þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2017 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________ |
Texas | 74-1488375 | |
(State or other jurisdiction of incorporation or organization) | (I. R. S. employer identification number) | |
1929 Allen Parkway, Houston, Texas | 77019 | |
(Address of principal executive offices) | (Zip code) | |
713-522-5141 | ||
(Registrant’s telephone number, including area code) | ||
None | ||
(Former name, former address, or former fiscal year, if changed since last report) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | Emerging growth company o |
(Do not check if smaller reporting company) |
Page | |
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
(In thousands, except per share amounts) | ||||||||
Revenue | $ | 777,710 | $ | 749,219 | ||||
Costs and expenses | (600,545 | ) | (586,296 | ) | ||||
Operating profit | 177,165 | 162,923 | ||||||
General and administrative expenses | (42,504 | ) | (38,904 | ) | ||||
Gains (losses) on divestitures and impairment charges, net | 4,935 | (347 | ) | |||||
Operating income | 139,596 | 123,672 | ||||||
Interest expense | (40,636 | ) | (43,082 | ) | ||||
Loss on early extinguishment of debt | — | (581 | ) | |||||
Other expense, net | (434 | ) | (242 | ) | ||||
Income before income taxes | 98,526 | 79,767 | ||||||
Benefit from (provision for) income taxes | 76,223 | (32,313 | ) | |||||
Net income | 174,749 | 47,454 | ||||||
Net income attributable to noncontrolling interests | (47 | ) | (9 | ) | ||||
Net income attributable to common stockholders | $ | 174,702 | $ | 47,445 | ||||
Basic earnings per share: | ||||||||
Net income attributable to common stockholders | $ | 0.93 | $ | 0.24 | ||||
Basic weighted average number of shares | 188,260 | 194,924 | ||||||
Diluted earnings per share: | ||||||||
Net income attributable to common stockholders | $ | 0.91 | $ | 0.24 | ||||
Diluted weighted average number of shares | 192,867 | 198,030 | ||||||
Dividends declared per share | $ | 0.13 | $ | 0.12 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Net income | $ | 174,749 | $ | 47,454 | |||
Other comprehensive income: | |||||||
Foreign currency translation adjustments | 3,164 | 22,716 | |||||
Total comprehensive income | 177,913 | 70,170 | |||||
Total comprehensive income attributable to noncontrolling interests | (47 | ) | (18 | ) | |||
Total comprehensive income attributable to common stockholders | $ | 177,866 | $ | 70,152 |
March 31, 2017 | December 31, 2016 | ||||||
(In thousands, except share amounts) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 238,254 | $ | 194,986 | |||
Receivables, net | 86,946 | 98,455 | |||||
Inventories | 27,375 | 26,431 | |||||
Other | 38,182 | 34,524 | |||||
Total current assets | 390,757 | 354,396 | |||||
Preneed funeral receivables, net and trust investments | 1,862,655 | 1,817,445 | |||||
Preneed cemetery receivables, net and trust investments | 2,581,745 | 2,487,720 | |||||
Cemetery property | 1,782,731 | 1,776,935 | |||||
Property and equipment, net | 1,810,347 | 1,827,587 | |||||
Goodwill | 1,805,590 | 1,799,081 | |||||
Deferred charges and other assets | 584,406 | 567,520 | |||||
Cemetery perpetual care trust investments | 1,440,935 | 1,407,465 | |||||
Total assets | $ | 12,259,166 | $ | 12,038,149 | |||
LIABILITIES & EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 477,002 | $ | 439,936 | |||
Current maturities of long-term debt | 63,606 | 89,974 | |||||
Income taxes payable | 72,382 | 7,960 | |||||
Total current liabilities | 612,990 | 537,870 | |||||
Long-term debt | 3,224,653 | 3,196,616 | |||||
Deferred preneed funeral revenue | 580,676 | 581,280 | |||||
Deferred preneed cemetery revenue | 1,180,388 | 1,150,137 | |||||
Deferred tax liability | 446,086 | 454,638 | |||||
Other liabilities | 362,338 | 510,322 | |||||
Deferred preneed receipts held in trust | 3,226,020 | 3,103,796 | |||||
Care trusts’ corpus | 1,442,265 | 1,408,243 | |||||
Commitments and contingencies (Note 12) | |||||||
Equity: | |||||||
Common stock, $1 per share par value, 500,000,000 shares authorized, 196,761,485 and 195,403,644 shares issued, respectively, and 187,949,951 and 189,405,244 shares outstanding, respectively | 187,950 | 189,405 | |||||
Capital in excess of par value | 968,194 | 990,203 | |||||
Retained earnings (accumulated deficit) | 5,369 | (103,387 | ) | ||||
Accumulated other comprehensive income | 19,656 | 16,492 | |||||
Total common stockholders’ equity | 1,181,169 | 1,092,713 | |||||
Noncontrolling interests | 2,581 | 2,534 | |||||
Total equity | 1,183,750 | 1,095,247 | |||||
Total liabilities and equity | $ | 12,259,166 | $ | 12,038,149 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 174,749 | $ | 47,454 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Loss on early extinguishment of debt | — | 581 | |||||
Depreciation and amortization | 38,043 | 35,834 | |||||
Amortization of intangible assets | 6,844 | 7,667 | |||||
Amortization of cemetery property | 13,881 | 13,599 | |||||
Amortization of loan costs | 1,433 | 1,615 | |||||
Provision for doubtful accounts | 2,484 | 538 | |||||
Benefit from deferred income taxes | (149,585 | ) | (1,291 | ) | |||
(Gain) loss on divestitures and impairment charges, net | (4,935 | ) | 347 | ||||
Share-based compensation | 3,633 | 3,067 | |||||
Excess tax benefits from share-based awards | — | (2,258 | ) | ||||
Change in assets and liabilities, net of effects from acquisitions and divestitures: | |||||||
Decrease in receivables | 10,959 | 9,340 | |||||
(Increase) decrease in other assets | (4,858 | ) | 1,598 | ||||
Increase in payables and other liabilities | 86,596 | 56,062 | |||||
Effect of preneed funeral production and maturities: | |||||||
(Increase) decrease in preneed funeral receivables, net and trust investments | (790 | ) | 3,146 | ||||
Decrease in deferred preneed funeral revenue | (3,198 | ) | (599 | ) | |||
Decrease in deferred preneed funeral receipts held in trust | (5,263 | ) | (10,273 | ) | |||
Effect of cemetery production and deliveries: | |||||||
Increase in preneed cemetery receivables, net and trust investments | (9,453 | ) | (7,869 | ) | |||
Increase in deferred preneed cemetery revenue | 26,599 | 22,286 | |||||
Increase in deferred preneed cemetery receipts held in trust | 1,244 | 3,918 | |||||
Net cash provided by operating activities | 188,383 | 184,762 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (40,150 | ) | (41,708 | ) | |||
Acquisitions | (19,327 | ) | (56 | ) | |||
Proceeds from divestitures and sales of property and equipment | 3,148 | 10,164 | |||||
Net withdrawals of restricted funds | — | 5,120 | |||||
Net cash used in investing activities | (56,329 | ) | (26,480 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of long-term debt | 35,000 | 590,000 | |||||
Debt issuance costs | — | (5,035 | ) | ||||
Payments of debt | (8,787 | ) | (10,054 | ) | |||
Early extinguishment of debt | — | (580,483 | ) | ||||
Principal payments on capital leases | (21,055 | ) | (8,156 | ) | |||
Proceeds from exercise of stock options | 15,261 | 3,133 | |||||
Excess tax benefits from share-based awards | — | 2,258 | |||||
Purchase of Company common stock | (83,460 | ) | (54,632 | ) | |||
Payments of dividends | (24,433 | ) | (23,324 | ) | |||
Bank overdrafts and other | (2,096 | ) | 1,369 | ||||
Net cash used in financing activities | (89,570 | ) | (84,924 | ) | |||
Effect of foreign currency on cash and cash equivalents | 784 | 5,548 | |||||
Net increase in cash and cash equivalents | 43,268 | 78,906 | |||||
Cash and cash equivalents at beginning of period | 194,986 | 134,599 | |||||
Cash and cash equivalents at end of period | $ | 238,254 | $ | 213,505 |
Common Stock | Treasury Stock | Capital in Excess of Par Value | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income | Noncontrolling Interests | Total | |||||||||||||||||||||
Balance at December 31, 2016 | $ | 195,403 | $ | (5,998 | ) | $ | 990,203 | $ | (103,387 | ) | $ | 16,492 | $ | 2,534 | $ | 1,095,247 | |||||||||||
Comprehensive income | — | — | — | 174,702 | 3,164 | 47 | 177,913 | ||||||||||||||||||||
Dividends declared on common stock ($0.13 per share) | — | — | (24,433 | ) | — | — | — | (24,433 | ) | ||||||||||||||||||
Employee share-based compensation earned | — | — | 3,633 | — | — | — | 3,633 | ||||||||||||||||||||
Stock option exercises | 1,122 | — | 14,139 | — | — | — | 15,261 | ||||||||||||||||||||
Restricted stock awards, net of forfeitures | 209 | — | (209 | ) | — | — | — | — | |||||||||||||||||||
Purchase of Company common stock | — | (2,813 | ) | (14,701 | ) | (65,946 | ) | — | — | (83,460 | ) | ||||||||||||||||
Other | 27 | — | (438 | ) | — | — | — | (411 | ) | ||||||||||||||||||
Balance at March 31, 2017 | $ | 196,761 | $ | (8,811 | ) | $ | 968,194 | $ | 5,369 | $ | 19,656 | $ | 2,581 | $ | 1,183,750 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Deposits | $ | 34,976 | $ | 27,708 | |||
Withdrawals | $ | 42,123 | $ | 35,170 | |||
Purchases of available-for-sale securities | $ | 90,952 | $ | 109,522 | |||
Sales of available-for-sale securities | $ | 89,412 | $ | 99,493 |
March 31, 2017 | December 31, 2016 | ||||||
(In thousands) | |||||||
Trust investments, at market | $ | 1,199,453 | $ | 1,152,752 | |||
Cash and cash equivalents | 115,914 | 122,517 | |||||
Insurance-backed fixed income securities | 270,348 | 271,248 | |||||
Trust investments | 1,585,715 | 1,546,517 | |||||
Receivables from customers | 319,456 | 312,556 | |||||
Unearned finance charge | (13,233 | ) | (12,562 | ) | |||
1,891,938 | 1,846,511 | ||||||
Allowance for cancellation | (29,283 | ) | (29,066 | ) | |||
Preneed funeral receivables, net and trust investments | $ | 1,862,655 | $ | 1,817,445 |
March 31, 2017 | |||||||||||||||||
Value Hierarchy Level | Cost | Unrealized Gains | Unrealized Losses | Value | |||||||||||||
(In thousands) | |||||||||||||||||
Fixed income securities: | |||||||||||||||||
U.S. Treasury | 2 | $ | 72,835 | $ | 405 | $ | (372 | ) | $ | 72,868 | |||||||
Canadian government | 2 | 53,740 | 254 | (59 | ) | 53,935 | |||||||||||
Corporate | 2 | 11,874 | 193 | (71 | ) | 11,996 | |||||||||||
Residential mortgage-backed | 2 | 172 | 17 | — | 189 | ||||||||||||
Asset-backed | 2 | 52 | — | (1 | ) | 51 | |||||||||||
Equity securities: | |||||||||||||||||
Preferred stock | 2 | 1,425 | 112 | (54 | ) | 1,483 | |||||||||||
Common stock: | |||||||||||||||||
United States | 1 | 332,089 | 62,224 | (5,017 | ) | 389,296 | |||||||||||
Canada | 1 | 11,593 | 2,966 | (441 | ) | 14,118 | |||||||||||
Other international | 1 | 23,513 | 2,212 | (2,439 | ) | 23,286 | |||||||||||
Mutual funds: | |||||||||||||||||
Equity | 1 | 320,086 | 15,302 | (12,428 | ) | 322,960 | |||||||||||
Fixed income | 1 | 94,756 | 1,332 | (6,782 | ) | 89,306 | |||||||||||
Other | 3 | 4,017 | 1,448 | (30 | ) | 5,435 | |||||||||||
Trust investments, at fair value | 926,152 | 86,465 | (27,694 | ) | 984,923 | ||||||||||||
Fixed income commingled funds | 174,432 | 4,608 | (1,131 | ) | 177,909 | ||||||||||||
Private equity | 36,430 | 3,150 | (2,959 | ) | 36,621 | ||||||||||||
Trust investments, at net asset value | 210,862 | 7,758 | (4,090 | ) | 214,530 | ||||||||||||
Trust investments, at market | $ | 1,137,014 | $ | 94,223 | $ | (31,784 | ) | $ | 1,199,453 |
December 31, 2016 | |||||||||||||||||
Value Hierarchy Level | Cost | Unrealized Gains | Unrealized Losses | Value | |||||||||||||
(In thousands) | |||||||||||||||||
Fixed income securities: | |||||||||||||||||
U.S. Treasury | 2 | $ | 75,245 | $ | 317 | $ | (557 | ) | $ | 75,005 | |||||||
Canadian government | 2 | 55,752 | 272 | (42 | ) | 55,982 | |||||||||||
