable is paid or reclassified as a trade receivable with payment terms of less than thirty days. For unfulfilled performance obligations on cancelable preneed contracts, our Consolidated Balance Sheet reflects the net contract liability, which represents the amount we have collected from customers, in Deferred revenue, net . Pursuant to state or provincial law, all or a portion of the proceeds from merchandise or services sold on a preneed basis may be required to be deposited into trust funds. When we receive payments from the customer, we deposit the amount required by law into the merchandise and service trusts and reclassify the corresponding amount from Deferred revenue, net into Deferred receipts held in trust . Amounts are withdrawn from the merchandise and service trusts when we fulfill the performance obligations. Fixed income securities held by these trust funds are classified as trading securities. Earnings on these trust funds, which are specifically identifiable for each performance obligation, are also included in total consideration. We defer these investment earnings related to the merchandise and service trusts until the associated merchandise is delivered or services are performed. Fees charged by our wholly-owned registered investment advisor are also included in revenue in the period in which they are earned. If a preneed contract is canceled prior to delivery, state or provincial law determines the amount of the refund owed to the customer, if any, including the amount of the attributed investment earnings. Upon cancellation, we receive the amount of principal deposited to the trust and previously undistributed net investment earnings and, where required, issue a refund to the customer. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract. We recognize these retained funds, if any, and the attributed investment earnings (net of any investment earnings payable to the customer) as revenue in the Consolidated Statement of Operations. In certain jurisdictions, we may be obligated to fund any shortfall if the amount refundable to the customer exceeds the funds in trust. A portion of the proceeds from the sale of cemetery property interment rights is required by state or provincial law to be paid into perpetual care trust funds by us to maintain the cemetery. This portion of the proceeds is not recognized as revenue. Fixed income securities held by these trust funds are classified as trading securities. Investment earnings from these trusts are distributed to us regularly and recognized in current cemetery revenue. These distributions are intended to defray cemetery maintenance costs incurred by us for our cemetery properties, which are expensed as incurred. The principal of such perpetual care trust funds generally cannot be withdrawn; however, in lieu of the distribution of realized income, certain states allow a total return distribution, which may contain elements of income, capital appreciation, and principal. Costs related to delivery or performance of merchandise and services are charged to expense when merchandise is delivered or services are performed. Costs related to property interment rights include the property and construction costs specifically identified by each project. Property and construction costs are charged to expense when the revenue is recognized by specific identification in the fulfillment of the performance obligation. Incremental direct selling costs are deferred until fulfillment of the performance obligations. These deferred costs are classified as long-term on our Consolidated Balance Sheet because we do not control the timing of the delivery of the merchandise or performance of the services as they are generally provided at the time of need. For the years ended December 31, 2021, 2020, and 2019, we recognized $259.9 million, $199.6 million, and $174.7 million, respectively, of incremental selling costs. All other selling costs are expensed as incurred. |
Financing Receivable [Policy Text Block] | Insurance-Funded Preneed Contracts Where permitted by state or provincial law, we may sell a life insurance or annuity policy from third-party insurance companies, for which we earn a commission as general sales agent for the insurance company. These general agency commissions (GA revenue) are based on a percentage per contract sold and are recognized as funeral revenue when the insurance purchase transaction between the preneed purchaser and third-party insurance provider is completed. All selling costs incurred pursuant to the sale of insurance-funded preneed contracts are expensed as incurred. GA revenue recognized in 2021, 2020, and 2019 was $157.4 million, $124.5 million, and $139.7 million, respectively. We do not reflect the unfulfilled insurance-funded preneed contract amounts in our Consolidated Balance Sheet. The policy amount of the insurance contract between the customer and the third-party insurance company generally equals the amount of the preneed contract. The policyholder has made a revocable commitment to assign the proceeds from the policy to us at the time of need. The proceeds of the life insurance policies or annuity contracts will be reflected in funeral revenue as we perform these funerals. |
Income Tax, Policy [Policy Text Block] | Income Taxes We compute income taxes using the liability method. Our ability to realize the benefit of our deferred tax assets requires us to achieve certain future earnings levels. We have established a valuation allowance against a portion of our deferred tax assets. We could be required to further adjust that valuation allowance in the near term if market conditions change materially and future earnings are, or are projected to be, significantly different than our current estimates. An increase in the valuation allowance would result in additional income tax expense in such period. All deferred tax assets and liabilities, along with any related valuation allowances are classified as non-current on our Consolidated Balance Sheet. In December 2019, the Financial Accounting Standards Board ("FASB") amended "Income Taxes" to eliminate certain exceptions to the general principles of the guidance. We adopted the amendment on January 1, 2021 with no impact to our consolidated results of operations, consolidated financial position, or cash flows. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | We also have an employee savings plan that qualifies under Section 401(k) of the Internal Revenue Code for the exclusive benefit of our United States employees. Under the plan, participating employees may contribute a portion of their pretax and/or after-tax income in accordance with specified guidelines up to a maximum of 50%. During 2021, 2020, and 2019, we matched a percentage of the employee contributions through contributions of cash. For these years, our matching contribution was based upon the following: Years of Vesting Service Percentage of Deferred Compensation 0 — 5 years 75% of the first 6% of deferred compensation 6 — 10 years 100% of the first 6% of deferred compensation 11 or more years 125% of the first 6% of deferred compensation |
Share-based Payment Arrangement [Policy Text Block] | We utilize the Black-Scholes option valuation model for estimating the fair value of our stock options. |
Income Tax Uncertainties, Policy [Policy Text Block] | e include potential accrued interest and penalties related to unrecognized tax benefits within our income tax provision account. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards |
Compensation Related Costs, Ret
Compensation Related Costs, Retirement Benefits (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | We currently have a supplemental retirement plan for certain current and former key employees (SERP), a supplemental retirement plan for officers and certain key employees (Senior SERP), a retirement plan for certain non-employee directors (Directors’ Plan), a Retirement Plan for Rose Hills ® Trustees, a Rose Hills ® Supplemental Retirement Plan, and a Stewart Supplemental Retirement Plan (collectively, the “Plans”). All of our Plans are unfunded and have a measurement date of December 31. The Plans are frozen; therefore, the participants do not earn incremental benefits from additional years of service, and we do not incur any additional service cost. Retirement benefits under the SERP are based on years of service and average monthly compensation, reduced by benefits under Social Security. The Senior SERP provides retirement benefits based on years of service and position. The Directors’ Plan provides for an annual benefit to directors following retirement, based on a vesting schedule. We recognize pension related gains and losses in Other income, net on our Consolidated Statement of Operations in the year such gains and losses are incurred. The components of the Plans’ net periodic benefit cost were as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Interest cost on projected benefit obligation $ 482 $ 698 $ 956 Recognized net actuarial (gains) losses (353) 1,641 2,886 Total net periodic benefit cost $ 129 $ 2,339 $ 3,842 The Plans’ funded status were as follows: Years Ended December 31, 2021 2020 (In thousands) Change in Benefit Obligation: Benefit obligation at beginning of year $ 24,635 $ 24,961 Interest cost 482 698 Actuarial (gain) loss (353) 1,641 Benefits paid (2,383) (2,665) Benefit obligation at end of year $ 22,381 $ 24,635 Change in Plan Assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 2,383 2,665 Benefits paid, including expenses (2,383) (2,665) Fair value of plan assets at end of year $ — $ — Funded status of plan $ (22,381) $ (24,635) Funding Summary: Projected benefit obligations $ 22,381 $ 24,635 Accumulated benefit obligation $ 22,381 $ 24,635 Amounts Recognized in the Consolidated Balance Sheet: Included in Accounts payable and accrued liabilities $ (2,431) $ (2,432) Included in Other liabilities (19,950) (22,203) Total accrued benefit (liability) $ (22,381) $ (24,635) The retirement benefits under the Plans are unfunded obligations of the Company. We have purchased various life insurance policies on the participants in the Plans with the intent to use the proceeds or any cash value buildup from these policies to assist in meeting, at least to the extent of such assets, the Plans' funding requirements. The face value of these insurance policies at December 31, 2021 and 2020 was $49.4 million and $48.8 million, respectively, and the cash surrender value was $39.9 million and $39.1 million, respectively. The outstan ding loans against the policies are minimal and there are no restrictions in the policies regarding loans. The Plans’ weighted-average assumptions used to determine the benefit obligation and net periodic benefit cost are as follows: Years Ended December 31, 2021 2020 2019 Weighted-average discount rate used to determine obligations 2.52 % 2.06 % 2.95 % Weighted-average discount rate used to determine net periodic benefit cost 2.42 % 2.98 % 4.15 % We determine our discount rate used to compute future benefit obligations using an analysis of expected future benefit payments. The reasonableness of our discount rate is verified by comparing the rate to the rate earned on high-quality fixed income investments, such as the Moody’s Aa index, plus 50 basis points. The assumed rate of return on plan assets was not applicable as we pay plan benefits as they come due. As all Plans are frozen, the assumed rate of compensation increase is zero. The following benefit payments are expected to be paid over the next ten years related to our Plans (in thousands): 2022 $ 2,381 2023 2,140 2024 1,945 2025 1,847 2026 1,818 Years 2027 through 2031 7,632 Total expected benefit payments $ 17,763 We also have an employee savings plan that qualifies under Section 401(k) of the Internal Revenue Code for the exclusive benefit of our United States employees. Under the plan, participating employees may contribute a portion of their pretax and/or after-tax income in accordance with specified guidelines up to a maximum of 50%. During 2021, 2020, and 2019, we matched a percentage of the employee contributions through contributions of cash. For these years, our matching contribution was based upon the following: Years of Vesting Service Percentage of Deferred Compensation 0 — 5 years 75% of the first 6% of deferred compensation 6 — 10 years 100% of the first 6% of deferred compensation 11 or more years 125% of the first 6% of deferred compensation The amount of our matched contributions in 2021, 2020, and 2019 was $46.0 million, $39.8 million, and $39.7 million, respectively. |
Preneed Activities Level 3 (Tab
Preneed Activities Level 3 (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Preneed Activities [Abstract] | ||
Investment related activities [Table Text Block] | Years Ended December 31, 2021 2020 2019 (In thousands) Deposits $ 519,023 $ 429,307 $ 421,460 Withdrawals $ 477,443 $ 424,986 $ 435,344 Purchases of securities $ 1,823,267 $ 2,147,935 $ 1,596,698 Sales of securities $ 1,744,618 $ 1,994,684 $ 1,495,733 Realized gains from sales of securities (1) $ 584,863 $ 418,851 $ 241,661 Realized losses from sales of securities (1) $ (91,715) $ (262,974) $ (121,272) | |
Long-term receivable and investment components [Table Text Block] | Years Ended December 31, 2021 2020 (In thousands) Preneed receivables, net $ 1,243,781 $ 1,069,965 Trust investments, at fair value 6,536,851 5,851,188 Insurance-backed fixed income securities and other 231,589 245,056 Trust investments 6,768,440 6,096,244 Less: Cemetery perpetual care trust investments (1,996,898) (1,820,489) Preneed trust investments 4,771,542 4,275,755 Preneed receivables, net and trust investments $ 6,015,323 $ 5,345,720 | |
