Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Houston, Texas |
Cover Page (Details)
Cover Page (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2023 | |
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 | $ 9,648,975,829 | |
Audited Annual Financial Statements | true | |
Document Financial Statement Error Correction [Flag] | false |
Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Feb. 13, 2024 | |
Document Information [Line Items] | ||
Entity Registrant Name | SERVICE CORPORATION INTERNATIONAL | |
Entity Central Index Key | 0000089089 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Entity Shell Company | false | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 146,036,839 | |
Entity Emerging Growth Company | false | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | |||
Revenue | $ 4,099,778 | $ 4,108,661 | $ 4,143,143 |
Costs of revenue | (3,007,971) | (2,954,059) | (2,820,068) |
Gains on divestitures, net | 12,543 | 10,923 | 28,573 |
Gross profits | 1,091,807 | 1,154,602 | 1,323,075 |
Corporate general and administrative expenses | (157,368) | (237,248) | (157,568) |
Gains on divestitures and impairment charges, net | 9,816 | 9,962 | 25,169 |
Operating income | 944,255 | 927,316 | 1,190,676 |
Interest expense | (239,447) | (172,109) | (150,610) |
Losses on early extinguishment of debt, net | (1,114) | (1,225) | (5,226) |
Other income, net | 4,912 | 1,646 | 10,660 |
Income from continuing operations before income taxes | 708,606 | 755,628 | 1,045,500 |
Provision for income taxes | (170,945) | (189,594) | (242,248) |
Net income | 537,661 | 566,034 | 803,252 |
Net income attributable to noncontrolling interests | (344) | (696) | (313) |
Net income attributable to common stockholders | $ 537,317 | $ 565,338 | $ 802,939 |
Basic earnings per share: | |||
Net income attributable to common stockholders, basic | $ 3.57 | $ 3.58 | $ 4.79 |
Basic weighted average number of shares | 150,565 | 157,713 | 167,542 |
Diluted earnings per share: | |||
Net income attributable to common stockholders, diluted | $ 3.53 | $ 3.53 | $ 4.72 |
Diluted weighted average number of shares | 152,351 | 160,131 | 170,114 |
Product [Member] | |||
Product Information [Line Items] | |||
Revenue | $ 2,124,600 | $ 2,136,593 | $ 2,139,795 |
Costs of revenue | (1,075,041) | (1,041,287) | (1,007,261) |
Service [Member] | |||
Product Information [Line Items] | |||
Revenue | 1,683,417 | 1,707,099 | 1,730,860 |
Costs of revenue | (912,346) | (883,020) | (833,183) |
Product and Service, Other [Member] | |||
Product Information [Line Items] | |||
Revenue | 291,761 | 264,969 | 272,488 |
Costs of revenue | $ (1,020,584) | $ (1,029,752) | $ (979,624) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 537,661 | $ 566,034 | $ 803,252 |
Foreign currency translation adjustments | 8,353 | (23,681) | 846 |
Total comprehensive income | 546,014 | 542,353 | 804,098 |
Total comprehensive income attributable to noncontrolling interests | 344 | 691 | 311 |
Total comprehensive income attributable to common stockholders | 545,670 | 541,662 | 803,787 |
Comprehensive income | 546,014 | 542,353 | 804,098 |
Foreign currency translation adjustments | $ 8,353 | $ (23,681) | $ 846 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 221,557 | $ 191,938 |
Receivables, net | 97,939 | 96,681 |
Inventories | 33,597 | 31,740 |
Income tax receivable | 122,183 | 7,021 |
Other | 23,010 | 32,466 |
Total current assets | 498,286 | 359,846 |
Preneed receivables, net and trust investments | 6,191,912 | 5,577,499 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | (2,345) | (3,602) |
Cemetery property | 2,020,846 | 1,939,816 |
Property and equipment, net | 2,480,099 | 2,350,549 |
Goodwill | 1,977,186 | 1,945,588 |
Deferred charges and other assets | 1,247,830 | 1,190,426 |
Cemetery perpetual care trust investments | 1,939,241 | 1,702,313 |
Total assets | 16,355,400 | 15,066,037 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 685,699 | 707,488 |
Current maturities of long-term debt | 63,341 | 90,661 |
Income taxes payable | 60 | 1,131 |
Total current liabilities | 749,100 | 799,280 |
Long-term debt | 4,649,155 | 4,251,083 |
Deferred preneed revenue | 1,703,509 | 1,624,028 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 638,106 | 445,040 |
Other liabilities | 464,935 | 411,376 |
Deferred receipts held in trust | 4,670,884 | 4,163,520 |
Care trusts’ corpus | 1,938,238 | 1,698,287 |
Commitments and contingencies (Note 9) | ||
Equity: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,541,473 | 1,673,423 |
Common Stock, Value, Outstanding | 146,323 | 153,940 |
Capital in excess of par value | 937,596 | 958,329 |
Accumulated deficit | 432,454 | 544,384 |
Accumulated other comprehensive income | 24,891 | 16,538 |
Total common stockholders’ equity | 1,541,264 | 1,673,191 |
Noncontrolling interests | 209 | 232 |
Total equity | $ 1,541,473 | $ 1,673,423 |
Common stock, par or stated value per share | $ 1 | |
Common stock, shares authorized | 500,000,000 | |
Common stock, shares, issued | 148,297,042 | 156,088,438 |
Common stock, shares outstanding | 146,323,340 | 153,940,365 |
Total liabilities and equity | $ 16,355,400 | $ 15,066,037 |
Accounts Receivable, Allowance for Credit Loss | $ (4,382) | $ (6,186) |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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 | 148,297,042 | 156,088,438 |
Common stock, shares outstanding | 146,323,340 | 153,940,365 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Cash Flows [Abstract] | |||
Net income | $ 537,661 | $ 566,034 | $ 803,252 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Losses on early extinguishment of debt, net | 1,114 | 1,225 | 5,226 |
Depreciation and amortization | 191,272 | 175,330 | 159,306 |
Amortization of intangibles | 18,736 | 18,355 | 20,002 |
Amortization of cemetery property | 101,234 | 94,123 | 98,162 |
Amortization of loan costs | 6,871 | 6,851 | 6,367 |
Provision for expected credit losses | 11,245 | 16,700 | 11,362 |
Provision for (benefit from) deferred income taxes | 191,516 | 3,471 | (5,837) |
Gain (Loss) on Disposition of Assets | (9,816) | (9,962) | (25,169) |
Gain (Loss) on Sale of Investments | 0 | 1,169 | 0 |
Share-based compensation | 15,423 | 14,709 | 14,168 |
Change in assets and liabilities, net of effects from acquisitions and divestitures: | |||
Increase (Decrease) in Other Operating Assets | (131,581) | (8,206) | (54,883) |
Increase (Decrease) in Other Operating Liabilities | (9,676) | 37,029 | 53,747 |
Increase (Decrease) in Accounts and Other Receivables | (3,810) | 4,151 | (20,215) |
Effect of preneed funeral production and maturities: | |||
Increase in preneed receivables, net and trust investments | (178,642) | (309,055) | (308,061) |
Increase in deferred revenue, net | 157,656 | 195,358 | 119,730 |
Increase in deferred receipts held in trust | (30,160) | 20,781 | 43,451 |
Net cash provided by operating activities | 869,043 | 825,725 | 920,608 |
Cash flows from investing activities: | |||
Capital expenditures | (361,793) | (369,709) | (303,660) |
Payments to Acquire Businesses, Net of Cash Acquired | (72,535) | (102,558) | (121,382) |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | (56,409) | (17,127) | (26,604) |
Proceeds from divestitures and sales of property and equipment | 25,888 | 42,093 | 40,696 |
Payments for (Proceeds from) Other Investing Activities | (6,598) | 1,330 | 0 |
Payment to Acquire Life Insurance Policy, Investing Activities | (8,058) | (1,910) | (3,982) |
Proceeds from Life Insurance Policy | 10,119 | 0 | 0 |
Net cash used in investing activities | (469,386) | (447,881) | (414,932) |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 957,433 | 484,000 | 975,000 |
Debt issuance costs | (7,471) | (525) | (13,640) |
Scheduled payments of debt | (22,230) | (36,288) | (36,158) |
Repayments of Other Long-term Debt | (580,973) | (65,591) | (699,837) |
Finance Lease, Principal Payments | 34,482 | 35,542 | 34,617 |
Proceeds from exercise of stock options | 24,181 | 27,814 | 39,354 |
Purchase of Company common stock | (544,844) | (660,850) | (554,313) |
Payments of dividends | (167,983) | (160,035) | (146,919) |
Bank overdrafts and other | (4,773) | (980) | 5,510 |
Net cash (used in) provided by financing activities | (381,142) | (447,997) | (465,620) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | 1,722 | (3,878) | (111) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | 20,237 | (74,031) | 39,945 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 224,761 | $ 204,524 | $ 278,555 |
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 |
Balance at beginning of period at Dec. 31, 2020 | $ 1,752,621 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 804,098 | ||||||
Dividends | (146,919) | ||||||
Stock option exercises | 39,677 | ||||||
Restricted stock awards, net of forfeitures | 0 | ||||||
Employee share-based compensation earned | 14,168 | ||||||
Purchase of Company common stock | 554,636 | ||||||
Noncontrolling interest payments | $ (180) | ||||||
Retirement of treasury shares | 0 | ||||||
Other | $ 620 | ||||||
Balance at end of period at Dec. 31, 2021 | 1,909,449 | $ 166,822 | $ (3,708) | $ 979,096 | $ 40,214 | $ 727,021 | $ 4 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 542,353 | ||||||
Dividends | (160,035) | ||||||
Stock option exercises | 14,709 | ||||||
Restricted stock awards, net of forfeitures | 28,094 | ||||||
Employee share-based compensation earned | 0 | ||||||
Purchase of Company common stock | 661,130 | ||||||
Noncontrolling interest payments | $ (463) | ||||||
Retirement of treasury shares | 0 | ||||||
Other | $ 446 | ||||||
Balance at end of period at Dec. 31, 2022 | 1,673,423 | 156,089 | (2,149) | 958,329 | 16,538 | 544,384 | 232 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 546,014 | ||||||
Dividends | (167,983) | ||||||
Stock option exercises | 15,423 | ||||||
Restricted stock awards, net of forfeitures | 24,181 | ||||||
Employee share-based compensation earned | 0 | ||||||
Purchase of Company common stock | 549,568 | ||||||
Noncontrolling interest payments | $ (367) | ||||||
Retirement of treasury shares | 0 | ||||||
Other | $ 350 | ||||||
Balance at end of period at Dec. 31, 2023 | $ 1,541,473 | $ 148,298 | $ (1,975) | $ 937,596 | $ 24,891 | $ 432,454 | $ 209 |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share | $ 1.12 | $ 1.02 | $ 0.88 |
Supplementary Information Level
Supplementary Information Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Supplementary Information [Abstract] | |
Supplementary Information [Text Block] | Supplementary Information The detail of certain balance sheet accounts is as follows: Years Ended December 31, 2023 2022 (In thousands) Cash and cash equivalents: Cash $ 151,608 $ 147,408 Commercial paper and temporary investments 69,949 44,530 $ 221,557 $ 191,938 Other current assets: Prepaid insurance 5,182 5,035 Prepaid expenses 13,355 13,001 Restricted cash 370 10,379 Other 4,103 4,051 $ 23,010 $ 32,466 Cemetery property: Undeveloped land $ 1,328,358 $ 1,304,514 Developed lots, lawn crypts, mausoleum spaces, cremation niches, and cremation memorialization property 692,488 635,302 $ 2,020,846 $ 1,939,816 Property and equipment, net: Land $ 761,092 $ 711,672 Buildings and improvements 2,685,867 2,581,695 Operating equipment 816,602 702,028 Leasehold improvements 46,254 44,044 Finance leases 339,395 332,301 4,649,210 4,371,740 Less: Accumulated depreciation (1,957,141) (1,804,703) Less: Accumulated amortization of finance leases (211,970) (216,488) $ 2,480,099 $ 2,350,549 Deferred charges and other assets: Intangible assets, net $ 485,109 $ 481,010 Restricted cash 2,834 2,207 Deferred tax assets 7,320 5,910 Notes receivable, net of reserves of $1,797 and $2,546, respectively 8,497 6,821 Cash surrender value of insurance policies 220,587 199,516 Deferred incremental direct selling costs 406,181 384,108 Operating leases 50,973 49,741 Other 66,329 61,113 $ 1,247,830 $ 1,190,426 Years Ended December 31, 2023 2022 (In thousands) Accounts payable and accrued liabilities: Accounts payable $ 203,352 $ 177,970 Accrued benefits 169,164 198,260 Accrued interest 25,632 23,602 Accrued property taxes 13,891 15,151 Self-insurance reserves 103,297 99,252 Legal reserves 63,595 76,866 Bank overdrafts 36,562 39,695 Operating leases 7,782 7,083 Other accrued liabilities 62,424 69,609 $ 685,699 $ 707,488 Other liabilities: Accrued benefit costs $ 13,539 $ 13,670 Deferred compensation 201,287 174,035 Customer refund obligation reserve 37,729 37,805 Tax liability 2,318 2,208 Payable to perpetual care trust 148,198 127,662 Operating leases 46,050 45,314 Other 15,814 10,682 $ 464,935 $ 411,376 |
Supplementary Information Lev_2
Supplementary Information Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplementary Information [Abstract] | |
Schedule of Balance Sheet, Supplemental Disclosures | The detail of certain balance sheet accounts is as follows: Years Ended December 31, 2023 2022 (In thousands) Cash and cash equivalents: Cash $ 151,608 $ 147,408 Commercial paper and temporary investments 69,949 44,530 $ 221,557 $ 191,938 Other current assets: Prepaid insurance 5,182 5,035 Prepaid expenses 13,355 13,001 Restricted cash 370 10,379 Other 4,103 4,051 $ 23,010 $ 32,466 Cemetery property: Undeveloped land $ 1,328,358 $ 1,304,514 Developed lots, lawn crypts, mausoleum spaces, cremation niches, and cremation memorialization property 692,488 635,302 $ 2,020,846 $ 1,939,816 Property and equipment, net: Land $ 761,092 $ 711,672 Buildings and improvements 2,685,867 2,581,695 Operating equipment 816,602 702,028 Leasehold improvements 46,254 44,044 Finance leases 339,395 332,301 4,649,210 4,371,740 Less: Accumulated depreciation (1,957,141) (1,804,703) Less: Accumulated amortization of finance leases (211,970) (216,488) $ 2,480,099 $ 2,350,549 Deferred charges and other assets: Intangible assets, net $ 485,109 $ 481,010 Restricted cash 2,834 2,207 Deferred tax assets 7,320 5,910 Notes receivable, net of reserves of $1,797 and $2,546, respectively 8,497 6,821 Cash surrender value of insurance policies 220,587 199,516 Deferred incremental direct selling costs 406,181 384,108 Operating leases 50,973 49,741 Other 66,329 61,113 $ 1,247,830 $ 1,190,426 Years Ended December 31, 2023 2022 (In thousands) Accounts payable and accrued liabilities: Accounts payable $ 203,352 $ 177,970 Accrued benefits 169,164 198,260 Accrued interest 25,632 23,602 Accrued property taxes 13,891 15,151 Self-insurance reserves 103,297 99,252 Legal reserves 63,595 76,866 Bank overdrafts 36,562 39,695 Operating leases 7,782 7,083 Other accrued liabilities 62,424 69,609 $ 685,699 $ 707,488 Other liabilities: Accrued benefit costs $ 13,539 $ 13,670 Deferred compensation 201,287 174,035 Customer refund obligation reserve 37,729 37,805 Tax liability 2,318 2,208 Payable to perpetual care trust 148,198 127,662 Operating leases 46,050 45,314 Other 15,814 10,682 $ 464,935 $ 411,376 Certain Non-Cash Investing and Financing Transactions Years Ended December 31, 2023 2022 2021 (In thousands) Net change in capital expenditure accrual $ 9,171 $ 3,817 $ 3,201 Options exercised by attestation $ — $ 280 $ 323 Shares repurchased $ — $ (280) $ (323) Excise tax accrual on shares repurchased $ 4,724 $ — $ — |
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 2023 $ 230,551 Payments in 2022 $ 164,222 Payments in 2021 $ 142,145 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash provided by operating activities | $ 869,043 | $ 825,725 | $ 920,608 | |
Capital expenditures | (361,793) | (369,709) | (303,660) | |
Proceeds from divestitures and sales of property and equipment | 25,888 | 42,093 | 40,696 | |
Payment to Acquire Life Insurance Policy, Investing Activities | (8,058) | (1,910) | (3,982) | |
Proceeds from Life Insurance Policy | 10,119 | 0 | 0 | |
Payments for (Proceeds from) Other Investing Activities | 6,598 | (1,330) | 0 | |
Net Cash Provided by (Used in) Investing Activities | (469,386) | (447,881) | (414,932) | |
Proceeds from issuance of long-term debt | 957,433 | 484,000 | 975,000 | |
Debt issuance costs | (7,471) | (525) | (13,640) | |
Scheduled payments of debt | (22,230) | (36,288) | (36,158) | |
Proceeds from exercise of stock options | 24,181 | 27,814 | 39,354 | |
Purchase of Company common stock | (544,844) | (660,850) | (554,313) | |
Payments of dividends | (167,983) | (160,035) | (146,919) | |
Bank overdrafts and other | (4,773) | (980) | 5,510 | |
Net Cash Provided by (Used in) Financing Activities | (381,142) | (447,997) | (465,620) | |
Net (decrease) increase in cash, cash equivalents, and restricted cash | 20,237 | (74,031) | 39,945 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 224,761 | $ 204,524 | $ 278,555 | $ 238,610 |
Preneed Activities Preneed Acti
Preneed Activities Preneed Activities Receivables Net and Trust Invesments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Preneed Accounts Receivable Gross | $ 1,562,318 | $ 1,447,412 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (15,910) | (17,889) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 6,394,796 | 5,663,163 |
Investments | 6,617,220 | 5,877,603 |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,546,408 | 1,429,523 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | 32,475 | 27,314 |
Beginning balance — Preneed funeral receivables and trust investments | 5,577,499 | 6,015,323 |
Cash receipts from customers, net of refunds | (1,699,683) | (1,639,291) |
Deposits to trust | 590,257 | 534,586 |
Acquisitions (dispositions) of businesses, net | 3,394 | 15,860 |
Net undistributed investments (losses) earnings | 527,264 | (611,057) |
Maturities and distributed earnings | (591,834) | (500,216) |
Change in cancellation allowance | (5,160) | (6,609) |
Effect of foreign currency and other | (14,973) | (19,874) |
Ending balance — Preneed funeral receivables and trust investments | 6,191,912 | 5,577,499 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 27,314 | |
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 623,118 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 443,432 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 261,657 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 131,738 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 49,296 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 37,167 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 7,991 | |
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 15 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 2,823 | |
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (8) | |
Total Preneed receivables, Past Due | 168,535 | |
Preneed Receivable, Not Past Due | 1,377,873 | |
Financial Asset, 1 to 29 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 66,399 | |
Financing Receivables 30 to 90 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 54,920 | |
Financing Receivables 91 to 180 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 17,070 | |
Financing Receivables, Equal to Greater Than 180 days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 30,146 | |
Funeral [Member] | ||
Preneed Accounts Receivable Gross | 190,514 | 180,108 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (10,100) | (11,129) |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 180,414 | 168,979 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | 17,026 | 14,438 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | (14,438) | |
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 76,517 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 47,537 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 24,827 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 11,242 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 6,683 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 13,608 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 4,761 | |
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 0 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 2,175 | |
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (2) | |
Accounts Receivable, Noncurrent, Nonaccrual | 6,086 | |
Total Preneed receivables, Past Due | 40,431 | |
Preneed Receivable, Not Past Due | 139,983 | |
Funeral [Member] | Financing Receivables 30 to 90 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 5,147 | |
Funeral [Member] | Financing Receivables 91 to 180 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 2,513 | |
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 | 26,685 | |
Cemetery [Member] | ||
Preneed Accounts Receivable Gross | 1,371,804 | 1,267,304 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (5,810) | (6,760) |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,365,994 | 1,260,544 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | 15,449 | $ 12,876 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | (12,876) | |
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 546,601 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 395,895 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 236,830 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 120,496 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 42,613 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 23,559 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 3,230 | |
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 15 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 648 | |
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (6) | |
Total Preneed receivables, Past Due | 128,104 | |
Preneed Receivable, Not Past Due | 1,237,890 | |
Cemetery [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 60,313 | |