Corporate | 2 | 12,702 | 177 | (92 | ) | 12,787 | |||||||||||
Residential mortgage-backed | 2 | 29 | 1 | — | 30 | ||||||||||||
Asset-backed | 2 | 58 | — | (3 | ) | 55 | |||||||||||
Equity securities: | |||||||||||||||||
Preferred stock | 2 | 1,428 | 81 | (39 | ) | 1,470 | |||||||||||
Common stock: | |||||||||||||||||
United States | 1 | 334,854 | 49,785 | (11,525 | ) | 373,114 | |||||||||||
Canada | 1 | 11,853 | 2,592 | (263 | ) | 14,182 | |||||||||||
Other international | 1 | 25,761 | 1,824 | (3,167 | ) | 24,418 | |||||||||||
Mutual funds: | |||||||||||||||||
Equity | 1 | 313,132 | 7,780 | (26,842 | ) | 294,070 | |||||||||||
Fixed income | 1 | 92,760 | 1,344 | (7,368 | ) | 86,736 | |||||||||||
Other | 3 | 4,079 | 1,214 | (17 | ) | 5,276 | |||||||||||
Trust investments, at fair value | 927,653 | 65,387 | (49,915 | ) | 943,125 | ||||||||||||
Fixed income commingled funds | 168,959 | 3,177 | (1,167 | ) | 170,969 | ||||||||||||
Private equity | 40,892 | 2,956 | (5,190 | ) | 38,658 | ||||||||||||
Trust investments, at net asset value | 209,851 | 6,133 | (6,357 | ) | 209,627 | ||||||||||||
Trust investments, at market | $ | 1,137,504 | $ | 71,520 | $ | (56,272 | ) | $ | 1,152,752 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Fair value, beginning balance | $ | 5,276 | $ | 4,756 | |||
Net unrealized gains included in Accumulated other comprehensive income(1) | 221 | 55 | |||||
Distributions and other | (62 | ) | — | ||||
Fair value, ending balance | $ | 5,435 | $ | 4,811 |
(1) | All net unrealized gains recognized in Accumulated other comprehensive income for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed receipts held in trust. See Note 6 for further information related to our Deferred preneed receipts held in trust. |
Fair Value | |||
(In thousands) | |||
Due in one year or less | $ | 71,410 | |
Due in one to five years | 26,461 | ||
Due in five to ten years | 33,537 | ||
Thereafter | 7,631 | ||
$ | 139,039 |
March 31, 2017 | |||||||||||||||||||||||
In Loss Position Less Than 12 Months | In Loss Position Greater Than 12 Months | Total | |||||||||||||||||||||
Value | Unrealized Losses | Value | Unrealized Losses | Value | Unrealized Losses | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
U.S. Treasury | $ | 24,169 | $ | (372 | ) | $ | — | $ | — | $ | 24,169 | $ | (372 | ) | |||||||||
Canadian government | 4,011 | (45 | ) | 173 | (14 | ) | 4,184 | (59 | ) | ||||||||||||||
Corporate | 1,383 | (15 | ) | 2,564 | (56 | ) | 3,947 | (71 | ) | ||||||||||||||
Asset-backed | — | — | 51 | (1 | ) | 51 | (1 | ) | |||||||||||||||
Equity securities: | |||||||||||||||||||||||
Preferred stock | 112 | (29 | ) | 95 | (25 | ) | 207 | (54 | ) | ||||||||||||||
Common stock: | |||||||||||||||||||||||
United States | 58,091 | (5,017 | ) | 13,858 | — | 71,949 | (5,017 | ) | |||||||||||||||
Canada | 3,353 | (430 | ) | 124 | (11 | ) | 3,477 | (441 | ) | ||||||||||||||
Other international | 3,846 | (357 | ) | 7,567 | (2,082 | ) | 11,413 | (2,439 | ) | ||||||||||||||
Mutual funds: | |||||||||||||||||||||||
Equity | 25,972 | (1,954 | ) | 132,756 | (10,474 | ) | 158,728 | (12,428 | ) | ||||||||||||||
Fixed income | 26,910 | (447 | ) | 30,967 | (6,335 | ) | 57,877 | (6,782 | ) | ||||||||||||||
Other | — | — | 1,400 | (30 | ) | 1,400 | (30 | ) | |||||||||||||||
Trust investments, at fair value | 147,847 | (8,666 | ) | 189,555 | (19,028 | ) | 337,402 | (27,694 | ) | ||||||||||||||
Fixed income commingled funds | 72,487 | (467 | ) | 18,383 | (664 | ) | 90,870 | (1,131 | ) | ||||||||||||||
Private equity | 28 | (17 | ) | 20,373 | (2,942 | ) | 20,401 | (2,959 | ) | ||||||||||||||
Trust investments, at net asset value | 72,515 | (484 | ) | 38,756 | (3,606 | ) | 111,271 | (4,090 | ) | ||||||||||||||
Total temporarily impaired securities | $ | 220,362 | $ | (9,150 | ) | $ | 228,311 | $ | (22,634 | ) | $ | 448,673 | $ | (31,784 | ) |
December 31, 2016 | |||||||||||||||||||||||
In Loss Position Less Than 12 Months | In Loss Position Greater Than 12 Months | Total | |||||||||||||||||||||
Value | Unrealized Losses | Value | Unrealized Losses | Value | Unrealized Losses | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
U.S. Treasury | $ | 25,996 | $ | (557 | ) | $ | — | $ | — | $ | 25,996 | $ | (557 | ) | |||||||||
Canadian government | 2,847 | (30 | ) | 191 | (12 | ) | 3,038 | (42 | ) | ||||||||||||||
Corporate | 1,710 | (15 | ) | 3,560 | (77 | ) | 5,270 | (92 | ) | ||||||||||||||
Residential mortgage-backed | — | — | 55 | (3 | ) | 55 | (3 | ) | |||||||||||||||
Equity securities: | |||||||||||||||||||||||
Preferred stock | 125 | (17 | ) | 98 | (22 | ) | 223 | (39 | ) | ||||||||||||||
Common stock: | |||||||||||||||||||||||
United States | 87,059 | (8,149 | ) | 14,939 | (3,376 | ) | 101,998 | (11,525 | ) | ||||||||||||||
Canada | 2,832 | (254 | ) | 482 | (9 | ) | 3,314 | (263 | ) | ||||||||||||||
Other international | 5,390 | (1,301 | ) | 7,368 | (1,866 | ) | 12,758 | (3,167 | ) | ||||||||||||||
Mutual funds: | |||||||||||||||||||||||
Equity | 108,109 | (5,080 | ) | 127,273 | (21,762 | ) | 235,382 | (26,842 | ) | ||||||||||||||
Fixed income | 34,120 | (817 | ) | 31,654 | (6,551 | ) | 65,774 | (7,368 | ) | ||||||||||||||
Other | 26 | (2 | ) | 1,160 | (15 | ) | 1,186 | (17 | ) | ||||||||||||||
Trust investments, at fair value | 268,214 | (16,222 | ) | 186,780 | (33,693 | ) | 454,994 | (49,915 | ) | ||||||||||||||
Fixed income commingled funds | 75,041 | (687 | ) | 17,656 | (480 | ) | 92,697 | (1,167 | ) | ||||||||||||||
Private equity | 693 | (481 | ) | 22,812 | (4,709 | ) | 23,505 | (5,190 | ) | ||||||||||||||
Trust investments, at net asset value | 75,734 | (1,168 | ) | 40,468 | (5,189 | ) | 116,202 | (6,357 | ) | ||||||||||||||
Total temporarily impaired securities | $ | 343,948 | $ | (17,390 | ) | $ | 227,248 | $ | (38,882 | ) | $ | 571,196 | $ | (56,272 | ) |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Deposits | $ | 39,522 | $ | 36,998 | |||
Withdrawals | $ | 38,534 | $ | 32,411 | |||
Purchases of available-for-sale securities | $ | 398,813 | $ | 131,851 | |||
Sales of available-for-sale securities | $ | 384,538 | $ | 118,581 |
March 31, 2017 | December 31, 2016 | ||||||
(In thousands) | |||||||
Trust investments, at market | $ | 1,534,024 | $ | 1,435,083 | |||
Cash and cash equivalents | 107,287 | 123,146 | |||||
Trust investments | 1,641,311 | 1,558,229 | |||||
Receivables from customers | 1,049,235 | 1,038,592 | |||||
Unearned finance charges | (33,055 | ) | (33,427 | ) | |||
2,657,491 | 2,563,394 | ||||||
Allowance for cancellation | (75,746 | ) | (75,674 | ) | |||
Preneed cemetery receivables, net and trust investments | $ | 2,581,745 | $ | 2,487,720 |
March 31, 2017 | |||||||||||||||||
Value Hierarchy Level | Cost | Unrealized Gains | Unrealized Losses | Value | |||||||||||||
(In thousands) | |||||||||||||||||
Fixed income securities: | |||||||||||||||||
U.S. Treasury | 2 | $ | 7,450 | $ | 10 | $ | (6 | ) | $ | 7,454 | |||||||
Canadian government | 2 | 9,052 | 10 | (84 | ) | 8,978 | |||||||||||
Corporate | 2 | 1,587 | 15 | (40 | ) | 1,562 | |||||||||||
Asset-backed | 2 | 169 | 16 | — | 185 | ||||||||||||
Equity securities: | |||||||||||||||||
Common stock: | |||||||||||||||||
United States | 1 | 542,523 | 76,165 | (11,907 | ) | 606,781 | |||||||||||
Canada | 1 | 8,897 | 5,188 | (60 | ) | 14,025 | |||||||||||
Other international | 1 | 33,081 | 3,542 | (2,550 | ) | 34,073 | |||||||||||
Mutual funds: | |||||||||||||||||
Equity | 1 | 372,427 | 17,328 | (13,079 | ) | 376,676 | |||||||||||
Fixed income | 1 | 264,979 | 2,959 | (10,310 | ) | 257,628 | |||||||||||
Trust investments, at fair value | 1,240,165 | 105,233 | (38,036 | ) | 1,307,362 | ||||||||||||
Fixed income commingled funds | 181,054 | 5,100 | (293 | ) | 185,861 | ||||||||||||
Private equity | 41,393 | 4,962 | (5,554 | ) | 40,801 | ||||||||||||
Trust investments, at net asset value | 222,447 | 10,062 | (5,847 | ) | 226,662 | ||||||||||||
Trust investments, at market | $ | 1,462,612 | $ | 115,295 | $ | (43,883 | ) | $ | 1,534,024 |
December 31, 2016 | |||||||||||||||||
Value Hierarchy Level | Cost | Unrealized Gains | Unrealized Losses | Value | |||||||||||||
(In thousands) | |||||||||||||||||
Fixed income securities: | |||||||||||||||||
U.S. Treasury | 2 | $ | 70,070 | $ | 567 | $ | (281 | ) | $ | 70,356 | |||||||
Canadian government | 2 | 9,109 | 49 | (66 | ) | 9,092 | |||||||||||
Corporate | 2 | 1,596 | 18 | (34 | ) | 1,580 | |||||||||||
Asset-backed | 2 | 170 | 13 | — | 183 | ||||||||||||
Equity securities: | |||||||||||||||||
Common stock: | |||||||||||||||||
United States | 1 | 539,445 | 72,682 | (21,680 | ) | 590,447 | |||||||||||
Canada | 1 | 9,027 | 4,807 | (84 | ) | 13,750 | |||||||||||
Other international | 1 | 42,870 | 3,023 | (5,229 | ) | 40,664 | |||||||||||
Mutual funds: | |||||||||||||||||
Equity | 1 | 356,079 | 7,812 | (29,603 | ) | 334,288 | |||||||||||
Fixed income | 1 | 94,383 | 1,535 | (9,854 | ) | 86,064 | |||||||||||
Trust investments, at fair value | 1,122,749 | 90,506 | (66,831 | ) | 1,146,424 | ||||||||||||
Fixed income commingled funds | 245,813 | 5,347 | (1,681 | ) | 249,479 | ||||||||||||
Private equity | 37,881 | 4,616 | (3,317 | ) | 39,180 | ||||||||||||
Trust investments, at net asset value | 283,694 | 9,963 | (4,998 | ) | 288,659 | ||||||||||||
Trust investments, at market | $ | 1,406,443 | $ | 100,469 | $ | (71,829 | ) | $ | 1,435,083 |
Three Months Ended | |||
March 31, | |||
2016 | |||
(In thousands) | |||
Fair value, beginning balance | $ | 1,504 | |
Net unrealized losses included in Accumulated other comprehensive income(1) | (207 | ) | |
Fair value, ending balance | $ | 1,297 |
(1) | All net unrealized losses recognized in Accumulated other comprehensive income for our merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed receipts held in trust. See Note 6 for further information related to our Deferred preneed receipts held in trust. |
Fair Value | |||
(In thousands) | |||
Due in one year or less | $ | 3,306 | |
Due in one to five years | 14,675 | ||
Due in five to ten years | 198 | ||
$ | 18,179 |
March 31, 2017 | |||||||||||||||||||||||
In Loss Position Less Than 12 Months | In Loss Position Greater Than 12 Months | Total | |||||||||||||||||||||
Value | Unrealized Losses | Value | Unrealized Losses | Value | Unrealized Losses | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
U.S. Treasury | $ | 4,542 | $ | (6 | ) | $ | — | $ | — | $ | 4,542 | $ | (6 | ) | |||||||||
Canadian government | 1,416 | (10 | ) | 1,184 | (74 | ) | 2,600 | (84 | ) | ||||||||||||||
Corporate | — | — | 731 | (40 | ) | 731 | (40 | ) | |||||||||||||||
Equity securities: | |||||||||||||||||||||||
Common stock: | |||||||||||||||||||||||
United States | 132,638 | (8,635 | ) | 11,759 | (3,272 | ) | 144,397 | (11,907 | ) | ||||||||||||||
Canada | 420 | (44 | ) | 861 | (16 | ) | 1,281 | (60 | ) | ||||||||||||||
Other international | 5,703 | (524 | ) | 7,754 | (2,026 | ) | 13,457 | (2,550 | ) | ||||||||||||||
Mutual funds: | |||||||||||||||||||||||
Equity | 12,921 | (846 | ) | 150,724 | (12,233 | ) | 163,645 | (13,079 | ) | ||||||||||||||
Fixed income | 26,620 | (445 | ) | 45,679 | (9,865 | ) | 72,299 | (10,310 | ) | ||||||||||||||
Trust investments, at fair value | 184,260 | (10,510 | ) | 218,692 | (27,526 | ) | 402,952 | (38,036 | ) | ||||||||||||||
Fixed income commingled funds | 97,530 | (293 | ) | — | — | 97,530 | (293 | ) | |||||||||||||||
Private equity | — | — | 16,420 | (5,554 | ) | 16,420 | (5,554 | ) | |||||||||||||||
Trust investments, at net asset value | 97,530 | (293 | ) | 16,420 | (5,554 | ) | 113,950 | (5,847 | ) | ||||||||||||||