Preneed Funeral Receivables, Net and Trust Investments [Table Text Block] | Years Ended December 31, 2021 2020 2019 (In thousands) Beginning balance - Preneed receivables, net and trust investments $ 5,345,720 $ 4,789,562 $ 4,271,392 Cumulative effect of accounting changes — 26,394 — Net preneed contract sales 1,870,972 1,494,557 1,372,705 Cash receipts from customers, net of refunds (1,550,735) (1,279,295) (1,280,468) Deposits to trust 452,554 373,663 372,644 Acquisitions of businesses, net 4,912 19,299 11,751 Net undistributed investment earnings (1) 448,469 407,770 489,577 Maturities and distributed earnings (464,247) (430,608) (442,507) Change in cancellation allowance (1,523) (4,468) (2,006) Change in amounts due on unfulfilled performance obligations (87,207) (55,269) (10,223) Effect of foreign currency and other (3,592) 4,115 6,697 Ending balance - Preneed receivables, net and trust investments $ 6,015,323 $ 5,345,720 $ 4,789,562 (1) Includes both realized and unrealized investment earnings. | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | December 31, 2021 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 51,002 $ 795 $ (283) $ 51,514 Canadian government 2 29,881 28 — 29,909 Corporate 2 170 6 (2) 174 Residential mortgage-backed 2 1,407 58 (15) 1,450 Asset-backed 2 274 2 (10) 266 Equity securities: Preferred stock 2 4,843 4 (1,024) 3,823 Common stock: United States 1 1,648,785 624,349 (56,092) 2,217,042 Canada 1 34,787 19,617 (898) 53,506 Other international 1 129,486 42,171 (9,819) 161,838 Mutual funds: Equity 1 875,828 140,893 (10,116) 1,006,605 Fixed income 1 1,025,327 12,560 (18,675) 1,019,212 Other 3 187 1 — 188 Trust investments, at fair value 3,801,977 840,484 (96,934) 4,545,527 Commingled funds Fixed income 662,125 115,939 (3,171) 774,893 Equity 230,926 161,125 (114) 391,937 Money market funds 408,762 — — 408,762 Alternative investments 292,888 128,197 (5,353) 415,732 Trust investments, at net asset value 1,594,701 405,261 (8,638) 1,991,324 Trust investments, at market $ 5,396,678 $ 1,245,745 $ (105,572) $ 6,536,851 | December 31, 2020 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 44,907 $ 1,566 $ (272) $ 46,201 Canadian government 2 30,210 51 (157) 30,104 Corporate 2 1,669 14 (8) 1,675 Residential mortgage-backed 2 2,438 131 — 2,569 Asset-backed 2 174 3 (5) 172 Equity securities: Preferred stock 2 358 — (24) 334 Common stock: United States 1 1,500,125 503,757 (54,748) 1,949,134 Canada 1 35,016 10,915 (1,823) 44,108 Other international 1 110,775 39,837 (1,831) 148,781 Mutual funds: Equity 1 821,406 95,155 (10,437) 906,124 Fixed income 1 1,022,409 35,872 (19,298) 1,038,983 Other 3 188 2 — 190 Trust investments, at fair value 3,569,675 687,303 (88,603) 4,168,375 Commingled funds Fixed income 657,219 37,474 (173) 694,520 Equity 283,329 97,704 — 381,033 Money market funds 330,745 — — 330,745 Alternative investments 217,953 68,846 (10,284) 276,515 Trust investments, at net asset value 1,489,246 204,024 (10,457) 1,682,813 Trust investments, at market $ 5,058,921 $ 891,327 $ (99,060) $ 5,851,188 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The change in our market-based trust investments with significant unobservable inputs (Level 3) is as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Fair value, beginning balance at January 1 $ 190 $ 8,218 $ 9,755 Net realized and unrealized (losses) included in Other income, net (1) (2) (1,215) (761) Purchases — — 1,006 Sales — (2) (1,782) Transfers — (6,811) — Fair value, ending balance at December 31 $ 188 $ 190 $ 8,218 (1) All net realized and unrealized (losses) recognized in Other income, net for our trust investments are offset by a corresponding reclassification in Other income, net to Deferred receipts held in trust and Care trusts' corpus | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Years Ended December 31, 2021 2020 2019 (In thousands) Fair value, beginning balance at January 1 $ 190 $ 8,218 $ 9,755 Net realized and unrealized (losses) included in Other income, net (1) (2) (1,215) (761) Purchases — — 1,006 Sales — (2) (1,782) Transfers — (6,811) — Fair value, ending balance at December 31 $ 188 $ 190 $ 8,218 | |
Preneed Activities Text Block | 3. Preneed Activities Preneed Receivables, Net and Trust Investments The components of Preneed receivables, net and trust investments in our Consolidated Balance Sheet were as follows: Years Ended December 31, 2021 2020 (In thousands) Preneed receivables, net $ 1,243,781 $ 1,069,965 Trust investments, at fair value 6,536,851 5,851,188 Insurance-backed fixed income securities and other 231,589 245,056 Trust investments 6,768,440 6,096,244 Less: Cemetery perpetual care trust investments (1,996,898) (1,820,489) Preneed trust investments 4,771,542 4,275,755 Preneed receivables, net and trust investments $ 6,015,323 $ 5,345,720 Preneed receivables, net comprised the following: December 31, 2021 Funeral Cemetery Total (In thousands) Preneed receivables $ 162,183 $ 1,125,539 $ 1,287,722 Unearned finance charges (12,038) (11,176) (23,214) Preneed receivables, at amortized cost $ 150,145 $ 1,114,363 $ 1,264,508 Reserve for credit losses (12,722) (8,005) (20,727) Preneed receivables, net $ 137,423 $ 1,106,358 $ 1,243,781 December 31, 2020 Funeral Cemetery Total (In thousands) Preneed receivables $ 143,896 $ 979,259 $ 1,123,155 Unearned finance charges (14,018) (19,968) (33,986) Preneed receivables, at amortized cost $ 129,878 $ 959,291 $ 1,089,169 Reserve for credit losses (10,940) (8,264) (19,204) Preneed receivables, net $ 118,938 $ 951,027 $ 1,069,965 At December 31, 2021, the amortized cost basis of our preneed receivables by year of origination was as follows: 2021 2020 2019 2018 2017 Prior Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 70,006 $ 36,943 $ 21,619 $ 7,178 $ 3,564 $ 10,835 $ 150,145 Cemetery 513,100 302,038 149,543 85,550 41,640 22,492 1,114,363 Total preneed receivables, at amortized cost $ 583,106 $ 338,981 $ 171,162 $ 92,728 $ 45,204 $ 33,327 $ 1,264,508 At December 31, 2021, the payment status of our preneed receivables was as follows: Past Due <30 Days 30-90 Days 90-180 Days >180 Days Total Current Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 3,806 $ 2,961 $ 1,892 $ 18,050 $ 26,709 $ 123,436 $ 150,145 Cemetery 33,383 23,204 8,690 1,429 66,706 1,047,657 1,114,363 Total preneed receivables, at amortized cost $ 37,189 $ 26,165 $ 10,582 $ 19,479 $ 93,415 $ 1,171,093 $ 1,264,508 The following table summarizes the activity for the reserve for credit losses on preneed receivables for the twelve months ended December 31, 2021. January 1, 2021 Provision for Expected Credit Losses Acquisitions (Divestitures), Net Write Offs Effect of Foreign Currency December 31, 2021 (In thousands) Funeral $ (10,940) $ (4,853) $ — $ 3,071 $ — $ (12,722) Cemetery (8,264) (233) — 495 (3) (8,005) Total reserve for credit losses on preneed receivables $ (19,204) $ (5,086) $ — $ 3,566 $ (3) $ (20,727) The table below sets forth certain investment-related activities associated with our trusts: Years Ended December 31, 2021 2020 2019 (In thousands) Deposits $ 519,023 $ 429,307 $ 421,460 Withdrawals $ 477,443 $ 424,986 $ 435,344 Purchases of securities $ 1,823,267 $ 2,147,935 $ 1,596,698 Sales of securities $ 1,744,618 $ 1,994,684 $ 1,495,733 Realized gains from sales of securities (1) $ 584,863 $ 418,851 $ 241,661 Realized losses from sales of securities (1) $ (91,715) $ (262,974) $ (121,272) (1) All realized gains and losses are recognized in Other income, net for our trust investments and are offset by a corresponding reclassification in Other income, net to Deferred receipts held in trust and Care trusts’ corpus. The activity in Preneed receivables, net and trust investments was as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Beginning balance - Preneed receivables, net and trust investments $ 5,345,720 $ 4,789,562 $ 4,271,392 Cumulative effect of accounting changes — 26,394 — Net preneed contract sales 1,870,972 1,494,557 1,372,705 Cash receipts from customers, net of refunds (1,550,735) (1,279,295) (1,280,468) Deposits to trust 452,554 373,663 372,644 Acquisitions of businesses, net 4,912 19,299 11,751 Net undistributed investment earnings (1) 448,469 407,770 489,577 Maturities and distributed earnings (464,247) (430,608) (442,507) Change in cancellation allowance (1,523) (4,468) (2,006) Change in amounts due on unfulfilled performance obligations (87,207) (55,269) (10,223) Effect of foreign currency and other (3,592) 4,115 6,697 Ending balance - Preneed receivables, net and trust investments $ 6,015,323 $ 5,345,720 $ 4,789,562 (1) Includes both realized and unrealized investment earnings. The cost and fair values associated with trust investments recorded at fair value at December 31, 2021 and 2020 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. December 31, 2021 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 51,002 $ 795 $ (283) $ 51,514 Canadian government 2 29,881 28 — 29,909 Corporate 2 170 6 (2) 174 Residential mortgage-backed 2 1,407 58 (15) 1,450 Asset-backed 2 274 2 (10) 266 Equity securities: Preferred stock 2 4,843 4 (1,024) 3,823 Common stock: United States 1 1,648,785 624,349 (56,092) 2,217,042 Canada 1 34,787 19,617 (898) 53,506 Other international 1 129,486 42,171 (9,819) 161,838 Mutual funds: Equity 1 875,828 140,893 (10,116) 1,006,605 Fixed income 1 1,025,327 12,560 (18,675) 1,019,212 Other 3 187 1 — 188 Trust investments, at fair value 3,801,977 840,484 (96,934) 4,545,527 Commingled funds Fixed income 662,125 115,939 (3,171) 774,893 Equity 230,926 161,125 (114) 391,937 Money market funds 408,762 — — 408,762 Alternative investments 292,888 128,197 (5,353) 415,732 Trust investments, at net asset value 1,594,701 405,261 (8,638) 1,991,324 Trust investments, at market $ 5,396,678 $ 1,245,745 $ (105,572) $ 6,536,851 As of December 31, 2021, our unfunded commitment for our private equity investments was $163.1 million which, if called, would be funded by the assets of the trusts. December 31, 2020 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 44,907 $ 1,566 $ (272) $ 46,201 Canadian government 2 30,210 51 (157) 30,104 Corporate 2 1,669 14 (8) 1,675 Residential mortgage-backed 2 2,438 131 — 2,569 Asset-backed 2 174 3 (5) 172 Equity securities: Preferred stock 2 358 — (24) 334 Common stock: United States 1 1,500,125 503,757 (54,748) 1,949,134 Canada 1 35,016 10,915 (1,823) 44,108 Other international 1 110,775 39,837 (1,831) 148,781 Mutual funds: Equity 1 821,406 95,155 (10,437) 906,124 Fixed income 1 1,022,409 35,872 (19,298) 1,038,983 Other 3 188 2 — 190 Trust investments, at fair value 3,569,675 687,303 (88,603) 4,168,375 Commingled funds Fixed income 657,219 37,474 (173) 694,520 Equity 283,329 97,704 — 381,033 Money market funds 330,745 — — 330,745 Alternative investments 217,953 68,846 (10,284) 276,515 Trust investments, at net asset value 1,489,246 204,024 (10,457) 1,682,813 Trust investments, at market $ 5,058,921 $ 891,327 $ (99,060) $ 5,851,188 The change in our market-based trust investments with significant unobservable inputs (Level 3) is as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Fair value, beginning balance at January 1 $ 190 $ 8,218 $ 9,755 Net realized and unrealized (losses) included in Other income, net (1) (2) (1,215) (761) Purchases — — 1,006 Sales — (2) (1,782) Transfers — (6,811) — Fair value, ending balance at December 31 $ 188 $ 190 $ 8,218 (1) All net realized and unrealized (losses) recognized in Other income, net for our trust investments are offset by a corresponding reclassification in Other income, net to Deferred receipts held in trust and Care trusts' corpus . Maturity dates of our fixed income securities range from 2022 to 2040. Maturities of fixed income securities (excluding mutual funds) at December 31, 2021 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 53,144 Due in one to five years 23,484 Due in five to ten years 6,445 Thereafter 240 Total estimated maturities of fixed income securities $ 83,313 Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $179.7 million, $129.1 million, and $119.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $96.1 million, $77.8 million, and $77.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. Deferred Revenue, Net At December 31, 2021 and 2020, Deferred revenue, net represents future revenue, including distributed trust investment earnings associated with unperformed trust-funded preneed contracts that are not held in trust accounts. Future revenue and net trust investment earnings that are held in trust accounts are included in Deferred receipts held in trust . The components of Deferred revenue, net in our Consolidated Balance Sheet were as follows: Years Ended December 31, 2021 2020 (In thousands) Deferred revenue $ 2,259,364 $ 2,127,878 Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts (726,615) (638,969) Deferred revenue, net $ 1,532,749 $ 1,488,909 The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust : Years Ended December 31, 2021 2020 2019 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,761,291 $ 5,306,479 $ 4,790,552 Net preneed contract sales 1,314,001 1,089,060 984,575 Acquisitions (dispositions) of businesses, net 4,707 19,664 (12,741) Net investment gains (losses) (1) 443,088 402,048 484,577 Recognized revenue from backlog (2) (471,160) (412,127) (368,908) Recognized revenue from current period sales (669,025) (598,768) (573,804) Change in amounts due on unfulfilled performance obligations (87,207) (55,087) (10,223) Change in cancellation reserve (459) 1,070 1,066 Effect of foreign currency and other 4,005 8,952 11,385 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 6,299,241 $ 5,761,291 $ 5,306,479 (1) Includes both realized and unrealized investment gains (losses). (2) Includes current year trust fund income through the date of performance. | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturity dates of our fixed income securities range from 2022 to 2040. Maturities of fixed income securities (excluding mutual funds) at December 31, 2021 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 53,144 Due in one to five years 23,484 Due in five to ten years 6,445 Thereafter 240 Total estimated maturities of fixed income securities $ 83,313 | |
Deferred Preneed Funeral Revenues [Table Text Block] | The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust : Years Ended December 31, 2021 2020 2019 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,761,291 $ 5,306,479 $ 4,790,552 Net preneed contract sales 1,314,001 1,089,060 984,575 Acquisitions (dispositions) of businesses, net 4,707 19,664 (12,741) Net investment gains (losses) (1) 443,088 402,048 484,577 Recognized revenue from backlog (2) (471,160) (412,127) (368,908) Recognized revenue from current period sales (669,025) (598,768) (573,804) Change in amounts due on unfulfilled performance obligations (87,207) (55,087) (10,223) Change in cancellation reserve (459) 1,070 1,066 Effect of foreign currency and other 4,005 8,952 11,385 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 6,299,241 $ 5,761,291 $ 5,306,479 (1) Includes both realized and unrealized investment gains (losses). |
Goodwill and Intangible Assets
Goodwill and Intangible Assets Goodwill and Intangible Assets Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amounts of goodwill for our funeral and cemetery reporting units are as follows: Years Ended December 31, 2021 2020 Funeral Cemetery Total Funeral Cemetery Total (In thousands) Beginning balance — Goodwill $ 1,551,062 $ 328,945 $ 1,880,007 $ 1,535,278 $ 328,945 $ 1,864,223 Increase in goodwill related to 34,703 1,990 36,693 14,796 — 14,796 Reduction of goodwill related to divestitures (1) (2,080) (28) (2,108) (1,175) — (1,175) Effect of foreign currency 490 — 490 2,163 — 2,163 Total activity 33,113 1,962 35,075 15,784 — 15,784 Ending balance — Goodwill $ 1,584,175 $ 330,907 $ 1,915,082 $ 1,551,062 $ 328,945 $ 1,880,007 |
Schedule of Intangible Assets [Table Text Block] | The components of intangible assets at December 31 were as follows: Useful Life Minimum Maximum 2021 2020 (Years) (In thousands) Amortizing intangibles: Covenants-not-to-compete 2 - 20 $ 223,854 $ 219,493 Customer relationships 10 - 20 153,927 150,365 Tradenames 5 - 89 7,000 7,000 Other 5 - 89 26,927 26,927 411,708 403,785 Less: accumulated amortization: Covenants-not-to-compete 203,935 201,427 Customer relationships 96,294 90,022 Tradenames 280 202 Other 9,546 8,807 310,055 300,458 Amortizing intangibles, net 101,653 103,327 Non-amortizing intangibles: Tradenames Indefinite 359,297 327,297 Other Indefinite 10,765 10,765 Non-amortizing intangibles 370,062 338,062 Intangible assets, net — included in Deferred charges and other assets, net $ 471,715 $ 441,389 |
