Preneed Trust Investments (Tables)
 6 Months Ended
Jun. 30, 2018
Preneed Trust Investments [Abstract]  
Components of preneed cemetery trust investments
The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2017 and June 30, 2018 were as follows (in thousands):
 
December 31, 2017
 
June 30, 2018
Preneed cemetery trust investments, at market value
$
75,992

 
$
72,413

Less: allowance for contract cancellation
(2,139
)
 
(2,135
)
Preneed cemetery trust investments, net
$
73,853

 
$
70,278
Cost and fair market values associated with preneed cemetery trust investments
The cost and fair market values associated with preneed cemetery trust investments at June 30, 2018 are detailed below (in thousands, except percentages):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
6,997

 
$
—

 
$
—

 
$
6,997

Fixed income securities:
 
 
 
 
 
 
 
 
 
Foreign debt
2
 
4,528

 
127

 
(247
)
 
4,408

Corporate debt
2
 
17,905

 
559

 
(856
)
 
17,608

Preferred stock
2
 
11,482

 
57

 
(572
)
 
10,967

Mortgage-backed securities
2
 
928

 
328

 
(14
)
 
1,242

Common stock
1
 
28,100

 
4,741

 
(3,365
)
 
29,476

Mutual funds:
 
 
 
 
 
 
 
 
 
Fixed Income
2
 
1,201

 
17

 
(59
)
 
1,159

Trust securities
 
 
$
71,141

 
$
5,829

 
$
(5,113
)
 
$
71,857

Accrued investment income
 
 
$
556

 
 
 
 
 
$
556

Preneed cemetery trust investments
 
 
 
 
 
 
 
 
$
72,413

Market value as a percentage of cost
 
 
 
 
 
 
 
 
101.0
%
The cost and fair market values associated with preneed cemetery trust investments at December 31, 2017 are detailed below (in thousands, except percentages):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
3,132

 
$
—

 
$
—

 
$
3,132

Fixed income securities:
 
 
 
 
 
 
 
 
 
Foreign debt
2
 
4,834

 
292

 
(193
)
 
4,933

Corporate debt
2
 
18,238

 
1,184

 
(273
)
 
19,149

Preferred stock
2
 
16,421

 
510

 
(588
)
 
16,343

Mortgage-backed securities
2
 
1,018

 
249

 
(24
)
 
1,243

Common stock
1
 
26,465

 
5,250

 
(2,460
)
 
29,255

Mutual funds:
 
 
 
 
 
 
 
 
 
Fixed income
2
 
1,198

 
50

 
(11
)
 
1,237

Trust securities
 
 
$
71,306

 
$
7,535

 
$
(3,549
)
 
$
75,292

Accrued investment income
 
 
$
700

 
 
 
 
 
$
700

Preneed cemetery trust investments
 
 
 
 
 
 
 
 
$
75,992

Market value as a percentage of cost
 
 
 
 
 
 
 
 
105.6
%
Estimated maturities of fixed preneed cemetery trust income securities
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less
$
19

Due in one to five years
3,299

Due in five to ten years
4,246

Thereafter
26,661

Total
$
34,225
Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments
Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2018 are shown in the following table (in thousands):
 
June 30, 2018
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Foreign debt
$
1,821

 
$
(99
)
 
$
1,015

 
$
(148
)
 
$
2,836

 
$
(247
)
Corporate debt
9,084

 
(643
)
 
968

 
(213
)
 
10,052

 
(856
)
Preferred stock
5,395

 
(162
)
 
4,687

 
(410
)
 
10,082

 
(572
)
Mortgage-backed securities
—

 
—

 
68

 
(14
)
 
68

 
(14
)
Common stock
9,570

 
(1,491
)
 
2,885

 
(1,874
)
 
12,455

 
(3,365
)
Mutual Funds:
 
 
 
 
 
 
 
 
 
 
 
Fixed Income
825

 
(59
)
 
—

 
—

 
825

 
(59
)
Total temporary impaired securities
$
26,695

 
$
(2,454
)
 
$
9,623

 
$
(2,659
)
 