Cemetery [Member] | Financing Receivables 30 to 90 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 49,773 | |
Cemetery [Member] | Financing Receivables 91 to 180 Days Past Due [Member] | ||
Accounts Receivable, Noncurrent, Credit Quality Indicator [Line Items] | ||
Accounts Receivable, Noncurrent, Nonaccrual | 14,557 | |
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 | $ 3,461 |
Preneed Activities Preneed Ac_2
Preneed Activities Preneed Activities Deferred Preneed Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Preneed Revenues [Roll Forward] | ||||
Deferred revenue and deferred receipts held in trust | $ 6,374,393 | $ 5,787,548 | $ 6,299,241 | $ 5,761,291 |
Net preneed contract sales | 1,451,833 | 1,448,371 | 1,314,001 | |
Acquisitions (dispositions) of businesses, net | 5,961 | 10,824 | 4,707 | |
Net investment (losses) earnings | 527,894 | (618,760) | 443,088 | |
Change in deferred revenue for unfulfilled performance obligations | (93,473) | (123,337) | (87,207) | |
Recognized Revenue From Backlog | (554,839) | (498,242) | (471,160) | |
Recognized Revenue From Current Period | (730,436) | (726,584) | (669,025) | |
Change in cancellation allowance | 87 | 8,351 | (459) | |
Effect of foreign currency and other | $ (20,182) | $ (12,316) | $ 4,005 |
Supplementary Information Lev_3
Supplementary Information Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents: | |||
Cash | $ 151,608 | $ 147,408 | |
Cash Equivalents, at Carrying Value | 69,949 | 44,530 | |
Cash and cash equivalents | 221,557 | 191,938 | |
Receivables, net: | |||
Receivables, net | 97,939 | 96,681 | |
Other current assets: | |||
Income tax receivable | 122,183 | 7,021 | |
Prepaid insurance | 5,182 | 5,035 | |
Prepaid Expense | 13,355 | 13,001 | |
Restricted Cash and Cash Equivalents, Current | 370 | 10,379 | |
Other Assets, Current | 4,103 | 4,051 | |
Other | 23,010 | 32,466 | |
Cemetery Property, Undeveloped Land | 1,328,358 | 1,304,514 | |
Cemetery Property, Developed | 692,488 | 635,302 | |
Cemetery property, at cost | 2,020,846 | 1,939,816 | |
Land | 761,092 | 711,672 | |
Buildings and Improvements, Gross | 2,685,867 | 2,581,695 | |
Machinery and Equipment, Gross | 816,602 | 702,028 | |
Leasehold Improvements, Gross | 46,254 | 44,044 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 339,395 | 332,301 | |
Property, Plant and Equipment, Gross | 4,649,210 | 4,371,740 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,957,141) | (1,804,703) | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 211,970 | 216,488 | |
Property and equipment, net | 2,480,099 | 2,350,549 | |
Intangible Assets, Net (Excluding Goodwill) | 485,109 | 481,010 | |
Restricted Cash and Cash Equivalents, Noncurrent | 2,834 | 2,207 | |
Non-current deferred tax assets | 7,320 | 5,910 | |
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 8,497 | 6,821 | |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 2,345 | 3,602 | |
Operating Lease, Right-of-Use Asset | 50,973 | 49,741 | |
Other Assets, Miscellaneous, Noncurrent | 66,329 | 61,113 | |
Cash Surrender Value of Life Insurance | 220,587 | 199,516 | |
Accounts payable and accrued liabilities: | |||
Accounts payable | 203,352 | 177,970 | |
Accrued compensation | 169,164 | 198,260 | |
Interest Payable, Current | 25,632 | 23,602 | |
Accrual for Taxes Other than Income Taxes, Current | 13,891 | 15,151 | |
Self Insurance Reserve, Current | 103,297 | 99,252 | |
Estimated Litigation Liability | 63,595 | 76,866 | |
Bank Overdrafts | 36,562 | 39,695 | |
Other liabilities | 464,935 | 411,376 | |
Operating Lease, Liability, Current | 7,782 | 7,083 | |
Other Accrued Liabilities, Current | 62,424 | 69,609 | |
Accounts payable and accrued liabilities | 685,699 | 707,488 | |
Liability, Defined Benefit Pension Plan, Noncurrent | 13,539 | 13,670 | |
Deferred Compensation Liability, Classified, Noncurrent | 201,287 | 174,035 | |
Tax liability | 2,318 | 2,208 | |
Payable to ECF | 148,198 | 127,662 | |
Deferred charges and other assets | 1,247,830 | 1,190,426 | |
Operating Lease, Liability, Noncurrent | 46,050 | 45,314 | |
Other liabilities | 15,814 | 10,682 | |
Deferred incremental selling costs | 406,181 | 384,108 | |
Capital Expenditures Incurred but Not yet Paid | 3,817 | ||
Change in Capital Expenditures Incurred but Not Yet Paid | 9,171 | $ 3,201 | |
Options exercised by attestation | 0 | (280) | (323) |
Shares repurchased for Options exercised by Attestation | (4,724) | 280 | $ 323 |
Customer Refund Liability, Noncurrent | 37,729 | 37,805 | |
Non-current deferred tax liabilities | $ 638,106 | $ 445,040 |
Nature of Operations Level 1 (N
Nature of Operations Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | |
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. Certain reclassifications have been made to prior period amounts to conform to the current period disclosure presentation with no effect on our consolidated net income or cash flows. 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, 2023 2022 (In thousands) Cash and cash equivalents $ 221,557 $ 191,938 Restricted cash (1) : Included in Other current assets 370 10,379 Included in Deferred charges and other assets 2,834 2,207 Total restricted cash 3,204 12,586 Total cash, cash equivalents, and restricted cash $ 224,761 $ 204,524 (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, 2023 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 35,572 $ 19,277 $ 47,297 $ 175 $ 102,321 Reserve for credit losses (1,784) (2,118) (343) (137) (4,382) Receivables, net $ 33,788 $ 17,159 $ 46,954 $ 38 $ 97,939 December 31, 2022 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 44,417 $ 19,781 $ 38,483 $ 186 $ 102,867 Reserve for credit losses (3,627) (2,076) (344) (139) (6,186) Receivables, net $ 40,790 $ 17,705 $ 38,139 $ 47 $ 96,681 Additionally, included in Deferred charges and other assets, net were notes receivable, net and long-term miscellaneous receivables, net as follows: December 31, 2023 December 31, 2022 (In thousands) Notes receivable $ 10,294 $ 9,367 Reserve for credit losses (1,797) (2,546) Notes receivable, net $ 8,497 $ 6,821 Long-term miscellaneous receivables $ 7,888 $ 7,993 Reserve for credit losses (548) (1,056) Long-term miscellaneous receivables, net $ 7,340 $ 6,937 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. Cemetery preneed receivables are collateralized by cemetery property to the extent of the fair value of the property. 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 our in house collection 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, 2023: December 31, 2022 Provision for Expected Credit Losses (Acquisitions) Write Recoveries Effect of Foreign Currency December 31, 2023 (In thousands) Trade receivables: Funeral $ (3,627) $ (2,626) $ — $ 6,280 $ (1,893) $ 82 $ (1,784) Cemetery (2,076) (1,139) — 1,467 (371) 1 (2,118) Total reserve for credit losses on trade receivables $ (5,703) $ (3,765) $ — $ 7,747 $ (2,264) $ 83 $ (3,902) Miscellaneous receivables: Current $ (344) $ 1 $ — $ — $ — $ — $ (343) Long-term (1,056) 508 — — — — (548) Total reserve for credit losses on miscellaneous receivables $ (1,400) $ 509 $ — $ — $ — $ — $ (891) Notes receivable $ (2,685) $ 2 $ — $ 1,281 $ — $ (532) $ (1,934) At December 31, 2023, the amortized cost basis of our miscellaneous and notes receivables by year of origination was as follows: 2023 2022 2021 2020 2019 Prior Revolving Line of Credit Total (In thousands) Miscellaneous receivables: Current $ 44,897 $ 1,681 $ 427 $ 207 $ 83 $ 2 $ — $ 47,297 Long-term 3,607 2,255 1,351 313 353 9 — 7,888 Total miscellaneous receivables $ 48,504 $ 3,936 $ 1,778 $ 520 $ 436 $ 11 $ — $ 55,185 Notes receivable $ — $ — $ — $ 11 $ — $ 4,603 $ 5,855 $ 10,469 At December 31, 2023, 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 $ — $ 19 $ 249 $ 1,244 $ 1,512 $ 45,785 $ 47,297 Long-term — — — — — 7,888 7,888 Total miscellaneous receivables $ — $ 19 $ 249 $ 1,244 $ 1,512 $ 53,673 $ 55,185 Notes receivable $ — $ 117 $ — $ 1,116 $ 1,233 $ 9,236 $ 10,469 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 $101.2 million, $94.1 million, and $98.2 million for the years ended December 31, 2023, 2022, and 2021, 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 forty years three years twelve years twelve years 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 nine 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 represen ts 59% of our total lease liability as of December 31, 2023 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. For our most recent annual impairment test performed in the fourth quarter, we used a 6.75% discount rate, revenue growth rates ranging from 1.0% to 3.0% 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 2.8% for our funeral and cemetery reporting units, respectively. Additionally, we used a ratio of expenses to revenue ranging from 70.0% to 80.0% and growth rates for other assumptions in our model ranging from 2.0% to 3.0%. 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% (4.2% 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 2.8% for our funeral and cemetery segments (1.5% weighted average using carrying value), respectively, and discounted the cash flows at a 6.95% 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 five 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 8.9 million, 11.9 million, and 9.8 million shares of our common stock held in our treasury in 2023, 2022, and 2021, 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 these 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, 2023, 2022, and 2021, we recognized $247.4 million, $263.9 million, and $259.9 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 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 2023, 2022, and 2021 was $185.6 million, $164.3 million, and $157.4 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 |
Preneed Activities Level 1 (Not
Preneed Activities Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 (In thousands) Preneed receivables, net $ 1,513,933 $ 1,402,209 Trust investments, at fair value 6,394,796 5,663,163 Insurance-backed fixed income securities and other 222,424 214,440 Trust investments 6,617,220 5,877,603 Less: Cemetery perpetual care trust investments (1,939,241) (1,702,313) Preneed trust investments 4,677,979 4,175,290 Preneed receivables, net and trust investments $ 6,191,912 $ 5,577,499 Preneed receivables, net comprised the following: December 31, 2023 Funeral Cemetery Total (In thousands) Preneed receivables $ 190,514 $ 1,371,804 $ 1,562,318 Unearned finance charges (10,100) (5,810) (15,910) Preneed receivables, at amortized cost $ 180,414 $ 1,365,994 $ 1,546,408 Reserve for credit losses (17,026) (15,449) (32,475) Preneed receivables, net $ 163,388 $ 1,350,545 $ 1,513,933 December 31, 2022 Funeral Cemetery Total (In thousands) Preneed receivables $ 180,108 $ 1,267,304 $ 1,447,412 Unearned finance charges (11,129) (6,760) (17,889) Preneed receivables, at amortized cost $ 168,979 $ 1,260,544 $ 1,429,523 Reserve for credit losses (14,438) (12,876) (27,314) Preneed receivables, net $ 154,541 $ 1,247,668 $ 1,402,209 At December 31, 2023, the amortized cost basis of our preneed receivables by year of origination was as follows: 2023 2022 2021 2020 2019 Prior Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 76,517 $ 47,537 $ 24,827 $ 11,242 $ 6,683 $ 13,608 $ 180,414 Cemetery 546,601 395,895 236,830 120,496 42,613 23,559 1,365,994 Total preneed receivables, at amortized cost $ 623,118 $ 443,432 $ 261,657 $ 131,738 $ 49,296 $ 37,167 $ 1,546,408 At December 31, 2023, 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 $ 6,086 $ 5,147 $ 2,513 $ 26,685 $ 40,431 $ 139,983 $ 180,414 Cemetery 60,313 49,773 14,557 3,461 128,104 1,237,890 1,365,994 Total preneed receivables, at amortized cost $ 66,399 $ 54,920 $ 17,070 $ 30,146 $ 168,535 $ 1,377,873 $ 1,546,408 The following table summarizes the activity for the reserve for credit losses on preneed receivables for the twelve months ended December 31, 2023. December 31, 2022 Provision for Expected Credit Losses (Acquisitions) Divestitures, Net Write Offs Effect of Foreign Currency December 31, 2023 (In thousands) Funeral $ (14,438) $ (4,761) $ — $ 2,175 $ (2) $ (17,026) Cemetery (12,876) (3,230) 15 648 (6) (15,449) Total reserve for credit losses on preneed receivables $ (27,314) $ (7,991) $ 15 $ 2,823 $ (8) $ (32,475) The table below sets forth certain investment-related activities associated with our trusts: Years Ended December 31, 2023 2022 2021 (In thousands) Deposits $ 590,257 $ 534,586 $ 519,023 Withdrawals $ 591,591 $ 507,872 $ 477,443 Purchases of securities $ 2,070,313 $ 1,647,032 $ 1,823,267 Sales of securities $ 2,038,517 $ 1,518,779 $ 1,744,618 Realized gains from sales of securities (1) $ 281,168 $ 332,738 $ 584,863 Realized losses from sales of securities (1) $ (227,075) $ (201,173) $ (91,715) (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, 2023 2022 2021 (In thousands) Beginning balance - Preneed receivables, net and trust investments $ 5,577,499 $ 6,015,323 $ 5,345,720 Net preneed contract sales 1,973,012 1,978,266 1,870,972 Cash receipts from customers, net of refunds (1,699,683) (1,639,291) (1,550,735) Deposits to trust 515,866 468,482 452,554 Acquisitions of businesses, net 3,394 15,860 4,912 Net undistributed investment earnings (losses) (1) 527,264 (611,057) 448,469 Maturities and distributed earnings (591,834) (500,216) (464,247) Change in cancellation allowance (5,160) (6,609) (1,523) Change in amounts due on unfulfilled performance obligations (93,473) (123,385) (87,207) Effect of foreign currency and other (14,973) (19,874) (3,592) Ending balance - Preneed receivables, net and trust investments $ 6,191,912 $ 5,577,499 $ 6,015,323 (1) Includes both realized and unrealized investment earnings. The cost and fair values associated with trust investments recorded at fair value at December 31, 2023 and 2022 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, 2023 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,645 $ 145 $ (1,376) $ 44,414 Canadian government 2 31,896 — — 31,896 Corporate 2 10,642 138 (17) 10,763 Residential mortgage-backed 2 5,452 29 (104) 5,377 Asset-backed 2 291 — (51) 240 Equity securities: Preferred stock 2 417 — (97) 320 Common stock: United States 1 1,744,919 478,226 (78,630) 2,144,515 Canada 1 42,721 20,251 (676) 62,296 Other international 1 108,106 19,580 (11,088) 116,598 Mutual funds: Equity 1 876,620 118,476 (9,540) 985,556 Fixed income 1 998,767 5,727 (109,231) 895,263 Trust investments, at fair value 3,865,476 642,572 (210,810) 4,297,238 Commingled funds Fixed income 827,600 2,432 (63,021) 767,011 Equity 337,500 71,819 (642) 408,677 Money market funds 346,672 — — 346,672 Alternative investments 412,482 169,825 (7,109) 575,198 Trust investments, at net asset value 1,924,254 244,076 (70,772) 2,097,558 Trust investments, at market $ 5,789,730 $ 886,648 $ (281,582) $ 6,394,796 As of December 31, 2023, our unfunded commitment for our private equity investments was $322.6 million which, if called, would be funded by the assets of the trusts. December 31, 2022 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,084 $ 22 $ (2,033) $ 43,073 Canadian government 2 30,200 — — 30,200 Corporate 2 175 — (18) 157 Residential mortgage-backed 2 1,420 — (101) 1,319 Asset-backed 2 294 — (52) 242 Equity securities: Preferred stock 2 4,144 — (2,340) 1,804 Common stock: United States 1 1,707,240 283,423 (208,523) 1,782,140 Canada 1 47,821 11,765 (11,117) 48,469 Other international 1 123,440 10,561 (19,009) 114,992 Mutual funds: Equity 1 917,686 64,895 (112,374) 870,207 Fixed income 1 1,135,815 1,231 (166,286) 970,760 Trust investments, at fair value 4,013,319 371,897 (521,853) 3,863,363 Commingled funds Fixed income 730,940 2 (89,246) 641,696 Equity 309,893 40,820 (3,846) 346,867 Money market funds 325,562 — — 325,562 Alternative investments 307,275 179,491 (1,091) 485,675 Trust investments, at net asset value 1,673,670 220,313 (94,183) 1,799,800 Trust investments, at market $ 5,686,989 $ 592,210 $ (616,036) $ 5,663,163 Our alternative investments include funds invested in limited partnerships with interests in private equity, private market real estate, energy and natural resources, infrastructure, transportation, and private debt including both distressed debt 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. The funds' managers have not communicated the timing of any liquidations. Maturity dates of our fixed income securities range from 2024 to 2040. Maturities of fixed income securities (excluding mutual funds) at December 31, 2023 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 55,207 Due in one to five years 30,265 Due in five to ten years 7,132 Thereafter 86 Total estimated maturities of fixed income securities $ 92,690 Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $158.2 million, $143.8 million, and $179.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $86.6 million, $85.1 million, and $96.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. Deferred Revenue, Net 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, 2023 2022 (In thousands) Deferred revenue $ 2,649,397 $ 2,472,693 Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts (945,888) (848,665) Deferred revenue, net $ 1,703,509 $ 1,624,028 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, 2023 2022 2021 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,787,548 $ 6,299,241 $ 5,761,291 Net preneed contract sales 1,451,833 1,448,371 1,314,001 Acquisitions (dispositions) of businesses, net 5,961 10,824 4,707 Net investment gains (losses) (1) 527,894 (618,760) 443,088 Recognized revenue from backlog (2) (554,839) (498,242) (471,160) Recognized revenue from current period sales (730,436) (726,584) (669,025) Change in amounts due on unfulfilled performance obligations (93,473) (123,337) (87,207) Change in cancellation reserve 87 8,351 (459) Effect of foreign currency and other (20,182) (12,316) 4,005 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 6,374,393 $ 5,787,548 $ 6,299,241 (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, 2021 | |
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, 2023 2022 Funeral Cemetery Total Funeral Cemetery Total (In thousands) Beginning balance — Goodwill $ 1,603,600 $ 341,988 $ 1,945,588 $ 1,584,175 $ 330,907 $ 1,915,082 Increase in goodwill related to 13,994 17,053 31,047 26,143 11,081 37,224 Reduction of goodwill related to divestitures (1) (1,502) (225) (1,727) — — — Effect of foreign currency 2,278 — 2,278 (6,718) — (6,718) Total activity 14,770 16,828 31,598 19,425 11,081 30,506 Ending balance — Goodwill $ 1,618,370 $ 358,816 $ 1,977,186 $ 1,603,600 $ 341,988 $ 1,945,588 (1) Also includes reductions for businesses held for sale. The components of intangible assets at December 31 were as follows: Useful Life Minimum Maximum 2023 2022 (Years) (In thousands) Amortizing intangibles: Covenants-not-to-compete 5 - 15 $ 222,930 $ 222,461 Customer relationships 10 - 20 137,130 155,767 Tradenames 5 - 89 7,000 7,000 Other 5 - 89 26,927 26,927 393,987 412,155 Less accumulated amortization: Covenants-not-to-compete 207,301 205,450 Customer relationships 88,929 101,954 Tradenames 437 359 Other 11,025 10,285 307,692 318,048 Amortizing intangibles, net 86,295 94,107 Non-amortizing intangibles: Tradenames Indefinite 388,049 376,138 Other Indefinite 10,765 10,765 Non-amortizing intangibles 398,814 386,903 Intangible assets, net — included in Deferred charges and other assets, net $ 485,109 $ 481,010 As part of our recoverability testing process during 2023, we reported $2.6 million of impairment on tradenames. Amortization expense for intangible assets was $18.7 million, $18.4 million, and $20.0 million for the years ended December 31, 2023, 2022, and 2021, 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, 2023 (in thousands): 2024 $ 6,478 2025 6,347 2026 4,771 2027 2,738 2028 2,146 Total estimated amortization expense $ 22,480 |
Income Taxes Level 1 (Notes)
Income Taxes Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