Schedule of Expected Amortization Expense [Table Text Block] | The following is estimated amortization expense, excluding certain intangibles for which we are unable to provide an estimate because they are amortized based on specific identification in the fulfillment of performance obligations on our preneed contracts, for the five years subsequent to December 31, 2021 (in thousands): 2022 $ 6,691 2023 6,300 2024 6,155 2025 6,023 2026 4,023 Total estimated amortization expense $ 29,192 |
Income Taxes Level 3 (Tables)
Income Taxes Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income before income taxes was composed of the following components: Years Ended December 31, 2021 2020 2019 (In thousands) United States $ 994,632 $ 633,608 $ 441,579 Foreign 50,868 28,452 22,853 $ 1,045,500 $ 662,060 $ 464,432 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax provision consisted of the following: Years Ended December 31, 2021 2020 2019 (In thousands) Current: United States $ 194,545 $ 106,632 $ 51,664 Foreign 14,088 7,968 7,059 State 39,452 23,439 12,908 Total current income taxes 248,085 138,039 71,631 Deferred: United States $ (3,543) $ 6,339 $ 12,973 Foreign (5,492) (64) (571) State 3,198 1,609 10,628 Total deferred income taxes (5,837) 7,884 23,030 Total income taxes $ 242,248 $ 145,923 $ 94,661 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The differences between the U.S. federal statutory income tax rate and our effective tax rate were as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Computed tax provision at the applicable federal statutory income tax rate $ 219,555 $ 139,031 $ 97,531 State and local taxes, net of federal income tax benefits 35,045 20,711 20,081 Foreign jurisdiction differences 3,041 2,496 1,646 Permanent differences associated with divestitures 400 73 1,288 Changes in uncertain tax positions and audit settlements 51 100 (9,842) Foreign valuation allowance, net of federal income tax benefits (4,155) (566) 43 Excess tax benefit from share-based compensation (12,476) (9,093) (13,868) Other 787 (6,829) (2,218) Provision for income taxes $ 242,248 $ 145,923 $ 94,661 Total consolidated effective tax rate 23.2 % 22.0 % 20.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following: Years Ended December 31, 2021 2020 (In thousands) Inventories and cemetery property $ (205,660) $ (208,707) Deferred incremental direct selling costs (90,691) (81,301) Property and equipment (170,198) (161,293) Intangibles (203,229) (201,361) Other (3,728) (2,424) Deferred tax liabilities (673,506) (655,086) Loss and tax credit carryforwards 148,069 134,912 Deferred revenue on preneed funeral and cemetery contracts 135,112 117,748 Accrued liabilities 79,333 73,743 Deferred tax assets 362,514 326,403 Less: valuation allowance (120,739) (108,090) Net deferred income tax liability $ (431,731) $ (436,773) |
Schedule of Deferred Taxes Classification [Table Text Block] | Deferred tax assets and deferred income tax liabilities are recognized in our Consolidated Balance Sheet as follows: Years Ended December 31, 2021 2020 (In thousands) Non-current deferred tax assets - included in Deferred charges and other assets, net $ 6,171 $ 535 Non-current deferred tax liabilities - included in Deferred tax liability (437,902) (437,308) Net deferred income tax liability $ (431,731) $ (436,773) |
Summary of Income Tax Contingencies [Table Text Block] | The following table summarizes the activity related to our gross unrecognized tax benefits from January 1, 2019 to December 31, 2021 (in thousands): Federal, State, and Foreign Tax (In thousands) Balance at December 31, 2018 $ 1,348 Reduction to tax positions related to prior years — Balance at December 31, 2019 $ 1,348 Reductions to tax positions related to prior years — Balance at December 31, 2020 $ 1,348 Reductions to tax positions related to prior years — Balance at December 31, 2021 $ 1,348 |
Summary of Operating Loss Carryforwards [Table Text Block] | Such loss carryforwards will expire as follows: Federal State Foreign Total (In thousands) 2022 $ — $ 76,127 $ — $ 76,127 2023 — 219,103 — 219,103 2024 — 160,530 415 160,945 2025 — 330,888 3,032 333,920 Thereafter — 1,886,616 8,030 1,894,646 Total $ — $ 2,673,264 $ 11,477 $ 2,684,741 |
Summary of Valuation Allowance [Table Text Block] | At December 31, 2021, our loss and tax credit carryforward deferred tax assets and related valuation allowances by jurisdiction are as follows (presented net of federal benefit): Federal State Foreign Total (In thousands) Loss and tax credit carryforwards $ — $ 141,551 $ 6,518 $ 148,069 Valuation allowance $ — $ 105,635 $ 15,104 $ 120,739 |
Debt Level 3 (Tables)
Debt Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | The components of Debt are: Years Ended December 31, 2021 2020 (In thousands) 8.000% Senior Notes due November 2021 $ — $ 150,000 7.500% Senior Notes due April 2027 152,710 152,710 4.625% Senior Notes due December 2027 550,000 550,000 5.125% Senior Notes due June 2029 750,000 750,000 3.375% Senior Notes due August 2030 850,000 850,000 4.000% Senior Notes due May 2031 800,000 — Term Loan due May 2024 568,750 601,250 Bank Credit Facility due May 2024 155,000 525,000 Obligations under finance leases 136,847 148,864 Mortgage notes and other debt, maturities through 2050 48,113 51,766 Unamortized premiums and discounts, net — (317) Unamortized debt issuance costs (45,100) (36,739) Total debt $ 3,966,320 $ 3,742,534 Less: Current maturities of long-term debt (65,016) (228,352) Total long-term debt $ 3,901,304 $ 3,514,182 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes the aggregate maturities of our debt for the five years subsequent to December 31, 2021 and thereafter, excluding unamortized premiums and debt issuance costs (in thousands): 2022 $ 65,016 2023 85,299 2024 671,611 2025 40,709 2026 1,986 2027 and thereafter 3,101,699 Total debt maturities $ 3,966,320 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Cash interest payments for the three years ended December 31 were as follows (in thousands): Payments in 2021 $ 142,145 Payments in 2020 $ 152,524 Payments in 2019 $ 190,672 |
Schedule of future cash interest payments [Table Text Block] | ash interest payments on our existing long-term debt for the five years subsequent to December 31, 2021 and thereafter are as follows (in thousands): Payments in 2022 $ 148,490 Payments in 2023 147,524 Payments in 2024 141,477 Payments in 2025 137,300 Payments in 2026 136,738 Payments in 2027 and thereafter 367,756 Total expected cash interest payments $ 1,079,285 |
Credit Risk and Fair Value of_2
Credit Risk and Fair Value of Financial Instruments Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Credit Risk and Fair Value of Financial Instruments [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The fair value of our debt instruments was as follows: Years Ended December 31, 2021 2020 (In thousands) 8.000% Senior Notes due November 2021 $ — $ 159,000 7.500% Notes due April 2027 181,511 185,639 4.625% Senior Notes due December 2027 575,443 590,700 5.125% Senior Notes due June 2029 809,737 840,368 3.375% Senior Notes due August 2030 836,825 883,099 4.000% Senior Notes due May 2031 813,552 — Term Loan due May 2024 568,750 601,250 Bank Credit Facility due May 2024 155,000 525,000 Mortgage notes and other debt, maturities through 2050 46,878 51,659 Total fair value of debt instruments $ 3,987,696 $ 3,836,715 |
Leases (Tables)
Leases (Tables) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | Future undiscounted lease income from operating leases where we are the lessor were as follows as of December 31, 2021 (in thousands): 2022 $ 4,123 2023 3,513 2024 3,124 2025 2,818 2026 2,542 2027 and thereafter 19,714 Total expected cash receipts $ 35,834 | ||
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Future lease payments for non-cancelable operating and finance leases as of December 31, 2021 were as follows: Operating Finance Total (In thousands) 2022 $ 10,083 $ 37,979 $ 48,062 2023 8,377 41,315 49,692 2024 7,274 32,320 39,594 2025 6,211 13,035 19,246 2026 5,403 7,704 13,107 2027 and thereafter 36,599 18,196 54,795 Total lease payments $ 73,947 $ 150,549 $ 224,496 Less: Interest (17,720) (13,702) (31,422) Present value of lease liabilities $ 56,227 $ 136,847 $ 193,074 | ||
Condensed Balance Sheet [Table Text Block] | Supplemental balance sheet information related to leases was as follows: Lease Type Balance Sheet Classification December 31, 2021 December 31, 2020 (In thousands) Operating lease right-of-use assets (1) Deferred charges and other assets $ 53,685 $ 54,764 Finance lease right-of-use assets (1) Property and equipment, net 131,420 146,144 Total right-of-use assets (1) $ 185,105 $ 200,908 Operating Accounts payable and accrued liabilities $ 8,049 $ 8,584 Finance Current maturities of long-term debt 34,222 47,109 Total current lease liabilities 42,271 55,693 Operating Other liabilities 48,178 48,656 Finance Long-term debt 102,625 101,755 Total non-current lease liabilities 150,803 150,411 Total lease liabilities $ 193,074 $ 206,104 | ||
Supplemental Information related to Leases [Table Text Block] | The weighted-average life remaining and discount rates of our leases were as follows: December 31, 2021 December 31, 2020 Operating Finance Operating Finance Weighted-average remaining lease term (years) 12.1 4.9 12.2 4.8 Weighted-average discount rate 3.9% 3.1% 4.3% 3.3% | ||
Lessor, Lease, Description [Line Items] | |||
Depreciation | $ 159,306 | $ 155,299 | $ 151,000 |
Land | 701,337 | 678,421 | |
Lessor [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Depreciation | 700 | $ 500 | $ 200 |
Land | 25,000 | ||
Investment Building and Building Improvements | 24,600 | ||
Property, Plant, and Equipment, Owned, Accumulated Depreciation | $ 2,900 |
Share-Based Compensation Leve_2
Share-Based Compensation Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair values of our stock options are calculated using the following weighted average assumptions, based on the methods described above: Years Ended December 31, Assumptions 2021 2020 2019 Dividend yield 1.8% 1.7% 1.7% Expected volatility 23.5% 18.0% 19.8% Risk-free interest rate 0.4% 1.4% 2.5% Expected holding period (years) 4.0 3.7 4.0 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | The following table summarizes certain information with respect to stock option and restricted share compensation included in our Consolidated Statement of Operations: Years Ended December 31, 2021 2020 2019 (In thousands) Total pretax employee share-based compensation expense included in net income $ 14,168 $ 14,103 $ 15,029 Income tax benefit related to share-based compensation included in net income $ 3,537 $ 3,417 $ 3,842 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | The following table sets forth stock option activity for the year ended December 31, 2021 (shares reported in whole numbers): Options Weighted-Average Outstanding at December 31, 2020 6,912,065 $ 32.34 Granted 652,290 $ 49.59 Exercised (1,641,663) $ 24.17 Outstanding at December 31, 2021 5,922,692 $ 36.50 Exercisable at December 31, 2021 4,375,143 $ 32.10 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Set forth below is certain information related to stock options outstanding and exercisable at December 31, 2021 (shares reported in whole numbers): Options Outstanding Options Exercisable Range of Exercise Price Number Weighted-Average Remaining Contractual Life Weighted- Number Weighted- $0.00 — 25.00 1,425,927 1.8 $ 22.54 1,425,927 $ 22.54 $25.01 — 35.00 1,087,720 3.1 $ 29.25 1,087,720 $ 29.25 $35.01 — 45.00 1,809,995 4.6 $ 39.65 1,552,021 $ 39.16 $45.01 — 55.00 1,599,050 6.5 $ 50.32 309,475 $ 50.82 $0.00 — 55.00 5,922,692 4.2 $ 36.50 4,375,143 $ 32.10 |
Other Information Pertaining to Stock Option Activity [Table Text Block] | Other information pertaining to stock options was as follows (in thousands, except weighted-average grant date fair value): Years Ended December 31, 2021 2020 2019 Weighted average grant-date fair value of stock options granted $ 7.50 $ 6.44 $ 6.86 Total fair value of stock options vested $ 5,708 $ 5,535 $ 7,250 Total intrinsic value of stock options exercised $ 59,180 $ 41,995 $ 65,023 Cash received from the exercise of stock options $ 39,354 $ 26,671 $ 40,922 Recognized compensation expense $ 5,514 $ 5,668 $ 6,314 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Restricted share award activity was as follows (share awards reported in whole numbers): Restricted Weighted-Average Nonvested restricted share awards at December 31, 2020 243,529 $ 45.52 Granted 113,359 $ 49.59 Vested (126,978) $ 43.28 Nonvested restricted share awards at December 31, 2021 229,910 $ 48.76 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Restricted Weighted-Average Nonvested restricted share units at December 31, 2020 135,308 $ 43.83 Granted 65,825 $ 49.59 Vested (69,321) $ 41.59 Forfeited and other (3,641) $ 48.34 Nonvested restricted share units at December 31, 2021 128,171 $ 47.87 |
Retirement Plans Retirement Pla
Retirement Plans Retirement Plans Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of the Plans’ net periodic benefit cost were as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Interest cost on projected benefit obligation $ 482 $ 698 $ 956 Recognized net actuarial (gains) losses (353) 1,641 2,886 Total net periodic benefit cost $ 129 $ 2,339 $ 3,842 |
Schedule of Net Funded Status [Table Text Block] | The Plans’ funded status were as follows: Years Ended December 31, 2021 2020 (In thousands) Change in Benefit Obligation: Benefit obligation at beginning of year $ 24,635 $ 24,961 Interest cost 482 698 Actuarial (gain) loss (353) 1,641 Benefits paid (2,383) (2,665) Benefit obligation at end of year $ 22,381 $ 24,635 Change in Plan Assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 2,383 2,665 Benefits paid, including expenses (2,383) (2,665) Fair value of plan assets at end of year $ — $ — Funded status of plan $ (22,381) $ (24,635) Funding Summary: Projected benefit obligations $ 22,381 $ 24,635 Accumulated benefit obligation $ 22,381 $ 24,635 Amounts Recognized in the Consolidated Balance Sheet: Included in Accounts payable and accrued liabilities $ (2,431) $ (2,432) Included in Other liabilities (19,950) (22,203) Total accrued benefit (liability) $ (22,381) $ (24,635) |
Defined Benefit Plan, Assumptions [Table Text Block] | The Plans’ weighted-average assumptions used to determine the benefit obligation and net periodic benefit cost are as follows: Years Ended December 31, 2021 2020 2019 Weighted-average discount rate used to determine obligations 2.52 % 2.06 % 2.95 % Weighted-average discount rate used to determine net periodic benefit cost 2.42 % 2.98 % 4.15 % |
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments are expected to be paid over the next ten years related to our Plans (in thousands): 2022 $ 2,381 2023 2,140 2024 1,945 2025 1,847 2026 1,818 Years 2027 through 2031 7,632 Total expected benefit payments $ 17,763 |
Segment Reporting Level 3 (Tabl