Total temporarily impaired securities | $ | 281,790 | $ | (10,803 | ) | $ | 235,112 | $ | (33,080 | ) | $ | 516,902 | $ | (43,883 | ) |
December 31, 2016 | |||||||||||||||||||||||
In Loss Position Less Than 12 Months | In Loss Position Greater Than 12 Months | Total | |||||||||||||||||||||
Value | Unrealized Losses | Value | Unrealized Losses | Value | Unrealized Losses | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
U.S. Treasury | $ | 15,413 | $ | (281 | ) | $ | — | $ | — | $ | 15,413 | $ | (281 | ) | |||||||||
Canadian government | — | — | 1,192 | (66 | ) | 1,192 | (66 | ) | |||||||||||||||
Corporate | — | — | 736 | (34 | ) | 736 | (34 | ) | |||||||||||||||
Equity securities: | |||||||||||||||||||||||
Common stock: | |||||||||||||||||||||||
United States | 149,530 | (13,680 | ) | 23,010 | (8,000 | ) | 172,540 | (21,680 | ) | ||||||||||||||
Canada | 408 | (82 | ) | 38 | (2 | ) | 446 | (84 | ) | ||||||||||||||
Other international | 9,707 | (2,330 | ) | 11,442 | (2,899 | ) | 21,149 | (5,229 | ) | ||||||||||||||
Mutual funds: | |||||||||||||||||||||||
Equity | 125,728 | (4,728 | ) | 146,332 | (24,875 | ) | 272,060 | (29,603 | ) | ||||||||||||||
Fixed income | 26,566 | (446 | ) | 45,337 | (9,408 | ) | 71,903 | (9,854 | ) | ||||||||||||||
Trust investments, at fair value | 327,352 | (21,547 | ) | 228,087 | (45,284 | ) | 555,439 | (66,831 | ) | ||||||||||||||
Fixed income commingled funds | 133,164 | (1,681 | ) | — | — | 133,164 | (1,681 | ) | |||||||||||||||
Private equity | 558 | (1 | ) | 16,769 | (3,316 | ) | 17,327 | (3,317 | ) | ||||||||||||||
Trust investments, at net asset value | 133,722 | (1,682 | ) | 16,769 | (3,316 | ) | 150,491 | (4,998 | ) | ||||||||||||||
Total temporarily impaired securities | $ | 461,074 | $ | (23,229 | ) | $ | 244,856 | $ | (48,600 | ) | $ | 705,930 | $ | (71,829 | ) |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Deposits | $ | 9,989 | $ | 9,813 | |||
Withdrawals | $ | 12,425 | $ | 16,294 | |||
Purchases of available-for-sale securities | $ | 27,266 | $ | 48,476 | |||
Sales of available-for-sale securities | $ | 13,975 | $ | 33,522 |
March 31, 2017 | December 31, 2016 | ||||||
(In thousands) | |||||||
Trust investments, at market | $ | 1,378,853 | $ | 1,349,073 | |||
Cash and cash equivalents | 62,082 | 58,392 | |||||
Cemetery perpetual care trust investments | $ | 1,440,935 | $ | 1,407,465 |
March 31, 2017 | |||||||||||||||||
Value Hierarchy Level | Cost | Unrealized Gains | Unrealized Losses | Value | |||||||||||||
(In thousands) | |||||||||||||||||
Fixed income securities: | |||||||||||||||||
U.S. Treasury | 2 | $ | 10 | $ | — | $ | — | $ | 10 | ||||||||
Canadian government | 2 | 14,085 | 16 | (142 | ) | 13,959 | |||||||||||
Corporate | 2 | 4,503 | 98 | (107 | ) | 4,494 | |||||||||||
Residential mortgage-backed | 2 | 251 | 1 | (1 | ) | 251 | |||||||||||
Asset-backed | 2 | 112 | 3 | (15 | ) | 100 | |||||||||||
Equity securities: | |||||||||||||||||
Preferred stock | 2 | 1,469 | 18 | (89 | ) | 1,398 | |||||||||||
Common stock: | |||||||||||||||||
United States | 1 | 243,197 | 39,567 | (4,899 | ) | 277,865 | |||||||||||
Canada | 1 | 4,863 | 2,875 | (90 | ) | 7,648 | |||||||||||
Other international | 1 | 10,655 | 275 | (936 | ) | 9,994 | |||||||||||
Mutual funds: | |||||||||||||||||
Equity | 1 | 15,484 | 3,808 | (258 | ) | 19,034 | |||||||||||
Fixed income | 1 | 692,627 | 3,948 | (20,870 | ) | 675,705 | |||||||||||
Other | 3 | 622 | 1,256 | — | 1,878 | ||||||||||||
Trust investments, at fair value | 987,878 | 51,865 | (27,407 | ) | 1,012,336 | ||||||||||||
Fixed income commingled funds | 278,935 | — | (8,967 | ) | 269,968 | ||||||||||||
Private equity | 100,496 | 2,938 | (6,885 | ) | 96,549 | ||||||||||||
Trust investments, at net asset value | 379,431 | 2,938 | (15,852 | ) | 366,517 | ||||||||||||
Trust investments, at market | $ | 1,367,309 | $ | 54,803 | $ | (43,259 | ) | $ | 1,378,853 |
December 31, 2016 | |||||||||||||||||
Value Hierarchy Level | Cost | Unrealized Gains | Unrealized Losses | Value | |||||||||||||
(In thousands) | |||||||||||||||||
Fixed income securities: | |||||||||||||||||
Canadian government | 2 | $ | 14,280 | $ | 88 | $ | (114 | ) | $ | 14,254 | |||||||
Corporate | 2 | 4,636 | 100 | (101 | ) | 4,635 | |||||||||||
Residential mortgage-backed | 2 | 304 | — | (1 | ) | 303 | |||||||||||
Asset-backed | 2 | 220 | 3 | (28 | ) | 195 | |||||||||||
Equity securities: | |||||||||||||||||
Preferred stock | 2 | 1,479 | 2 | (117 | ) | 1,364 | |||||||||||
Common stock: | |||||||||||||||||
United States | 1 | 233,643 | 28,679 | (2,337 | ) | 259,985 | |||||||||||
Canada | 1 | 4,828 | 2,631 | (108 | ) | 7,351 | |||||||||||
Other international | 1 | 14,607 | 148 | (2,236 | ) | 12,519 | |||||||||||
Mutual funds: | |||||||||||||||||
Equity | 1 | 18,909 | 4,370 | (412 | ) | 22,867 | |||||||||||
Fixed income | 1 | 688,472 | 3,324 | (28,997 | ) | 662,799 | |||||||||||
Other | 3 | 633 | 1,254 | — | 1,887 | ||||||||||||
Trust investments, at fair value | 982,011 | 40,599 | (34,451 | ) | 988,159 | ||||||||||||
Fixed income commingled funds | 277,662 | — | (9,386 | ) | 268,276 | ||||||||||||
Private equity | 97,108 | 2,240 | (6,710 | ) | 92,638 | ||||||||||||
Trust investments, at net asset value | 374,770 | 2,240 | (16,096 | ) | 360,914 | ||||||||||||
Trust investments, at market | $ | 1,356,781 | $ | 42,839 | $ | (50,547 | ) | $ | 1,349,073 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Fair market value, beginning balance | $ | 1,887 | $ | 1,902 | |||
Net unrealized losses included in Accumulated other comprehensive income(1) | 2 | (19 | ) | ||||
Distributions and other | (11 | ) | — | ||||
Fair market value, ending balance | $ | 1,878 | $ | 1,883 |
(1) | All net unrealized losses recognized in Accumulated other comprehensive income for our cemetery perpetual care trust investments are offset by a corresponding reclassification in Accumulated other comprehensive income to Care trusts’ corpus. See Note 6 for further information related to our Care trusts’ corpus. |
Fair Value | |||
(In thousands) | |||
Due in one year or less | $ | 1,795 | |
Due in one to five years | 16,719 | ||
Due in five to ten years | 105 | ||
Thereafter | 195 | ||
$ | 18,814 |
March 31, 2017 | |||||||||||||||||||||||
In Loss Position Less Than 12 Months | In Loss Position Greater Than 12 Months | Total | |||||||||||||||||||||
Value | Unrealized Losses | Value | Unrealized Losses | Value | Unrealized Losses | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
Canadian government | $ | 1,501 | $ | (14 | ) | $ | 1,943 | $ | (128 | ) | $ | 3,444 | $ | (142 | ) | ||||||||
Corporate | 628 | (13 | ) | 1,453 | (94 | ) | 2,081 | (107 | ) | ||||||||||||||
Residential mortgage-backed | 203 | (1 | ) | — | — | 203 | (1 | ) | |||||||||||||||
Asset-backed | 41 | (10 | ) | 10 | (5 | ) | 51 | (15 | ) | ||||||||||||||
Equity securities: | |||||||||||||||||||||||
Preferred stock | 367 | (6 | ) | 416 | (83 | ) | 783 | (89 | ) | ||||||||||||||
Common stock: | |||||||||||||||||||||||
United States | 28,989 | (2,332 | ) | 10,246 | (2,567 | ) | 39,235 | (4,899 | ) | ||||||||||||||
Canada | 129 | (24 | ) | 757 | (66 | ) | 886 | (90 | ) | ||||||||||||||
Other international | 4,547 | (66 | ) | 2,663 | (870 | ) | 7,210 | (936 | ) | ||||||||||||||
Mutual funds: | |||||||||||||||||||||||
Equity | 399 | (27 | ) | 1,941 | (231 | ) | 2,340 | (258 | ) | ||||||||||||||
Fixed income | 266,649 | (1,819 | ) | 342,090 | (19,051 | ) | 608,739 | (20,870 | ) | ||||||||||||||
Trust investments, at fair value | 303,453 | (4,312 | ) | 361,519 | (23,095 | ) | 664,972 | (27,407 | ) | ||||||||||||||
Fixed income commingled funds | 269,968 | (8,967 | ) | — | — | 269,968 | (8,967 | ) | |||||||||||||||
Private equity | 924 | (31 | ) | 34,880 | (6,854 | ) | 35,804 | (6,885 | ) | ||||||||||||||
Trust investments, at net asset value | 270,892 | (8,998 | ) | 34,880 | (6,854 | ) | 305,772 | (15,852 | ) | ||||||||||||||
Total temporarily impaired securities | $ | 574,345 | $ | (13,310 | ) | $ | 396,399 | $ | (29,949 | ) | $ | 970,744 | $ | (43,259 | ) |
December 31, 2016 | |||||||||||||||||||||||
In Loss Position Less Than 12 Months | In Loss Position Greater Than 12 Months | Total | |||||||||||||||||||||
Value | Unrealized Losses | Value | Unrealized Losses | Value | Unrealized Losses | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
Canadian government | $ | 66 | $ | (1 | ) | $ | 1,961 | $ | (113 | ) | $ | 2,027 | $ | (114 | ) | ||||||||
Corporate | 397 | (7 | ) | 1,866 | (94 | ) | 2,263 | (101 | ) | ||||||||||||||
Residential mortgage-backed | 303 | (1 | ) | — | — | 303 | (1 | ) | |||||||||||||||
Asset-backed | 28 | (22 | ) | 101 | (6 | ) | 129 | (28 | ) | ||||||||||||||
Equity securities: | |||||||||||||||||||||||
Preferred stock | 846 | (36 | ) | 417 | (81 | ) | 1,263 | (117 | ) | ||||||||||||||
Common stock: | |||||||||||||||||||||||
United States | 34,844 | (1,339 | ) | 12,974 | (998 | ) | 47,818 | (2,337 | ) | ||||||||||||||
Canada | 78 | (47 | ) | 558 | (61 | ) | 636 | (108 | ) | ||||||||||||||
Other international | 4,177 | (508 | ) | 5,715 | (1,728 | ) | 9,892 | (2,236 | ) | ||||||||||||||
Mutual funds: | |||||||||||||||||||||||
Equity | 877 | (17 | ) | 2,899 | (395 | ) | 3,776 | (412 | ) | ||||||||||||||
Fixed income | 263,231 | (4,678 | ) | 348,623 | (24,319 | ) | 611,854 | (28,997 | ) | ||||||||||||||
Trust investments, at fair value | 304,847 | (6,656 | ) | 375,114 | (27,795 | ) | 679,961 | (34,451 | ) | ||||||||||||||
Fixed income commingled funds | 265,345 | (9,346 | ) | 2,931 | (40 | ) | 268,276 | (9,386 | ) | ||||||||||||||
Private equity | 21,426 | (268 | ) | 33,519 | (6,442 | ) | 54,945 | (6,710 | ) | ||||||||||||||
Trust investments, at net asset value | 286,771 | (9,614 | ) | 36,450 | (6,482 | ) | 323,221 | (16,096 | ) | ||||||||||||||
Total temporarily impaired securities | $ | 591,618 | $ | (16,270 | ) | $ | 411,564 | $ | (34,277 | ) | $ | 1,003,182 | $ | (50,547 | ) |
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Preneed Funeral | Preneed Cemetery | Total | Preneed Funeral | Preneed Cemetery | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Trust investments | $ | 1,585,715 | $ | 1,641,311 | $ | 3,227,026 | $ | 1,546,517 | $ | 1,558,229 | $ | 3,104,746 | |||||||||||
Accrued trust operating payables and other | (605 | ) | (401 | ) | (1,006 | ) | (589 | ) | (361 | ) | (950 | ) | |||||||||||
Deferred preneed receipts held in trust | $ | 1,585,110 | $ | 1,640,910 | $ | 3,226,020 | $ | 1,545,928 | $ | 1,557,868 | $ | 3,103,796 |
March 31, 2017 | December 31, 2016 | ||||||
(In thousands) | |||||||
Cemetery perpetual care trust investments | $ | 1,440,935 | $ | 1,407,465 | |||
Accrued trust deferred taxes, operating payables, and other | 1,330 | 778 | |||||
Care trusts’ corpus | $ | 1,442,265 | $ | 1,408,243 |
Three Months Ended March 31, 2017 | |||||||||||||||||||
Funeral Trusts | Cemetery Trusts | Cemetery Perpetual Care Trusts | Other, Net | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Realized gains | $ | 11,561 | $ | 40,029 | $ | 843 | $ | — | $ | 52,433 | |||||||||
Realized losses | (5,544 | ) | (14,261 | ) | (1,969 | ) | — | (21,774 | ) | ||||||||||
Impairment charges | (4,267 | ) | (765 | ) | (7 | ) | — | (5,039 | ) | ||||||||||
Interest, dividend, and other ordinary income | 2,810 | 7,773 | 12,576 | — | 23,159 | ||||||||||||||
Trust expenses and income taxes | (4,109 | ) | (11,075 | ) | (5,170 | ) | — | (20,354 | ) | ||||||||||
Net trust investment (loss) income | 451 | 21,701 | 6,273 | — | 28,425 | ||||||||||||||
Reclassification to deferred preneed receipts held in trust and care trusts’ corpus | (451 | ) | (21,701 | ) | (6,273 | ) | — | (28,425 | ) | ||||||||||