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. We actively participate in tax credit equity investments for projects eligible to receive renewable energy credits. These investments, accounted for under the equity method, are recorded in Deferred charges and other assets, net of reserves on our Consolidated Balance Sheet. Upon realization, tax credits associated with these investments are recognized as a reduction of tax expense. This reduction is offset by amortization of the investment in proportion to the tax benefits received during the period under the proportional amortization method. During 2023, we recognized investment tax credits totaling $11.6 million and amortized the equity investment by $11.5 million to reflect the realization of these benefits. This amortization is reflected within the Provision for income taxes in the Consolidated Statement of Operations. Income before income taxes was composed of the following components: Years Ended December 31, 2023 2022 2021 (In thousands) United States $ 664,745 $ 703,131 $ 994,632 Foreign 43,861 52,497 50,868 Total income before income taxes $ 708,606 $ 755,628 $ 1,045,500 Income tax provision consisted of the following: Years Ended December 31, 2023 2022 2021 (In thousands) Current: United States $ (30,832) $ 139,132 $ 194,545 Foreign 14,989 14,486 14,088 State (4,728) 32,505 39,452 Total current income taxes (20,571) 186,123 248,085 Deferred: United States $ 155,677 $ (59) $ (3,543) Foreign (1,999) 780 (5,492) State 37,838 2,750 3,198 Total deferred income taxes 191,516 3,471 (5,837) Total income taxes $ 170,945 $ 189,594 $ 242,248 We made income tax payments of $85.5 million, $183.7 million, and $270.2 million in 2023, 2022, and 2021, respectively, and received refunds of $1.7 million, $4.2 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, 2023 2022 2021 (In thousands) Computed tax provision at the applicable federal statutory income tax rate $ 148,807 $ 158,682 $ 219,555 State and local taxes, net of federal income tax benefits 27,041 28,817 35,045 Foreign jurisdiction differences 3,756 3,976 3,041 Permanent differences associated with divestitures 47 200 400 Changes in uncertain tax positions and audit settlements 110 53 51 Foreign valuation allowance, net of federal income tax benefits — — (4,155) Excess tax benefit from share-based compensation (8,406) (8,918) (12,476) Other (410) 6,784 787 Provision for income taxes $ 170,945 $ 189,594 $ 242,248 Total consolidated effective tax rate 24.1 % 25.1 % 23.2 % The 2023 consolidated effective tax rate was 24.1%, compared to 25.1% in 2022. The lower effective tax rate in 2023 was primarily due to non-taxable gains on the cash surrender value of certain life insurance policies. 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, 2023 2022 (In thousands) Inventories and cemetery property $ (196,887) $ (201,795) Deferred incremental direct selling costs (104,686) (99,377) Property and equipment (177,411) (181,029) Intangibles (207,727) (204,010) Deferred revenue on preneed funeral and cemetery contracts (80,178) — Other (5,746) (5,313) Deferred tax liabilities (772,635) (691,524) Loss and tax credit carryforwards 127,796 137,785 Deferred revenue on preneed funeral and cemetery contracts — 153,479 Accrued liabilities 122,887 80,069 Deferred tax assets 250,683 371,333 Less: valuation allowance (108,834) (118,939) Net deferred income tax liability $ (630,786) $ (439,130) Deferred tax assets and deferred income tax liabilities are recognized in our Consolidated Balance Sheet as follows: Years Ended December 31, 2023 2022 (In thousands) Non-current deferred tax assets - included in Deferred charges and other assets, net $ 7,320 $ 5,910 Non-current deferred tax liabilities - included in Deferred tax liability (638,106) (445,040) Net deferred income tax liability $ (630,786) $ (439,130) As of December 31, 2023, foreign withholding taxes have not been provided on the estimated $247.6 million of undistributed earnings and profits (E&P) of our foreign subsidiaries as we intend to permanently reinvest these foreign E&P in the respective businesses outside the U.S. However, if we were to repatriate such foreign E&P, the foreign withholding tax liability is estimated to be $12.8 million. Additionally, if we were to repatriate E&P in excess of our previously taxed income under the Tax Cuts and Jobs Act of 2017, such excess repatriation may cause us to incur an additional U.S. federal income tax of approximately $7.7 million related to our hybrid debt structure between Canada and the United States that was eliminated in 2022. The following table summarizes the activity related to our gross unrecognized tax benefits from January 1, 2021 to December 31, 2023 (in thousands): Federal, State, and Foreign Tax (In thousands) Balance at December 31, 2020 $ 1,348 Reduction to tax positions related to prior years — Balance at December 31, 2021 $ 1,348 Reductions to tax positions related to prior years — Balance at December 31, 2022 $ 1,348 Reductions to tax positions related to prior years — Balance at December 31, 2023 $ 1,348 Our total unrecognized tax benefits that, if recognized, would affect our effective tax rates were $1.3 million as of December 31, 2023, 2022 and 2021. We include potential accrued interest and penalties related to unrecognized tax benefits within our income tax provision account. We have accrued $1.0 million, $0.9 million, and $0.8 million for the payment of interest, net of tax benefits, and penalties as of December 31, 2023, 2022 and 2021, respectively. We recorded an increase of interest and penalties of $0.1 million for each of the years ended December 31, 2023, 2022 and 2021, 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 2020, 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 2021. There are currently no federal or provincial audits in Canada; however, years subsequent to 2017 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 $2.5 billion with expiration dates through 2041. Such loss carryforwards will expire as follows: Federal State Foreign Total (In thousands) 2024 $ — $ 160,355 $ 346 $ 160,701 2025 — 321,190 471 321,661 2026 — 368,207 957 369,164 2027 — 189,465 1,798 191,263 Thereafter — 1,423,484 3,824 1,427,308 Total loss carryforwards $ — $ 2,462,701 $ 7,396 $ 2,470,097 In addition to the above loss carryforwards, we have $2.2 million of foreign alternative minimum tax credits that can be carried forward indefinitely. 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 2023, we recorded a net $10.1 million decrease in our valuation allowance primarily driven by utilization and expiration of state net operating losses, along with legislative changes in certain states. 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, 2023, 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 $ — $ 122,796 $ 5,000 $ 127,796 Valuation allowance $ — $ 94,135 $ 14,699 $ 108,834 |
Debt Level 1 (Notes)
Debt Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt The components of Debt are: Years Ended December 31, 2023 2022 (In thousands) 7.500% Senior Notes due April 2027 $ 137,424 $ 138,274 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 800,000 800,000 Term Loan due May 2024 — 536,250 Term Loan due January 2028 658,125 — Bank Credit Facility due May 2024 — 570,000 Bank Credit Facility due January 2028 790,000 — Obligations under finance leases 132,039 120,837 Mortgage notes and other debt, maturities through 2050 80,696 66,248 Unamortized debt issuance costs (35,788) (39,865) Total debt $ 4,712,496 $ 4,341,744 Less: Current maturities of long-term debt (63,341) (90,661) Total long-term debt $ 4,649,155 $ 4,251,083 Current maturities of debt at December 31, 2023 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. Approximately 69% and 72% of our total debt had a fixed interest rate at December 31, 2023 and 2022, respectively. The components of our weighted average interest rate are as follows: Years Ended December 31, 2023 2022 Fixed Debt 4.35 % 4.32 % Floating Debt 7.44 % 2.95 % Total Debt 5.29 % 4.00 % The following table summarizes the aggregate maturities of our debt for the five years subsequent to December 31, 2023 and thereafter, excluding unamortized premiums and debt issuance costs (in thousands): 2024 $ 63,341 2025 75,158 2026 52,500 2027 748,287 2028 1,349,969 2029 and thereafter 2,423,241 Total debt maturities $ 4,712,496 Bank Credit Agreement In January 2023, we amended our $1.650 billion credit agreement due May 2024 to enter into a new $2.175 billion bank credit agreement due January 2028 with a syndicate of banks. The $2.175 billion bank credit agreement comprises a $1.5 billion Bank Credit Facility, including a sublimit of $100.0 million for letters of credit and a $675.0 million Term Loan, both due January 2028. As a result of the new agreement, at closing, there was a net $138.8 million increase in our outstanding Term Loan balance and a $155.0 million decrease in our outstanding Bank Credit Facility balance. 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 a maximum leverage ratio financial covenant and certain dividend and share repurchase restrictions. As of December 31, 2023, we are in compliance with all of our debt covenants. At December 31, 2023, we issued $39.1 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.20%. As of December 31, 2023, we have $670.9 million in borrowing capacity under the facility. As of December 31, 2022, we issued $33.5 million of letters of credit. Subsequent to December 31, 2023, we decreased our outstanding borrowings by $40.0 million to $750.0 million under our Bank Credit Facility due January 2028. Debt Issuances and Additions During the year ended December 31, 2023, we issued or added $957.4 million of debt including: • $284.1 million in proceeds from certain banks in our Term Loan; • $600.0 million on our Bank Credit Facility due January 2028; • $44.3 million in proceeds from certain banks in our Bank Credit Facility; • $10.0 million on our Bank Credit Facility due May 2024; and • $19.0 million in other debt. Net proceeds from newly issued debt during the year ended December 31, 2023 were used to pay down our Bank Credit Facility due May 2024, our Term Loan due May 2024, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $7.5 million. During the year ended December 31, 2022, we drew $465.0 million on our Bank Credit Facility due May 2024 and issued $19.0 million in other debt primarily for general corporate purposes. Debt Extinguishments and Reductions During the year ended December 31, 2023, we made aggregate debt payments of $603.2 million for scheduled and early extinguishment payments including: • $235.0 million in aggregate principal of our Bank Credit Facility due January 2028; • $199.3 million in aggregate principal payments to certain banks in our Bank Credit Facility due May 2024; • $145.3 million in aggregate principal payments to certain banks in our Term Loan due May 2024; • $16.9 million in aggregate principal of our Term Loan due January 2028; • $0.9 million in aggregate principal of our 7.5% Senior Notes due April 2027 repurchased in the open market; • $0.5 million of premiums paid on early extinguishment; and • $5.3 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $1.1 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the year ended December 31, 2023. During the year ended December 31, 2022, we made aggregate debt payments of $101.9 million for scheduled and early extinguishment payments including: • $50.0 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; • $14.4 million in aggregate principal of 7.5% Senior Notes due April 2027 repurchased on the open market; • $1.2 million of premiums paid on early extinguishment; and • $3.8 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $1.2 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the year ended December 31, 2022. Additional Debt Disclosures At December 31, 2023 and 2022, we had deposits of $0.7 million and $0.5 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 $75.3 million and $59.8 million pledged as collateral for the mortgage notes and other debt at December 31, 2023 and 2022, respectively. Cash interest payments for the three years ended December 31 were as follows (in thousands): Payments in 2023 $ 230,551 Payments in 2022 $ 164,222 Payments in 2021 $ 142,145 Expected cash interest payments on our existing long-term debt for the five years subsequent to December 31, 2023 and thereafter are as follows (in thousands): Payments in 2024 $ 250,870 Payments in 2025 249,148 Payments in 2026 247,603 Payments in 2027 237,673 Payments in 2028 104,679 Payments in 2029 and thereafter 145,087 Total expected cash interest payments $ 1,235,060 |
Credit Risk and Fair Value of F
Credit Risk and Fair Value of Financial Instruments Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 (In thousands) 7.500% Notes due April 2027 $ 142,749 $ 141,499 4.625% Senior Notes due December 2027 532,125 513,909 5.125% Senior Notes due June 2029 732,173 709,125 3.375% Senior Notes due August 2030 739,500 702,202 4.000% Senior Notes due May 2031 711,336 685,680 Term Loan due May 2024 — 536,250 Term Loan due January 2028 658,125 — Bank Credit Facility due May 2024 — 570,000 Bank Credit Facility due January 2028 790,000 — Mortgage notes and other debt, maturities through 2050 79,426 63,168 Total fair value of debt instruments $ 4,385,434 $ 3,921,833 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, the revolving 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, 2023 | |
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, 2023 were as follows: Operating Finance Total (In thousands) 2024 $ 9,953 $ 49,166 $ 59,119 2025 9,044 29,161 38,205 2026 7,695 22,284 29,979 2027 6,680 14,835 21,515 2028 5,534 8,928 14,462 2029 and thereafter 31,419 28,982 60,401 Total lease payments $ 70,325 $ 153,356 $ 223,681 Less: Interest (16,493) (21,317) (37,810) Present value of lease liabilities $ 53,832 $ 132,039 $ 185,871 The components of lease cost were as follows: Years Ended December 31, 2023 2022 2021 (In thousands) Amortization of leased assets $ 34,212 $ 35,321 $ 37,569 Interest on lease liabilities 4,795 3,990 4,642 Total finance lease cost 39,007 39,311 42,211 Operating lease cost 10,531 11,021 11,586 Variable lease cost 872 437 178 Total lease cost $ 50,410 $ 50,769 $ 53,975 Supplemental balance sheet information related to leases was as follows: Lease Type Balance Sheet Classification December 31, 2023 December 31, 2022 (In thousands) Operating lease right-of-use assets (1) Deferred charges and other assets $ 50,973 $ 49,741 Finance lease right-of-use assets (1) Property and equipment, net 127,425 115,813 Total right-of-use assets (1) $ 178,398 $ 165,554 Operating Accounts payable and accrued liabilities $ 7,782 $ 7,083 Finance Current maturities of long-term debt 44,109 42,469 Total current lease liabilities 51,891 49,552 Operating Other liabilities 46,050 45,314 Finance Long-term debt 87,930 78,368 Total non-current lease liabilities 133,980 123,682 Total lease liabilities $ 185,871 $ 173,234 (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, 2023 December 31, 2022 Operating Finance Operating Finance Weighted-average remaining lease term (years) 11.1 5.2 11.8 4.5 Weighted-average discount rate 4.4% 4.6% 4.0% 3.3% Supplemental cash flow information related to leases was as follows: Years Ended December 31, 2023 2022 2021 (In thousands) Cash paid for amounts in the measurement of lease liabilities: Operating cash flows for operating leases $ 10,473 $ 10,994 $ 11,693 Operating cash flows for finance leases 5,191 3,838 4,207 Financing cash flows for finance leases 34,482 35,542 34,617 Total cash paid for amounts included in the measurement of lease liabilities $ 50,146 $ 50,374 $ 50,517 New finance leases 57,962 21,148 21,097 Finance lease renewals and extensions 829 (264) 1,095 Right-of-use assets obtained in exchange for finance lease liabilities $ 58,791 $ 20,884 $ 22,192 New operating leases 6,534 2,704 3,268 Operating lease renewals and extensions 2,985 2,324 4,554 Right-of-use assets obtained in exchange for operating lease liabilities $ 9,519 $ 5,028 $ 7,822 We have 80 operating leases where we are the lessor and the non-cancelable term is greater than one year, resulting in $4.0 million and $ 4.3 million Future undiscounted lease income from operating leases where we are the lessor were as follows as of December 31, 2023 (in thousands): 2024 $ 3,967 2025 3,297 2026 2,512 2027 2,043 2028 1,682 2029 and thereafter 11,793 Total expected cash receipts $ 25,294 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 $0.4 million for the year ended December 31, 2023 and $0.7 million for each of the years ended December 31, 2022 and 2021. As of December 31, 2023, our Consolidated Balance Sheet includes Land of $33.9 million, and Buildings and improvements of $12.6 million, net of $2.3 million accumulated depreciation, related to these properties. |
Commitments and Contingencies L
Commitments and Contingencies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022, we have self-insurance reserves of $103.3 million and $99.3 million, respectively. |
Equity Level 1 (Notes)
Equity Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 or 2022. At December 31, 2023 and 2022, 500,000,000 common shares of $1 par value were authorized. We had 148,297,042 and 156,088,438 shares issued and 146,323,340 and 153,940,365 outstanding at par at December 31, 2023 and 2022, 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 2023, we repurchased 8,700,767 shares of our common stock at an aggregate cost of $549.6 million, which is an average cost per share of $63.17. In 2022, we repurchased 10,356,250 shares of our common stock at an aggregate cost of $661.1 million, which is an average cost per share of $63.84. Additionally, in November 2023, 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 $525.0 million at December 31, 2023. |
Share-Based Compensation Level
Share-Based Compensation Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022, 3,470,575 and 4,090,978 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 2023 2022 2021 Dividend yield 1.6% 1.5% 1.8% Expected volatility 25.4% 23.9% 23.5% Risk-free interest rate 4.0% 1.8% 0.4% Expected holding period (years) 4.5 4.0 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, 2023 2022 2021 (In thousands) Total pretax employee share-based compensation expense included in net income $ 15,423 $ 14,709 $ 14,168 Income tax benefit related to share-based compensation included in net income $ 3,822 $ 3,877 $ 3,537 Stock Options The following table sets forth stock option activity for the year ended December 31, 2023 (shares reported in whole numbers): Options Weighted-Average Outstanding at December 31, 2022 5,461,105 $ 40.47 Granted 371,700 $ 70.34 Exercised (926,610) $ 26.10 Outstanding at December 31, 2023 4,906,195 $ 45.44 Exercisable at December 31, 2023 3,989,812 $ 41.68 The aggregate intrinsic value for stock options outstanding and exercisable was $113.6 million and $106.8 million, respectively, at December 31, 2023. Set forth below is certain information related to stock options outstanding and exercisable at December 31, 2023 (shares reported in whole numbers): Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding at December 31, 2023 Weighted-Average Remaining Contractual Life Weighted- Number Exercisable at December 31, 2023 Weighted- $0.00 — 25.00 55,320 0.1 $ 22.28 55,320 $ 22.28 $25.01 — 35.00 894,450 1.1 $ 29.25 894,450 $ 29.25 $35.01 — 45.00 1,519,695 2.6 $ 39.65 1,519,695 $ 39.65 $45.01 — 55.00 1,506,810 4.6 $ 50.31 1,308,944 $ 50.42 $55.01 — 65.00 558,220 6.1 $ 59.76 211,403 $ 59.76 $65.01 — 75.00 371,700 7.1 $ 70.34 — $ — $0.00 — 75.00 4,906,195 3.6 $ 45.44 3,989,812 $ 41.68 Other information pertaining to stock options was as follows (in thousands, except weighted-average grant date fair value): Years Ended December 31, 2023 2022 2021 Weighted average grant-date fair value of stock options granted $ 16.86 $ 11.02 $ 7.50 Total fair value of stock options vested $ 6,059 $ 5,538 $ 5,708 Total intrinsic value of stock options exercised $ 37,115 $ 42,700 $ 59,180 Cash received from the exercise of stock options $ 24,181 $ 27,814 $ 39,354 Recognized compensation expense $ 5,929 $ 5,738 $ 5,514 As of December 31, 2023, the unrecognized compensation expense related to stock options of $6.8 million is expected to be recognized over a weighted average period of 1.8 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, 2022 212,115 $ 54.66 Granted 89,484 $ 70.34 Vested (114,826) $ 53.38 Nonvested restricted share awards at December 31, 2023 186,773 $ 62.95 Other information pertaining to restricted share awards was as follows (in thousands, except weighted-average grant date fair value): Years Ended December 31, 2023 2022 2021 Recognized compensation expense related to restricted share awards $ 6,128 $ 5,739 $ 5,647 Weighted-average grant date fair value for nonvested restricted stock granted $ 70.34 $ 59.76 $ 49.59 Total fair market value of restricted share awards vested $ 6,130 $ 5,639 $ 5,496 Aggregate intrinsic value of restricted share awards vested $ 1,715 $ 2,552 $ 3,513 At December 31, 2023, unrecognized compensation expense of $7.0 million related to restricted share awards is expected to be recognized over a weighted average period of 1.8 years. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
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), 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. 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, 2023 2022 2021 (In thousands) Interest cost on projected benefit obligation $ 797 $ 535 $ 482 Recognized net actuarial (gains) losses 654 (3,254) (353) Total net periodic benefit cost $ 1,451 $ (2,719) $ 129 The Plans’ funded status were as follows: Years Ended December 31, 2023 2022 (In thousands) Change in Benefit Obligation: Benefit obligation at beginning of year $ 15,906 $ 22,381 Interest cost 797 535 Actuarial gain 654 (3,254) Benefits paid (1) (1,994) (3,756) Benefit obligation at end of year $ 15,363 $ 15,906 Change in Plan Assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 1,994 3,756 Benefits paid, including expenses (1) (1,994) (3,756) Fair value of plan assets at end of year $ — $ — Funded status of plan $ (15,363) $ (15,906) Funding Summary: Projected benefit obligation $ 15,363 $ 15,906 Accumulated benefit obligation $ 15,363 $ 15,906 Amounts Recognized in the Consolidated Balance Sheet: Included in Accounts payable and accrued liabilities $ (1,824) $ (2,236) Included in Other liabilities (13,539) (13,670) Total accrued liability $ (15,363) $ (15,906) ( 1) In 2022, we terminated our Directors' Plan and amended Senior SERP to terminate the participation of all our active employees and paid out, in a discounted lump sum, all benefits to the participants or their heirs in the amount of $1.5 million. 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, 2023 and 2022 was $30.5 million and $49.8 million, respectively, and the cash surrender value was $22.7 million and $40.7 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, 2023 2022 2021 Weighted-average discount rate used to determine obligations 4.94 % 5.34 % 2.52 % Weighted-average discount rate used to determine net periodic benefit cost 5.34 % 2.52 % 2.42 % 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): 2024 $ 1,695 2025 1,603 2026 1,562 2027 1,492 2028 1,417 Years 2029 through 2033 5,968 Total expected benefit payments $ 13,737 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 2023, 2022, and 2021, 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 2023, 2022, and 2021 was $52.8 million, $49.6 million, and $46.0 million, respectively. |