Segment Reporting Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Other reportable segment information as of and for the year ended December 31 were as follows: Reportable Segments Funeral Cemetery Corporate Consolidated (In thousands) 2021 Interest expense $ 2,864 $ 681 $ 147,065 $ 150,610 Depreciation and amortization $ 112,667 $ 37,866 $ 8,773 $ 159,306 Amortization of intangibles $ 12,980 $ 7,016 $ 6 $ 20,002 Amortization of cemetery property $ — $ 98,162 $ — $ 98,162 Capital expenditures $ 140,432 $ 149,145 $ 14,083 $ 303,660 Total assets $ 6,390,917 $ 8,793,348 $ 506,913 $ 15,691,178 2020 Interest expense $ 3,896 $ 514 $ 158,653 $ 163,063 Depreciation and amortization $ 107,770 $ 34,693 $ 12,836 $ 155,299 Amortization of intangibles $ 13,593 $ 8,841 $ 10 $ 22,444 Amortization of cemetery property $ — $ 80,403 $ — $ 80,403 Capital expenditures $ 86,902 $ 132,443 $ 2,866 $ 222,211 Total assets $ 6,030,764 $ 8,042,339 $ 442,322 $ 14,515,425 2019 Interest expense $ 4,026 $ 659 $ 181,158 $ 185,843 Depreciation and amortization $ 106,982 $ 33,323 $ 10,695 $ 151,000 Amortization of intangibles $ 15,343 $ 10,297 $ 9 $ 25,649 Amortization of cemetery property $ — $ 70,330 $ — $ 70,330 Capital expenditures $ 112,090 $ 125,365 $ 2,502 $ 239,957 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Years Ended December 31, 2021 2020 2019 (In thousands) Revenue from customers: Funeral revenue: Atneed revenue $ 1,268,111 $ 1,092,016 $ 996,643 Matured preneed revenue 700,473 662,675 605,237 Core funeral revenue 1,968,584 1,754,691 1,601,880 Non-funeral home revenue 74,099 61,198 52,211 Recognized preneed revenue 159,595 124,645 139,525 Other revenue 140,898 111,767 130,286 Total funeral revenue 2,343,176 2,052,301 1,923,902 Cemetery revenue: Atneed revenue 477,950 386,850 326,230 Recognized preneed property revenue 846,528 659,950 581,724 Recognized preneed merchandise and services revenue 343,899 298,864 287,589 Core cemetery revenue 1,668,377 1,345,664 1,195,543 Other revenue 131,590 113,544 111,340 Total cemetery revenue 1,799,967 1,459,208 1,306,883 Total revenue from customers $ 4,143,143 $ 3,511,509 $ 3,230,785 Gross profit: Funeral gross profit $ 625,621 $ 494,602 $ 372,638 Cemetery gross profit 677,993 482,225 387,942 Gross profit from reportable segments 1,303,614 976,827 760,580 Corporate general and administrative expenses (138,107) (141,066) (126,886) Gains on divestitures and impairment charges, net 25,169 7,009 32,919 Operating income 1,190,676 842,770 666,613 Interest expense (150,610) (163,063) (185,843) Losses on early extinguishment of debt, net (5,226) (18,428) (16,637) Other income, net 10,660 781 299 Income before income taxes $ 1,045,500 $ 662,060 $ 464,432 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Our geographic area information as of and for the year ended December 31 were as follows: United States Canada Total (In thousands) 2021 Revenue from external customers $ 3,918,777 $ 224,366 $ 4,143,143 Interest expense $ 150,385 $ 225 $ 150,610 Depreciation and amortization $ 149,351 $ 9,955 $ 159,306 Amortization of intangibles $ 19,721 $ 281 $ 20,002 Amortization of cemetery property $ 92,128 $ 6,034 $ 98,162 Operating income $ 1,120,154 $ 70,522 $ 1,190,676 Gains on divestitures and impairment charges, net $ 19,837 $ 5,332 $ 25,169 Long-lived assets $ 6,895,439 $ 342,458 $ 7,237,897 2020 Revenue from external customers $ 3,328,381 $ 183,128 $ 3,511,509 Interest expense $ 162,804 $ 259 $ 163,063 Depreciation and amortization $ 146,378 $ 8,921 $ 155,299 Amortization of intangibles $ 22,132 $ 312 $ 22,444 Amortization of cemetery property $ 76,275 $ 4,128 $ 80,403 Operating income $ 795,461 $ 47,309 $ 842,770 Gains on divestitures and impairment charges, net $ 6,935 $ 74 $ 7,009 Long-lived assets $ 6,633,470 $ 339,594 $ 6,973,064 2019 Revenue from external customers $ 3,052,101 $ 178,684 $ 3,230,785 Interest expense $ 185,512 $ 331 $ 185,843 Depreciation and amortization $ 142,550 $ 8,450 $ 151,000 Amortization of intangibles $ 25,079 $ 570 $ 25,649 Amortization of cemetery property $ 66,552 $ 3,778 $ 70,330 Operating income $ 628,204 $ 38,409 $ 666,613 Gains (losses) on divestitures and impairment charges, net $ 33,200 $ (281) $ 32,919 |
Earnings Per Share Level 3 (Tab
Earnings Per Share Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the numerators and denominators of basic and diluted EPS is presented below: Years Ended December 31, 2021 2020 2019 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income — basic and diluted 802,939 515,907 369,596 Weighted average shares: Weighted average shares — basic 167,542 176,709 182,246 Stock options 2,501 2,234 3,223 Restricted share units 71 47 54 Weighted average shares — diluted 170,114 178,990 185,523 Amounts attributable to common stockholders: Income from continuing operations per share: Net income per share: Basic $ 4.79 $ 2.92 $ 2.03 Diluted $ 4.72 $ 2.88 $ 1.99 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Years Ended December 31, 2021 2020 2019 (In thousands) Antidilutive options — 1,614 678 |
Acquisition Level 3 (Tables)
Acquisition Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Gains (Losses) on Divestitures and Impairment Charges [Table Text Block] | Years Ended December 31, 2021 2020 2019 (In thousands) Gains on divestitures, net $ 28,573 $ 11,962 $ 41,835 Impairment losses (3,404) (4,953) (8,916) Gains on divestitures and impairment charges, net $ 25,169 $ 7,009 $ 32,919 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies, Textuals (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Cash and Cash Equivalents | $ 9,929 | $ 7,753 | |
Restricted Cash, Current | $ 7,847 | 5,573 | |
Intangible Fair Value Inputs, Royalty Savings Rate, Low | 0.046 | ||
Amortization of cemetery property | $ 98,162 | 80,403 | $ 70,330 |
Depreciation | $ 159,306 | $ 155,299 | $ 151,000 |
Net income attributable to common stockholders, basic | $ 4.79 | $ 2.92 | $ 2.03 |
Goodwill Reporting Unit Fair Value Inputs, Growth Rate, Low End of the Range | (7.50%) | ||
Goodwill Reporting Unit Fair Value Inputs, Growth Rate, High End of the Range | 15.40% | ||
Goodwill Reporting Unit Fair Value Inputs, Discount Rate | 6.25% | ||
Intangible Fair Value Inputs, Royalty Savings Rate | 0.050 | ||
Intangibles Fair Value Inputs, Terminal Growth Rate | 0.015 | ||
Intangibles Fair Value Inputs, Discount Rate | 6.45% | ||
Retirement of treasury shares | 0 | 0 | 0 |
Deferred incremental selling costs | $ 347,448 | $ 311,710 | |
Goodwill Reporting Unit Fair Value Inputs, Expense to Revenue Ratio, Low end range | 72.20% | ||
Goodwill Reporting Unit Fair Value Inputs, Expense to Revenue Ratio, High end range | 78.30% | ||
Goodwill Reporting Unit Fair Value Inputs, Growth Rate Other, Low end range | (7.50%) | ||
GoodwillReportingUnitFairValueInputsGrowthRateOtherHighendrange | 15.40% | ||
Other Assets, Current | $ 40,448 | 28,427 | |
Other Liabilities | $ 10,698 | 29,747 | |
Document Period End Date | Dec. 31, 2021 | ||
Receivables, net: | |||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 112,389 | 98,970 | |
Accounts Receivable, Allowance for Credit Loss | (6,338) | (6,031) | |
Receivables, net | 106,051 | 92,939 | |
Financing Receivable, Allowance for Credit Loss, Noncurrent | (4,577) | (6,902) | |
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 5,260 | $ 6,432 | |
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | $ (3) | ||
Net income attributable to common stockholders, diluted | $ 4.72 | $ 2.88 | $ 1.99 |
Amortization of intangibles | $ 20,002 | $ 22,444 | $ 25,649 |
Life Insurance General Agency Commissions | 157,400 | 124,500 | 139,700 |
Estimated Change in Unrecognized Tax Benefits with the next 12 months | $ 1,300 | ||
Intangible Fair Value Inputs, Royalty Savings Rate, Low | 0.020 | ||
Foreign | |||
Receivables, net: | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 4,900 | ||
Funeral [Member] | |||
Amortization of cemetery property | 0 | 0 | 0 |
Depreciation | $ 112,667 | 107,770 | 106,982 |
Goodwill Reporting Unit Fair Value Inputs, Terminal Growth Rate | 1.00% | ||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | $ 0 | ||
Amortization of intangibles | $ 12,980 | 13,593 | 15,343 |
Intangibles Fair Value Inputs, Terminal Growth Rate | 1.00% | ||
Cemetery [Member] | |||
Amortization of cemetery property | $ 98,162 | 80,403 | 70,330 |
Depreciation | $ 37,866 | 34,693 | 33,323 |
Goodwill Reporting Unit Fair Value Inputs, Terminal Growth Rate | 2.40% | ||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | $ (3) | ||
Amortization of intangibles | $ 7,016 | $ 8,841 | $ 10,297 |
Intangibles Fair Value Inputs, Terminal Growth Rate | 2.40% | ||
Treasury Stock | |||
Retirement of treasury shares | 9,805 | 11,884 | 2,243 |
Common Stock | |||
Retirement of treasury shares | 9,805 | 11,884 | 2,243 |
Minimum [Member] | |||
Funeral home lease life | 1 year | ||
Transportation equipment lease life | 1 year | ||
Finite-Lived Intangible Assets, Useful Life | 2 years | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | ten years | ||
Minimum [Member] | Equipment [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | three years | ||
Maximum [Member] | |||
Funeral home lease life | 40 years | ||
Transportation equipment lease life | 8 years | ||
Finite-Lived Intangible Assets, Useful Life | 89 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | forty years | ||
Maximum [Member] | Equipment [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | twelve years | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | twelve years | ||
Trade Accounts Receivable [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss | $ 5,828 | $ 5,685 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 5,905 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 2,020 | ||
Financing Receivable, Allowance for Credit Loss, Acquisitions (Divestitures), Net | (23) | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 285 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 7,520 | ||
Trade Accounts Receivable [Member] | Funeral [Member] | |||
Receivables, net: | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 49,011 | 56,745 | |
Accounts Receivable, Allowance for Credit Loss | (3,597) | (3,752) | |
Receivables, net | 45,414 | 52,993 | |
Financing Receivable, Allowance for Credit Loss | 3,597 | 3,752 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 4,655 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,852 | ||
Financing Receivable, Allowance for Credit Loss, Acquisitions (Divestitures), Net | (23) | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 286 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 6,399 | ||
Trade Accounts Receivable [Member] | Cemetery [Member] | |||
Receivables, net: | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 27,461 | 22,559 | |
Accounts Receivable, Allowance for Credit Loss | (2,231) | (1,933) | |
Receivables, net | 25,230 | 20,626 | |
Financing Receivable, Allowance for Credit Loss | 2,231 | 1,933 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 1,250 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 168 | ||
Financing Receivable, Allowance for Credit Loss, Acquisitions (Divestitures), Net | 0 | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (1) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1,121 | ||
Notes Receivable [Member] | |||
Receivables, net: | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 267 | 1,121 | |
Accounts Receivable, Allowance for Credit Loss | (166) | (490) | |
Receivables, net | 101 | 631 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 8,951 | ||
Financing Receivable, Allowance for Credit Loss | 3,590 | 6,447 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (325) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Financing Receivable, Allowance for Credit Loss, Acquisitions (Divestitures), Net | 0 | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 2,532 | ||
Financing Receivable, Not Past Due | 7,827 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 114 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,902 | ||
Financing Receivable, Revolving | 3,935 | ||
Total Notes Receivable, Past Due | 1,124 | ||
Notes Receivable [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 1 | ||
Notes Receivable [Member] | Maturity 30 to 90 Days [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 4 | ||
Notes Receivable [Member] | Financing Receivables 90 To 180 Days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 2 | ||
Notes Receivable [Member] | Financing Receivables, Equal to Greater Than 180 days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 1,117 | ||
Notes Receivable [Member] | Long Term [Member] | |||
Receivables, net: | |||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 8,684 | 12,389 | |
Financing Receivable, Allowance for Credit Loss, Noncurrent | (3,424) | (5,957) | |
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 5,260 | 6,432 | |
Miscellaneous Accounts Receivable [Member] | |||
Receivables, net: | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 35,650 | 18,545 | |
Accounts Receivable, Allowance for Credit Loss | 344 | 144 | |
Receivables, net | 35,306 | 18,689 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 43,796 | ||
Financing Receivable, Allowance for Credit Loss | 1,497 | 801 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 696 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Financing Receivable, Allowance for Credit Loss, Acquisitions (Divestitures), Net | 0 | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 38,276 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,234 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,371 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 823 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 83 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9 | ||
Financing Receivable, Revolving | 0 | ||
Total Miscellaneous Receivables | 205 | ||
Miscellaneous Receivables, Not Past Due | 43,591 | ||
Miscellaneous Accounts Receivable [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous Accounts Receivable [Member] | Maturity 30 to 90 Days [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous Accounts Receivable [Member] | Financing Receivables 90 To 180 Days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous Accounts Receivable [Member] | Financing Receivables, Equal to Greater Than 180 days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 205 | ||
Miscellaneous Accounts Receivable [Member] | Long Term [Member] | |||
Receivables, net: | |||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 8,146 | 6,515 | |
Financing Receivable, Allowance for Credit Loss, Noncurrent | (1,153) | (945) | |
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 6,993 | 5,570 | |
Financing Receivable, Allowance for Credit Loss | 1,153 | 945 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 208 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Financing Receivable, Allowance for Credit Loss, Acquisitions (Divestitures), Net | 0 | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,794 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,727 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,923 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 628 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 67 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7 | ||
Financing Receivable, Revolving | 0 | ||