$
36,318

 
$
(5,113
)
Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2017 are shown in the following table (in thousands):
 
December 31, 2017
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Foreign debt
$
151

 
$
(6
)
 
$
1,637

 
$
(187
)
 
$
1,788

 
$
(193
)
Corporate debt
3,735

 
(72
)
 
846

 
(201
)
 
4,581

 
(273
)
Preferred stock
48

 
—

 
8,109

 
(588
)
 
8,157

 
(588
)
Mortgage-backed securities
127

 
(15
)
 
27

 
(9
)
 
154

 
(24
)
Common stock
8,249

 
(1,512
)
 
1,742

 
(948
)
 
9,991

 
(2,460
)
Mutual Funds:
 
 
 
 
 
 
 
 
 
 
 
Fixed Income
496

 
(11
)
 
—

 
—

 
496

 
(11
)
Total temporary impaired securities
$
12,806

 
$
(1,616
)
 
$
12,361

 
$
(1,933
)
 
$
25,167

 
$
(3,549
)
Preneed cemetery trust investment security transactions
Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2018
 
2017
 
2018
Investment income
$
692

 
$
474

 
$
1,281

 
$
899

Realized gains
1,395

 
18

 
2,215

 
871

Realized losses
(929
)
 
(750
)
 
(1,312
)
 
(1,357
)
Expenses and taxes
(332
)
 
(221
)
 
(877
)
 
(272
)
Net change in deferred preneed cemetery receipts held in trust
(826
)
 
479

 
(1,307
)
 
(141
)
 
$
—

 
$
—

 
$
—

 
$
—
Purchases and sales of investments in preneed cemetary trusts
Purchases and sales of investments in the preneed cemetery trusts for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2018
 
2017
 
2018
Purchases
$
(10,831
)
 
$
(6,882
)
 
$
(18,440
)
 
$
(10,258
)
Sales
7,208

 
6,340

 
13,189

 
13,899
Components of preneed funeral trust investments
The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2017 and June 30, 2018 were as follows (in thousands):
 
December 31, 2017
 
June 30, 2018
Preneed funeral trust investments, at market value
$
93,341

 
$
93,987

Less: allowance for contract cancellation
(2,659
)
 
(2,784
)
Preneed funeral trust investments, net
$
90,682

 
$
91,203
Estimated maturities of fixed preneed funeral trust income securities
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less
$
21

Due in one to five years
5,057

Due in five to ten years
4,182

Thereafter
26,774

Total
$
36,034
Cost and fair market values associated with preneed funeral trust investments
The cost and fair market values associated with preneed funeral trust investments at June 30, 2018 are detailed below (in thousands, except percentages):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
23,912

 
$
—

 
$
—

 
$
23,912

Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S treasury debt
1
 
1,490

 
6

 
(28
)
 
1,468

Foreign debt
2
 
4,515

 
129

 
(243
)
 
4,401

Corporate debt
2
 
18,110

 
520

 
(874
)
 
17,756

Preferred stock
2
 
11,549

 
49

 
(575
)
 
11,023

Mortgage-backed securities
2
 
1,061

 
341

 
(16
)
 
1,386

Common stock
1
 
27,604

 
4,686

 
(3,301
)
 
28,989

Mutual funds:
 
 
 
 
 
 
 
 
 
Fixed income
2
 
1,525

 
17

 
(89
)
 
1,453

Other investments
2
 
3,040

 
—

 
—

 
3,040

Trust securities
 
 
$
92,806

 
$
5,748

 
$
(5,126
)
 
$
93,428

Accrued investment income
 
 
$
559

 
 
 
 
 
$
559

Preneed funeral trust investments
 
 
 
 
 
 
 
 
$
93,987

Market value as a percentage of cost
 
 
 
 
 
 
 
 
100.7
%
The cost and fair market values associated with preneed funeral trust investments at December 31, 2017 are detailed below (in thousands, except percentages):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
14,349

 
$
—

 
$
—

 
$
14,349

Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. treasury debt
1
 
1,490

 
10

 
(15
)
 
1,485

Foreign debt
2
 
4,870

 
298

 
(189
)
 