Earnings Per Share Level 1 (Not
Earnings Per Share Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income — basic and diluted $ 537,317 $ 565,338 $ 802,939 Weighted average shares: Weighted average shares — basic 150,565 157,713 167,542 Stock options 1,726 2,343 2,501 Restricted share units 60 75 71 Weighted average shares — diluted 152,351 160,131 170,114 Amounts attributable to common stockholders: Net income per share: Basic $ 3.57 $ 3.58 $ 4.79 Diluted $ 3.53 $ 3.53 $ 4.72 |
Acquisition Level 1 (Notes)
Acquisition Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions In 2023, we acquired 17 funeral homes and 2 cemeteries for $72.5 million in cash and $56.4 million for real estate transactions. This amount includes the use of $24.0 million in IRS Section 1031 exchange funds. This compares to $102.6 million and $121.4 million, net of cash acquired, for several business acquisitions, and $17.1 million and $26.6 million, net of cash acquired, for several real estate acquisitions for years ended December 31, 2022 and 2021, respectively. The 2022 acquisitions include ten funeral homes and three cemeteries in California as part of two acquisitions (the "2022 California Businesses") for $71.2 million in cash. This amount includes the use of $13.2 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 fair values of the assets acquired and liabilities assumed (in thousands): Other current assets $ 241 Cemetery property 9,815 Property and equipment, net 19,109 Preneed receivables, net and trust investments 6,539 Indefinite-lived intangible assets 14,257 Deferred charges and other assets 158 Cemetery perpetual care trust investments 6,461 Goodwill 36,234 Total assets acquired 92,814 Current liabilities 439 Deferred revenue and deferred receipts held in trust 12,599 Care trusts' corpus 6,461 Other liabilities 2,095 Total liabilities assumed 21,594 Net assets acquired $ 71,220 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 $36.2 million in goodwill recognized, all of which is deductible for tax purposes, $17.3 million was allocated to our cemetery segment and $18.9 million was allocated to our funeral segment. The identified intangible assets are indefinite lived tradenames with a fair value of $14.3 million. We incurred acquisition costs of $0.2 million, which is included in G eneral and administrative expenses in our Consolidated Statement of Operations for the year ended December 31, 2022. The 2022 California Businesses contributed revenue of $1.9 million and net income of $0.5 million from acquisition through December 31, 2022. The 2021 acquisitions include 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 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 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 for the year ended December 31, 2021. The Ohio and California Businesses contributed revenue of $1.1 million and net income of $0.3 million from acquisition through December 31, 2021. 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, 2023 2022 2021 (In thousands) Gains on divestitures, net $ 12,543 $ 10,923 $ 28,573 Impairment losses (2,727) (961) (3,404) Gains on divestitures and impairment charges, net $ 9,816 $ 9,962 $ 25,169 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Account | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 $ 6,186 $ 3,764 $ (5,568) $ 4,382 Year Ended December 31, 2022 $ 6,338 $ 6,579 $ (6,731) $ 6,186 Year Ended December 31, 2021 $ 6,031 $ 6,393 $ (6,086) $ 6,338 Due After One Year: Reserve for credit losses: Year Ended December 31, 2023 $ 3,602 $ (510) $ (747) $ 2,345 Year Ended December 31, 2022 $ 4,577 $ (125) $ (850) $ 3,602 Year Ended December 31, 2021 $ 6,902 $ (117) $ (2,208) $ 4,577 Preneed Receivables, Net: Reserve for credit losses: Year Ended December 31, 2023 $ 27,314 $ 7,991 $ (2,830) $ 32,475 Year Ended December 31, 2022 $ 20,727 $ 10,246 $ (3,659) $ 27,314 Year Ended December 31, 2021 $ 19,204 $ 5,086 $ (3,563) $ 20,727 Deferred Tax Valuation Allowance: Year Ended December 31, 2023 $ 118,939 $ (10,105) $ — $ 108,834 Year Ended December 31, 2022 $ 120,739 $ (1,800) $ — $ 118,939 Year Ended December 31, 2021 $ 108,090 $ 12,649 $ — $ 120,739 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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. 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. Certain reclassifications have been made to prior period amounts to conform to the current period disclosure presentation with no effect on our consolidated net income or cash flows. |
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, 2023 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 35,572 $ 19,277 $ 47,297 $ 175 $ 102,321 Reserve for credit losses (1,784) (2,118) (343) (137) (4,382) Receivables, net $ 33,788 $ 17,159 $ 46,954 $ 38 $ 97,939 December 31, 2022 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 44,417 $ 19,781 $ 38,483 $ 186 $ 102,867 Reserve for credit losses (3,627) (2,076) (344) (139) (6,186) Receivables, net $ 40,790 $ 17,705 $ 38,139 $ 47 $ 96,681 Additionally, included in Deferred charges and other assets, net were notes receivable, net and long-term miscellaneous receivables, net as follows: December 31, 2023 December 31, 2022 (In thousands) Notes receivable $ 10,294 $ 9,367 Reserve for credit losses (1,797) (2,546) Notes receivable, net $ 8,497 $ 6,821 Long-term miscellaneous receivables $ 7,888 $ 7,993 Reserve for credit losses (548) (1,056) Long-term miscellaneous receivables, net $ 7,340 $ 6,937 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. Cemetery preneed receivables are collateralized by cemetery property to the extent of the fair value of the property. 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 our in house collection 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, 2023: December 31, 2022 Provision for Expected Credit Losses (Acquisitions) Write Recoveries Effect of Foreign Currency December 31, 2023 (In thousands) Trade receivables: Funeral $ (3,627) $ (2,626) $ — $ 6,280 $ (1,893) $ 82 $ (1,784) Cemetery (2,076) (1,139) — 1,467 (371) 1 (2,118) Total reserve for credit losses on trade receivables $ (5,703) $ (3,765) $ — $ 7,747 $ (2,264) $ 83 $ (3,902) Miscellaneous receivables: Current $ (344) $ 1 $ — $ — $ — $ — $ (343) Long-term (1,056) 508 — — — — (548) Total reserve for credit losses on miscellaneous receivables $ (1,400) $ 509 $ — $ — $ — $ — $ (891) Notes receivable $ (2,685) $ 2 $ — $ 1,281 $ — $ (532) $ (1,934) At December 31, 2023, the amortized cost basis of our miscellaneous and notes receivables by year of origination was as follows: 2023 2022 2021 2020 2019 Prior Revolving Line of Credit Total (In thousands) Miscellaneous receivables: Current $ 44,897 $ 1,681 $ 427 $ 207 $ 83 $ 2 $ — $ 47,297 Long-term 3,607 2,255 1,351 313 353 9 — 7,888 Total miscellaneous receivables $ 48,504 $ 3,936 $ 1,778 $ 520 $ 436 $ 11 $ — $ 55,185 Notes receivable $ — $ — $ — $ 11 $ — $ 4,603 $ 5,855 $ 10,469 At December 31, 2023, 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 $ — $ 19 $ 249 $ 1,244 $ 1,512 $ 45,785 $ 47,297 Long-term — — — — — 7,888 7,888 Total miscellaneous receivables $ — $ 19 $ 249 $ 1,244 $ 1,512 $ 53,673 $ 55,185 Notes receivable $ — $ 117 $ — $ 1,116 $ 1,233 $ 9,236 $ 10,469 |
Inventory, Policy [Policy Text Block] | 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 $101.2 million, $94.1 million, and $98.2 million for the years ended December 31, 2023, 2022, and 2021, 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 forty years three years twelve years twelve years |
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 nine 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 represen ts 59% of our total lease liability as of December 31, 2023 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. For our most recent annual impairment test performed in the fourth quarter, we used a 6.75% discount rate, revenue growth rates ranging from 1.0% to 3.0% 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 2.8% for our funeral and cemetery reporting units, respectively. Additionally, we used a ratio of expenses to revenue ranging from 70.0% to 80.0% and growth rates for other assumptions in our model ranging from 2.0% to 3.0%. 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 |
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% (4.2% 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 2.8% for our funeral and cemetery segments (1.5% weighted average using carrying value), respectively, and discounted the cash flows at a 6.95% 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 five years to eighty-nine years. For more information related to intangible assets, see Note 4 |
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 8.9 million, 11.9 million, and 9.8 million shares of our common stock held in our treasury in 2023, 2022, and 2021, 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 these 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, 2023, 2022, and 2021, we recognized $247.4 million, $263.9 million, and $259.9 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 2023, 2022, and 2021 was $185.6 million, $164.3 million, and $157.4 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. Accounting Standards Adopted in 2023 Financial Instruments In March 2022, the Financial Accounting Standards Board (FASB) amended guidance to require public companies to disclose the vintage year of receivable write-offs during the reporting period. We adopted the amended guidance in 2023 with no impact on our consolidated results of operations, consolidated financial position, and cash flows. As receivable write-offs in the twelve months ended December 31, 2023 were immaterial, we have not included the vintage year disclosure in this filing. We will add the vintage year disclosure in future filings for periods in which receivable write-offs are material, if any. Investments In March 2023, the FASB amended guidance for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. The amended guidance expands the option to use the proportional amortization method from investments in low-income-housing tax credit structures to all tax credit structures that meet certain requirements. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received. The investment amortization and the income tax credits are presented net in the statement of operations as a component of income tax expense. The new guidance is effective as of January 1, 2024 with early adoption permitted. We early adopted the guidance effective January 1, 2023. |
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 2023, 2022, and 2021, 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 Fair Value Measurements In June 2022, the FASB amended guidance to clarify that the fair value of investments in equity instruments with contractual sale restrictions should not be discounted as a result of the contractual restrictions. Additionally, the new guidance mandated disclosure of the fair value of any such securities, a description of the nature and duration of the restrictions, and circumstances that could cause a lapse in the restrictions. The new guidance is effective for us beginning with valuations that occur after January 1, 2024 and is not expected to have any impact on our consolidated results of operations, consolidated financial position, and cash flows. Leases In March 2023, the FASB amended guidance on determining the useful life of leasehold improvements associated with a lease between related parties under common control. The amended guidance requires that the leasehold improvements be amortized over the useful life of the improvements to the common control group as a whole. The new guidance is effective for us on January 1, 2024 and is not expected to have any impact on our consolidated results of operations, consolidated financial position, and cash flows. Segments In November 2023, the FASB amended the reportable segment guidance by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This new guidance also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. Adoption should be applied retrospectively to all prior periods presented in the financial statements. Upon adoption, we will include the additional disclosures in our financial statements and related notes. Income Tax In December 2023, the FASB amended guidance that requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new guidance is effective on a prospective basis for annual periods beginning after December 15, 2024 and early adoption is also permitted. Upon adoption, we will include the additional disclosures in our financial statements and related notes. |
Compensation Related Costs, Ret
Compensation Related Costs, Retirement Benefits (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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), 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. 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, 2023 2022 2021 (In thousands) Interest cost on projected benefit obligation $ 797 $ 535 $ 482 Recognized net actuarial (gains) losses 654 (3,254) (353) Total net periodic benefit cost $ 1,451 $ (2,719) $ 129 The Plans’ funded status were as follows: Years Ended December 31, 2023 2022 (In thousands) Change in Benefit Obligation: Benefit obligation at beginning of year $ 15,906 $ 22,381 Interest cost 797 535 Actuarial gain 654 (3,254) Benefits paid (1) (1,994) (3,756) Benefit obligation at end of year $ 15,363 $ 15,906 Change in Plan Assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 1,994 3,756 Benefits paid, including expenses (1) (1,994) (3,756) Fair value of plan assets at end of year $ — $ — Funded status of plan $ (15,363) $ (15,906) Funding Summary: Projected benefit obligation $ 15,363 $ 15,906 Accumulated benefit obligation $ 15,363 $ 15,906 Amounts Recognized in the Consolidated Balance Sheet: Included in Accounts payable and accrued liabilities $ (1,824) $ (2,236) Included in Other liabilities (13,539) (13,670) Total accrued liability $ (15,363) $ (15,906) ( 1) In 2022, we terminated our Directors' Plan and amended Senior SERP to terminate the participation of all our active employees and paid out, in a discounted lump sum, all benefits to the participants or their heirs in the amount of $1.5 million. 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, 2023 and 2022 was $30.5 million and $49.8 million, respectively, and the cash surrender value was $22.7 million and $40.7 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, 2023 2022 2021 Weighted-average discount rate used to determine obligations 4.94 % 5.34 % 2.52 % Weighted-average discount rate used to determine net periodic benefit cost 5.34 % 2.52 % 2.42 % 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): 2024 $ 1,695 2025 1,603 2026 1,562 2027 1,492 2028 1,417 Years 2029 through 2033 5,968 Total expected benefit payments $ 13,737 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 2023, 2022, and 2021, 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 2023, 2022, and 2021 was $52.8 million, $49.6 million, and $46.0 million, respectively. |
Preneed Activities Level 3 (Tab
Preneed Activities Level 3 (Tables) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Preneed Activities [Abstract] | ||
Investment related activities [Table Text Block] | Years Ended December 31, 2023 2022 2021 (In thousands) Deposits $ 590,257 $ 534,586 $ 519,023 Withdrawals $ 591,591 $ 507,872 $ 477,443 Purchases of securities $ 2,070,313 $ 1,647,032 $ 1,823,267 Sales of securities $ 2,038,517 $ 1,518,779 $ 1,744,618 Realized gains from sales of securities (1) $ 281,168 $ 332,738 $ 584,863 Realized losses from sales of securities (1) $ (227,075) $ (201,173) $ (91,715) | |
Long-term receivable and investment components [Table Text Block] | Years Ended December 31, 2023 2022 (In thousands) Preneed receivables, net $ 1,513,933 $ 1,402,209 Trust investments, at fair value 6,394,796 5,663,163 Insurance-backed fixed income securities and other 222,424 214,440 Trust investments 6,617,220 5,877,603 Less: Cemetery perpetual care trust investments (1,939,241) (1,702,313) Preneed trust investments 4,677,979 4,175,290 Preneed receivables, net and trust investments $ 6,191,912 $ 5,577,499 | |
Preneed Funeral Receivables, Net and Trust Investments [Table Text Block] | Years Ended December 31, 2023 2022 2021 (In thousands) Beginning balance - Preneed receivables, net and trust investments $ 5,577,499 $ 6,015,323 $ 5,345,720 Net preneed contract sales 1,973,012 1,978,266 1,870,972 Cash receipts from customers, net of refunds (1,699,683) (1,639,291) (1,550,735) Deposits to trust 515,866 468,482 452,554 Acquisitions of businesses, net 3,394 15,860 4,912 Net undistributed investment earnings (losses) (1) 527,264 (611,057) 448,469 Maturities and distributed earnings (591,834) (500,216) (464,247) Change in cancellation allowance (5,160) (6,609) (1,523) Change in amounts due on unfulfilled performance obligations (93,473) (123,385) (87,207) Effect of foreign currency and other (14,973) (19,874) (3,592) Ending balance - Preneed receivables, net and trust investments $ 6,191,912 $ 5,577,499 $ 6,015,323 (1) Includes both realized and unrealized investment earnings. | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | December 31, 2023 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,645 $ 145 $ (1,376) $ 44,414 Canadian government 2 31,896 — — 31,896 Corporate 2 10,642 138 (17) 10,763 Residential mortgage-backed 2 5,452 29 (104) 5,377 Asset-backed 2 291 — (51) 240 Equity securities: Preferred stock 2 417 — (97) 320 Common stock: United States 1 1,744,919 478,226 (78,630) 2,144,515 Canada 1 42,721 20,251 (676) 62,296 Other international 1 108,106 19,580 (11,088) 116,598 Mutual funds: Equity 1 876,620 118,476 (9,540) 985,556 Fixed income 1 998,767 5,727 (109,231) 895,263 Trust investments, at fair value 3,865,476 642,572 (210,810) 4,297,238 Commingled funds Fixed income 827,600 2,432 (63,021) 767,011 Equity 337,500 71,819 (642) 408,677 Money market funds 346,672 — — 346,672 Alternative investments 412,482 169,825 (7,109) 575,198 Trust investments, at net asset value 1,924,254 244,076 (70,772) 2,097,558 Trust investments, at market $ 5,789,730 $ 886,648 $ (281,582) $ 6,394,796 | December 31, 2022 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,084 $ 22 $ (2,033) $ 43,073 Canadian government 2 30,200 — — 30,200 Corporate 2 175 — (18) 157 Residential mortgage-backed 2 1,420 — (101) 1,319 Asset-backed 2 294 — (52) 242 Equity securities: Preferred stock 2 4,144 — (2,340) 1,804 Common stock: United States 1 1,707,240 283,423 (208,523) 1,782,140 Canada 1 47,821 11,765 (11,117) 48,469 Other international 1 123,440 10,561 (19,009) 114,992 Mutual funds: Equity 1 917,686 64,895 (112,374) 870,207 Fixed income 1 1,135,815 1,231 (166,286) 970,760 Trust investments, at fair value 4,013,319 371,897 (521,853) 3,863,363 Commingled funds Fixed income 730,940 2 (89,246) 641,696 Equity 309,893 40,820 (3,846) 346,867 Money market funds 325,562 — — 325,562 Alternative investments 307,275 179,491 (1,091) 485,675 Trust investments, at net asset value 1,673,670 220,313 (94,183) 1,799,800 Trust investments, at market $ 5,686,989 $ 592,210 $ (616,036) $ 5,663,163 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Our alternative investments include funds invested in limited partnerships with interests in private equity, private market real estate, energy and natural resources, infrastructure, transportation, and private debt including both distressed debt 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. The funds' managers have not communicated the timing of any liquidations. | |