Total Miscellaneous Receivables | 0 | ||
Miscellaneous Receivables, Not Past Due | 8,146 | ||
Miscellaneous Accounts Receivable [Member] | Long Term [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous Accounts Receivable [Member] | Long Term [Member] | Maturity 30 to 90 Days [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous Accounts Receivable [Member] | Long Term [Member] | Financing Receivables 90 To 180 Days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous Accounts Receivable [Member] | Long Term [Member] | Financing Receivables, Equal to Greater Than 180 days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous Accounts Receivable [Member] | Current [Member] | |||
Receivables, net: | |||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 35,650 | ||
Financing Receivable, Allowance for Credit Loss | 344 | (144) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 488 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Financing Receivable, Allowance for Credit Loss, Acquisitions (Divestitures), Net | 0 | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 34,482 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 507 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 448 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 195 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 16 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2 | ||
Financing Receivable, Revolving | 0 | ||
Total Miscellaneous Receivables | 205 | ||
Miscellaneous Receivables, Not Past Due | 35,445 | ||
Miscellaneous Accounts Receivable [Member] | Current [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous Accounts Receivable [Member] | Current [Member] | Maturity 30 to 90 Days [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous Accounts Receivable [Member] | Current [Member] | Financing Receivables 90 To 180 Days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous Accounts Receivable [Member] | Current [Member] | Financing Receivables, Equal to Greater Than 180 days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 205 | ||
Noncompete Agreements [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets, Useful Life | 2 years | ||
Noncompete Agreements [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets, Useful Life | 20 years | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Incremental Selling Costs | $ 259,900 | $ 199,600 | $ 174,700 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Revenue Recognition (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue | $ 4,143,143 | $ 3,511,509 | $ 3,230,785 |
Gross profit | 1,303,614 | 976,827 | 760,580 |
Costs of revenue | (2,839,529) | (2,534,682) | (2,470,205) |
Corporate general and administrative expenses | (138,107) | (141,066) | (126,886) |
Gains on divestitures and impairment charges, net | 25,169 | 7,009 | 32,919 |
Operating income | 1,190,676 | 842,770 | 666,613 |
Interest expense | (150,610) | (163,063) | (185,843) |
Losses on early extinguishment of debt, net | (5,226) | (18,428) | (16,637) |
Nonoperating Income (Expense) | 10,660 | 781 | 299 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 1,045,500 | 662,060 | 464,432 |
Income Tax Expense (Benefit) | (242,248) | (145,923) | (94,661) |
Net income | 803,252 | 516,137 | 369,771 |
Net income attributable to noncontrolling interests | (313) | (230) | (175) |
Net income attributable to common stockholders | $ 802,939 | $ 515,907 | $ 369,596 |
Net income attributable to common stockholders, basic | $ 4.79 | $ 2.92 | $ 2.03 |
Net income attributable to common stockholders, diluted | $ 4.72 | $ 2.88 | $ 1.99 |
Change in amounts due for unfulfilled performance obligations | $ (87,207) | $ (55,269) | $ (10,223) |
Preneed Activities Investment R
Preneed Activities Investment Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Preneed Activities [Abstract] | |||
Deposits to trust | $ 421,460 | $ 519,023 | $ 429,307 |
Withdrawals | 435,344 | 477,443 | 424,986 |
Payments to Acquire Debt Securities, Available-for-sale | 1,596,698 | 1,823,267 | 2,147,935 |
Proceeds from Sale of Debt Securities, Available-for-sale | 1,495,733 | 1,744,618 | 1,994,684 |
Debt Securities, Available-for-sale, Realized Gain | 241,661 | 584,863 | 418,851 |
Debt Securities, Available-for-sale, Realized Gain (Loss) | $ 121,272 | $ 91,715 | $ 262,974 |
Preneed Activities Preneed Ac_3
Preneed Activities Preneed Activities Preneed Receivables and Trust Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Preneed Receivables and Trust Investments [Abstract] | ||||
Preneed receivables, net and trust investments | $ 6,015,323 | $ 5,345,720 | $ 4,789,562 | $ 4,271,392 |
Net Preneed Contract Sales | 1,870,972 | 1,494,557 | 1,372,705 | |
Cash receipts from customers, net of refunds | (1,550,735) | (1,279,295) | (1,280,468) | |
Deposits To Trust Receivable Impact | 452,554 | 373,663 | 372,644 | |
Acquisitions (dispositions) of businesses, net | 4,912 | 19,299 | 11,751 | |
Net undistributed investments (losses) earnings | 448,469 | 407,770 | 489,577 | |
Maturities and Distributed Earnings | (464,247) | (430,608) | (442,507) | |
Change in cancellation allowance | (1,523) | (4,468) | (2,006) | |
Change in amounts due for unfulfilled performance obligations | (87,207) | (55,269) | (10,223) | |
Effect of foreign currency and other | $ (3,592) | 4,115 | 6,697 | |
Deferred preneed funeral revenues | $ 0 | $ 26,394 | $ 0 |
Preneed Activities Long-term Re
Preneed Activities Long-term Receivable and Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long-term receivable and investment components [Line Items] | ||||
Allowance for cancellation | $ (20,727) | $ (19,204) | ||
Preneed receivables, net and trust investments | 6,015,323 | 5,345,720 | $ 4,789,562 | $ 4,271,392 |
PreneedReceivables | 1,243,781 | 1,069,965 | ||
Cemetery perpetual care trust investments | (1,996,898) | (1,820,489) | ||
Preneed trust investments | 4,771,542 | 4,275,755 | ||
Preneed receivables, net and trust investments, excluding allowance for cancellation | 6,015,323 | 5,345,720 | ||
Insurance-backed fixed income securities and other [Line Items] | 231,589 | 245,056 | ||
Preneed Accounts Receivable Gross | 1,287,722 | 1,123,155 | ||
Deferred Discounts, Finance Charges and Interest Included in Receivables | (23,214) | (33,986) | ||
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,264,508 | 1,089,169 | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | 19,204 | |||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (3) | |||
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 0 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 3,566 | |||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (5,086) | |||
Funeral [Member] | ||||
Long-term receivable and investment components [Line Items] | ||||
Allowance for cancellation | (12,722) | (10,940) | ||
PreneedReceivables | 137,423 | 118,938 | ||
Preneed Accounts Receivable Gross | 162,183 | 143,896 | ||
Deferred Discounts, Finance Charges and Interest Included in Receivables | (12,038) | (14,018) | ||
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 150,145 | 129,878 | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | (10,940) | |||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | |||
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 0 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 3,071 | |||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (4,853) | |||
Cemetery [Member] | ||||
Long-term receivable and investment components [Line Items] | ||||
Allowance for cancellation | (8,005) | (8,264) | ||
PreneedReceivables | 1,106,358 | 951,027 | ||
Preneed Accounts Receivable Gross | 1,125,539 | 979,259 | ||
Deferred Discounts, Finance Charges and Interest Included in Receivables | (11,176) | (19,968) | ||
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,114,363 | $ 959,291 | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | (8,264) | |||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (3) | |||
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 0 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 495 | |||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ (233) |
Preneed Activities Schedule of
Preneed Activities Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | $ (96,934) | |
Available-for-sale Securities, Fair Value | 4,545,527 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 840,484 | |
Debt Securities, Available-for-sale, Amortized Cost | 3,801,977 | |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | $ (88,603) | |
Available-for-sale Securities, Fair Value | 4,168,375 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 687,303 | |
Debt Securities, Available-for-sale, Amortized Cost | 3,569,675 | |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (283) | (272) |
Available-for-sale Securities, Fair Value | 51,514 | 46,201 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 795 | 1,566 |
Debt Securities, Available-for-sale, Amortized Cost | 51,002 | 44,907 |
Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | 0 | (157) |
Available-for-sale Securities, Fair Value | 29,909 | 30,104 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 28 | 51 |
Debt Securities, Available-for-sale, Amortized Cost | 29,881 | 30,210 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (2) | (8) |
Available-for-sale Securities, Fair Value | 174 | 1,675 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 6 | 14 |
Debt Securities, Available-for-sale, Amortized Cost | 170 | 1,669 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (15) | 0 |
Available-for-sale Securities, Fair Value | 1,450 | 2,569 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 58 | 131 |
Debt Securities, Available-for-sale, Amortized Cost | 1,407 | 2,438 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (10) | (5) |
Available-for-sale Securities, Fair Value | 266 | 172 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 3 |
Debt Securities, Available-for-sale, Amortized Cost | 274 | 174 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (1,024) | (24) |
Available-for-sale Securities, Fair Value | 3,823 | 334 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 4,843 | 358 |
Fair Value, Inputs, Level 1 [Member] | US Common Stock Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (56,092) | (54,748) |
Available-for-sale Securities, Fair Value | 2,217,042 | 1,949,134 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 624,349 | 503,757 |
Debt Securities, Available-for-sale, Amortized Cost | 1,648,785 | 1,500,125 |
Fair Value, Inputs, Level 1 [Member] | Canada Common Stock Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (898) | (1,823) |
Available-for-sale Securities, Fair Value | 53,506 | 44,108 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 19,617 | 10,915 |
Debt Securities, Available-for-sale, Amortized Cost | 34,787 | 35,016 |
Fair Value, Inputs, Level 1 [Member] | Other International Common Stock Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (9,819) | (1,831) |
Available-for-sale Securities, Fair Value | 161,838 | 148,781 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 42,171 | 39,837 |
Debt Securities, Available-for-sale, Amortized Cost | 129,486 | 110,775 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (10,116) | (10,437) |
Available-for-sale Securities, Fair Value | 1,006,605 | 906,124 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 140,893 | 95,155 |
Debt Securities, Available-for-sale, Amortized Cost | 875,828 | 821,406 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (18,675) | (19,298) |
Available-for-sale Securities, Fair Value | 1,019,212 | 1,038,983 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 12,560 | 35,872 |
Debt Securities, Available-for-sale, Amortized Cost | 1,025,327 | 1,022,409 |
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value | 188 | 190 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1 | 2 |
Debt Securities, Available-for-sale, Amortized Cost | 187 | 188 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (8,638) | |
Available-for-sale Securities, Fair Value | 1,991,324 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 405,261 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,594,701 | |
Reported Value Measurement [Member] | Commingled funds - Fixed inc [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (3,171) | (173) |
Available-for-sale Securities, Fair Value | 774,893 | 694,520 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 115,939 | 37,474 |
Debt Securities, Available-for-sale, Amortized Cost | 662,125 | 657,219 |
Reported Value Measurement [Member] | Commingled funds - Equity [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (114) | 0 |
Available-for-sale Securities, Fair Value | 391,937 | 381,033 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 161,125 | 97,704 |
Debt Securities, Available-for-sale, Amortized Cost | 230,926 | 283,329 |
Reported Value Measurement [Member] | Money Market Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value | 408,762 | 330,745 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 408,762 | 330,745 |
Reported Value Measurement [Member] | Private Equity Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (5,353) | (10,284) |
Available-for-sale Securities, Fair Value | 415,732 | 276,515 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 128,197 | 68,846 |
Debt Securities, Available-for-sale, Amortized Cost | 292,888 | 217,953 |
Reported Value Measurement [Member] | Reported At Net Asset Value [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (10,457) | |
Available-for-sale Securities, Fair Value | 1,682,813 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 204,024 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,489,246 | |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (105,572) | (99,060) |
Available-for-sale Securities, Fair Value | 6,536,851 | 5,851,188 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,245,745 | 891,327 |
Debt Securities, Available-for-sale, Amortized Cost | $ 5,396,678 | $ 5,058,921 |
Preneed Activities Level 3 Acti
Preneed Activities Level 3 Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Recurring Basis, Asset, Transfer, Net | $ 0 | $ (6,811) | $ 0 |
Other Investments [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair market value, beginning balance | 190 | 8,218 | 9,755 |
Net realized losses included in Other income, net(2) | (2) | (1,215) | (761) |
Purchases | 0 | 0 | 1,006 |
Sales | 0 | (2) | (1,782) |
Fair market value, ending balance | $ 188 | $ 190 | $ 8,218 |
Preneed Activities Investments
Preneed Activities Investments Classified by Contractual Maturity Date (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Preneed Activities [Abstract] | |
Due in one year or less | $ 53,144 |
Due in one to five years | 23,484 |
Due in five to ten years | 6,445 |
Thereafter | 240 |
Total | $ 83,313 |
Preneed Activities Preneed Ac_4
Preneed Activities Preneed Activities Deferred Revenue Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Revenue [Abstract] | ||
Deferred revenue, Gross | $ 2,259,364 | $ 2,127,878 |
Amounts Due for Unfulfilled Performance Obligations | (726,615) | 638,969 |
Deferred Revenue | $ 1,532,749 | $ 1,488,909 |