4,979

Corporate debt
2
 
18,963

 
1,197

 
(278
)
 
19,882

Preferred stock
2
 
16,335

 
501

 
(585
)
 
16,251

Mortgage-backed securities
2
 
1,187

 
263

 
(27
)
 
1,423

Common stock
1
 
26,129

 
5,253

 
(2,468
)
 
28,914

Mutual funds:
 
 
 
 
 
 
 
 
 
Fixed income
2
 
1,974

 
52

 
(48
)
 
1,978

Other investments
2
 
3,341

 
—

 
—

 
3,341

Trust securities
 
 
$
88,638

 
$
7,574

 
$
(3,610
)
 
$
92,602

Accrued investment income
 
 
$
739

 
 
 
 
 
$
739

Preneed funeral trust investments
 
 
 
 
 
 
 
 
$
93,341

Market value as a percentage of cost
 
 
 
 
 
 
 
 
104.5
%
Schedule of fair market value and unrealized loss on preneed funeral trust investments
Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2018 are shown in the following table (in thousands):
 
June 30, 2018
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury debt
$
1,310

 
$
(28
)
 
$
—

 
$
—

 
$
1,310

 
$
(28
)
Foreign debt
1,853

 
(101
)
 
966

 
(142
)
 
2,819

 
(243
)
Corporate debt
9,208

 
(661
)
 
960

 
(213
)
 
10,168

 
(874
)
Preferred stock
5,600

 
(168
)
 
4,586

 
(407
)
 
10,186

 
(575
)
Mortgage-backed securities
—

 
—

 
164

 
(16
)
 
164

 
(16
)
Common stock
9,459

 
(1,440
)
 
2,873

 
(1,861
)
 
12,332

 
(3,301
)
Mutual Funds:
 
 
 
 
 
 
 
 
 
 
 
Fixed income
859

 
(61
)
 
246

 
(28
)
 
1,105

 
(89
)
Insurance:
439

 
—

 
—

 
—

 
439

 
—

Total temporary impaired securities
$
28,728

 
$
(2,459
)
 
$
9,795

 
$
(2,667
)
 
$
38,523

 
$
(5,126
)
Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2017 are shown in the following table (in thousands):
 
December 31, 2017
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury debt
$
1,325

 
$
(15
)
 
$
—

 
$
—

 
$
1,325

 
$
(15
)
Foreign debt
159

 
(6
)
 
1,608

 
(183
)
 
1,767

 
(189
)
Corporate debt
3,770

 
(74
)
 
842

 
(203
)
 
4,612

 
(277
)
Preferred stock
50

 
—

 
8,184

 
(585
)
 
8,234

 
(585
)
Mortgage-backed securities
221

 
(17
)
 
36

 
(10
)
 
257

 
(27
)
Common stock
8,001

 
(1,496
)
 
1,728

 
(972
)
 
9,729

 
(2,468
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Fixed income
549

 
(12
)
 
615

 
(37
)
 
1,164

 
(49
)
Total temporary impaired securities
$
14,075

 
$
(1,620
)
 
$
13,013

 
$
(1,990
)
 
$
27,088

 
$
(3,610
)
Preneed funeral trust investment security transactions
Preneed funeral trust investment security transactions recorded in Other, net on the Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2018
 
2017
 
2018
Investment income
$
686

 
$
479

 
$
1,277

 
$
891

Realized gains
1,472

 
11

 
2,296

 
2,907

Realized losses
(933
)
 
(782
)
 
(1,312
)
 
(1,391
)
Expenses and taxes
(377
)
 
(334
)
 
(716
)
 
(478
)
Net change in deferred preneed funeral receipts held in trust
(848
)
 
626

 
(1,545
)
 
(1,929
)
 
$
—

 
$
—

 
$
—

 
$
—
Purchases and sales of investments in preneed funeral trusts
Purchases and sales of investments in the preneed funeral trusts for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2018
 
2017
 
2018
Purchases
$
(10,974
)
 
$
(7,153
)
 
$
(18,582
)
 
$
(10,439
)
Sales
7,242

 
6,617

 
13,243

 
14,212