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, 2023 2022 (In thousands) Preneed receivables, net $ 1,513,933 $ 1,402,209 Trust investments, at fair value 6,394,796 5,663,163 Insurance-backed fixed income securities and other 222,424 214,440 Trust investments 6,617,220 5,877,603 Less: Cemetery perpetual care trust investments (1,939,241) (1,702,313) Preneed trust investments 4,677,979 4,175,290 Preneed receivables, net and trust investments $ 6,191,912 $ 5,577,499 Preneed receivables, net comprised the following: December 31, 2023 Funeral Cemetery Total (In thousands) Preneed receivables $ 190,514 $ 1,371,804 $ 1,562,318 Unearned finance charges (10,100) (5,810) (15,910) Preneed receivables, at amortized cost $ 180,414 $ 1,365,994 $ 1,546,408 Reserve for credit losses (17,026) (15,449) (32,475) Preneed receivables, net $ 163,388 $ 1,350,545 $ 1,513,933 December 31, 2022 Funeral Cemetery Total (In thousands) Preneed receivables $ 180,108 $ 1,267,304 $ 1,447,412 Unearned finance charges (11,129) (6,760) (17,889) Preneed receivables, at amortized cost $ 168,979 $ 1,260,544 $ 1,429,523 Reserve for credit losses (14,438) (12,876) (27,314) Preneed receivables, net $ 154,541 $ 1,247,668 $ 1,402,209 At December 31, 2023, the amortized cost basis of our preneed receivables by year of origination was as follows: 2023 2022 2021 2020 2019 Prior Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 76,517 $ 47,537 $ 24,827 $ 11,242 $ 6,683 $ 13,608 $ 180,414 Cemetery 546,601 395,895 236,830 120,496 42,613 23,559 1,365,994 Total preneed receivables, at amortized cost $ 623,118 $ 443,432 $ 261,657 $ 131,738 $ 49,296 $ 37,167 $ 1,546,408 At December 31, 2023, 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 $ 6,086 $ 5,147 $ 2,513 $ 26,685 $ 40,431 $ 139,983 $ 180,414 Cemetery 60,313 49,773 14,557 3,461 128,104 1,237,890 1,365,994 Total preneed receivables, at amortized cost $ 66,399 $ 54,920 $ 17,070 $ 30,146 $ 168,535 $ 1,377,873 $ 1,546,408 The following table summarizes the activity for the reserve for credit losses on preneed receivables for the twelve months ended December 31, 2023. December 31, 2022 Provision for Expected Credit Losses (Acquisitions) Divestitures, Net Write Offs Effect of Foreign Currency December 31, 2023 (In thousands) Funeral $ (14,438) $ (4,761) $ — $ 2,175 $ (2) $ (17,026) Cemetery (12,876) (3,230) 15 648 (6) (15,449) Total reserve for credit losses on preneed receivables $ (27,314) $ (7,991) $ 15 $ 2,823 $ (8) $ (32,475) The table below sets forth certain investment-related activities associated with our trusts: Years Ended December 31, 2023 2022 2021 (In thousands) Deposits $ 590,257 $ 534,586 $ 519,023 Withdrawals $ 591,591 $ 507,872 $ 477,443 Purchases of securities $ 2,070,313 $ 1,647,032 $ 1,823,267 Sales of securities $ 2,038,517 $ 1,518,779 $ 1,744,618 Realized gains from sales of securities (1) $ 281,168 $ 332,738 $ 584,863 Realized losses from sales of securities (1) $ (227,075) $ (201,173) $ (91,715) (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, 2023 2022 2021 (In thousands) Beginning balance - Preneed receivables, net and trust investments $ 5,577,499 $ 6,015,323 $ 5,345,720 Net preneed contract sales 1,973,012 1,978,266 1,870,972 Cash receipts from customers, net of refunds (1,699,683) (1,639,291) (1,550,735) Deposits to trust 515,866 468,482 452,554 Acquisitions of businesses, net 3,394 15,860 4,912 Net undistributed investment earnings (losses) (1) 527,264 (611,057) 448,469 Maturities and distributed earnings (591,834) (500,216) (464,247) Change in cancellation allowance (5,160) (6,609) (1,523) Change in amounts due on unfulfilled performance obligations (93,473) (123,385) (87,207) Effect of foreign currency and other (14,973) (19,874) (3,592) Ending balance - Preneed receivables, net and trust investments $ 6,191,912 $ 5,577,499 $ 6,015,323 (1) Includes both realized and unrealized investment earnings. The cost and fair values associated with trust investments recorded at fair value at December 31, 2023 and 2022 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, 2023 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,645 $ 145 $ (1,376) $ 44,414 Canadian government 2 31,896 — — 31,896 Corporate 2 10,642 138 (17) 10,763 Residential mortgage-backed 2 5,452 29 (104) 5,377 Asset-backed 2 291 — (51) 240 Equity securities: Preferred stock 2 417 — (97) 320 Common stock: United States 1 1,744,919 478,226 (78,630) 2,144,515 Canada 1 42,721 20,251 (676) 62,296 Other international 1 108,106 19,580 (11,088) 116,598 Mutual funds: Equity 1 876,620 118,476 (9,540) 985,556 Fixed income 1 998,767 5,727 (109,231) 895,263 Trust investments, at fair value 3,865,476 642,572 (210,810) 4,297,238 Commingled funds Fixed income 827,600 2,432 (63,021) 767,011 Equity 337,500 71,819 (642) 408,677 Money market funds 346,672 — — 346,672 Alternative investments 412,482 169,825 (7,109) 575,198 Trust investments, at net asset value 1,924,254 244,076 (70,772) 2,097,558 Trust investments, at market $ 5,789,730 $ 886,648 $ (281,582) $ 6,394,796 As of December 31, 2023, our unfunded commitment for our private equity investments was $322.6 million which, if called, would be funded by the assets of the trusts. December 31, 2022 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,084 $ 22 $ (2,033) $ 43,073 Canadian government 2 30,200 — — 30,200 Corporate 2 175 — (18) 157 Residential mortgage-backed 2 1,420 — (101) 1,319 Asset-backed 2 294 — (52) 242 Equity securities: Preferred stock 2 4,144 — (2,340) 1,804 Common stock: United States 1 1,707,240 283,423 (208,523) 1,782,140 Canada 1 47,821 11,765 (11,117) 48,469 Other international 1 123,440 10,561 (19,009) 114,992 Mutual funds: Equity 1 917,686 64,895 (112,374) 870,207 Fixed income 1 1,135,815 1,231 (166,286) 970,760 Trust investments, at fair value 4,013,319 371,897 (521,853) 3,863,363 Commingled funds Fixed income 730,940 2 (89,246) 641,696 Equity 309,893 40,820 (3,846) 346,867 Money market funds 325,562 — — 325,562 Alternative investments 307,275 179,491 (1,091) 485,675 Trust investments, at net asset value 1,673,670 220,313 (94,183) 1,799,800 Trust investments, at market $ 5,686,989 $ 592,210 $ (616,036) $ 5,663,163 Our alternative investments include funds invested in limited partnerships with interests in private equity, private market real estate, energy and natural resources, infrastructure, transportation, and private debt including both distressed debt 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. The funds' managers have not communicated the timing of any liquidations. Maturity dates of our fixed income securities range from 2024 to 2040. Maturities of fixed income securities (excluding mutual funds) at December 31, 2023 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 55,207 Due in one to five years 30,265 Due in five to ten years 7,132 Thereafter 86 Total estimated maturities of fixed income securities $ 92,690 Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $158.2 million, $143.8 million, and $179.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $86.6 million, $85.1 million, and $96.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. Deferred Revenue, Net 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, 2023 2022 (In thousands) Deferred revenue $ 2,649,397 $ 2,472,693 Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts (945,888) (848,665) Deferred revenue, net $ 1,703,509 $ 1,624,028 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, 2023 2022 2021 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,787,548 $ 6,299,241 $ 5,761,291 Net preneed contract sales 1,451,833 1,448,371 1,314,001 Acquisitions (dispositions) of businesses, net 5,961 10,824 4,707 Net investment gains (losses) (1) 527,894 (618,760) 443,088 Recognized revenue from backlog (2) (554,839) (498,242) (471,160) Recognized revenue from current period sales (730,436) (726,584) (669,025) Change in amounts due on unfulfilled performance obligations (93,473) (123,337) (87,207) Change in cancellation reserve 87 8,351 (459) Effect of foreign currency and other (20,182) (12,316) 4,005 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 6,374,393 $ 5,787,548 $ 6,299,241 (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 2024 to 2040. Maturities of fixed income securities (excluding mutual funds) at December 31, 2023 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 55,207 Due in one to five years 30,265 Due in five to ten years 7,132 Thereafter 86 Total estimated maturities of fixed income securities $ 92,690 | |
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, 2023 2022 2021 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,787,548 $ 6,299,241 $ 5,761,291 Net preneed contract sales 1,451,833 1,448,371 1,314,001 Acquisitions (dispositions) of businesses, net 5,961 10,824 4,707 Net investment gains (losses) (1) 527,894 (618,760) 443,088 Recognized revenue from backlog (2) (554,839) (498,242) (471,160) Recognized revenue from current period sales (730,436) (726,584) (669,025) Change in amounts due on unfulfilled performance obligations (93,473) (123,337) (87,207) Change in cancellation reserve 87 8,351 (459) Effect of foreign currency and other (20,182) (12,316) 4,005 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 6,374,393 $ 5,787,548 $ 6,299,241 (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, 2023 | |
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, 2023 2022 Funeral Cemetery Total Funeral Cemetery Total (In thousands) Beginning balance — Goodwill $ 1,603,600 $ 341,988 $ 1,945,588 $ 1,584,175 $ 330,907 $ 1,915,082 Increase in goodwill related to 13,994 17,053 31,047 26,143 11,081 37,224 Reduction of goodwill related to divestitures (1) (1,502) (225) (1,727) — — — Effect of foreign currency 2,278 — 2,278 (6,718) — (6,718) Total activity 14,770 16,828 31,598 19,425 11,081 30,506 Ending balance — Goodwill $ 1,618,370 $ 358,816 $ 1,977,186 $ 1,603,600 $ 341,988 $ 1,945,588 |
Schedule of Intangible Assets [Table Text Block] | The components of intangible assets at December 31 were as follows: Useful Life Minimum Maximum 2023 2022 (Years) (In thousands) Amortizing intangibles: Covenants-not-to-compete 5 - 15 $ 222,930 $ 222,461 Customer relationships 10 - 20 137,130 155,767 Tradenames 5 - 89 7,000 7,000 Other 5 - 89 26,927 26,927 393,987 412,155 Less accumulated amortization: Covenants-not-to-compete 207,301 205,450 Customer relationships 88,929 101,954 Tradenames 437 359 Other 11,025 10,285 307,692 318,048 Amortizing intangibles, net 86,295 94,107 Non-amortizing intangibles: Tradenames Indefinite 388,049 376,138 Other Indefinite 10,765 10,765 Non-amortizing intangibles 398,814 386,903 Intangible assets, net — included in Deferred charges and other assets, net $ 485,109 $ 481,010 |
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, 2023 (in thousands): 2024 $ 6,478 2025 6,347 2026 4,771 2027 2,738 2028 2,146 Total estimated amortization expense $ 22,480 |
Income Taxes Level 3 (Tables)
Income Taxes Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 (In thousands) United States $ 664,745 $ 703,131 $ 994,632 Foreign 43,861 52,497 50,868 Total income before income taxes $ 708,606 $ 755,628 $ 1,045,500 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax provision consisted of the following: Years Ended December 31, 2023 2022 2021 (In thousands) Current: United States $ (30,832) $ 139,132 $ 194,545 Foreign 14,989 14,486 14,088 State (4,728) 32,505 39,452 Total current income taxes (20,571) 186,123 248,085 Deferred: United States $ 155,677 $ (59) $ (3,543) Foreign (1,999) 780 (5,492) State 37,838 2,750 3,198 Total deferred income taxes 191,516 3,471 (5,837) Total income taxes $ 170,945 $ 189,594 $ 242,248 |
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, 2023 2022 2021 (In thousands) Computed tax provision at the applicable federal statutory income tax rate $ 148,807 $ 158,682 $ 219,555 State and local taxes, net of federal income tax benefits 27,041 28,817 35,045 Foreign jurisdiction differences 3,756 3,976 3,041 Permanent differences associated with divestitures 47 200 400 Changes in uncertain tax positions and audit settlements 110 53 51 Foreign valuation allowance, net of federal income tax benefits — — (4,155) Excess tax benefit from share-based compensation (8,406) (8,918) (12,476) Other (410) 6,784 787 Provision for income taxes $ 170,945 $ 189,594 $ 242,248 Total consolidated effective tax rate 24.1 % 25.1 % 23.2 % |
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, 2023 2022 (In thousands) Inventories and cemetery property $ (196,887) $ (201,795) Deferred incremental direct selling costs (104,686) (99,377) Property and equipment (177,411) (181,029) Intangibles (207,727) (204,010) Deferred revenue on preneed funeral and cemetery contracts (80,178) — Other (5,746) (5,313) Deferred tax liabilities (772,635) (691,524) Loss and tax credit carryforwards 127,796 137,785 Deferred revenue on preneed funeral and cemetery contracts — 153,479 Accrued liabilities 122,887 80,069 Deferred tax assets 250,683 371,333 Less: valuation allowance (108,834) (118,939) Net deferred income tax liability $ (630,786) $ (439,130) |
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, 2023 2022 (In thousands) Non-current deferred tax assets - included in Deferred charges and other assets, net $ 7,320 $ 5,910 Non-current deferred tax liabilities - included in Deferred tax liability (638,106) (445,040) Net deferred income tax liability $ (630,786) $ (439,130) |
Summary of Income Tax Contingencies [Table Text Block] | The following table summarizes the activity related to our gross unrecognized tax benefits from January 1, 2021 to December 31, 2023 (in thousands): Federal, State, and Foreign Tax (In thousands) Balance at December 31, 2020 $ 1,348 Reduction to tax positions related to prior years — Balance at December 31, 2021 $ 1,348 Reductions to tax positions related to prior years — Balance at December 31, 2022 $ 1,348 Reductions to tax positions related to prior years — Balance at December 31, 2023 $ 1,348 |
Summary of Operating Loss Carryforwards [Table Text Block] | Such loss carryforwards will expire as follows: Federal State Foreign Total (In thousands) 2024 $ — $ 160,355 $ 346 $ 160,701 2025 — 321,190 471 321,661 2026 — 368,207 957 369,164 2027 — 189,465 1,798 191,263 Thereafter — 1,423,484 3,824 1,427,308 Total loss carryforwards $ — $ 2,462,701 $ 7,396 $ 2,470,097 In addition to the above loss carryforwards, we have $2.2 million of foreign alternative minimum tax credits that can be carried forward indefinitely. |
Summary of Valuation Allowance [Table Text Block] | At December 31, 2023, 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 $ — $ 122,796 $ 5,000 $ 127,796 Valuation allowance $ — $ 94,135 $ 14,699 $ 108,834 |
Debt Level 3 (Tables)
Debt Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | The components of Debt are: Years Ended December 31, 2023 2022 (In thousands) 7.500% Senior Notes due April 2027 $ 137,424 $ 138,274 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 800,000 800,000 Term Loan due May 2024 — 536,250 Term Loan due January 2028 658,125 — Bank Credit Facility due May 2024 — 570,000 Bank Credit Facility due January 2028 790,000 — Obligations under finance leases 132,039 120,837 Mortgage notes and other debt, maturities through 2050 80,696 66,248 Unamortized debt issuance costs (35,788) (39,865) Total debt $ 4,712,496 $ 4,341,744 Less: Current maturities of long-term debt (63,341) (90,661) Total long-term debt $ 4,649,155 $ 4,251,083 |
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, 2023 and thereafter, excluding unamortized premiums and debt issuance costs (in thousands): 2024 $ 63,341 2025 75,158 2026 52,500 2027 748,287 2028 1,349,969 2029 and thereafter 2,423,241 Total debt maturities $ 4,712,496 |
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 2023 $ 230,551 Payments in 2022 $ 164,222 Payments in 2021 $ 142,145 |
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, 2023 and thereafter are as follows (in thousands): Payments in 2024 $ 250,870 Payments in 2025 249,148 Payments in 2026 247,603 Payments in 2027 237,673 Payments in 2028 104,679 Payments in 2029 and thereafter 145,087 Total expected cash interest payments $ 1,235,060 |
Credit Risk and Fair Value of_2
Credit Risk and Fair Value of Financial Instruments Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 (In thousands) 7.500% Notes due April 2027 $ 142,749 $ 141,499 4.625% Senior Notes due December 2027 532,125 513,909 5.125% Senior Notes due June 2029 732,173 709,125 3.375% Senior Notes due August 2030 739,500 702,202 4.000% Senior Notes due May 2031 711,336 685,680 Term Loan due May 2024 — 536,250 Term Loan due January 2028 658,125 — Bank Credit Facility due May 2024 — 570,000 Bank Credit Facility due January 2028 790,000 — Mortgage notes and other debt, maturities through 2050 79,426 63,168 Total fair value of debt instruments $ 4,385,434 $ 3,921,833 |
Leases (Tables)
Leases (Tables) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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, 2023 (in thousands): 2024 $ 3,967 2025 3,297 2026 2,512 2027 2,043 2028 1,682 2029 and thereafter 11,793 Total expected cash receipts $ 25,294 | ||
Lease, Cost [Table Text Block] | Years Ended December 31, 2023 2022 2021 (In thousands) Amortization of leased assets $ 34,212 $ 35,321 $ 37,569 Interest on lease liabilities 4,795 3,990 4,642 Total finance lease cost 39,007 39,311 42,211 Operating lease cost 10,531 11,021 11,586 Variable lease cost 872 437 178 Total lease cost $ 50,410 $ 50,769 $ 53,975 | ||
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Future lease payments for non-cancelable operating and finance leases as of December 31, 2023 were as follows: Operating Finance Total (In thousands) 2024 $ 9,953 $ 49,166 $ 59,119 2025 9,044 29,161 38,205 2026 7,695 22,284 29,979 2027 6,680 14,835 21,515 2028 5,534 8,928 14,462 2029 and thereafter 31,419 28,982 60,401 Total lease payments $ 70,325 $ 153,356 $ 223,681 Less: Interest (16,493) (21,317) (37,810) Present value of lease liabilities $ 53,832 $ 132,039 $ 185,871 | ||
Condensed Balance Sheet [Table Text Block] | Supplemental balance sheet information related to leases was as follows: Lease Type Balance Sheet Classification December 31, 2023 December 31, 2022 (In thousands) Operating lease right-of-use assets (1) Deferred charges and other assets $ 50,973 $ 49,741 Finance lease right-of-use assets (1) Property and equipment, net 127,425 115,813 Total right-of-use assets (1) $ 178,398 $ 165,554 Operating Accounts payable and accrued liabilities $ 7,782 $ 7,083 Finance Current maturities of long-term debt 44,109 42,469 Total current lease liabilities 51,891 49,552 Operating Other liabilities 46,050 45,314 Finance Long-term debt 87,930 78,368 Total non-current lease liabilities 133,980 123,682 Total lease liabilities $ 185,871 $ 173,234 | ||
Supplemental Information related to Leases [Table Text Block] | The weighted-average life remaining and discount rates of our leases were as follows: December 31, 2023 December 31, 2022 Operating Finance Operating Finance Weighted-average remaining lease term (years) 11.1 5.2 11.8 4.5 Weighted-average discount rate 4.4% 4.6% 4.0% 3.3% Supplemental cash flow information related to leases was as follows: Years Ended December 31, 2023 2022 2021 (In thousands) Cash paid for amounts in the measurement of lease liabilities: Operating cash flows for operating leases $ 10,473 $ 10,994 $ 11,693 Operating cash flows for finance leases 5,191 3,838 4,207 Financing cash flows for finance leases 34,482 35,542 34,617 Total cash paid for amounts included in the measurement of lease liabilities $ 50,146 $ 50,374 $ 50,517 New finance leases 57,962 21,148 21,097 Finance lease renewals and extensions 829 (264) 1,095 Right-of-use assets obtained in exchange for finance lease liabilities $ 58,791 $ 20,884 $ 22,192 New operating leases 6,534 2,704 3,268 Operating lease renewals and extensions 2,985 2,324 4,554 Right-of-use assets obtained in exchange for operating lease liabilities $ 9,519 $ 5,028 $ 7,822 | ||
Lessor, Lease, Description [Line Items] | |||
Depreciation | $ 191,272 | $ 175,330 | $ 159,306 |
Land | 761,092 | $ 711,672 | |
Lessor [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Depreciation | 400 | $ 700 | |
Land | 33,900 | ||
Investment Building and Building Improvements | 12,600 | ||
Property, Plant, and Equipment, Owned, Accumulated Depreciation | $ 2,300 |
Share-Based Compensation Leve_2
Share-Based Compensation Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Dividend yield 1.6% 1.5% 1.8% Expected volatility 25.4% 23.9% 23.5% Risk-free interest rate 4.0% 1.8% 0.4% Expected holding period (years) 4.5 4.0 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, 2023 2022 2021 (In thousands) Total pretax employee share-based compensation expense included in net income $ 15,423 $ 14,709 $ 14,168 Income tax benefit related to share-based compensation included in net income $ 3,822 $ 3,877 $ 3,537 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | The following table sets forth stock option activity for the year ended December 31, 2023 (shares reported in whole numbers): Options Weighted-Average Outstanding at December 31, 2022 5,461,105 $ 40.47 Granted 371,700 $ 70.34 Exercised (926,610) $ 26.10 Outstanding at December 31, 2023 4,906,195 $ 45.44 Exercisable at December 31, 2023 3,989,812 $ 41.68 |
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, 2023 (shares reported in whole numbers): Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding at December 31, 2023 Weighted-Average Remaining Contractual Life Weighted- Number Exercisable at December 31, 2023 Weighted- $0.00 — 25.00 55,320 0.1 $ 22.28 55,320 $ 22.28 $25.01 — 35.00 894,450 1.1 $ 29.25 894,450 $ 29.25 $35.01 — 45.00 1,519,695 2.6 $ 39.65 1,519,695 $ 39.65 $45.01 — 55.00 1,506,810 4.6 $ 50.31 1,308,944 $ 50.42 $55.01 — 65.00 558,220 6.1 $ 59.76 211,403 $ 59.76 $65.01 — 75.00 371,700 7.1 $ 70.34 — $ — $0.00 — 75.00 4,906,195 3.6 $ 45.44 3,989,812 $ 41.68 |
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, 2023 2022 2021 Weighted average grant-date fair value of stock options granted $ 16.86 $ 11.02 $ 7.50 Total fair value of stock options vested $ 6,059 $ 5,538 $ 5,708 Total intrinsic value of stock options exercised $ 37,115 $ 42,700 $ 59,180 Cash received from the exercise of stock options $ 24,181 $ 27,814 $ 39,354 Recognized compensation expense $ 5,929 $ 5,738 $ 5,514 |
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, 2022 212,115 $ 54.66 Granted 89,484 $ 70.34 Vested (114,826) $ 53.38 Nonvested restricted share awards at December 31, 2023 186,773 $ 62.95 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Restricted Weighted-Average Nonvested restricted share units at December 31, 2022 118,936 $ 54.31 Granted 52,162 $ 70.34 Vested (61,390) $ 52.47 Nonvested restricted share units at December 31, 2023 109,708 $ 62.96 |
Retirement Plans Retirement Pla