Preneed Activities Preneed Ac_5
Preneed Activities Preneed Activities, Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Preneed Activities [Abstract] | |||
Investment Earnings, Net | $ 179.7 | $ 129.1 | $ 119 |
Available-for-sale securities, estimated maturity date, maximum | 2040 | ||
Available-for-sale securities, estimated maturity date, minimum | 2022 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 163.1 | ||
ECF Investment Earnings, Net | $ 96.1 | $ 77.8 | $ 77.5 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Goodwill and Intangible Assets Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 1,880,007 | $ 1,864,223 | |
Goodwill, net, beginning balance | 1,880,007 | ||
Increase in goodwill related to acquisitions | 36,693 | 14,796 | |
Reduction of goodwill related to divestitures | (2,108) | (1,175) | |
Effect of foreign currency and other | 490 | 2,163 | |
Goodwill, Period Increase (Decrease) | 35,075 | 15,784 | |
Goodwill, ending balance | 1,880,007 | $ 1,864,223 | |
Goodwill, net, ending balance | 1,915,082 | 1,880,007 | |
Finite-Lived Intangible Assets, Net | 101,653 | 103,327 | |
Finite Lived Intangible Assets Amortization Expense Future Total | 29,192 | ||
Finite-Lived Intangible Assets, Gross | 411,708 | 403,785 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 310,055 | 300,458 | |
Finite-Lived Intangible Assets, Net | 101,653 | 103,327 | |
Indefinite-Lived Trade Names | 359,297 | 327,297 | |
Other Indefinite-lived Intangible Assets | 10,765 | 10,765 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 370,062 | 338,062 | |
Intangible Assets, Net (Excluding Goodwill) | 471,715 | 441,389 | |
Amortization of intangibles | 20,002 | 22,444 | 25,649 |
Future Amortization Expense, Year One | 6,691 | ||
Future Amortization Expense, Year Two | 6,300 | ||
Future Amortization Expense, Year Three | 6,155 | ||
Future Amortization Expense, Year Four | 6,023 | ||
Future Amortization Expense, Year Five | 4,023 | ||
Noncompete Agreements [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 223,854 | 219,493 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 203,935 | 201,427 | |
Customer Relationships [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 153,927 | 150,365 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 96,294 | 90,022 | |
Trade Names [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 7,000 | 7,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 280 | 202 | |
Other Intangible Assets [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 26,927 | 26,927 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 9,546 | 8,807 | |
Funeral [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 1,551,062 | 1,535,278 | |
Goodwill, net, beginning balance | 1,551,062 | ||
Increase in goodwill related to acquisitions | 34,703 | 14,796 | |
Reduction of goodwill related to divestitures | (2,080) | (1,175) | |
Effect of foreign currency and other | 490 | 2,163 | |
Goodwill, Period Increase (Decrease) | 33,113 | 15,784 | |
Goodwill, ending balance | 1,551,062 | 1,535,278 | |
Goodwill, net, ending balance | 1,584,175 | 1,551,062 | |
Amortization of intangibles | 12,980 | 13,593 | 15,343 |
Cemetery [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 328,945 | 328,945 | |
Goodwill, net, beginning balance | 328,945 | ||
Increase in goodwill related to acquisitions | 1,990 | 0 | |
Reduction of goodwill related to divestitures | (28) | 0 | |
Effect of foreign currency and other | 0 | 0 | |
Goodwill, Period Increase (Decrease) | 1,962 | 0 | |
Goodwill, ending balance | 328,945 | 328,945 | |
Goodwill, net, ending balance | 330,907 | 328,945 | |
Amortization of intangibles | $ 7,016 | $ 8,841 | $ 10,297 |
Minimum [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 2 years | ||
Minimum [Member] | Noncompete Agreements [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 2 years | ||
Minimum [Member] | Customer Relationships [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 10 years | ||
Minimum [Member] | Trade Names [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | ||
Minimum [Member] | Other Intangible Assets [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | ||
Maximum [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 89 years | ||
Maximum [Member] | Noncompete Agreements [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 20 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 20 years | ||
Maximum [Member] | Trade Names [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 89 years | ||
Maximum [Member] | Other Intangible Assets [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 89 years |
Income Taxes Income Taxes Detai
Income Taxes Income Taxes Details 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
United States | $ 994,632 | $ 633,608 | $ 441,579 |
Foreign | 50,868 | 28,452 | 22,853 |
Income from continuing operations before income taxes | $ 1,045,500 | $ 662,060 | $ 464,432 |
Income Taxes Income Taxes Det_2
Income Taxes Income Taxes Details 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Current: United States | $ 194,545 | $ 106,632 | $ 51,664 |
Current: Foreign | 14,088 | 7,968 | 7,059 |
Current: State | 39,452 | 23,439 | 12,908 |
Total current income taxes | 248,085 | 138,039 | 71,631 |
Deferred: United States | (3,543) | 6,339 | 12,973 |
Deferred: Foreign | (5,492) | (64) | (571) |
Deferred: State | 3,198 | 1,609 | 10,628 |
Provision for deferred income taxes | (5,837) | 7,884 | 23,030 |
Provision for income taxes | 242,248 | 145,923 | 94,661 |
Income Taxes Paid | 270,200 | 138,000 | 70,600 |
Proceeds from Income Tax Refunds | $ 4,700 | $ 5,200 | $ 4,700 |
Income Taxes Income Taxes Det_3
Income Taxes Income Taxes Details 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Computed tax provision at the applicable federal statutory income tax rate | $ 219,555 | $ 139,031 | $ 97,531 |
State and local taxes, net of federal income tax benefits | 35,045 | 20,711 | 20,081 |
Foreign jurisdiction differences | 3,041 | 2,496 | 1,646 |
Permanent differences associated with dispositions | 400 | 73 | 1,288 |
Changes in uncertain tax positions | 51 | 100 | (9,842) |
Foreign Valuation Allowance, Amount | (4,155) | (566) | 43 |
Excess tax benefit from share-based compensation | (12,476) | (9,093) | (13,868) |
Other | 787 | (6,829) | (2,218) |
Provision for income taxes | $ 242,248 | $ 145,923 | $ 94,661 |
Total effective tax rate | 23.20% | 22.00% | 20.40% |
Income Taxes Income Taxes Det_4
Income Taxes Income Taxes Details 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes [Abstract] | ||
Inventories and cemetery property | $ (205,660) | $ (208,707) |
Deferred tax liabilities selling cost | (90,691) | 81,301 |
Property and equipment | (170,198) | (161,293) |
Intangibles | (203,229) | (201,361) |
Other | (3,728) | (2,424) |
Deferred tax liabilities | (673,506) | (655,086) |
Loss and tax credit carry-forwards | 148,069 | 134,912 |
Deferred revenue on preneed funeral and cemetery contracts | 135,112 | 117,748 |
Accrued liabilities | 79,333 | 73,743 |
Deferred tax assets | 362,514 | 326,403 |
Less: Valuation allowance | (120,739) | (108,090) |
Net deferred income tax liability | $ (431,731) | $ (436,773) |
Income Taxes Income Taxes Det_5
Income Taxes Income Taxes Details 5 (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes [Abstract] | ||
Net deferred income tax liability | $ (431,731) | $ (436,773) |
Non-current deferred tax liabilities | (437,902) | (437,308) |
Non-current deferred tax assets | $ 6,171 | $ 535 |
Income Taxes Income Taxes Det_6
Income Taxes Income Taxes Details 6 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $ (1,348) | $ (1,348) | $ (1,348) |
Reductions to tax positions related to the current year | 0 | ||
Additions to tax positions related to prior years | 0 | ||
Reductions to tax positions as a result of audit settlement | 0 | ||
Reductions to tax positions related to prior years | 0 | ||
Ending Balance | (1,348) | (1,348) | (1,348) |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,300 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 800 | $ 700 | $ 600 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 100 |
Income Taxes Income Taxes Det_7
Income Taxes Income Taxes Details 7 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Year One | $ 76,127 | |
Year Two | 219,103 | |
Year Three | 160,945 | |
Year Four | 333,920 | |
Thereafter | 1,894,646 | |
Operating Loss Carryforwards | 2,684,741 | |
Loss and tax credit carry-forwards | 148,069 | $ 134,912 |
Valuation allowance | 120,739 | $ 108,090 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Year One | 0 | |
Year Two | 0 | |
Year Three | 0 | |
Year Four | 0 | |
Thereafter | 0 | |
Operating Loss Carryforwards | 0 | |
Loss and tax credit carry-forwards | 0 | |
Valuation allowance | 0 | |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Year One | 76,127 | |
Year Two | 219,103 | |
Year Three | 160,530 | |
Year Four | 330,888 | |
Thereafter | 1,886,616 | |
Operating Loss Carryforwards | 2,673,264 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 17,600 | |
Loss and tax credit carry-forwards | 141,551 | |
Valuation allowance | 105,635 | |
Foreign | ||
Operating Loss Carryforwards [Line Items] | ||
Year One | 0 | |
Year Two | 0 | |
Year Three | 415 | |
Year Four | 3,032 | |
Thereafter | 8,030 | |
Operating Loss Carryforwards | 11,477 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 4,900 | |
Loss and tax credit carry-forwards | 6,518 | |
Valuation allowance | $ 15,104 |
Income Taxes Income Taxes Det_8
Income Taxes Income Taxes Details (Tax Reform) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income Tax [Abstract] | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 16.4 |
Estimated Tax Reform Repatriation Liability | $ 339.9 |
Debt Level 4 (Details)
Debt Level 4 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 736,000,000 | $ 1,406,400,000 | |
Repayments of Long-term Debt | 36,158,000 | 34,489,000 | $ 25,471,000 |
Repayments of Other Debt | 3,700,000 | 2,000,000 | |
Losses on early extinguishment of debt, net | 5,226,000 | 18,428,000 | 16,637,000 |
Other Notes Payable | 48,113,000 | 51,766,000 | |
Total debt | 3,966,320,000 | 3,742,534,000 | |
Current maturities of long-term debt | (65,016,000) | (228,352,000) | |
Less current maturities | 65,016,000 | 228,352,000 | |
Total long-term debt | $ 3,901,304,000 | $ 3,514,182,000 | |
Debt, Weighted Average Interest Rate | 3.70% | 3.62% | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 79.00% | 66.00% | |
Next Twelve Months | $ 65,016,000 | ||
Year Two | 85,299,000 | ||
Year Three | 671,611,000 | ||
Year Four | 40,709,000 | ||
Year Five | 1,986,000 | ||
After Year Five | 3,101,699,000 | ||
Long-term Debt, Gross | 3,966,320,000 | ||
Letters of Credit, Maximum Borrowing Capacity | 34,000,000 | $ 34,000,000 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 142,145,000 | 152,524,000 | $ 190,672,000 |
Payments in 2022 | 148,490,000 | ||
Payments in 2023 | 147,524,000 | ||
Payments in 2024 | 141,477,000 | ||
Payments in 2025 | 137,300,000 | ||
Payments in 2026 | 136,738,000 | ||
Payments in 2027 and thereafter | 367,756,000 | ||
Cash Interest Payments Expected Payments Total | 1,079,285,000 | ||
Unamortized Debt Issuance Expense | (45,100,000) | (36,739,000) | |
Bank credit facility | 155,000,000 | 525,000,000 | |
Finance Lease, Liability | 136,847,000 | 148,864,000 | |
Proceeds from Issuance of Debt | 975,000,000 | 1,585,000,000 | |
Repayments of Lines of Credit | 545,000,000 | 505,000,000 | |
Redemption Premium | 4,800,000 | 16,100,000 | |
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | 400,000 | 2,000,000 | |
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position | $ 1,100,000 | 1,200,000 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 100000.00% | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 811,000,000 | ||
Debt Issuance Costs, Line of Credit Arrangements, Net | 13,600,000 | 14.5 | |
Repayments of Lines of Credit | 545,000,000 | 505,000,000 | |
Redemption Premium | 4,800,000 | 16,100,000 | |
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | 400,000 | 2,000,000 | |
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position | 1,100,000 | 1,200,000 | |
April 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | 800,000 | ||
May 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable to Bank, Noncurrent | 568,750,000 | ||
Bank credit facility | 155,000,000 | 525,000,000 | |
Debt Instrument, Periodic Payment | 32,500,000 | 32,500,000 | |
Debt Instrument, Periodic Payment | 32,500,000 | 32,500,000 | |
Term Loan December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable to Bank, Noncurrent | 601,250,000 | ||
August 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 850,000,000 | ||
May 2031 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 800,000,000 | ||
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized pricing discounts and other | 0 | (317,000) | |
Unsecured Debt [Member] | November 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 0 | 150,000,000 | |
Unsecured Debt [Member] | April 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 152,710,000 | 152,710,000 | |
Unsecured Debt [Member] | December 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 550,000,000 | 550,000,000 | |
Unsecured Debt [Member] | June 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 750,000,000 | 750,000,000 | |
Unsecured Debt [Member] | August 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 850,000,000 | 850,000,000 | |
Unsecured Debt [Member] | May 2031 | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 800,000,000 | $ 0 |
Debt Debt, Textuals (Details)
Debt Debt, Textuals (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 3.70% | 3.62% | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 79.00% | 66.00% | |
Line of Credit Facility, Amount Outstanding | $ 155,000,000 | $ 525,000,000 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 100000.00% | ||
Letters of Credit, Maximum Borrowing Capacity | $ 34,000,000 | 34,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 811,000,000 | ||
Repayments of Other Debt | 3,700,000 | 2,000,000 | |
Repayments of Debt | 736,000,000 | 1,406,400,000 | |
Losses on early extinguishment of debt, net | 5,226,000 | 18,428,000 | $ 16,637,000 |
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | 400,000 | 2,000,000 | |
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position | 1,100,000 | 1,200,000 | |
Long-term Debt, Fair Value | 3,987,696,000 | 3,836,715,000 | |
Debt Issuance Costs, Line of Credit Arrangements, Net | 13,600,000 | 14.5 | |
Repayments of Long-term Debt | 36,158,000 | 34,489,000 | $ 25,471,000 |
Redemption Premium | 4,800,000 | 16,100,000 | |
Proceeds from Issuance of Debt | 975,000,000 | 1,585,000,000 | |
Repayments of Lines of Credit | $ 545,000,000 | 505,000,000 | |
Document Period End Date | Dec. 31, 2021 | ||
April 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | 800,000 | ||
Term Loan December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable to Bank, Noncurrent | 601,250,000 | ||
May 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable to Bank, Noncurrent | $ 568,750,000 | ||
Line of Credit Facility, Amount Outstanding | 155,000,000 | 525,000,000 | |