Other expense, net | — | — | — | (434 | ) | (434 | ) | ||||||||||||
Total other expense, net | $ | — | $ | — | $ | — | $ | (434 | ) | $ | (434 | ) |
Three Months Ended March 31, 2016 | |||||||||||||||||||
Funeral Trusts | Cemetery Trusts | Cemetery Perpetual Care Trusts | Other, Net | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Realized gains | $ | 6,824 | $ | 6,246 | $ | 1,494 | $ | — | $ | 14,564 | |||||||||
Realized losses | (19,651 | ) | (22,853 | ) | (1,616 | ) | — | (44,120 | ) | ||||||||||
Impairment charges | (1,118 | ) | (2,049 | ) | (115 | ) | — | (3,282 | ) | ||||||||||
Interest, dividend, and other ordinary income | 2,773 | 2,360 | 12,990 | — | 18,123 | ||||||||||||||
Trust expenses and income taxes | (4,442 | ) | (4,853 | ) | (5,757 | ) | — | (15,052 | ) | ||||||||||
Net trust investment (loss) income | (15,614 | ) | (21,149 | ) | 6,996 | — | (29,767 | ) | |||||||||||
Reclassification to deferred preneed receipts held in trust and care trusts’ corpus | 15,614 | 21,149 | (6,996 | ) | — | 29,767 | |||||||||||||
Other expense, net | — | — | — | (242 | ) | (242 | ) | ||||||||||||
Total other expense, net | $ | — | $ | — | $ | — | $ | (242 | ) | $ | (242 | ) |
March 31, 2017 | December 31, 2016 | ||||||
(In thousands) | |||||||
7.625% Senior Notes due October 2018 | $ | 250,000 | $ | 250,000 | |||
4.5% Senior Notes due November 2020 | 200,000 | 200,000 | |||||
8.0% Senior Notes due November 2021 | 150,000 | 150,000 | |||||
5.375% Senior Notes due January 2022 | 425,000 | 425,000 | |||||
5.375% Senior Notes due May 2024 | 850,000 | 850,000 | |||||
7.5% Senior Notes due April 2027 | 200,000 | 200,000 | |||||
Term Loan due March 2021 | 665,000 | 673,750 | |||||
Bank Credit Facility due March 2021 | 385,000 | 350,000 | |||||
Obligations under capital leases | 183,043 | 208,758 | |||||
Mortgage notes and other debt, maturities through 2050 | 3,722 | 3,753 | |||||
Unamortized premiums, net | 8,102 | 8,313 | |||||
Unamortized debt issuance costs | (31,608 | ) | (32,984 | ) | |||
Total debt | 3,288,259 | 3,286,590 | |||||
Less: Current maturities of long-term debt | (63,606 | ) | (89,974 | ) | |||
Total long-term debt | $ | 3,224,653 | $ | 3,196,616 |
March 31, 2017 | December 31, 2016 | ||||||
(In thousands) | |||||||
7.625% Senior Notes due October 2018 | $ | 270,000 | $ | 272,353 | |||
4.5% Senior Notes due November 2020 | 202,500 | 205,000 | |||||
8.0% Senior Notes due November 2021 | 174,708 | 175,500 | |||||
5.375% Senior Notes due January 2022 | 440,938 | 444,614 | |||||
5.375% Senior Notes due May 2024 | 882,003 | 884,000 | |||||
7.5% Senior Notes due April 2027 | 230,532 | 231,590 | |||||
Term Loan due March 2021 | 665,000 | 673,750 | |||||
Bank Credit Facility due March 2021 | 385,000 | 350,000 | |||||
Mortgage notes and other debt, maturities through 2050 | 3,721 | 3,753 | |||||
Total fair value of debt instruments | $ | 3,254,402 | $ | 3,240,560 |
Foreign Currency Translation Adjustment | Unrealized Gains and Losses | Accumulated Other Comprehensive Income | |||||||||
(In thousands) | |||||||||||
Balance at December 31, 2016 | $ | 16,492 | $ | — | $ | 16,492 | |||||
Activity in 2017 | 3,164 | — | 3,164 | ||||||||
Net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | — | 69,351 | 69,351 | ||||||||
Reclassification of net unrealized gain activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus, net of taxes | — | (69,351 | ) | (69,351 | ) | ||||||
Balance at March 31, 2017 | $ | 19,656 | $ | — | $ | 19,656 | |||||
Balance at December 31, 2015 | $ | 6,164 | $ | — | $ | 6,164 | |||||
Activity in 2016 | 22,707 | — | 22,707 | ||||||||
Net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | — | 17,985 | 17,985 | ||||||||
Reclassification of net unrealized gains activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus, net of taxes | — | (17,985 | ) | (17,985 | ) | ||||||
Balance at March 31, 2016 | $ | 28,871 | $ | — | $ | 28,871 |
Funeral | Cemetery | Reportable Segments | |||||||||
(In thousands) | |||||||||||
Three months ended March 31, | |||||||||||
Revenue from external customers: | |||||||||||
2017 | $ | 498,764 | $ | 278,946 | $ | 777,710 | |||||
2016 | $ | 492,189 | $ | 257,030 | $ | 749,219 | |||||
Operating profit: | |||||||||||
2017 | $ | 112,607 | $ | 64,558 | $ | 177,165 | |||||
2016 | $ | 107,211 | $ | 55,712 | $ | 162,923 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
Operating profit from reportable segments | $ | 177,165 | $ | 162,923 | |||
General and administrative expenses | (42,504 | ) | (38,904 | ) | |||
Gains (losses) on divestitures and impairment charges, net | 4,935 | (347 | ) | ||||
Operating income | 139,596 | 123,672 | |||||
Interest expense | (40,636 | ) | (43,082 | ) | |||
Loss on early extinguishment of debt | — | (581 | ) | ||||
Other expense, net | (434 | ) | (242 | ) | |||
Income before income taxes | $ | 98,526 | $ | 79,767 |
United States | Canada | Total | |||||||||
(In thousands) | |||||||||||
Three months ended March 31, | |||||||||||
Revenue from external customers: | |||||||||||
2017 | $ | 727,240 | $ | 50,470 | $ | 777,710 | |||||
2016 | $ | 708,887 | $ | 40,332 | $ | 749,219 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
(In thousands, except per share amounts) | |||||||
Amounts attributable to common stockholders: | |||||||
Net income: | |||||||
Net income — basic | $ | 174,702 | $ | 47,445 | |||
After tax interest on convertible debt | 12 | 12 | |||||
Net income — diluted | $ | 174,714 | $ | 47,457 | |||
Weighted average shares (denominator): | |||||||
Weighted average shares — basic | 188,260 | 194,924 | |||||
Stock options | 4,425 | 2,985 | |||||
Restricted stock units | 61 | — | |||||
Convertible debt | 121 | 121 | |||||
Weighted average shares — diluted | 192,867 | 198,030 | |||||
Net income per share: | |||||||
Basic | $ | 0.93 | $ | 0.24 | |||
Diluted | $ | 0.91 | $ | 0.24 |
Three Months Ended | |||||
March 31, | |||||
2017 | 2016 | ||||
(In thousands) | |||||
Antidilutive options | 898 | 1,886 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Gains on divestitures, net | $ | 16,751 | $ | 1,426 | |||
Impairment losses | (11,816 | ) | (1,773 | ) | |||
Gains (losses) on divestitures and impairment charges, net | $ | 4,935 | $ | (347 | ) |
Per Credit Agreement | Actual | ||
Leverage ratio | 4.25 (Max) | 3.70 | |
Interest coverage ratio | 3.00 (Min) | 5.40 |
• | a $8.6 million increase in employee compensation; |
• | a $11.9 million increase in cash tax payments; |
• | a $4.0 million increase in cash interest paid; |
• | a $2.0 million increase in net trust deposits; |
• | a $5.6 million increase in vendor and other payments; and |
• | a $2.6 million decrease in General Agency (GA) and other receipts; partially offset by |
• | a $33.1 million increase in cash receipts from customers. |
March 31, 2017 | December 31, 2016 | ||||||
(In millions) | |||||||
Preneed funeral | $ | 114.8 | $ | 118.6 | |||
Preneed cemetery: | |||||||
Merchandise and services | 135.6 | 141.6 | |||||
Pre-construction | 9.9 | 7.8 | |||||
Bonds supporting preneed obligations | 260.3 | 268.0 | |||||
Bonds supporting preneed business permits | 4.5 | 4.5 | |||||
Other bonds | 17.8 | 18.4 | |||||
Total surety bonds outstanding | $ | 282.6 | $ | 290.9 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Funeral: | |||||||
Preneed trust-funded (including bonded): | |||||||
Sales production | $ | 83.4 | $ | 71.9 | |||
Sales production (number of contracts) | 25,690 | 23,275 | |||||
Maturities | $ | 67.6 | $ | 57.8 | |||
Maturities (number of contracts) | 18,186 | 17,299 | |||||
Cemetery: | |||||||
Sales production: | |||||||
Preneed | $ | 207.7 | $ | 183.4 | |||
Atneed | 83.7 | 79.0 | |||||
Total sales production | $ | 291.4 | $ | 262.4 | |||
Sales production deferred to backlog: | |||||||
Preneed | $ | 88.1 | $ | 82.1 | |||
Atneed | 60.4 | 59.0 | |||||
Total sales production deferred to backlog | $ | 148.5 | $ | 141.1 | |||
Revenue recognized from backlog: | |||||||
Preneed | $ | 55.0 | $ | 51.8 | |||
Atneed | 57.3 | 57.0 | |||||
Total revenue recognized from backlog | $ | 112.3 | $ | 108.8 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Preneed insurance-funded: | |||||||
Sales production (1) | $ | 128.3 | $ | 139.3 | |||
Sales production (number of contracts) (1) | 21,029 | 23,065 | |||||
General agency revenue | $ | 31.8 | $ | 36.2 | |||
Maturities | $ | 91.3 | $ | 83.9 | |||
Maturities (number of contracts) | 15,476 | 14,424 |
(1) | Amounts are not included in our unaudited condensed Consolidated Balance Sheet. |
March 31, 2017 | December 31, 2016 | ||||||||||||||
Fair Value | Cost | Fair Value | Cost | ||||||||||||
(In billions) | |||||||||||||||
Deferred preneed funeral revenue | $ | 0.58 | $ | 0.58 | $ | 0.58 | $ | 0.58 | |||||||
Deferred preneed funeral receipts held in trust | 1.58 | 1.52 | 1.54 | 1.52 | |||||||||||
$ | 2.16 | $ | 2.10 | $ | 2.12 | $ | 2.10 | ||||||||
Allowance for cancellation on trust investments | (0.08 | ) | (0.08 | ) | (0.12 | ) | (0.12 | ) | |||||||
Backlog of trust-funded preneed funeral revenue | $ | 2.08 | $ | 2.02 | $ | 2.00 | $ | 1.98 | |||||||
Backlog of insurance-funded preneed revenue(1) | 5.41 | 5.41 | 5.37 | 5.37 | |||||||||||
Total backlog of preneed funeral revenue | $ | 7.49 | $ | 7.43 | $ | 7.37 | $ | 7.35 | |||||||
Preneed funeral receivables, net and trust investments | $ | 1.86 | $ | 1.80 | $ | 1.82 | $ | 1.80 | |||||||
Allowance for cancellation on trust investments | (0.08 | ) | (0.08 | ) | (0.11 | ) | (0.11 | ) | |||||||
Assets associated with backlog of trust-funded deferred preneed funeral revenue, net of estimated allowance for cancellation | $ | 1.78 | $ | 1.72 | $ | 1.71 | $ | 1.69 | |||||||
Insurance policies associated with insurance-funded deferred revenue, net of estimated allowance for cancellation(1) | 5.41 | 5.41 | 5.37 | 5.37 | |||||||||||
Total assets associated with backlog of preneed funeral revenue, net of estimated allowance for cancellation | $ | 7.19 | $ | 7.13 | $ | 7.08 | $ | 7.06 | |||||||
Deferred preneed cemetery revenue | $ | 1.18 | $ | 1.18 | $ | 1.15 | $ | 1.15 | |||||||
Deferred preneed cemetery receipts held in trust | 1.64 | 1.57 | 1.56 | 1.53 | |||||||||||
$ | 2.82 | $ | 2.75 | $ | 2.71 | $ | 2.68 | ||||||||
Allowance for cancellation on trust investments | (0.15 | ) | (0.15 | ) | (0.13 | ) | (0.13 | ) | |||||||
Total backlog of deferred cemetery revenue | $ | 2.67 | $ | 2.60 | $ | 2.58 | $ | 2.55 | |||||||
Preneed cemetery receivables, net and trust investments | $ | 2.58 | $ | 2.51 | $ | 2.49 | $ | 2.46 | |||||||
Allowance for cancellation on trust investments | (0.16 | ) | (0.16 | ) | (0.14 | ) | (0.14 | ) | |||||||
Total assets associated with backlog of deferred cemetery revenue, net of estimated allowance for cancellation | $ | 2.42 | $ | 2.35 | $ | 2.35 | $ | 2.32 |
(1) | Amounts are not included in our unaudited condensed Consolidated Balance Sheet. |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Pre-tax gains (losses) from divestitures and impairment, net | $ | 4.9 | $ | (0.3 | ) | ||
Pre-tax loss from the early extinguishment of debt | $ | — | $ | (0.6 | ) | ||
Pre-tax acquisition and integration costs | $ | — | $ | (5.5 | ) | ||
Pre-tax expenses related to system transition costs | $ | — | $ | (4.1 | ) | ||
Pre-tax pension termination settlement | $ | (11.6 | ) | $ | — | ||
Tax benefit from above items | $ | 2.4 | $ | 3.7 | |||
Change in certain tax reserves | $ | 106.0 | $ | (1.1 | ) |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
(Dollars in millions, except average revenue per service) | |||||||
Consolidated funeral revenue | $ | 498.8 | $ | 492.2 | |||
Less: Revenue associated with acquisitions/new construction | 6.7 | — | |||||