Retirement Plans Retirement Plans Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 (In thousands) Interest cost on projected benefit obligation $ 797 $ 535 $ 482 Recognized net actuarial (gains) losses 654 (3,254) (353) Total net periodic benefit cost $ 1,451 $ (2,719) $ 129 |
Schedule of Net Funded Status [Table Text Block] | The Plans’ funded status were as follows: Years Ended December 31, 2023 2022 (In thousands) Change in Benefit Obligation: Benefit obligation at beginning of year $ 15,906 $ 22,381 Interest cost 797 535 Actuarial gain 654 (3,254) Benefits paid (1) (1,994) (3,756) Benefit obligation at end of year $ 15,363 $ 15,906 Change in Plan Assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 1,994 3,756 Benefits paid, including expenses (1) (1,994) (3,756) Fair value of plan assets at end of year $ — $ — Funded status of plan $ (15,363) $ (15,906) Funding Summary: Projected benefit obligation $ 15,363 $ 15,906 Accumulated benefit obligation $ 15,363 $ 15,906 Amounts Recognized in the Consolidated Balance Sheet: Included in Accounts payable and accrued liabilities $ (1,824) $ (2,236) Included in Other liabilities (13,539) (13,670) Total accrued liability $ (15,363) $ (15,906) |
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, 2023 2022 2021 Weighted-average discount rate used to determine obligations 4.94 % 5.34 % 2.52 % Weighted-average discount rate used to determine net periodic benefit cost 5.34 % 2.52 % 2.42 % |
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): 2024 $ 1,695 2025 1,603 2026 1,562 2027 1,492 2028 1,417 Years 2029 through 2033 5,968 Total expected benefit payments $ 13,737 |
Earnings Per Share Level 3 (Tab
Earnings Per Share Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income — basic and diluted $ 537,317 $ 565,338 $ 802,939 Weighted average shares: Weighted average shares — basic 150,565 157,713 167,542 Stock options 1,726 2,343 2,501 Restricted share units 60 75 71 Weighted average shares — diluted 152,351 160,131 170,114 Amounts attributable to common stockholders: Net income per share: Basic $ 3.57 $ 3.58 $ 4.79 Diluted $ 3.53 $ 3.53 $ 4.72 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Years Ended December 31, 2023 2022 2021 (In thousands) Antidilutive options 845 490 — |
Acquisition Level 3 (Tables)
Acquisition Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Gains (Losses) on Divestitures and Impairment Charges [Table Text Block] | Years Ended December 31, 2023 2022 2021 (In thousands) Gains on divestitures, net $ 12,543 $ 10,923 $ 28,573 Impairment losses (2,727) (961) (3,404) Gains on divestitures and impairment charges, net $ 9,816 $ 9,962 $ 25,169 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Cash and Cash Equivalents | $ 3,204 | $ 12,586 | |
Restricted Cash, Current | $ 370 | 10,379 | |
Intangible Fair Value Inputs, Royalty Savings Rate, Low | 0.042 | ||
Amortization of cemetery property | $ 101,234 | 94,123 | $ 98,162 |
Depreciation | $ 191,272 | $ 175,330 | $ 159,306 |
Net income attributable to common stockholders, basic | $ 3.57 | $ 3.58 | $ 4.79 |
Goodwill Reporting Unit Fair Value Inputs, Growth Rate, Low End of the Range | 1% | ||
Goodwill Reporting Unit Fair Value Inputs, Growth Rate, High End of the Range | 3% | ||
Goodwill Reporting Unit Fair Value Inputs, Discount Rate | 6.75% | ||
Intangible Fair Value Inputs, Royalty Savings Rate | 0.050 | ||
Intangibles Fair Value Inputs, Terminal Growth Rate | 0.015 | ||
Intangibles Fair Value Inputs, Discount Rate | 6.95% | ||
Retirement of treasury shares | 0 | 0 | 0 |
Deferred incremental selling costs | $ 406,181 | $ 384,108 | |
Incremental Selling Costs | $ 247,400 | 263,900 | $ 259,900 |
Goodwill Reporting Unit Fair Value Inputs, Expense to Revenue Ratio, Low end range | 70% | ||
Goodwill Reporting Unit Fair Value Inputs, Expense to Revenue Ratio, High end range | 80% | ||
Goodwill Reporting Unit Fair Value Inputs, Growth Rate Other, Low end range | 2% | ||
GoodwillReportingUnitFairValueInputsGrowthRateOtherHighendrange | 3% | ||
Other Assets, Current | $ 23,010 | 32,466 | |
Document Period End Date | Dec. 31, 2023 | ||
Receivables, net: | |||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 102,321 | 102,867 | |
Accounts Receivable, Allowance for Credit Loss | (4,382) | (6,186) | |
Receivables, net | 97,939 | 96,681 | |
Financing Receivable, Allowance for Credit Loss, Noncurrent | (2,345) | (3,602) | |
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 8,497 | $ 6,821 | |
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | $ (8) | ||
Net income attributable to common stockholders, diluted | $ 3.53 | $ 3.53 | $ 4.72 |
Amortization of intangibles | $ 18,736 | $ 18,355 | $ 20,002 |
Life Insurance General Agency Commissions | 185,600 | 164,300 | 157,400 |
Estimated Change in Unrecognized Tax Benefits with the next 12 months | $ 1,300 | ||
Intangible Fair Value Inputs, Royalty Savings Rate, Low | 0.020 | ||
Estimated Excess Repatriation Federal Income Tax | $ 7,700 | ||
Funeral [Member] | |||
Amortization of cemetery property | 0 | 0 | 0 |
Depreciation | $ 133,544 | 123,165 | 111,687 |
Goodwill Reporting Unit Fair Value Inputs, Terminal Growth Rate | 1% | ||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | $ (2) | ||
Amortization of intangibles | $ 12,025 | 11,735 | 12,980 |
Intangibles Fair Value Inputs, Terminal Growth Rate | 1% | ||
Cemetery [Member] | |||
Amortization of cemetery property | $ 101,234 | 94,123 | 98,162 |
Depreciation | $ 46,713 | 41,502 | 37,373 |
Goodwill Reporting Unit Fair Value Inputs, Terminal Growth Rate | 2.80% | ||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | $ (6) | ||
Amortization of intangibles | $ 6,706 | 6,620 | $ 7,016 |
Intangibles Fair Value Inputs, Terminal Growth Rate | 2.80% | ||
Minimum [Member] | |||
Funeral home lease life | 1 year | ||
Transportation equipment lease life | 1 year | ||
Finite-Lived Intangible Assets, Useful Life | 5 years | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | |||
Minimum [Member] | Equipment [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | |||
Maximum [Member] | |||
Funeral home lease life | 40 years | ||
Transportation equipment lease life | 9 years | ||
Finite-Lived Intangible Assets, Useful Life | 89 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | |||
Maximum [Member] | Equipment [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | |||
Maximum [Member] | Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | |||
Trade Accounts Receivable [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss | $ 3,902 | 5,703 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 3,765 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 2,264 | ||
Financing Receivable, Allowance for Credit Loss, Acquisitions (Divestitures), Net | 0 | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 83 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 7,747 | ||
Trade Accounts Receivable [Member] | Funeral [Member] | |||
Receivables, net: | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 35,572 | 44,417 | |
Accounts Receivable, Allowance for Credit Loss | (1,784) | (3,627) | |
Receivables, net | 33,788 | 40,790 | |
Financing Receivable, Allowance for Credit Loss | 1,784 | 3,627 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 2,626 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,893 | ||
Financing Receivable, Allowance for Credit Loss, Acquisitions (Divestitures), Net | 0 | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 82 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 6,280 | ||
Trade Accounts Receivable [Member] | Cemetery [Member] | |||
Receivables, net: | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 19,277 | 19,781 | |
Accounts Receivable, Allowance for Credit Loss | (2,118) | (2,076) | |
Receivables, net | 17,159 | 17,705 | |
Financing Receivable, Allowance for Credit Loss | 2,118 | 2,076 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 1,139 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 371 | ||
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 | 1,467 | ||
Notes Receivable [Member] | |||
Receivables, net: | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 175 | 186 | |
Accounts Receivable, Allowance for Credit Loss | (137) | (139) | |
Receivables, net | 38 | 47 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 10,469 | ||
Financing Receivable, Allowance for Credit Loss | 1,934 | 2,685 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (2) | ||
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 | (532) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1,281 | ||
Financing Receivable, Not Past Due | 9,236 | ||
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 | 11 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,603 | ||
Financing Receivable, Revolving | 5,855 | ||
Total Notes Receivable, Past Due | 1,233 | ||
Notes Receivable [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Notes Receivable [Member] | Maturity 30 to 90 Days [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 117 | ||
Notes Receivable [Member] | Financing Receivables 90 To 180 Days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
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 | 1,116 | ||
Notes Receivable [Member] | Long Term [Member] | |||
Receivables, net: | |||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 10,294 | 9,367 | |
Financing Receivable, Allowance for Credit Loss, Noncurrent | (1,797) | (2,546) | |
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 8,497 | 6,821 | |
Miscellaneous Accounts Receivable [Member] | |||
Receivables, net: | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 47,297 | 38,483 | |
Accounts Receivable, Allowance for Credit Loss | (343) | (344) | |
Receivables, net | 46,954 | 38,139 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 55,185 | ||
Financing Receivable, Allowance for Credit Loss | 891 | 1,400 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (509) | ||
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 | 48,504 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,936 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,778 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 520 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 436 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 11 | ||
Financing Receivable, Revolving | 0 | ||
Total Miscellaneous Receivables | 1,512 | ||
Miscellaneous Receivables, Not Past Due | 53,673 | ||
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 | 19 | ||
Miscellaneous Accounts Receivable [Member] | Financing Receivables 90 To 180 Days Past Due [Member] | |||
Receivables, net: | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 249 | ||
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 | 1,244 | ||
Miscellaneous Accounts Receivable [Member] | Long Term [Member] | |||
Receivables, net: | |||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 7,888 | 7,993 | |
Financing Receivable, Allowance for Credit Loss, Noncurrent | (548) | (1,056) | |
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 7,340 | 6,937 | |
Financing Receivable, Allowance for Credit Loss | 548 | 1,056 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (508) | ||
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 | 3,607 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,255 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,351 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 313 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 353 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9 | ||
Financing Receivable, Revolving | 0 | ||
Total Miscellaneous Receivables | 0 | ||
Miscellaneous Receivables, Not Past Due | 7,888 | ||
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 | 47,297 | ||
Financing Receivable, Allowance for Credit Loss | 343 | $ 344 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (1) | ||
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 | 44,897 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,681 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 427 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 207 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 83 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2 | ||
Financing Receivable, Revolving | 0 | ||
Total Miscellaneous Receivables | 1,512 | ||
Miscellaneous Receivables, Not Past Due | 45,785 | ||
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 | 19 | ||
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 | 249 | ||
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 | $ 1,244 | ||
Noncompete Agreements [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets, Useful Life | 5 years | ||
Noncompete Agreements [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets, Useful Life | 15 years |
Preneed Activities Investment R
Preneed Activities Investment Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Preneed Activities [Abstract] | |||
Deposits to trust | $ 519,023 | $ 590,257 | $ 534,586 |
Withdrawals | 477,443 | 591,591 | 507,872 |
Payments to Acquire Debt Securities, Available-for-sale | 1,823,267 | 2,070,313 | 1,647,032 |
Proceeds from Sale of Debt Securities, Available-for-sale | 1,744,618 | 2,038,517 | 1,518,779 |
Debt Securities, Available-for-sale, Realized Gain | 584,863 | 281,168 | 332,738 |
Debt Securities, Available-for-sale, Realized Gain (Loss) | $ 91,715 | $ 227,075 | $ 201,173 |
Preneed Activities Preneed Ac_3
Preneed Activities Preneed Activities Preneed Receivables and Trust Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Preneed Receivables and Trust Investments [Abstract] | ||||
Preneed receivables, net and trust investments | $ 6,191,912 | $ 5,577,499 | $ 6,015,323 | $ 5,345,720 |
Net Preneed Contract Sales | 1,973,012 | 1,978,266 | 1,870,972 | |
Cash receipts from customers, net of refunds | (1,699,683) | (1,639,291) | (1,550,735) | |
Deposits To Trust Receivable Impact | 515,866 | 468,482 | 452,554 | |
Acquisitions (dispositions) of businesses, net | 3,394 | 15,860 | 4,912 | |
Net undistributed investments (losses) earnings | 527,264 | (611,057) | 448,469 | |
Maturities and Distributed Earnings | (591,834) | (500,216) | (464,247) | |
Change in cancellation allowance | (5,160) | (6,609) | (1,523) | |
Change in amounts due for unfulfilled performance obligations | (93,473) | (123,385) | (87,207) | |
Effect of foreign currency and other | $ (14,973) | $ (19,874) | $ (3,592) |
Preneed Activities Long-term Re
Preneed Activities Long-term Receivable and Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Long-term receivable and investment components [Line Items] | ||||
Allowance for cancellation | $ (32,475) | $ (27,314) | ||
Preneed receivables, net and trust investments | 6,191,912 | 5,577,499 | $ 6,015,323 | $ 5,345,720 |
PreneedReceivables | 1,513,933 | 1,402,209 | ||
Cemetery perpetual care trust investments | (1,939,241) | (1,702,313) | ||
Preneed trust investments | 4,677,979 | 4,175,290 | ||
Preneed receivables, net and trust investments, excluding allowance for cancellation | 6,191,912 | 5,577,499 | ||
Insurance-backed fixed income securities and other [Line Items] | 222,424 | 214,440 | ||
Preneed Accounts Receivable Gross | 1,562,318 | 1,447,412 | ||
Deferred Discounts, Finance Charges and Interest Included in Receivables | (15,910) | (17,889) | ||
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,546,408 | 1,429,523 | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | (27,314) | |||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (8) | |||
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 15 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 2,823 | |||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (7,991) | |||
Funeral [Member] | ||||
Long-term receivable and investment components [Line Items] | ||||
Allowance for cancellation | (17,026) | (14,438) | ||
PreneedReceivables | 163,388 | 154,541 | ||
Preneed Accounts Receivable Gross | 190,514 | 180,108 | ||
Deferred Discounts, Finance Charges and Interest Included in Receivables | (10,100) | (11,129) | ||
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 180,414 | 168,979 | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | 14,438 | |||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (2) | |||
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 0 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 2,175 | |||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (4,761) | |||
Cemetery [Member] | ||||
Long-term receivable and investment components [Line Items] | ||||
Allowance for cancellation | (15,449) | (12,876) | ||
PreneedReceivables | 1,350,545 | 1,247,668 | ||
Preneed Accounts Receivable Gross | 1,371,804 | 1,267,304 | ||
Deferred Discounts, Finance Charges and Interest Included in Receivables | (5,810) | (6,760) | ||
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,365,994 | $ 1,260,544 | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | 12,876 | |||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (6) | |||
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | 15 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 648 | |||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ (3,230) |
Preneed Activities Schedule of
Preneed Activities Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | $ (210,810) | |
Available-for-sale Securities, Fair Value | 4,297,238 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 642,572 | |
Debt Securities, Available-for-sale, Amortized Cost | 3,865,476 | |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | $ (521,853) | |
Available-for-sale Securities, Fair Value | 3,863,363 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 371,897 | |
Debt Securities, Available-for-sale, Amortized Cost | 4,013,319 | |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (1,376) | (2,033) |
Available-for-sale Securities, Fair Value | 44,414 | 43,073 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 145 | 22 |
Debt Securities, Available-for-sale, Amortized Cost | 45,645 | 45,084 |
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 | 0 |
Available-for-sale Securities, Fair Value | 31,896 | 30,200 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 31,896 | 30,200 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (17) | (18) |
Available-for-sale Securities, Fair Value | 10,763 | 157 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 138 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 10,642 | 175 |
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 | (104) | (101) |
Available-for-sale Securities, Fair Value | 5,377 | 1,319 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 29 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 5,452 | 1,420 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (51) | (52) |
Available-for-sale Securities, Fair Value | 240 | 242 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 291 | 294 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (97) | (2,340) |
Available-for-sale Securities, Fair Value | 320 | 1,804 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 417 | 4,144 |
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 | (78,630) | (208,523) |
Available-for-sale Securities, Fair Value | 2,144,515 | 1,782,140 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 478,226 | 283,423 |
Debt Securities, Available-for-sale, Amortized Cost | 1,744,919 | 1,707,240 |
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 | (676) | (11,117) |
Available-for-sale Securities, Fair Value | 62,296 | 48,469 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 20,251 | 11,765 |
Debt Securities, Available-for-sale, Amortized Cost | 42,721 | 47,821 |
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 | (11,088) | (19,009) |
Available-for-sale Securities, Fair Value | 116,598 | 114,992 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 19,580 | 10,561 |
Debt Securities, Available-for-sale, Amortized Cost | 108,106 | 123,440 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (9,540) | (112,374) |
Available-for-sale Securities, Fair Value | 985,556 | 870,207 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 118,476 | 64,895 |
Debt Securities, Available-for-sale, Amortized Cost | 876,620 | 917,686 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (109,231) | (166,286) |
Available-for-sale Securities, Fair Value | 895,263 | 970,760 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5,727 | 1,231 |
Debt Securities, Available-for-sale, Amortized Cost | 998,767 | 1,135,815 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (70,772) | |
Available-for-sale Securities, Fair Value | 2,097,558 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 244,076 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,924,254 | |
Reported Value Measurement [Member] | Commingled funds - Fixed inc [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (63,021) | (89,246) |
Available-for-sale Securities, Fair Value | 767,011 | 641,696 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2,432 | 2 |
Debt Securities, Available-for-sale, Amortized Cost | 827,600 | 730,940 |
Reported Value Measurement [Member] | Commingled funds - Equity [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (642) | (3,846) |
Available-for-sale Securities, Fair Value | 408,677 | 346,867 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 71,819 | 40,820 |
Debt Securities, Available-for-sale, Amortized Cost | 337,500 | 309,893 |
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 | 346,672 | 325,562 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 346,672 | 325,562 |
Reported Value Measurement [Member] | Private Equity Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (7,109) | (1,091) |