Debt Instrument, Periodic Payment | 32,500,000 | 32,500,000 | |
Proceeds from Lines of Credit | 175,000,000 | 735,000,000 | |
August 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 850,000,000 | ||
Unsecured Debt [Member] | November 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 0 | 150,000,000 | |
Unsecured Debt [Member] | April 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 152,710,000 | 152,710,000 | |
Unsecured Debt [Member] | December 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 550,000,000 | 550,000,000 | |
Unsecured Debt [Member] | August 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 850,000,000 | 850,000,000 | |
Unsecured Debt [Member] | June 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 750,000,000 | $ 750,000,000 |
Credit Risk and Fair Value of_3
Credit Risk and Fair Value of Financial Instruments Level 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility | $ 155,000 | $ 525,000 |
Notes Payable | 46,878 | 51,659 |
Long-term Debt, Fair Value | 3,987,696 | 3,836,715 |
Term Loan | 568,750 | 601,250 |
May 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility | 155,000 | 525,000 |
November 2021 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 159,000 |
April 2027 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 181,511 | 185,639 |
December 2027 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 575,443 | 590,700 |
June 2029 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 809,737 | 840,368 |
August 2030 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 836,825 | 883,099 |
May 2031 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 813,552 | $ 0 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||||
Finance Leases New | $ 21,097 | $ 23,523 | ||
Rnewals and Extensions, Finance Leases | 1,095 | 0 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 22,192 | 23,523 | ||
Operating Lease, New | 3,268 | 4,684 | ||
Renewals and Extensions, Operating Leases | 4,554 | 4,128 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 7,822 | 8,812 | ||
Finance Lease, Liability, Payment, Due [Abstract] | ||||
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 37,979 | 37,979 | ||
Finance Lease, Liability, Payments, Due Year Two | 41,315 | 41,315 | ||
Finance Lease, Liability, Payments, Due Year Three | 32,320 | 32,320 | ||
Finance Lease, Liability, Payments, Due Year Four | 13,035 | 13,035 | ||
Finance Lease, Liability, Payments, Due Year Five | 7,704 | 7,704 | ||
Finance Lease, Liability, Payments, Due after Year Five | 18,196 | 18,196 | ||
Finance Lease, Liability, Payment, Due | 150,549 | 150,549 | ||
Finance Lease, Interest Payment on Liability | 13,702 | |||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 10,083 | 10,083 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 8,377 | 8,377 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 7,274 | 7,274 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 6,211 | 6,211 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 5,403 | 5,403 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 36,599 | 36,599 | ||
Operating Lease, Expense | 17,720 | |||
Operating Lease, Liability | 73,947 | 73,947 | ||
Lessee, Operating Lease, Liability, Payments, Due | 56,227 | 56,227 | ||
Lease LIability Payments Due Next Twelve Months | 48,062 | |||
Lease Liability Payments Due Year Two | 49,692 | 49,692 | ||
Lease Liability Payments Due Year Three | 39,594 | 39,594 | ||
Lease Liability Payments Due Year Four | 19,246 | 19,246 | ||
Lease Liability Payments Due Year Five | 13,107 | 13,107 | ||
Lease Liability Payments Due After Year Five | 54,795 | 54,795 | ||
Lease Interest Expense | 31,422 | |||
Lease Liability | 224,496 | 224,496 | ||
Lease Liability Payments Due | 193,074 | 193,074 | ||
Capital Leases, Lessee Balance Sheet [Abstract] | ||||
Operating Lease, Right-of-Use Asset | 53,685 | 53,685 | 54,764 | |
Finance Lease, Right-of-Use Asset | 131,420 | 131,420 | 146,144 | |
Leases Right of Use Asset | 185,105 | 185,105 | 200,908 | |
Operating Lease, Liability, Current | 8,049 | 8,049 | 8,584 | |
Finance Lease, Liability, Current | 34,222 | 34,222 | 47,109 | |
Leases Total Current Liability | 42,271 | 42,271 | 55,693 | |
Operating Lease, Liability, Noncurrent | 48,178 | 48,178 | 48,656 | |
Finance Lease, Liability, Noncurrent | 102,625 | 102,625 | 101,755 | |
Leases Total NonCurrent Liability | 150,803 | 150,803 | 150,411 | |
Leases, Total Liability | $ 193,074 | 193,074 | 206,104 | |
Finance Lease Payments Cash Outflow | 4,207 | 5,446 | ||
Finance Lease liability renewals | $ 1,000 | |||
Lease remeasurement | 2,700 | |||
Property Subject to or Available for Operating Lease, Number of Units | 59 | 59 | ||
Operating Lease, Lease Income | $ 4,400 | 3,600 | ||
Finance Lease, Right-of-Use Asset, Amortization | $ 41,938 | 37,569 | ||
Finance Lease, Interest Expense | 5,955 | 4,642 | ||
Finance Lease Cost | 42,211 | 47,893 | ||
Operating Lease, Cost | 12,196 | 11,586 | ||
Variable Lease, Cost | 29 | 178 | ||
Lease, Cost | $ 53,975 | $ 60,118 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | 3.90% | 4.30% | |
Finance Lease, Weighted Average Discount Rate, Percent | 3.10% | 3.10% | 3.30% | |
Operating Lease, Payments | $ 11,693 | $ 12,190 | ||
Finance Lease, Interest Payment on Liability | 13,702 | |||
Finance Lease, Principal Payments | 34,617 | 43,598 | $ 42,627 | |
Total Lease Payments | 50,517 | 61,234 | ||
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 4,123 | 4,123 | ||
Lessor, Operating Lease, Payments to be Received, Two Years | 3,513 | 3,513 | ||
Lessor, Operating Lease, Payments to be Received, Three Years | 3,124 | 3,124 | ||
Lessor, Operating Lease, Payments to be Received, Four Years | 2,818 | 2,818 | ||
Lessor, Operating Lease, Payments to be Received, Five Years | 2,542 | 2,542 | ||
Lessor, Operating Lease, Payments to be Received, Thereafter | 19,714 | 19,714 | ||
Lessor, Operating Lease, Payments to be Received | 35,834 | 35,834 | ||
Finance Lease, Liability | $ 136,847 | $ 136,847 | $ 148,864 | |
Operating Lease, Weighted Average Remaining Lease Term | 12 years 1 month 6 days | 12 years 1 month 6 days | 12 years 2 months 12 days | |
Finance Lease, Weighted Average Remaining Lease Term | 4 years 10 months 24 days | 4 years 10 months 24 days | 4 years 9 months 18 days |
Commitments and Contingencies_2
Commitments and Contingencies Level 4 (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Self Insurance Reserve | $ 94.3 | $ 92.8 |
Equity Textuals (Details)
Equity Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Feb. 15, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Preferred Stock, Shares Authorized | 1,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 1 | |||
Common stock, shares authorized | 500,000,000 | |||
Common stock, par or stated value per share | $ 1 | |||
Common stock, shares, issued | 166,821,502 | 174,792,272 | ||
Common stock, shares outstanding | 163,114,202 | 170,717,236 | ||
Treasury Stock, Shares, Acquired | 9,437,446 | 12,043,347 | ||
Treasury Stock, Value, Acquired, Par Value Method | $ 554,600 | $ 516,900 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 58.77 | $ 42.92 | ||
Stock Repurchase Program, Authorized Amount | $ 600,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 495,000 | |||
Payments of Dividends, Common Stock | $ 146,919 | $ 137,392 | $ 131,402 | |
Subsequent Event [Member] | ||||
Treasury Stock, Shares, Acquired | 1,606,574 | |||
Treasury Stock, Value, Acquired, Par Value Method | $ 103,100 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 64.17 |
Share-Based Compensation Leve_3
Share-Based Compensation Level 4 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pretax employee share-based compensation expense included in net income | $ 14,168,000 | $ 14,103,000 | $ 15,029,000 |
Income tax benefit related to share-based compensation included in net income | 3,537,000 | $ 3,417,000 | $ 3,842,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 12,500,000 | ||
Stock Option Plan Exercise Range 1 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 1,425,927 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 22.54 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 1,425,927 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 22.54 | ||
Stock Option Plan Exercise Range 2 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 1,087,720 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 29.25 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 1,087,720 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 29.25 | ||
Stock Option Plan Exercise Range 3 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 1,809,995 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 39.65 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 1,552,021 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 39.16 | ||
Stock Option Plan Exercise Range 4 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 1,599,050 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 50.32 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 309,475 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 50.82 | ||
Stock Option Plan Exercise Range 5 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 5,922,692 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 36.50 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 4,375,143 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 32.10 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.80% | 1.70% | 1.70% |
Risk-free interest rate | 0.40% | 1.40% | 2.50% |
Expected holding period | 4 years | 3 years 8 months 12 days | 4 years |
Total pretax employee share-based compensation expense included in net income | $ 5,514,000 | $ 5,668,000 | $ 6,314,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options outstanding at beginning of period | 6,912,065 | ||
Options outstanding at beginning of period, weighted average exercise price | $ 32.34 | ||
Granted | 652,290 | ||
Granted, Weighted Average Exercise Price | $ 49.59 | ||
Exercised | (1,641,663) | ||
Exercised, Weighted Average Exercise Price | $ 24.17 | ||
Options outstanding at end of period | 5,922,692 | 6,912,065 | |
Options outstanding at end of period, weighted average exercise price | $ 36.50 | $ 32.34 | |
Options exercisable at December 31, 2011 | 5,922,692 | 6,912,065 | |
Options exercisable at December 31, 2011, Weighted Average Exercise Price | $ 36.50 | $ 32.34 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 4,375,143 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 32.10 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Expected volatility | 23.50% | 18.00% | 19.80% |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 6,000,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pretax employee share-based compensation expense included in net income | $ 5,647,000 | $ 5,568,000 | $ 6,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested restricted shares at beginning of period | 243,529 | ||
Nonvested restricted shares at beginning of period, weighted average grant date fair value | $ 45.52 | ||
Granted | 113,359 | ||
Granted, Weighted Average Grant Date Fair Value | $ 49.59 | $ 50.82 | $ 42.73 |
Vested | (126,978) | ||
Vested, Weighted Average Grant Date Fair Value | $ 43.28 | ||
Nonvested restricted shares at end of period | 229,910 | 243,529 | |
Nonvested restricted shares at end of period, weighted average grant date fair value | $ 48.76 | $ 45.52 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 5,496,000 | $ 5,674,000 | $ 6,718,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 3,513,000 | 2,100,000 | 3,724,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 6,500,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pretax employee share-based compensation expense included in net income | $ 3,007,000 | $ 2,867,000 | $ 2,715,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested restricted shares at beginning of period | 135,308 | ||
Nonvested restricted shares at beginning of period, weighted average grant date fair value | $ 43.83 | ||
Granted | 65,825 | ||
Granted, Weighted Average Grant Date Fair Value | $ 49.59 | $ 48.89 | $ 40.91 |
Vested | (69,321) | ||
Vested, Weighted Average Grant Date Fair Value | $ 41.59 | ||
Nonvested restricted shares at end of period | 128,171 | 135,308 | |
Nonvested restricted shares at end of period, weighted average grant date fair value | $ 47.87 | $ 43.83 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,883,000 | $ 2,722,000 | $ 2,827,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (3,641) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 48.34 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 1,911,000 | 1,004,000 | 1,432,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 3,500,000 | ||
Performance Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.43% | ||
Total pretax employee share-based compensation expense included in net income | $ 19,500,000 | $ 8,600,000 | $ 6,100,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted | 111,449 | 112,762 | 125,546 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested restricted shares at beginning of period, weighted average grant date fair value | $ 44.94 | ||
Nonvested restricted shares at end of period, weighted average grant date fair value | $ 70.99 | $ 44.94 | |
Expected volatility | 33.60% | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation, Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock, Capital Shares Reserved for Future Issuance | 4,912,904 | 5,873,329 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 204,300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 170,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.50 | $ 6.44 | $ 6.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 5,708 | $ 5,535 | $ 7,250 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 59,180 | 41,995 | 65,023 |
Proceeds from exercise of stock options | 39,354 | 26,671 | 40,922 |
Share-based Payment Arrangement, Expense | 14,168 | $ 14,103 | 15,029 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 12,500 | ||
PerformanceUnitsCashPaid | $ 12,400 | ||
2016 Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 13,404,404 | ||
Long Term Incentive 1996 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 44,000,000 | ||
Stock Options [Member] | |||
Share-based Payment Arrangement, Expense | $ 5,514 | $ 5,668 | 6,314 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 6,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Restricted Stock [Member] | |||
Share-based Payment Arrangement, Expense | $ 5,647 | 5,568 | 6,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 6,500 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Expense | $ 3,007 | 2,867 | 2,715 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 3,500 | ||
Performance Options [Member] | |||
Share-based Payment Arrangement, Expense | $ 19,500 | $ 8,600 | $ 6,100 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 530,596 |
Retirement Plans Retirement P_2
Retirement Plans Retirement Plans Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Interest Cost | $ 482 | $ 698 | $ 956 |
Defined Benefit Plan, Amortization of Gain (Loss) | (353) | 1,641 | 2,886 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 129 | 2,339 | 3,842 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 24,635 | 24,961 | |