Less: Revenue associated with divestitures | 0.1 | 10.2 | |||||
Comparable1 funeral revenue | 492.0 | 482.0 | |||||
Less: Comparable recognized preneed revenue | 32.1 | 28.8 | |||||
Less: Comparable general agency and other revenue | 30.1 | 33.6 | |||||
Adjusted comparable funeral revenue | $ | 429.8 | $ | 419.6 | |||
Comparable services performed | 82,117 | 80,764 | |||||
Comparable average revenue per service2 | $ | 5,234 | $ | 5,195 | |||
Consolidated funeral operating profit | $ | 112.6 | $ | 107.2 | |||
Less: Operating profit associated with acquisitions/new construction | 2.2 | — | |||||
Less: Operating (loss) profit associated with divestitures | (1.4 | ) | 1.4 | ||||
Comparable funeral operating profit | $ | 111.8 | $ | 105.8 |
(1) | We define comparable (or same store) operations as those funeral locations owned by us for the entire period beginning January 1, 2016 and ending March 31, 2017. |
(2) | We calculate comparable average revenue per service by dividing comparable funeral revenue, excluding general agency revenue, recognized preneed revenue, and other revenue to avoid distorting our average of normal funeral services revenue, by the comparable number of services performed during the period. Recognized preneed revenue are preneed sales of merchandise that are delivered at the time of sale, including memorial merchandise and travel protection, and are excluded from our calculation of comparable average revenue per service because the associated service has not yet been performed. |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Consolidated cemetery revenue | $ | 278.9 | $ | 257.0 | |||
Less: Revenue associated with acquisitions/new construction | 1.0 | — | |||||
Less: Revenue associated with divestitures | — | 0.2 | |||||
Comparable1 cemetery revenue | $ | 277.9 | $ | 256.8 | |||
Consolidated cemetery operating profit | $ | 64.6 | $ | 55.7 | |||
Less: Operating profit associated with acquisitions/new construction | 0.3 | — | |||||
Less: Operating profit associated with divestitures | — | 0.1 | |||||
Comparable cemetery operating profit | $ | 64.3 | $ | 55.6 |
(1) | We define comparable (or same store) operations as those cemetery locations owned by us for the entire period beginning January 1, 2016 and ending March 31, 2017. |
• | Our affiliated funeral and cemetery trust funds own investments in equity securities, fixed income securities, and mutual funds, which are affected by market conditions that are beyond our control. |
• | We may be required to replenish our affiliated funeral and cemetery trust funds in order to meet minimum funding requirements, which would have a negative effect on our earnings and cash flow. |
• | Our ability to execute our strategic plan depends on many factors, some of which are beyond our control. |
• | Our credit agreements contain covenants that may prevent us from engaging in certain transactions. |
• | If we lost the ability to use surety bonding to support our preneed funeral and preneed cemetery activities, we may be required to make material cash payments to fund certain trust funds. |
• | The funeral and cemetery industry is competitive. |
• | Increasing death benefits related to preneed contracts funded through life insurance contracts may not cover future increases in the cost of providing a price-guaranteed service. |
• | The financial condition of third-party insurance companies that fund our preneed funeral contracts may impact our future revenue. |
• | Unfavorable results of litigation could have a material adverse impact on our financial statements. |
• | Unfavorable publicity could affect our reputation and business. |
• | If the number of deaths in our markets declines, our cash flows and revenue may decrease. |
• | If we are not able to respond effectively to changing consumer preferences, our market share, revenue, and profitability could decrease. |
• | The continuing upward trend in the number of cremations performed in North America could result in lower revenue, gross profit, and cash flows. |
• | Our funeral home and cemetery businesses are high fixed-cost businesses. |
• | Regulation and compliance could have a material adverse impact on our financial results. |
• | Cemetery burial practice legal claims could have a material adverse impact on our financial results. |
• | We use a combination of insurance, self-insurance and large deductibles in managing our exposure to certain inherent risks, as such, we could be exposed to unexpected costs that could negatively affect our financial performance. |
• | A number of years elapse before particular tax matters, for which we have established accruals, are audited and finally resolved. |
• | Declines in overall economic conditions beyond our control could reduce future potential earnings and cash flows and could result in future impairments to goodwill and/or other intangible assets. |
• | Any failure to maintain the security of the information relating to our customers, their loved ones, our associates, and our vendors could damage our reputation, could cause us to incur substantial additional costs and to become subject to litigation, and could adversely affect our operating results. |
• | Our Canadian business exposes us to operational, economic, and currency risks. |
• | Our level of indebtedness could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, and may prevent us from fulfilling our obligations under our indebtedness. |
• | Failure to maintain effective internal control over financial reporting could adversely affect our results of operations, investor confidence, and our stock price. |
• | The application of unclaimed property laws by certain states to our preneed funeral and cemetery backlog could have a material adverse impact on our liquidity, cash flows, and our financial results. |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced programs | Dollar value of shares that may yet be purchased under the program | ||||||||||
January 1, 2017 - January 31, 2017 | 1,404,199 | $ | 28.89 | 1,397,950 | $ | 326,670,875 | ||||||||
February 1, 2017 - February 28, 2017 | 850,640 | $ | 30.01 | 848,300 | $ | 301,213,331 | ||||||||
March 1, 2017 - March 31, 2017 | 558,295 | $ | 31.10 | 529,200 | $ | 284,756,705 | ||||||||
2,813,134 | 2,775,450 |
12.1 | — | ||||
31.1 | — | ||||
31.2 | — | ||||
32.1 | — | ||||
32.2 | — | ||||
101 | — | Interactive data file. |
April 27, 2017 | SERVICE CORPORATION INTERNATIONAL | |
By: | /s/ Tammy Moore | |
Tammy Moore | ||
Vice President and Corporate Controller (Principal Accounting Officer) |
Three months ended March 31, | |||||||
2017 | 2016 | ||||||
Earnings: | |||||||
Pretax income | $ | 98,526 | $ | 79,767 | |||
Add fixed charges as adjusted (from below) | 42,829 | 45,471 | |||||
$ | 141,355 | $ | 125,238 | ||||
Fixed charges: | |||||||
Interest expense: | |||||||
Corporate | $ | 39,203 | $ | 41,466 | |||
Amortization of deferred financing costs | 1,433 | 1,615 | |||||
Portion of rent representative of interest | 2,193 | 2,390 | |||||
Fixed charges | $ | 42,829 | $ | 45,471 | |||
Ratio (earnings divided by fixed charges) | 3.30 | 2.75 |
1. | I have reviewed this quarterly report on Form 10-Q of Service Corporation International, a Texas corporation (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | April 27, 2017 | /s/ Thomas L. Ryan |
Thomas L. Ryan Chairman of the Board and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Service Corporation International, a Texas corporation (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | April 27, 2017 | /s/ Eric D. Tanzberger |
Eric D. Tanzberger | ||
Chief Financial Officer (Principal Financial Officer) |
(1) | the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017 (the “Periodic Report”) which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | the information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of Service Corporation International. |
Dated: | April 27, 2017 | /s/ Thomas L. Ryan |
Thomas L. Ryan Chairman of the Board and Chief Executive Officer (Principal Executive Officer) |
(1) | the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017 (the “Periodic Report”) which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | the information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of Service Corporation International. |
Dated: | April 27, 2017 | /s/ Eric D. Tanzberger |
Eric D. Tanzberger | ||
Chief Financial Officer (Principal Financial Officer) |
Document and Entity Information Document - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 25, 2017 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Service Corp International | |
Entity Central Index Key | 0000089089 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 187,991,167 |
Unaudited Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Unaudited Condensed Consolidated Statement of Comprehensive Income [Abstract] | ||
Net income | $ 174,749 | $ 47,454 |
Other comprehensive income: | ||
Foreign currency translation adjustments | 3,164 | 22,716 |
Total comprehensive income | 177,913 | 70,170 |
Total comprehensive income attributable to noncontrolling interests | (47) | (18) |
Total comprehensive income attributable to common stockholders | $ 177,866 | $ 70,152 |
Unaudited Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Stockholders' Equity: | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 196,761,485 | 195,403,644 |
Common stock, shares outstanding | 187,949,951 | 189,405,244 |
Unaudited Condensed Consolidated Statement of Equity Statement - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands |
Total |
Common Stock |
Treasury Stock |
Capital in Excess of Par Value |
Accumulated Deficit |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interest |
---|---|---|---|---|---|---|---|
Balance at beginning of period at Dec. 31, 2016 | $ 1,095,247 | $ 195,403 | $ (5,998) | $ 990,203 | $ (103,387) | $ 16,492 | $ 2,534 |
Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 177,913 | 0 | 0 | 0 | 174,702 | 3,164 | 47 |
Dividends declared on common stock | (24,433) | 0 | 0 | (24,433) | 0 | 0 | 0 |
Employee share-based compensation earned | 3,633 | 0 | 0 | 3,633 | 0 | 0 | 0 |
Stock option exercises | 15,261 | 1,122 | 0 | 14,139 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 209 | 0 | (209) | 0 | 0 | 0 |
Purchase of Company common stock | (83,460) | 0 | (2,813) | (14,701) | (65,946) | 0 | 0 |
Other | (411) | 27 | 0 | (438) | 0 | 0 | 0 |
Balance at end of period at Mar. 31, 2017 | $ 1,183,750 | $ 196,761 | $ (8,811) | $ 968,194 | $ 5,369 | $ 19,656 | $ 2,581 |
Unaudited Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Dividends declared per share | $ 0.13 | $ 0.12 |
Nature of Operations (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Nature of Operations [Abstract] | |
Nature of Operations | 1. Nature of Operations We are North America’s largest provider of deathcare products and services, with a network of funeral service locations and cemeteries operating in the United States and Canada. Our funeral and cemetery operations consist of funeral service locations, cemeteries, funeral service/cemetery combination locations, crematoria, and other related businesses, which enable us to serve a wide array of customer needs. We sell cemetery property and funeral and cemetery merchandise and services at the time of need and on a preneed basis. Funeral service locations provide all professional services relating to funerals and cremations, including the use of funeral facilities and motor vehicles, arranging and directing services, removal, preparation, embalming, cremations, memorialization, and catering. Funeral merchandise, including burial caskets and related accessories, urns and other cremation receptacles, outer burial containers, flowers, online and video tributes, stationery products, casket and cremation memorialization products, and other ancillary merchandise, is sold at funeral service locations. Our cemeteries provide cemetery property interment rights, including developed lots, lawn crypts, mausoleum spaces, niches, and other cremation memorialization and interment options. Cemetery merchandise and services, including memorial markers and bases, outer burial containers, flowers and floral placement, other ancillary merchandise, graveside services, merchandise installation, travel protection, and burial openings and closings, are sold at our cemeteries. |