Available-for-sale Securities, Fair Value | 575,198 | 485,675 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 169,825 | 179,491 |
Debt Securities, Available-for-sale, Amortized Cost | 412,482 | 307,275 |
Reported Value Measurement [Member] | Reported At Net Asset Value [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (94,183) | |
Available-for-sale Securities, Fair Value | 1,799,800 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 220,313 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,673,670 | |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Losses | (281,582) | (616,036) |
Available-for-sale Securities, Fair Value | 6,394,796 | 5,663,163 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 886,648 | 592,210 |
Debt Securities, Available-for-sale, Amortized Cost | $ 5,789,730 | $ 5,686,989 |
Preneed Activities Investments
Preneed Activities Investments Classified by Contractual Maturity Date (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Preneed Activities [Abstract] | |
Due in one year or less | $ 55,207 |
Due in one to five years | 30,265 |
Due in five to ten years | 7,132 |
Thereafter | 86 |
Total | $ 92,690 |
Preneed Activities Preneed Ac_4
Preneed Activities Preneed Activities Deferred Revenue Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Revenue [Abstract] | ||
Deferred revenue, Gross | $ 2,649,397 | $ 2,472,693 |
Amounts Due for Unfulfilled Performance Obligations | (945,888) | 848,665 |
Deferred Revenue | $ 1,703,509 | $ 1,624,028 |
Preneed Activities Preneed Ac_5
Preneed Activities Preneed Activities, Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Preneed Activities [Abstract] | |||
Investment Earnings, Net | $ 158.2 | $ 143.8 | $ 179.7 |
Available-for-sale securities, estimated maturity date, maximum | 2040 | ||
Available-for-sale securities, estimated maturity date, minimum | 2024 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 322.6 | ||
ECF Investment Earnings, Net | $ 86.6 | $ 85.1 | $ 96.1 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Goodwill and Intangible Assets Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 1,945,588 | $ 1,915,082 | |
Goodwill, net, beginning balance | 1,945,588 | ||
Increase in goodwill related to acquisitions | 31,047 | 37,224 | |
Reduction of goodwill related to divestitures | (1,727) | 0 | |
Effect of foreign currency and other | 2,278 | (6,718) | |
Goodwill, Period Increase (Decrease) | 31,598 | 30,506 | |
Goodwill, ending balance | 1,945,588 | $ 1,915,082 | |
Goodwill, net, ending balance | 1,977,186 | 1,945,588 | |
Finite-Lived Intangible Assets, Net | 86,295 | 94,107 | |
Finite Lived Intangible Assets Amortization Expense Future Total | 22,480 | ||
Finite-Lived Intangible Assets, Gross | 393,987 | 412,155 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 307,692 | 318,048 | |
Finite-Lived Intangible Assets, Net | 86,295 | 94,107 | |
Indefinite-Lived Trade Names | 388,049 | 376,138 | |
Other Indefinite-lived Intangible Assets | 10,765 | 10,765 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 398,814 | 386,903 | |
Intangible Assets, Net (Excluding Goodwill) | 485,109 | 481,010 | |
Amortization of intangibles | 18,736 | 18,355 | 20,002 |
Future Amortization Expense, Year One | 6,478 | ||
Future Amortization Expense, Year Two | 6,347 | ||
Future Amortization Expense, Year Three | 4,771 | ||
Future Amortization Expense, Year Four | 2,738 | ||
Future Amortization Expense, Year Five | 2,146 | ||
Noncompete Agreements [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 222,930 | 222,461 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 207,301 | 205,450 | |
Customer Relationships [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 137,130 | 155,767 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 88,929 | 101,954 | |
Trade Names [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 7,000 | 7,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 437 | 359 | |
Other Intangible Assets [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 26,927 | 26,927 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 11,025 | 10,285 | |
Funeral [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 1,603,600 | 1,584,175 | |
Goodwill, net, beginning balance | 1,603,600 | ||
Increase in goodwill related to acquisitions | 13,994 | 26,143 | |
Reduction of goodwill related to divestitures | (1,502) | 0 | |
Effect of foreign currency and other | 2,278 | (6,718) | |
Goodwill, Period Increase (Decrease) | 14,770 | 19,425 | |
Goodwill, ending balance | 1,603,600 | 1,584,175 | |
Goodwill, net, ending balance | 1,618,370 | 1,603,600 | |
Amortization of intangibles | 12,025 | 11,735 | 12,980 |
Cemetery [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 341,988 | 330,907 | |
Goodwill, net, beginning balance | 341,988 | ||
Increase in goodwill related to acquisitions | 17,053 | 11,081 | |
Reduction of goodwill related to divestitures | (225) | 0 | |
Effect of foreign currency and other | 0 | 0 | |
Goodwill, Period Increase (Decrease) | 16,828 | 11,081 | |
Goodwill, ending balance | 341,988 | 330,907 | |
Goodwill, net, ending balance | 358,816 | 341,988 | |
Amortization of intangibles | $ 6,706 | $ 6,620 | $ 7,016 |
Minimum [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | ||
Minimum [Member] | Noncompete Agreements [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 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 | 15 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||
United States | $ 664,745 | $ 703,131 | $ 994,632 |
Foreign | 43,861 | 52,497 | 50,868 |
Income from continuing operations before income taxes | 708,606 | $ 755,628 | $ 1,045,500 |
Investment Tax Credit | 11,600 | ||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | $ 11,500 |
Income Taxes Income Taxes Det_2
Income Taxes Income Taxes Details 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||
Current: United States | $ (30,832) | $ 139,132 | $ 194,545 |
Current: Foreign | 14,989 | 14,486 | 14,088 |
Current: State | (4,728) | 32,505 | 39,452 |
Total current income taxes | (20,571) | 186,123 | 248,085 |
Deferred: United States | 155,677 | (59) | (3,543) |
Deferred: Foreign | (1,999) | 780 | (5,492) |
Deferred: State | 37,838 | 2,750 | 3,198 |
Provision for deferred income taxes | 191,516 | 3,471 | (5,837) |
Provision for income taxes | 170,945 | 189,594 | 242,248 |
Income Taxes Paid | 85,500 | 183,700 | 270,200 |
Proceeds from Income Tax Refunds | $ 1,700 | $ 4,200 | $ 4,700 |
Income Taxes Income Taxes Det_3
Income Taxes Income Taxes Details 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||
Computed tax provision at the applicable federal statutory income tax rate | $ 148,807 | $ 158,682 | $ 219,555 |
State and local taxes, net of federal income tax benefits | 27,041 | 28,817 | 35,045 |
Foreign jurisdiction differences | 3,756 | 3,976 | 3,041 |
Permanent differences associated with dispositions | 47 | 200 | 400 |
Changes in uncertain tax positions | 110 | 53 | 51 |
Foreign Valuation Allowance, Amount | 0 | 0 | (4,155) |
Excess tax benefit from share-based compensation | (8,406) | (8,918) | (12,476) |
Other | (410) | 6,784 | 787 |
Provision for income taxes | $ 170,945 | $ 189,594 | $ 242,248 |
Total effective tax rate | 24.10% | 25.10% | 23.20% |
Income Taxes Income Taxes Det_4
Income Taxes Income Taxes Details 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Taxes [Abstract] | ||
Inventories and cemetery property | $ (196,887) | $ (201,795) |
Deferred tax liabilities selling cost | (104,686) | 99,377 |
Property and equipment | (177,411) | (181,029) |
Intangibles | (207,727) | (204,010) |
Other | (5,746) | (5,313) |
Deferred tax liabilities | (772,635) | (691,524) |
Loss and tax credit carry-forwards | 127,796 | 137,785 |
Deferred revenue on preneed funeral and cemetery contracts | (80,178) | (153,479) |
Accrued liabilities | 122,887 | 80,069 |
Deferred tax assets | 250,683 | 371,333 |
Less: Valuation allowance | (108,834) | (118,939) |
Net deferred income tax liability | $ (630,786) | $ (439,130) |
Income Taxes Income Taxes Det_5
Income Taxes Income Taxes Details 5 (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Taxes [Abstract] | ||
Net deferred income tax liability | $ (630,786) | $ (439,130) |
Non-current deferred tax liabilities | (638,106) | (445,040) |
Non-current deferred tax assets | $ 7,320 | $ 5,910 |
Income Taxes Income Taxes Det_6
Income Taxes Income Taxes Details 6 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 1,000 | $ 900 | $ 800 |
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, 2023 | Dec. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | ||
Year One | $ 160,701 | |
Year Two | 321,661 | |
Year Three | 369,164 | |
Year Four | 191,263 | |
Thereafter | 1,427,308 | |
Operating Loss Carryforwards | 2,470,097 | |
Loss and tax credit carry-forwards | 127,796 | $ 137,785 |
Valuation allowance | 108,834 | $ 118,939 |
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 | 160,355 | |
Year Two | 321,190 | |
Year Three | 368,207 | |
Year Four | 189,465 | |
Thereafter | 1,423,484 | |
Operating Loss Carryforwards | 2,462,701 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 10,100 | |
Loss and tax credit carry-forwards | 122,796 | |
Valuation allowance | 94,135 | |
Foreign | ||
Operating Loss Carryforwards [Line Items] | ||
Year One | 346 | |
Year Two | 471 | |
Year Three | 957 | |
Year Four | 1,798 | |
Thereafter | 3,824 | |
Operating Loss Carryforwards | 7,396 | |
Loss and tax credit carry-forwards | 5,000 | |
Valuation allowance | $ 14,699 |
Income Taxes Income Taxes Det_8
Income Taxes Income Taxes Details (Tax Reform) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Income Tax [Abstract] | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 12.8 |
Estimated Tax Reform Repatriation Liability | $ 247.6 |
Debt Level 4 (Details)
Debt Level 4 (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 15, 2023 | |
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 603,200,000 | $ 101,900,000 | ||
Repayments of Long-term Debt | 22,230,000 | 36,288,000 | $ 36,158,000 | |
Repayments of Other Debt | 5,300,000 | 3,800,000 | ||
Losses on early extinguishment of debt, net | (1,114,000) | (1,225,000) | (5,226,000) | |
Other Notes Payable | 80,696,000 | 66,248,000 | ||
Total debt | 4,712,496,000 | 4,341,744,000 | ||
Current maturities of long-term debt | (63,341,000) | (90,661,000) | ||
Less current maturities | 63,341,000 | 90,661,000 | ||
Total long-term debt | $ 4,649,155,000 | $ 4,251,083,000 | ||
Debt, Weighted Average Interest Rate | 5.29% | 4% | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 69% | 72% | ||
Next Twelve Months | $ 63,341,000 | |||
Year Two | 75,158,000 | |||
Year Three | 52,500,000 | |||
Year Four | 748,287,000 | |||
Year Five | 1,349,969,000 | |||
After Year Five | 2,423,241,000 | |||
Long-term Debt, Gross | 4,712,496,000 | |||
Letters of Credit, Maximum Borrowing Capacity | $ 33,500,000 | $ 39,100,000 | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 230,551,000 | 164,222,000 | $ 142,145,000 | |
Payments in 2024 | 250,870,000 | |||
Payments in 2025 | 249,148,000 | |||
Payments in 2026 | 247,603,000 | |||
Payments in 2027 | 237,673,000 | |||
Payments in 2028 | 104,679,000 | |||
Payments in 2029 and thereafter | 145,087,000 | |||
Cash Interest Payments Expected Payments Total | 1,235,060,000 | |||
Unamortized Debt Issuance Expense | $ (35,788,000) | $ (39,865,000) | ||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt | ||
Proceeds from Issuance of Debt | $ 957,400,000 | $ 19,000,000 | ||
Redemption Premium | $ 500,000 | 1,200,000 | ||
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 200,000% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 670,900,000 | |||
April 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 14,400,000 | |||
Repayments of Long-term Debt | 900,000 | |||
May 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 50,000,000 | |||
Notes Payable to Bank, Noncurrent | 0 | 536,250,000 | ||
Bank credit facility | 0 | 570,000,000 | ||
Proceeds from Issuance of Debt | 10,000,000 | |||
Repayments of Lines of Credit | 199,300,000 | |||
Debt Instrument, Periodic Payment | 145,300,000 | 32,500,000 | ||
Bank Credit Facility due March 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | 44,300,000 | |||
January 2028 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 16,900,000 | |||
Notes Payable to Bank, Noncurrent | 658,125,000 | 0 | 675,000,000 | |
Bank credit facility | 790,000,000 | 0 | $ 1,500,000 | |
Proceeds from Issuance of Debt | 284,100,000 | |||
Repayments of Lines of Credit | 235,000,000 | |||
Unsecured Debt [Member] | April 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 137,424,000 | 138,274,000 | ||
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 | $ 800,000,000 |
Debt Debt, Textuals (Details)
Debt Debt, Textuals (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 15, 2023 | |
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 5.29% | 4% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 200,000% | |||
Letters of Credit, Maximum Borrowing Capacity | $ 33,500,000 | $ 39,100,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 670,900,000 | |||
Repayments of Other Debt | 5,300,000 | 3,800,000 | ||
Repayments of Debt | 603,200,000 | 101,900,000 | ||
Losses on early extinguishment of debt, net | (1,114,000) | (1,225,000) | $ (5,226,000) | |
Long-term Debt, Fair Value | 4,385,434,000 | 3,921,833,000 | ||
Repayments of Long-term Debt | 22,230,000 | 36,288,000 | $ 36,158,000 | |
Redemption Premium | 500,000 | 1,200,000 | ||
Proceeds from Issuance of Debt | $ 957,400,000 | 19,000,000 | ||
Document Period End Date | Dec. 31, 2023 | |||
Asset Pledged as Collateral | $ (75,300,000) | (59,800,000) | ||
Deposit Pledged as Collateral | $ 700,000 | $ 500,000 | ||
Fixed Debt Weighted Average Rate | 4.35% | 4.32% | ||
Floating Debt Weighted Average Rate | 7.44% | 2.95% | ||
April 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 14,400,000 | |||
Repayments of Long-term Debt | $ 900,000 | |||
Bank Credit Facility due March 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | 44,300,000 | |||
May 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable to Bank, Noncurrent | 0 | 536,250,000 | ||
Line of Credit Facility, Amount Outstanding | 0 | 570,000,000 | ||
Repayments of Debt | 50,000,000 | |||
Debt Instrument, Periodic Payment | 145,300,000 | 32,500,000 | ||
Proceeds from Issuance of Debt | 10,000,000 | |||
Proceeds from Lines of Credit | 600,000,000 | 465,000,000 | ||
Repayments of Lines of Credit | 199,300,000 | |||
Other Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Lines of Credit | 19,000,000 | |||
January 2028 | ||||
Debt Instrument [Line Items] | ||||
Notes Payable to Bank, Noncurrent | 658,125,000 | 0 | 675,000,000 | |
Line of Credit Facility, Amount Outstanding | 790,000,000 | 0 | $ 1,500,000 | |
Repayments of Debt | 16,900,000 | |||
Proceeds from Issuance of Debt | 284,100,000 | |||
Repayments of Lines of Credit | 235,000,000 | |||
Unsecured Debt [Member] | April 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 137,424,000 | 138,274,000 | ||
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 | ||
Unsecured Debt [Member] | May 2031 | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 800,000,000 | $ 800,000,000 |
Credit Risk and Fair Value of_3
Credit Risk and Fair Value of Financial Instruments Level 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Feb. 15, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes Payable | $ 79,426 | $ 63,168 | |
Long-term Debt, Fair Value | 4,385,434 | 3,921,833 | |
Term Loan | 0 | 536,250 | |
May 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Bank credit facility | 0 | 570,000 | |
April 2027 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 142,749 | 141,499 | |
December 2027 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 532,125 | 513,909 | |
June 2029 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 732,173 | 709,125 | |
August 2030 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 739,500 | 702,202 | |
May 2031 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 711,336 | 685,680 | |
January 2028 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Bank credit facility | 790,000 | $ 1,500 | 0 |
Term Loan | $ 658,125 | $ 0 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||||
Finance Leases New | $ 57,962 | $ 21,148 | $ 21,097 | |
Rnewals and Extensions, Finance Leases | 829 | (264) | 1,095 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 58,791 | 20,884 | 22,192 | |
Operating Lease, New | 6,534 | 2,704 | 3,268 | |
Renewals and Extensions, Operating Leases | 2,985 | 2,324 | 4,554 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 9,519 | 5,028 | 7,822 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||||
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 49,166 | 49,166 | ||
Finance Lease, Liability, Payments, Due Year Two | 29,161 | 29,161 | ||
Finance Lease, Liability, Payments, Due Year Three | 22,284 | 22,284 | ||
Finance Lease, Liability, Payments, Due Year Four | 14,835 | 14,835 | ||
Finance Lease, Liability, Payments, Due Year Five | 8,928 | 8,928 | ||
Finance Lease, Liability, Payments, Due after Year Five | 28,982 | 28,982 | ||
Finance Lease, Liability, Payment, Due | 153,356 | 153,356 | ||
Finance Lease, Interest Payment on Liability | 21,317 | |||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 9,953 | 9,953 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 9,044 | 9,044 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 7,695 | 7,695 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 6,680 | 6,680 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 5,534 | 5,534 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 31,419 | 31,419 | ||
Operating Lease, Expense | 16,493 | |||
Operating Lease, Liability | 70,325 | 70,325 | ||
Lessee, Operating Lease, Liability, Payments, Due | 53,832 | 53,832 | ||
Lease LIability Payments Due Next Twelve Months | 59,119 | |||
Lease Liability Payments Due Year Two | 38,205 | 38,205 | ||
Lease Liability Payments Due Year Three | 29,979 | 29,979 | ||
Lease Liability Payments Due Year Four | 21,515 | 21,515 | ||
Lease Liability Payments Due Year Five | 14,462 | 14,462 | ||
Lease Liability Payments Due After Year Five | 60,401 | 60,401 | ||
Lease Interest Expense | 37,810 | |||
Lease Liability | 223,681 | 223,681 | ||
Lease Liability Payments Due | 185,871 | 185,871 | ||
Capital Leases, Lessee Balance Sheet [Abstract] | ||||
Operating Lease, Right-of-Use Asset | 50,973 | 50,973 | 49,741 | |
Finance lease right-of-use assets | 127,425 | 127,425 | 115,813 | |
Leases Right of Use Asset | 178,398 | 178,398 | 165,554 | |
Operating Lease, Liability, Current | 7,782 | 7,782 | 7,083 | |
Finance Lease - Current Maturities of Long Term Debt | 44,109 | 44,109 | 42,469 | |
Leases Total Current Liability | 51,891 | 51,891 | 49,552 | |
Operating Lease, Liability, Noncurrent | 46,050 | 46,050 | 45,314 | |
Finance Lease, Liability, Noncurrent | 87,930 | 87,930 | 78,368 | |
Leases Total NonCurrent Liability | 133,980 | 133,980 | 123,682 | |
Leases, Total Liability | $ 185,871 | 185,871 | 173,234 | |
Finance Lease Payments Cash Outflow | $ 5,191 | 3,838 | 4,207 | |
Property Subject to or Available for Operating Lease, Number of Units | 80 | 80 | ||
Operating Lease, Lease Income | $ 4,000 | |||
Finance Lease, Right-of-Use Asset, Amortization | $ 34,212 | 35,321 | 37,569 | |
Finance Lease, Interest Expense | 4,795 | 3,990 | 4,642 | |
Finance Lease Cost | 39,007 | 39,311 | 42,211 | |
Operating Lease, Cost | 10,531 | 11,021 | 11,586 | |
Variable Lease, Cost | 872 | 437 | 178 | |
Lease, Cost | $ 50,410 | $ 50,769 | 53,975 | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% | 4.40% | 4% | |
Finance Lease, Weighted Average Discount Rate, Percent | 4.60% | 4.60% | 3.30% | |
Operating Lease, Payments | $ 10,473 | $ 10,994 | 11,693 | |
Finance Lease, Interest Payment on Liability | 21,317 | |||
Finance Lease, Principal Payments | 34,482 | 35,542 | 34,617 | |
Total Lease Payments | 50,146 | $ 50,374 | $ 50,517 | |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 3,967 | 3,967 | ||
Lessor, Operating Lease, Payments to be Received, Two Years | 3,297 | 3,297 | ||
Lessor, Operating Lease, Payments to be Received, Three Years | 2,512 | 2,512 | ||
Lessor, Operating Lease, Payments to be Received, Four Years | 2,043 | 2,043 | ||
Lessor, Operating Lease, Payments to be Received, Five Years | 1,682 | 1,682 | ||
Lessor, Operating Lease, Payments to be Received, Thereafter | 11,793 | 11,793 | ||
Lessor, Operating Lease, Payments to be Received | $ 25,294 | $ 25,294 | ||
Operating Lease, Weighted Average Remaining Lease Term | 11 years 1 month 6 days | 11 years 1 month 6 days | 11 years 9 months 18 days | |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 2 months 12 days | 5 years 2 months 12 days | 4 years 6 months | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt | Long-term debt | |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues |
Commitments and Contingencies_2
Commitments and Contingencies Level 4 (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Self Insurance Reserve | $ 103.3 | $ 99.3 |
Equity Textuals (Details)
Equity Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 09, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common stock, shares authorized | 500,000,000 | |||
Common stock, par or stated value per share | $ 1 | |||
Common stock, shares, issued | 148,297,042 | 156,088,438 | ||
Common stock, shares outstanding | 146,323,340 | 153,940,365 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 63.17 | $ 63.84 | ||