Defined Benefit Plan, Interest Cost | 482 | 698 | 956 |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (353) | 1,641 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 2,383 | 2,665 | |
Defined Benefit Plan, Benefit Obligation | 22,381 | 24,635 | 24,961 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,383 | 2,665 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (22,381) | (24,635) | |
Defined Benefit Plan, Accumulated Benefit Obligation | 22,381 | 24,635 | |
Liability, Defined Benefit Pension Plan, Current | (2,431) | (2,432) | |
Liability, Defined Benefit Pension Plan, Noncurrent | (19,950) | (22,203) | |
Liability, Defined Benefit Pension Plan | (22,381) | (24,635) | |
Defined Benefit Plan, Estimated Future Retirement Benefits Covered by Insurance Contract, Amount | 49,400 | 48,800 | |
Cash Surrender Value of Life Insurance, Retirement Plans | $ 39,900 | $ 39,100 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.52% | 2.06% | 2.95% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.42% | 2.98% | 4.15% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 50.00% | ||
Year One | $ 2,381 | ||
Year Two | 2,140 | ||
Year Three | 1,945 | ||
Year Four | 1,847 | ||
Year Five | 1,818 | ||
Defined Benefit Plan Expected Benefit Payments | 17,763 | ||
Years 2027 through 2031 | 7,632 | ||
Defined Contribution Plan, Cost | 46,000 | $ 39,800 | $ 39,700 |
Defined Benefit Plan, Plan Assets, Benefits Paid | $ 2,383 | $ 2,665 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% |
Segment Reporting Level 4 (Deta
Segment Reporting Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Restricted Cash and Cash Equivalents, Noncurrent | $ 2,082 | $ 2,180 | |
Revenues | 4,143,143 | 3,511,509 | $ 3,230,785 |
Interest expense | 150,610 | 163,063 | 185,843 |
Depreciation and amortization | 159,306 | 155,299 | 151,000 |
Depreciation and amortization | 159,306 | 155,299 | 151,000 |
Amortization of intangibles | 20,002 | 22,444 | 25,649 |
Amortization of cemetery property | 98,162 | 80,403 | 70,330 |
Total assets | 15,691,178 | 14,515,425 | |
Capital expenditures | 303,660 | 222,211 | 239,957 |
Gross profits from reportable segments | 1,303,614 | 976,827 | 760,580 |
Corporate general and administrative expenses | (138,107) | (141,066) | (126,886) |
Gains on divestitures and impairment charges, net | 25,169 | 7,009 | 32,919 |
Operating income | 1,190,676 | 842,770 | 666,613 |
Losses on early extinguishment of debt, net | (5,226) | (18,428) | (16,637) |
Other income, net | 10,660 | 781 | 299 |
Income from continuing operations before income taxes | 1,045,500 | 662,060 | 464,432 |
Long lived assets | 7,237,897 | 6,973,064 | |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,918,777 | 3,328,381 | 3,052,101 |
Interest expense | 150,385 | 162,804 | 185,512 |
Depreciation and amortization | 149,351 | 146,378 | 142,550 |
Amortization of intangibles | 19,721 | 22,132 | 25,079 |
Amortization of cemetery property | 92,128 | 76,275 | 66,552 |
Gains on divestitures and impairment charges, net | 19,837 | 6,935 | 33,200 |
Operating income | 1,120,154 | 795,461 | 628,204 |
Long lived assets | 6,895,439 | 6,633,470 | |
CANADA | |||
Segment Reporting Information [Line Items] | |||
Revenues | 224,366 | 183,128 | 178,684 |
Interest expense | 225 | 259 | 331 |
Depreciation and amortization | 9,955 | 8,921 | 8,450 |
Amortization of intangibles | 281 | 312 | 570 |
Amortization of cemetery property | 6,034 | 4,128 | 3,778 |
Gains on divestitures and impairment charges, net | 5,332 | 74 | (281) |
Operating income | 70,522 | 47,309 | 38,409 |
Long lived assets | 342,458 | 339,594 | |
Funeral [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,343,176 | 2,052,301 | 1,923,902 |
Interest expense | 2,864 | 3,896 | 4,026 |
Depreciation and amortization | 112,667 | 107,770 | 106,982 |
Amortization of intangibles | 12,980 | 13,593 | 15,343 |
Amortization of cemetery property | 0 | 0 | 0 |
Total assets | 6,390,917 | 6,030,764 | |
Capital expenditures | 140,432 | 86,902 | 112,090 |
Gross profits from reportable segments | 625,621 | 494,602 | 372,638 |
Cemetery [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,799,967 | 1,459,208 | 1,306,883 |
Interest expense | 681 | 514 | 659 |
Depreciation and amortization | 37,866 | 34,693 | 33,323 |
Amortization of intangibles | 7,016 | 8,841 | 10,297 |
Amortization of cemetery property | 98,162 | 80,403 | 70,330 |
Total assets | 8,793,348 | 8,042,339 | |
Capital expenditures | 149,145 | 132,443 | 125,365 |
Gross profits from reportable segments | 677,993 | 482,225 | 387,942 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 147,065 | 158,653 | 181,158 |
Depreciation and amortization | 8,773 | 12,836 | 10,695 |
Amortization of intangibles | 6 | 10 | 9 |
Amortization of cemetery property | 0 | 0 | 0 |
Total assets | 506,913 | 442,322 | |
Capital expenditures | 14,083 | 2,866 | 2,502 |
Funeral Atneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,268,111 | 1,092,016 | 996,643 |
Funeral Matured Preneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 700,473 | 662,675 | 605,237 |
Funeral Core Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,968,584 | 1,754,691 | 1,601,880 |
Non-funeral Home Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 74,099 | 61,198 | 52,211 |
Funeral Recognized Preneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 159,595 | 124,645 | 139,525 |
Funeral Other Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 140,898 | 111,767 | 130,286 |
Cemetery Atneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 477,950 | 386,850 | 326,230 |
Cemetery Recognized Preneed Property Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 846,528 | 659,950 | 581,724 |
Cemetery Recognized Preneed Merchandise And Service Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 343,899 | 298,864 | 287,589 |
Cemetery Core Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,668,377 | 1,345,664 | 1,195,543 |
Cemetery Other Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 131,590 | $ 113,544 | $ 111,340 |
Earnings Per Share Level 4 (Det
Earnings Per Share Level 4 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||
Net income attributable to common stockholders | $ 802,939 | $ 515,907 | $ 369,596 |
Weighted average shares (denominator): | |||
Weighted average shares — basic | 167,542 | 176,709 | 182,246 |
Weighted average shares — diluted | 170,114 | 178,990 | 185,523 |
Net income attributable to common stockholders, basic | $ 4.79 | $ 2.92 | $ 2.03 |
Net income attributable to common stockholders, diluted | $ 4.72 | $ 2.88 | $ 1.99 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 1,614,000 | 678,000 |
Stock Options [Member] | |||
Weighted average shares (denominator): | |||
Share based compensation | 2,501 | 2,234 | 3,223 |
Restricted Stock Units (RSUs) [Member] | |||
Weighted average shares (denominator): | |||
Share based compensation | 71 | 47 | 54 |
Acquisition, Textuals (Details)
Acquisition, Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Acquisitions [Abstract] | |||
(Losses) gains on divestitures | $ 28,573 | $ 11,962 | $ 41,835 |
Impairment losses | (3,404) | (4,953) | (8,916) |
Gains on divestitures and impairment charges, net | 25,169 | 7,009 | 32,919 |
Business Combination Segment Allocation [Line Items] | |||
Revenue | 4,143,143 | 3,511,509 | 3,230,785 |
Net Income | 803,252 | 516,137 | 369,771 |
Business Combination, Goodwill | 29,700 | ||
PaymentsToAcquireBusinessesIncludiing1031ExchangeFunds | (26,300) | 64,200 | 55,600 |
Business Combinations, Preneed customer relationships to insurance claims, Fair Value | 3,900 | ||
Business Combinations, Tradenames, Fair Value | 24,734 | ||
Business Combinations, Total intangible assets, Fair Value | 28,634 | ||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | 10,900 | 55,100 | 13,600 |
1031 Exchange Funds for Business Combinations | 6,100 | ||
Payments to Acquire Businesses Including 1031 Exchange Funds | 94,800 | ||
PaymentsToAcquireRealEstateIncluding1031Exchange | (26,600) | (52,100) | (51,400) |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | (26,604) | (52,079) | (51,373) |
Payments to Acquire Businesses, Net of Cash Acquired | (121,382) | 64,164 | 55,644 |
Acquisition Spend | (26,300) | 64,200 | 55,600 |
Payments for (Proceeds from) Delayed Tax Exempt Exchange | 10,900 | 55,100 | 13,600 |
Cemetery [Member] | |||
Business Combination Segment Allocation [Line Items] | |||
Revenue | 1,799,967 | 1,459,208 | 1,306,883 |
Business Combination, Goodwill, Cemetery | 1,500 | ||
Funeral [Member] | |||
Business Combination Segment Allocation [Line Items] | |||
Revenue | 2,343,176 | 2,052,301 | $ 1,923,902 |
Business Combination, Goodwill, Funeral | 28,200 | ||
Current Year Acquisition [Member] | |||
Business Combination Segment Allocation [Line Items] | |||
Revenue | 1,100 | ||
Net Income | 300 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 140 | ||
Business Acquisition Purchase Price Allocation Cemetery property | 2,918 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 36,768 | ||
Business Combination, Preneed receivables, net and trust investments | 7,732 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,900 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 24,734 | ||
Business Combination, Deferred charges and other assets | 128 | ||
Business Combination, Cemetery perpetual care trust investments | 1,484 | ||
Business Combination, Goodwill | 29,683 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 107,487 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 660 | ||
Business Combination, Deferred revenue and deferred receipts held in trust | 7,204 | ||
Business Combination, Care trusts' corpus | 1,484 | ||
Business Combination, Other liabilities | 3,336 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 12,684 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 94,803 | ||
Finite-Lived Intangible Assets, Useful Life, Minimum | 10 years | ||
Acquisition Costs for Business Combination | $ 300 | $ 300 | |
Business Acquisition Purchase Price Allocation Cemetery property | 2,918 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 36,768 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,900 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 24,734 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 107,487 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 660 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 12,684 |
Acquisitions Pro Forma Revenue
Acquisitions Pro Forma Revenue and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 4,172,574 | $ 3,536,915 |
Business Acquisition, Pro Forma Net Income (Loss) | 807,040 | $ 517,933 |
Business Combination, Goodwill | $ 29,700 |
Acquisitions Acquisitions Intan
Acquisitions Acquisitions Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Current Year Acquisition [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 10 years |
Minimum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 2 years |
Minimum [Member] | Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 10 years |
Minimum [Member] | Noncompete Agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 2 years |
Minimum [Member] | Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 5 years |
Maximum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 89 years |
Maximum [Member] | Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 20 years |
Maximum [Member] | Noncompete Agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 20 years |
Maximum [Member] | Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 89 years |
Quarterly Financial Data Quarte
Quarterly Financial Data Quarterly Financial Data Level 4 (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Data (Unaudited) [Abstract] | |||
Revenue | $ 4,143,143 | $ 3,511,509 | $ 3,230,785 |
Costs of revenue | (2,839,529) | (2,534,682) | (2,470,205) |
Gross profits | 1,303,614 | 976,827 | 760,580 |
Operating income | 1,190,676 | 842,770 | 666,613 |
Income from continuing operations before income taxes | 1,045,500 | 662,060 | 464,432 |
Income Tax Expense (Benefit) | (242,248) | (145,923) | (94,661) |
Net income | 803,252 | 516,137 | 369,771 |
Net income attributable to noncontrolling interests | (313) | (230) | (175) |
Net income attributable to common stockholders | $ 802,939 | $ 515,907 | $ 369,596 |
Basic — EPS | $ 4.79 | $ 2.92 | $ 2.03 |
Earnings per share, diluted | $ 4.72 | $ 2.88 | $ 1.99 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Account Schedule II Valuation and Qualifying Account Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Beginning Balance | $ (114,331) | $ (120,931) | |
Valuation Allowances and Reserves, Ending Balance | (114,331) | ||
Asset Allowance for Cancellation, Preneed Funeral and Preneed Cemetery [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Beginning Balance | $ 0 | (55,340) | (48,380) |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | 0 | (1,617) | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | (55,340) | (5,343) | |
Valuation Allowances and Reserves, Ending Balance | 0 | (55,340) | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Beginning Balance | (108,090) | (114,331) | |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | (12,649) | (6,492) | (6,604) |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 0 | (251) | (4) |
Valuation Allowances and Reserves, Ending Balance | (120,739) | (108,090) | (114,331) |
SEC Schedule, 12-09, Allowance, Notes Receivable [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Beginning Balance | 0 | (2,230) | (1,578) |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | 0 | (9,146) | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | (2,230) | (8,494) | |
Valuation Allowances and Reserves, Ending Balance | 0 | (2,230) | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Beginning Balance | (6,031) | 0 | |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | (6,393) | (5,756) | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | (6,086) | (275) | |
Valuation Allowances and Reserves, Ending Balance | (6,338) | (6,031) | 0 |
SEC Schedule, 12-09, Allowance, Noncurrent Notes [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Beginning Balance | 0 | (8,374) | (10,814) |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | 0 | 0 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | (8,374) | (2,440) | |
Valuation Allowances and Reserves, Ending Balance | 0 | (8,374) | |
Asset Allowance for Cancellation, Preneed Funeral and Cemetery [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Beginning Balance | (19,204) | 0 | |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | (5,086) | (7,739) | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | (3,563) | (11,465) | |
Valuation Allowances and Reserves, Ending Balance | (20,727) | (19,204) | 0 |
Aset Allowance ofr Cancellation, Notes Receivable [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Beginning Balance | (6,902) | 0 | |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | (117) | (88) | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | (2,208) | (6,814) | |
Valuation Allowances and Reserves, Ending Balance | $ (4,577) | $ (6,902) | $ 0 |