Summary of Significant Accounting Policies (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation Our unaudited condensed consolidated financial statements include the accounts of Service Corporation International (SCI) and all subsidiaries in which we hold a controlling financial interest. Our financial statements also include the accounts of the merchandise and service trusts and cemetery perpetual care trusts in which we have a variable interest and are the primary beneficiary. Our interim condensed consolidated financial statements are unaudited but include all adjustments, consisting of normal recurring accruals and any other adjustments, which management considers necessary for a fair statement of our results for these periods. Our unaudited condensed consolidated financial statements have been prepared in a manner consistent with the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2016, unless otherwise disclosed herein, and should be read in conjunction therewith. The accompanying year-end condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year period. Reclassifications to Prior Period Financial Statements and Adjustments Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on our previously reported results of operations, consolidated financial position, or cash flows. Use of Estimates in the Preparation of Financial Statements The preparation of the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions as described in our Annual Report on Form 10-K for the year ended December 31, 2016. These estimates and assumptions may affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. As a result, actual results could differ from these estimates. Accounting Standards Adopted in 2017 Stock Compensation In March 2016, the FASB amended "Stock Compensation", modifying certain aspects of the accounting for share-based payment transactions,which requires the tax effects related to share-based payments to be recorded through the income statement, simplifies the accounting requirements for forfeitures and employers' tax withholding requirements, and modifies the presentation of certain items on the statement of cash flows. The guidance requires the tax effect related to the settlement of share-based awards in income tax benefit or expense in the statements of earnings rather than in additional paid-in-capital. This guidance also eliminates the requirement to reclassify excess tax benefits from operating activities to financing activities within the statement of cash flows. We adopted the new guidance in the first quarter of 2017, as required, and the impact of the restricted stock deliveries and option exercises in the first quarter of 2017 was a reduction to our adjusted provision for income taxes of $6.4 million. Prior periods have not been retrospectively adjusted for adoption of this guidance. The remaining amendments to this standard, as noted above, are either not applicable or do not change our current accounting practices and thus do not impact our consolidated financial statements, including our consolidated statement of cash flows. Inventory In July 2015, the FASB amended "Inventory" to state that an entity using an inventory method other than last-in, first out ("LIFO") or the retail inventory method should measure inventory at the lower of cost or net realizable value. The new guidance clarifies that net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance was effective for us on January 1, 2017 and adoption did not materially impact our consolidated results of operations, consolidated financial position, and cash flows. Recently Issued Accounting Standards Revenue Recognition In May 2014, the FASB issued"Revenue from Contracts with Customers," which replaces most existing revenue recognition guidance. During 2016, the FASB made several amendments to the new standard that clarified guidance on several matters, including principal vs. agent considerations, identifying performance obligations, sales taxes, and licensing. The new standard, as amended, requires that we recognize revenue in the amount to which we expect to be entitled for delivery of promised goods and services to our customers. The new standard will also result in enhanced revenue-related disclosures, including any significant judgments and changes in judgments. Additionally, the new standard requires the deferral of incremental selling costs to the period in which the related revenue is recognized. The new standard will be effective for us beginning January 1, 2018 and we intend to implement the standard with the modified retrospective approach, which recognizes the cumulative effect of application recognized on that date. We have not fully determined the impact on the new standard on our consolidated results of operations, consolidated financial position, and cash flows. However, we believe the standard primarily impacts the manner in which we recognize certain nonrefundable up-front fees and incremental costs to acquire new preneed funeral trust contracts and preneed and atneed cemetery contracts (i.e., selling costs). The nonrefundable fees will be deferred and recognized as revenue when the related goods and services are delivered to the customer. The incremental selling costs will be deferred and amortized by specific identification to the delivery of the related goods and services. We will continue to expense costs to acquire new preneed funeral insurance contracts in the period incurred. The insurance contracts are not, and will not be, reflected in our Consolidated Balance Sheet because they do not represent assets or liabilities as we have no claim to the insurance proceeds until the contract is fulfilled and no obligation under the contract until the benefits are assigned to us after the time of need. Financial Instruments In January 2016, the FASB amended "Financial Instruments" to provide additional guidance on the recognition and measurement of financial assets and liabilities. The amendment requires investments in equity instruments to be measured at fair value with changes in fair value reflected in net income. The new guidance is effective for us on January 1, 2018, and we are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. In June 2016, the FASB amended "Financial Instruments" to provide financial statement users with more decision-useful information about the expected credit losses on debt instruments and other commitments to extend credit held by a reporting entity at each reporting date. This amendment replaces the incurred loss impairment methodology in the current standard with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for us on January 1, 2020, and we are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Leases In February 2016, the FASB amended "Leases" to increase transparency and comparability among organizations. Under the new standard, an entity will be required to recognize lease assets and liabilities on its balance sheet and disclose key information about leasing arrangements. In addition, the new standard offers specific accounting guidance for a lessee, a lessor, and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This new standard will be effective for us on January 1, 2019. We are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Cash Flow In August and November 2016, the FASB amended "Statement of Cash Flows" to clarify guidance on the classification of certain cash receipts and cash payments. Additionally, the guidance requires that the statement of cash flows reflects changes in restricted cash in addition to cash and cash equivalents. Amended guidance includes clarification on debt prepayment and extinguishment costs, contingent consideration in business combinations, proceeds from insurance claims, and premium payments on company-owned life insurance. The new guidance is effective for us on January 1, 2018, and we are still evaluating the impact of adoption on our consolidated statement of cash flows. Goodwill In January 2017, the FASB amended "Goodwill" to simplify the subsequent measurement of goodwill. Amended guidance eliminates Step 2 from the goodwill impairment test. Instead, impairment is defined as the amount by which the carrying value of the reporting unit exceeds its fair value, up to the total amount of goodwill. The new guidance is effective for us on January 1, 2020, and is not expected to impact on our consolidated results of operations, consolidated financial position, and cash flows. Retirement Plans In March 2017, the FASB amended "Retirement Plans" to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost by requiring the classification of interest costs and actuarial gains and losses separately from operating income. The new guidance is effective for us on January 1, 2018, and we are evaluating the impact on our consolidated results of operations, consolidated financial position, and cash flows. |
Preneed Funeral Activities (Notes) |
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Funeral | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preneed Funeral Activities | Preneed Funeral Activities Preneed funeral receivables, net and trust investments represent trust investments, including investment earnings, and customer receivables, net of unearned finance charges, related to unperformed price-guaranteed preneed funeral contracts. Our merchandise and service trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. Our trust investments detailed in Notes 4 and 5 are also accounted for as variable interest entities. When we receive payments from the customer, we deposit the amount required by law into the trust and reclassify the corresponding amount from Deferred preneed funeral revenue into Deferred preneed receipts held in trust. Amounts are withdrawn from the trusts after the contract obligations are performed. Cash flows from preneed contracts are presented as operating cash flows in our unaudited condensed Consolidated Statement of Cash Flows. Preneed funeral receivables, net and trust investments are reduced by the trust investment earnings (realized and unrealized) that we have been allowed to withdraw in certain states prior to maturity. These earnings are recorded in Deferred preneed funeral revenue until the merchandise is delivered or the service is performed. The table below sets forth certain investment-related activities associated with these preneed merchandise and service trusts:
The components of Preneed funeral receivables, net and trust investments in our unaudited condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 are as follows:
The costs and values associated with trust investments measured at market at March 31, 2017 and December 31, 2016 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Value represents the value of the underlying securities held by the trusts.