Stock Repurchase Program, Authorized Amount | $ 600,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 525,000 | |||
Dividends declared per share | $ 1.12 | $ 1.02 | $ 0.88 | |
Payments of Dividends, Common Stock | $ 167,983 | $ 160,035 | $ 146,919 | |
Subsequent Event [Member] | ||||
Treasury Stock, Shares, Acquired | 310,581 | |||
Treasury Stock, Value, Acquired, Par Value Method | $ 20,900 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 67.39 |
Share-Based Compensation Leve_3
Share-Based Compensation Level 4 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected holding period | 4 years 6 months | 4 years | |
Total pretax employee share-based compensation expense included in net income | $ 15,423,000 | $ 14,709,000 | $ 14,168,000 |
Income tax benefit related to share-based compensation included in net income | $ 3,822,000 | $ 3,877,000 | $ 3,537,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 4,906,195 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 3 years 7 months 6 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 45.44 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 3,989,812 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 41.68 | ||
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 | $ 7,300,000 | ||
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 | 55,320 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 1 month 6 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 22.28 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 55,320 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 22.28 | ||
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 | 894,450 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 1 year 1 month 6 days | ||
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 | 894,450 | ||
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 | 1,519,695 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 2 years 7 months 6 days | ||
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 | 1,519,695 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 39.65 | ||
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 | 1,506,810 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 4 years 7 months 6 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 50.31 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 1,308,944 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 50.42 | ||
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 | 558,220 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 6 years 1 month 6 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 59.76 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 211,403 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 59.76 | ||
Stock Option Plan Exercise Range 6 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 371,700 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 7 years 1 month 6 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 70.34 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 0 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 0 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.60% | 1.50% | 1.80% |
Risk-free interest rate | 4% | 1.80% | 0.40% |
Expected holding period | 4 years | ||
Total pretax employee share-based compensation expense included in net income | $ 5,929,000 | $ 5,738,000 | $ 5,514,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options outstanding at beginning of period | 5,461,105 | ||
Options outstanding at beginning of period, weighted average exercise price | $ 40.47 | ||
Granted | 371,700 | ||
Granted, Weighted Average Exercise Price | $ 70.34 | ||
Exercised | (926,610) | ||
Exercised, Weighted Average Exercise Price | $ 26.10 | ||
Options outstanding at end of period | 4,906,195 | 5,461,105 | |
Options outstanding at end of period, weighted average exercise price | $ 45.44 | $ 40.47 | |
Options exercisable at December 31, 2011 | 4,906,195 | 5,461,105 | |
Options exercisable at December 31, 2011, Weighted Average Exercise Price | $ 45.44 | $ 40.47 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,989,812 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 41.68 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Expected volatility | 25.40% | 23.90% | 23.50% |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 6,800,000 | ||
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 | $ 6,128,000 | $ 5,739,000 | $ 5,647,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested restricted shares at beginning of period | 212,115 | ||
Nonvested restricted shares at beginning of period, weighted average grant date fair value | $ 54.66 | ||
Granted | 89,484 | ||
Granted, Weighted Average Grant Date Fair Value | $ 70.34 | $ 59.76 | $ 49.59 |
Vested | (114,826) | ||
Vested, Weighted Average Grant Date Fair Value | $ 53.38 | ||
Nonvested restricted shares at end of period | 186,773 | 212,115 | |
Nonvested restricted shares at end of period, weighted average grant date fair value | $ 62.95 | $ 54.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6,130,000 | $ 5,639,000 | $ 5,496,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 1,715,000 | 2,552,000 | 3,513,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 7,000,000 | ||
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 | $ 3,366,000 | $ 3,232,000 | $ 3,007,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested restricted shares at beginning of period | 118,936 | ||
Nonvested restricted shares at beginning of period, weighted average grant date fair value | $ 54.31 | ||
Granted | 52,162 | ||
Granted, Weighted Average Grant Date Fair Value | $ 70.34 | $ 59.76 | $ 49.59 |
Vested | (61,390) | ||
Vested, Weighted Average Grant Date Fair Value | $ 52.47 | ||
Nonvested restricted shares at end of period | 109,708 | 118,936 | |
Nonvested restricted shares at end of period, weighted average grant date fair value | $ 62.96 | $ 54.31 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3,221,000 | $ 3,143,000 | $ 2,883,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 1,000,000 | 1,447,000 | 1,911,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 4,000,000 | ||
Performance Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 4.53% | ||
Total pretax employee share-based compensation expense included in net income | $ 11,800,000 | $ 14,600,000 | $ 19,500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted | 88,084 | 99,923 | 111,449 |
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 | $ 62.30 | ||
Nonvested restricted shares at end of period, weighted average grant date fair value | $ 68.45 | $ 62.30 | |
Expected volatility | 26.20% | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation, Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stock, Capital Shares Reserved for Future Issuance | 3,470,575 | 4,090,978 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 113,600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 106,800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.86 | $ 11.02 | $ 7.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 6,059 | $ 5,538 | $ 5,708 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 37,115 | 42,700 | 59,180 |
Proceeds from exercise of stock options | 24,181 | 27,814 | 39,354 |
Share-based Payment Arrangement, Expense | 15,423 | 14,709 | 14,168 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 7,300 | ||
PerformanceUnitsCashPaid | $ 10,900 | $ 16,800 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 45.44 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 3,989,812 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 41.68 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 4,906,195 | ||
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 | $ 5,929 | $ 5,738 | 5,514 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 6,800 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||
Restricted Stock [Member] | |||
Share-based Payment Arrangement, Expense | $ 6,128 | 5,739 | 5,647 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 7,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Expense | $ 3,366 | 3,232 | 3,007 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 4,000 | ||
Performance Options [Member] | |||
Share-based Payment Arrangement, Expense | $ 11,800 | $ 14,600 | $ 19,500 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 308,976 | ||
Stock Option Plan Exercise Range 1 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 22.28 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 55,320 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 22.28 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 55,320 | ||
Stock Option Plan Exercise Range 2 [Member] | |||
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 | 894,450 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 29.25 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 894,450 | ||
Stock Option Plan Exercise Range 3 [Member] | |||
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 | 1,519,695 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 39.65 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 1,519,695 | ||
Stock Option Plan Exercise Range 4 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 50.31 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 1,308,944 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 50.42 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 1,506,810 | ||
Stock Option Plan Exercise Range 5 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 59.76 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 211,403 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 59.76 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 558,220 | ||
Stock Option Plan Exercise Range 6 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 70.34 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 0 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 0 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 371,700 |
Retirement Plans Retirement P_2
Retirement Plans Retirement Plans Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Recognized net actuarial (gains) losses | $ 654 | $ (3,254) | $ (353) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1,451 | (2,719) | 129 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 15,906 | 22,381 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 654 | (3,254) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 1,994 | 3,756 | |
Defined Benefit Plan, Benefit Obligation | 15,363 | 15,906 | 22,381 |
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 | 1,994 | 3,756 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (15,363) | (15,906) | |
Defined Benefit Plan, Accumulated Benefit Obligation | 15,363 | 15,906 | |
Liability, Defined Benefit Pension Plan, Current | (1,824) | (2,236) | |
Liability, Defined Benefit Pension Plan, Noncurrent | (13,539) | (13,670) | |
Liability, Defined Benefit Pension Plan | (15,363) | (15,906) | |
Defined Benefit Plan, Estimated Future Retirement Benefits Covered by Insurance Contract, Amount | 30,500 | 49,800 | |
Cash Surrender Value of Life Insurance, Retirement Plans | $ 22,700 | $ 40,700 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.94% | 5.34% | 2.52% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.34% | 2.52% | 2.42% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 50% | ||
Year One | $ 1,695 | ||
Year Two | 1,603 | ||
Year Three | 1,562 | ||
Year Four | 1,492 | ||
Year Five | 1,417 | ||
Defined Benefit Plan Expected Benefit Payments | 13,737 | ||
Years 2029 through 2033 | 5,968 | ||
Defined Contribution Plan, Cost | 52,800 | $ 49,600 | $ 46,000 |
Defined Benefit Plan, Plan Assets, Benefits Paid | $ 1,994 | 3,756 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50% | ||
Interest cost on projected benefit obligation | $ 797 | $ 535 | $ 482 |
Segment Reporting Level 4 (Deta
Segment Reporting Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Restricted Cash and Cash Equivalents, Noncurrent | $ 2,834 | $ 2,207 | |
Revenues | 4,099,778 | 4,108,661 | $ 4,143,143 |
Interest expense | 239,447 | 172,109 | 150,610 |
Depreciation and amortization | 191,272 | 175,330 | 159,306 |
Amortization of intangibles | 18,736 | 18,355 | 20,002 |
Amortization of cemetery property | 101,234 | 94,123 | 98,162 |
Total assets | 16,355,400 | 15,066,037 | |
Capital expenditures | 361,793 | 369,709 | 303,660 |
Gross profits from reportable segments | 1,091,807 | 1,154,602 | 1,323,075 |
Corporate general and administrative expenses | (157,368) | (237,248) | (157,568) |
Gains on divestitures and impairment charges, net | 9,816 | 9,962 | 25,169 |
Operating income | 944,255 | 927,316 | 1,190,676 |
Losses on early extinguishment of debt, net | (1,114) | (1,225) | (5,226) |
Other income, net | 4,912 | 1,646 | 10,660 |
Income from continuing operations before income taxes | 708,606 | 755,628 | 1,045,500 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,881,333 | 3,876,689 | 3,918,777 |
Interest expense | 239,103 | 171,912 | 150,385 |
Depreciation and amortization | 180,093 | 165,004 | 149,351 |
Amortization of intangibles | 18,495 | 18,080 | 19,721 |
Amortization of cemetery property | 97,471 | 89,545 | 92,128 |
Gains on divestitures and impairment charges, net | 8,512 | 7,220 | 19,837 |
Operating income | 887,110 | 856,277 | 1,120,154 |
Long lived assets | 7,386,819 | 7,094,859 | |
CANADA | |||
Segment Reporting Information [Line Items] | |||
Revenues | 218,445 | 231,972 | 224,366 |
Interest expense | 344 | 197 | 225 |
Depreciation and amortization | 11,179 | 10,326 | 9,955 |
Amortization of intangibles | 241 | 275 | 281 |
Amortization of cemetery property | 3,763 | 4,578 | 6,034 |
Gains on divestitures and impairment charges, net | 1,304 | 2,742 | 5,332 |
Operating income | 57,145 | 71,039 | 70,522 |
Long lived assets | 339,142 | 331,520 | |
Funeral [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 2,092 | 1,734 | 2,864 |
Depreciation and amortization | 133,544 | 123,165 | 111,687 |
Amortization of intangibles | 12,025 | 11,735 | 12,980 |
Amortization of cemetery property | 0 | 0 | 0 |
Total assets | 6,573,950 | 6,236,270 | |
Capital expenditures | 125,922 | 153,224 | 139,420 |
Gross profits from reportable segments | 497,106 | 545,693 | 639,775 |
Cemetery [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 764 | 493 | 681 |
Depreciation and amortization | 46,713 | 41,502 | 37,373 |
Amortization of intangibles | 6,706 | 6,620 | 7,016 |
Amortization of cemetery property | 101,234 | 94,123 | 98,162 |
Total assets | 9,168,173 | 8,404,900 | |
Capital expenditures | 212,406 | 196,371 | 148,737 |
Gross profits from reportable segments | 594,701 | 608,909 | 683,300 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 236,591 | 169,882 | 147,065 |
Depreciation and amortization | 11,015 | 10,663 | 10,246 |
Amortization of intangibles | 5 | 0 | 6 |
Amortization of cemetery property | 0 | 0 | 0 |
Total assets | 613,277 | 424,867 | |
Capital expenditures | 23,465 | 20,114 | 15,503 |
Funeral Atneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,185,413 | 1,242,269 | 1,268,111 |
Funeral Matured Preneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 715,298 | 705,273 | 700,473 |
Non-funeral Home Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 85,904 | 76,311 | 74,099 |
Funeral Other Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 181,646 | 161,696 | 161,233 |
Cemetery Atneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 433,925 | 448,143 | 477,950 |
Cemetery Recognized Preneed Property Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 874,724 | 868,740 | 846,528 |
Non-funeral home preneed sales revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 134,770 | 146,496 | 139,260 |
Cemetery Recognized Preneed Merchandise And Service Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 365,018 | 338,463 | 343,899 |
Cemetery Other Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 123,080 | $ 121,270 | $ 131,590 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||
Net income attributable to common stockholders | $ 537,317 | $ 565,338 | $ 802,939 |
Weighted average shares (denominator): | |||
Weighted average shares — basic | 150,565 | 157,713 | 167,542 |
Weighted average shares — diluted | 152,351 | 160,131 | 170,114 |
Net income attributable to common stockholders, basic | $ 3.57 | $ 3.58 | $ 4.79 |
Net income attributable to common stockholders, diluted | $ 3.53 | $ 3.53 | $ 4.72 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 845 | 490 | 0 |
Stock Options [Member] | |||
Weighted average shares (denominator): | |||
Share based compensation | 1,726 | 2,343 | 2,501 |
Restricted Stock Units (RSUs) [Member] | |||
Weighted average shares (denominator): | |||
Share based compensation | 60 | 75 | 71 |
Acquisition, Textuals (Details)
Acquisition, Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Acquisitions [Abstract] | |||
Impairment losses | $ (2,727) | $ (961) | $ (3,404) |
Gains on divestitures and impairment charges, net | 9,816 | 9,962 | 25,169 |
Business Combination Segment Allocation [Line Items] | |||
Revenue | 4,099,778 | 4,108,661 | 4,143,143 |
Net Income | 537,661 | 566,034 | 803,252 |
Business Combination, Goodwill | 36,200 | 29,700 | |
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 | ||
1031 Exchange Funds for Business Combinations | 13,200 | 6,100 | |
Payments to Acquire Businesses Including 1031 Exchange Funds | 71,200 | 94,800 | |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | 56,409 | 17,127 | 26,604 |
Payments to Acquire Businesses, Net of Cash Acquired | (72,535) | (102,558) | $ (121,382) |
Cemetery [Member] | |||
Business Combination Segment Allocation [Line Items] | |||
Business Combination, Goodwill, Cemetery | 17,300 | 1,500 | |
Funeral [Member] | |||
Business Combination Segment Allocation [Line Items] | |||
Business Combination, Goodwill, Funeral | 18,900 | 28,200 | |
Current Year Acquisition [Member] | |||
Business Combination Segment Allocation [Line Items] | |||
Revenue | 1,900 | 1,100 | |
Net Income | 500 | 300 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 241 | 140 | |
Business Acquisition Purchase Price Allocation Cemetery property | 9,815 | 2,918 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 19,109 | 36,768 | |
Business Combination, Preneed receivables, net and trust investments | 6,539 | 7,732 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14,257 | 3,900 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 158 | 24,734 | |
Business Combination, Deferred charges and other assets | 6,461 | 128 | |
Business Combination, Cemetery perpetual care trust investments | 36,234 | 1,484 | |
Business Combination, Goodwill | 92,814 | 29,683 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 439 | 107,487 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 12,599 | 660 | |
Business Combination, Deferred revenue and deferred receipts held in trust | 6,461 | 7,204 | |
Business Combination, Care trusts' corpus | 2,095 | 1,484 | |
Business Combination, Other liabilities | 21,594 | 3,336 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 71,220 | 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 | $ 200 | 300 | |
Business Acquisition Purchase Price Allocation Cemetery property | 9,815 | 2,918 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 19,109 | 36,768 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14,257 | 3,900 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 158 | 24,734 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 439 | 107,487 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 12,599 | 660 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 71,220 | $ 12,684 |
Acquisitions Pro Forma Revenue
Acquisitions Pro Forma Revenue and Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Business Acquisition, Pro Forma Information [Abstract] | ||
Business Combination, Goodwill | $ 36,200 | $ 29,700 |
Acquisitions Acquisitions Intan
Acquisitions Acquisitions Intangible Assets (Details) | Dec. 31, 2023 |
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 | 5 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 | 5 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 | 15 years |
Maximum [Member] | Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 89 years |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Beginning Balance | $ (120,739) | $ (108,090) | |
Valuation Allowances and Reserves, Ending Balance | (120,739) | ||
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 | $ (118,939) | (120,739) | |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | 10,105 | (1,800) | 12,649 |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Ending Balance | (108,834) | (118,939) | (120,739) |
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 | (6,186) | (6,338) | (6,031) |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | (3,764) | (6,579) | (6,393) |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | (5,568) | 6,731 | 6,086 |
Valuation Allowances and Reserves, Ending Balance | (4,382) | (6,186) | (6,338) |
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 | (27,314) | (20,727) | (19,204) |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | (7,991) | (10,246) | (5,086) |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | (2,830) | 3,659 | 3,563 |
Valuation Allowances and Reserves, Ending Balance | (32,475) | (27,314) | (20,727) |
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 | (3,602) | (4,577) | (6,902) |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | (510) | 125 | 117 |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | (747) | 850 | 2,208 |
Valuation Allowances and Reserves, Ending Balance | $ (2,345) | $ (3,602) | $ (4,577) |