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. Where quoted prices are available in an active market, securities are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. 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 funds are classified as Level 3 investments pursuant to the fair value measurements hierarchy. Fixed income commingled funds and private equity investments are measured at net asset value. Fixed income commingled funds are redeemable for net asset value with two weeks' notice. 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. We estimate that the underlying assets will be liquidated over the next 2 to 10 years. As of March 31, 2017, our unfunded commitment for our private equity investments was $44.0 million which, if called, would be funded by the assets of the trusts. The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows:
Maturity dates of our fixed income securities range from 2017 to 2041. Maturities of fixed income securities, excluding mutual funds, at March 31, 2017 are estimated as follows:
Earnings from all our merchandise and service trust investments are recognized in revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract; these amounts are also recognized in current revenue in the period in which they are earned. Recognized trust fund income (realized and unrealized) related to these trust investments was $14.3 million and $12.0 million for the three months ended March 31, 2017 and 2016, respectively. We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other expense, net and a decrease to Preneed funeral receivables, net and trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other expense, net, which reduces Deferred preneed receipts held in trust. See Note 6 for further information related to our Deferred preneed receipts held in trust. We have determined that the remaining unrealized losses in our merchandise and service trust investments are considered temporary in nature, as the unrealized losses were due to temporary fluctuations in interest rates and equity prices. The investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We believe that none of the remaining securities are other-than-temporarily impaired based on our analysis of the investments. Our analysis included a review of the portfolio holdings and discussions with the individual money managers as to the sector exposures, credit ratings, and the severity and duration of the unrealized losses. Our merchandise and service trust investment unrealized losses, their associated values, and the duration of unrealized losses as of March 31, 2017 and December 31, 2016, respectively, are shown in the following tables:
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Preneed Cemetery Activities (Notes) |
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Preneed Cemetery Activities | Preneed Cemetery Activities Preneed cemetery receivables, net and trust investments represent trust investments, including investment earnings, and customer receivables, net of unearned finance charges, for contracts sold in advance of when the property interment rights, merchandise, or services are needed. Our merchandise and service trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The trust investments detailed in Notes 3 and 5 are also accounted for as variable interest entities. When we receive payments from the customer, we deposit the amount required by law into the trust and reclassify the corresponding amount from Deferred preneed cemetery revenue into Deferred preneed receipts held in trust. Amounts are withdrawn from the trusts when the contract obligations are performed. Cash flows from preneed cemetery contracts are presented as operating cash flows in our unaudited condensed Consolidated Statement of Cash Flows. Preneed cemetery receivables, net and trust investments are reduced by the trust investment earnings (realized and unrealized) that we have been allowed to withdraw in certain states prior to maturity. These earnings are recorded in Deferred preneed cemetery revenue until the merchandise is delivered or the service is performed. The table below sets forth certain investment-related activities associated with these preneed merchandise and service trusts:
The components of Preneed cemetery receivables, net and trust investments in our unaudited condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 are as follows:
The costs and values associated with the trust investments measured at market at March 31, 2017 and December 31, 2016 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Value represents the market value of the underlying securities held by the trusts.
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. Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. 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 funds are classified as Level 3 investments pursuant to the fair value measurements hierarchy. Fixed income commingled funds and private equity investments are measured at net asset value. Fixed income commingled funds are redeemable for net asset value with two weeks notice. 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. We estimate that the underlying assets will be liquidated over the next 2 to 10 years. As of March 31, 2017, our unfunded commitment for our private equity investments was $49.7 million which, if called, would be funded by the assets of the trusts. The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows:
Maturity dates of our fixed income securities range from 2017 to 2023. Maturities of fixed income securities, excluding mutual funds, at March 31, 2017 are estimated as follows:
Earnings from all our merchandise and service trust investments are recognized in current revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract; these amounts are also recognized in current revenue in the period in which they are earned. Recognized trust fund income (realized and unrealized) related to these trust investments was $12.6 million and $9.7 million for the three months ended March 31, 2017 and 2016, respectively. We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other expense, net and a decrease to Preneed cemetery receivables, net and trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other expense, net, which reduces Deferred preneed receipts held in trust. See Note 6 for further information related to our Deferred preneed receipts held in trust. We have determined that the remaining unrealized losses in our merchandise and service trust investments are considered temporary in nature, as the unrealized losses were due to temporary fluctuations in interest rates and equity prices. The investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We believe that none of the remaining securities are other-than-temporarily impaired based on our analysis of the investments. Our analysis included a review of the portfolio holdings and discussions with the individual money managers as to the sector exposures, credit ratings, and the severity and duration of the unrealized losses. Our merchandise and service trust investment unrealized losses, their associated values and the duration of unrealized losses as of March 31, 2017 and December 31, 2016, respectively, are shown in the following tables:
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Cemetery Perpetual Care Trusts (Notes) |
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Cemetery Perpetual Care | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cemetery Perpetual Care Trusts Text Block | Cemetery Perpetual Care Trusts We are required by state and provincial law to pay into cemetery perpetual care trusts a portion of the proceeds from the sale of cemetery property interment rights. Our cemetery perpetual care trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The trust investments detailed in Notes 3 and 4 are also accounted for as variable interest entities. We consolidate our cemetery perpetual care trust investments with a corresponding amount recorded as Care trusts’ corpus. Cash flows from cemetery perpetual care trusts are presented as operating cash flows in our unaudited condensed Consolidated Statement of Cash Flows. The table below sets forth certain investment-related activities associated with our cemetery perpetual care trusts:
The components of Cemetery perpetual care trust investments in our unaudited condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 are as follows:
The costs and values associated with trust investments, at market at March 31, 2017 and December 31, 2016 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Value represents the value of the underlying securities or cash held by the trusts.
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. Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. 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 pursuant to the fair value measurements hierarchy. Private equity investments are measured at net asset value. 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. We estimate that the underlying assets will be liquidated over the next 2 to 10 years. As of March 31, 2017, our unfunded commitment for our private equity investments was $27.2 million which, if called, would be funded by the assets of the trusts. The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows:
Maturity dates of our fixed income securities range from 2017 to 2040. Maturities of fixed income securities at March 31, 2017 are estimated as follows:
Distributable earnings from these cemetery perpetual care trust investments are recognized in current cemetery revenue to the extent we incur qualifying cemetery maintenance costs. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. Recognized trust fund income related to these trust investments was $11.3 million and $18.5 million for the three months ended March 31, 2017 and 2016, respectively. We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other expense, net and a decrease to Cemetery perpetual care trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other expense, net, which reduces Care trusts’ corpus. See Note 6 for further information related to our Care trusts’ corpus. We have determined that the remaining unrealized losses in our cemetery perpetual care trust investments are considered temporary in nature, as the unrealized losses were due to temporary fluctuations in interest rates and equity prices. The investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We believe that none of the remaining securities are other-than-temporarily impaired based on our analysis of the investments. Our analysis included a review of the portfolio holdings and discussions with the individual money managers as to the sector exposures, credit ratings, and the severity and duration of the unrealized losses. Our cemetery perpetual care trust investment unrealized losses, their associated values and the duration of unrealized losses as of March 31, 2017 and December 31, 2016, respectively, are shown in the following tables:
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Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus (Notes) |
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Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Preneed Funeral And Cemetery Receipts Held In Trust And Care Trusts Corpus | Deferred Preneed Receipts Held in Trust and Care Trusts’ Corpus Deferred preneed receipts held in trust We consolidate the merchandise and service trusts associated with our preneed activities. Although the consolidation of the merchandise and service trusts is required by accounting standards, it does not change the legal relationships among the trusts, us, or our customers. The customers are the legal beneficiaries of these merchandise and service trusts, and therefore their interests in these trusts represent a liability to us. The components of Deferred preneed receipts held in trust in our unaudited condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 are detailed below.
Care trusts’ corpus The Care trusts’ corpus reflected in our unaudited condensed Consolidated Balance Sheet represents the cemetery perpetual care trusts, including the related accrued expenses. The components of Care trusts’ corpus in our unaudited condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 are detailed below.
Other expense, net The components of Other expense, net in our unaudited condensed Consolidated Statement of Operations for the three months ended March 31, 2017 and 2016 are detailed below. See Notes 3, 4, and 5 for further discussion of the amounts related to the funeral, cemetery, and cemetery perpetual care trusts.
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Income Taxes (Notes) |
3 Months Ended |
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Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Income Tax Disclosure | Income Taxes Income tax expense during interim periods is based on our estimated annual effective income tax rate plus any discrete items, which are recorded in the period in which they occur. Discrete items include, among others, such events as changes in estimates due to the finalization of tax returns, tax audit settlements, expiration of statutes of limitation, and increases or decreases in valuation allowances on deferred tax assets. Our effective tax rate was a benefit of 77.4% and expense of 40.5% for the three months ended March 31, 2017 and 2016, respectively. The effective tax rate for the three months ended March 31, 2017 is lower than the federal statutory tax rate of 35% primarily due to the recent IRS tax settlement discussed below and a result of tax benefits recognized during the quarter on the settlement of employee share-based awards in accordance with a revised accounting standard for share-based compensation. Unrecognized Tax Benefits As of March 31, 2017, the total amount of our unrecognized tax benefits was $79.5 million and the total amount of our accrued interest was $7.3 million. We reached an agreement with the Internal Revenue Service (“IRS”) to resolve the issues under audit with respect to tax years 1999 through 2005. In March 2017, we received from the IRS Office of Appeals the fully executed Form 870-AD, which, subject to finalization of computations, effectively settles the issues under audit for those years. As a result of this resolution, we recognized a reduction in our unrecognized tax benefits of $143.0 million of which $102.5 million was recognized as income tax benefit for the matters that were effectively settled with an increase in our taxes payable of $40.5 million. We remain under audit for years 2006 and 2007 as a result of carryback claims. In addition, we are under audit by various state jurisdictions for years 2000 through 2015. There are currently no federal or provincial audits in Canada. It is reasonably possible that the amount of unrecognized tax benefits could significantly decrease over the next 12 months. However, due to the uncertainty regarding the timing of completion and possible outcomes on the outstanding audits, a current estimate of the range of decrease that may occur within the next 12 months cannot be made. |
Debt (Notes) |
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Debt Disclosure | Debt Debt as of March 31, 2017 and December 31, 2016 was as follows:
Current maturities of debt at March 31, 2017 include amounts due under our Term Loan, mortgage notes and other debt, and capital leases within the next year. Our consolidated debt had a weighted average interest rate of 4.75% and 4.68% at March 31, 2017 and December 31, 2016, respectively. Approximately 63% of our total debt had a fixed interest rate at both March 31, 2017 and December 31, 2016. During the three months ended March 31, 2017 and 2016, we paid $20.0 million and $15.9 million in cash interest, respectively. Bank Credit Agreement As of March 31, 2017, we have $385.0 million of outstanding borrowings under our Bank Credit Facility due March 2021; $665.0 million of outstanding borrowings under our Term Loan due March 2021; and have issued $32.7 million of letters of credit. The bank credit agreement due March 2021 provides us with flexibility for working capital, if needed, and is guaranteed by a majority of our domestic subsidiaries. The subsidiary guaranty is a guaranty of payment of the outstanding amount of the total lending commitment, including letters of credit. The bank credit agreement contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. As of March 31, 2017, we were in compliance with all of our debt covenants. We pay a quarterly fee on the unused commitment, which was 0.30% at March 31, 2017. As of March 31, 2017, we have $282.3 million in borrowing capacity under the Bank Credit Facility. Debt Issuances and Additions In January 2017, we drew $25.0 million and in March 2017 we drew $10.0 million on our Bank Credit Facility due March 2021 to make required payments on our Term Loan due March 2021 and for general corporate purposes. Debt Extinguishments and Reductions During the three months ended March 31, 2017, we made aggregate principal debt payments of $8.8 million for scheduled payments towards our Term Loan due March 2021. |
Credit Risk and Fair Value of Financial Instruments (Notes) |
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Credit Risk and Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair Value Estimates The fair value estimates of the following financial instruments have been determined using available market information and appropriate valuation methodologies. The carrying values of cash and cash equivalents, trade receivables, and trade payables approximate the fair values of those instruments due to the short-term nature of the instruments. The fair value of receivables on preneed contracts are impracticable to estimate because of the lack of a trading market and the diverse number of individual contracts with varying terms. The fair value of our debt instruments at March 31, 2017 and December 31, 2016 was as follows:
The fair value of our long-term, fixed-rate loans were estimated using market prices for those loans, and therefore they are classified within Level 2 of the fair value measurements hierarchy. The Term Loan, Bank Credit Facility agreement, and the mortgage and other debt are classified within Level 3 of the fair value measurements hierarchy. The fair value of these instruments has been estimated using a discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. An increase (decrease) in the inputs results in a directionally opposite change in the fair value of the instruments. |
Equity (Notes) |
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Stockholders' Equity Note Disclosure | Equity (All shares reported in whole numbers) Our components of Accumulated other comprehensive income are as follows:
The assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. The U.S. dollar amount that arises from such translation, as well as exchange gains and losses on intercompany balances of a long-term investment nature, are included in the foreign currency translation adjustment in Accumulated other comprehensive income. Share Repurchases Subject to market conditions, normal trading restrictions, and limitations in our debt covenants, we may make purchases in the open market or through privately negotiated transactions under our stock repurchase program. During the three months ended March 31, 2017, we repurchased 2,813,134 shares of common stock at an aggregate cost of $83.5 million, which is an average cost per share of $29.67. After these repurchases, the remaining dollar value of shares authorized to be purchased under our share repurchase program was approximately $284.8 million at March 31, 2017. |
Segment Reporting (Notes) |
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Segment Reporting Disclosure [Text Block] | Segment Reporting Our operations are both product-based and geographically-based, and the reportable operating segments presented below include our funeral and cemetery operations. Our geographic areas include the United States and Canada, where we conduct both funeral and cemetery operations. Our reportable segment information is as follows:
The following table reconciles operating profit from reportable segments to our consolidated income before income taxes:
Our geographic area information is as follows:
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Commitments and Contingencies (Notes) |
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Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and Contingencies Insurance Loss Reserves We purchase comprehensive general liability, morticians’ and cemetery professional liability, automobile liability, and workers’ compensation insurance coverage all of which are 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 March 31, 2017 and December 31, 2016, we have self-insurance reserves of $78.6 million and $78.0 million, respectively. Litigation and Regulatory Matters We are a party to various litigation and regulatory matters, investigations, and proceedings. Some of the more frequent routine litigations incidental to our business are based on burial practices claims and employment related matters, including discrimination, harassment, and wage and hour laws and regulations. For each of our outstanding legal matters, we evaluate the merits of the case, our exposure to the matter, possible legal or settlement strategies, and the likelihood of an unfavorable outcome. We intend to vigorously defend ourselves in the matters described herein; however, if we determine that an unfavorable outcome is probable and can be reasonably estimated, we establish the necessary accruals. We hold certain insurance policies that may reduce cash outflows with respect to an adverse outcome of certain of these matters. We accrue such insurance recoveries when they become probable of being paid and can be reasonably estimated. Wage and Hour Claims. We are named a defendant in various lawsuits alleging violations of federal and state laws regulating wage and hour pay, including but not limited to the Samborsky, Vasquez, and Romano lawsuits described below. Charles Samborsky, et al, individually and on behalf of those persons similarly situated, v. SCI California Funeral Services, Inc., et al ; Case No. BC544180; in the Superior Court of the State of California for the County of Los Angeles, Central District-Central Civil West Courthouse. This lawsuit was filed in April 2014 against an SCI subsidiary and purports to have been brought on behalf of employees who worked as family service counselors in California since April 2010. The plaintiffs allege causes of action for various violations of state laws regulating wage and hour pay. The plaintiffs seek unpaid wages, compensatory and punitive damages, attorneys’ fees and costs, interest, and injunctive relief. The claims have been sent to arbitration. We cannot quantify our ultimate liability, if any, in this lawsuit. Adrian Mercedes Vasquez, an individual and on behalf of others similarly situated, v. California Cemetery and Funeral Services, LLC, et al; Case No. BC58837; in the Superior Court of the State of California for the County of Los Angeles. This lawsuit was filed in July 2015 against SCI subsidiaries and purports to be brought on behalf of current and former non-exempt California employees of defendants during the four years preceding the filing of the complaint. The plaintiff alleges numerous causes of action for alleged wage and hour pay violations. The plaintiff seeks unpaid wages, compensatory and punitive damages, attorneys’ fees and costs, interest, and injunctive relief. The claims have been ordered to arbitration, with the arbitrator to determine whether the claims will proceed as a class or individual claims. In addition, the plaintiff filed an unfair labor practice charge against defendants with the National Labor Relations Board alleging that by enforcing a mandatory arbitration provision, defendants allegedly violated the National Labor Relations Act. We cannot quantify our ultimate liability, if any, in this lawsuit. Nicole Romano, individually and on behalf of all others similarly situated v. SCI Direct, Inc., et al; Case No. BC656654; in the Superior Court of California for the County of Los Angeles. This lawsuit was filed in April 2017 against an SCI subsidiary and purports to have been brought on behalf of persons who worked as independent sales representatives in California during the four years preceding the filing of the complaint. The plaintiff alleges numerous causes of action for alleged wage and hour pay violations, including mis-classifying the independent sales representatives as independent contractors instead of employees. The plaintiff seeks unpaid wages, compulsory and punitive damages, attorneys’ fees and costs, interest and injunctive relief. We cannot quantify our ultimate liability, if any, in the lawsuit. Claims Regarding Acquisition of Stewart Enterprises. We are involved in the following lawsuit. Karen Moulton, Individually and on behalf of all others similarly situated v. Stewart Enterprises, Inc., Service Corporation International and others ; Case No. 2013-5636; in the Civil District Court Parish of New Orleans. This case was filed as a class action in June 2013 against SCI and our subsidiary in connection with SCI's proposed acquisition of Stewart Enterprises, Inc. The plaintiffs allege that SCI aided and abetted breaches of fiduciary duties by Stewart Enterprises and its board of directors in negotiating the combination of Stewart Enterprises with a subsidiary of SCI. The plaintiffs seek damages concerning the combination. We filed exceptions to the plaintiffs’ complaint that were granted in June 2014. Thus, subject to appeals, SCI will no longer be party to the suit. The case has continued against our subsidiary Stewart Enterprises and its former individual directors. However, in October 2016, the court entered a judgment dismissing all of plaintiffs’ claims. Plaintiffs have filed documents indicating that they are appealing the dismissal. We cannot quantify our ultimate liability, if any, for the payment of damages. Operational Claims. We are subject to the following lawsuit. Linda Allard, on behalf of herself and all others similarly situated v. SCI Direct, Inc., Case No 16-1033; In the United States District Court, Middle District of Tennessee. This case was filed in June 2016 as a class action under the Telephone Consumer Protection Act (the “Act”). Plaintiff alleges she received telemarketing telephone calls that were made with a prerecorded voice or made by an automatic telephone dialing system in violation of the Act. Plaintiff seeks actual and statutory damages, as well as attorney’s fees and costs. We cannot quantify our ultimate liability, if any, in this lawsuit. Unclaimed Property Audit. We are involved in the following matter. We received notices from a third party auditor representing unclaimed property departments of 36 states regarding preneed funeral and cemetery contracts that were not funded by the purchase and assignment of the proceeds of insurance policies. The auditor claims that we are subject to the laws of those states concerning escheatment of unclaimed funds. The auditor seeks escheatment of funds from the portion of such contracts for which it claims that we will probably not be required to provide services or merchandise in the future. No actual audits have commenced at this time. We cannot quantify our ultimate liability, if any, in this matter. The ultimate outcome of the matters described above cannot be determined at this time. We intend to vigorously defend all of the above matters; however, an adverse decision in one or more of such matters could have a material effect on us, our financial condition, results of operations, and cash flows. |
Earnings Per Share (Notes) |
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Earnings Per Share | Earnings Per Share Basic earnings per common share (EPS) excludes dilution and is computed by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common shares that then shared in our earnings. A reconciliation of the numerators and denominators of the basic and diluted EPS computations is presented below:
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Divestiture-Related Activities (Notes) |
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Disposal Groups, Including Discontinued Operations, Disclosure | Divestiture-Related Activities As divestitures occur in the normal course of business, gains or losses on the sale of such assets are recognized in the income statement line item Gains (losses) on divestitures and impairment charges, net, which consist of the following:
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Summary of Significant Accounting Policies (Policies) |
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Consolidation, Variable Interest Entity, Policy | Our merchandise and service trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. Our trust investments detailed in Notes 4 and 5 are also accounted for as variable interest entities. Our merchandise and service trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The trust investments detailed in Notes 3 and 5 are also accounted for as variable interest entities. Our cemetery perpetual care trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The trust investments detailed in Notes 3 and 4 are also accounted for as variable interest entities. |
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Funeral and Cemetery cash flow | Cash flows from preneed contracts are presented as operating cash flows in our unaudited condensed Consolidated Statement of Cash Flows. Cash flows from preneed cemetery contracts are presented as operating cash flows in our unaudited condensed Consolidated Statement of Cash Flows. Cash flows from cemetery perpetual care trusts are presented as operating cash flows in our unaudited condensed Consolidated Statement of Cash Flows. |
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Revenue Recognition, Deferred Revenue | These earnings are recorded in Deferred preneed funeral revenue until the merchandise is delivered or the service is performed. These earnings are recorded in Deferred preneed cemetery revenue until the merchandise is delivered or the service is performed. |
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Fair Value of Financial Instruments, Policy | Where quoted prices are available in an active market, securities are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. 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 funds are classified as Level 3 investments pursuant to the Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. 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 funds are classified as Level 3 investments pursuant to the fair value measurements hierarchy. Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements hierarchy. Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, ratings, and tax-exempt status. These securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. 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 pursuant to the fair value measurements hierarchy. The fair value of our long-term, fixed-rate loans were estimated using market prices for those loans, and therefore they are classified within Level 2 of the fair value measurements hierarchy. The Term Loan, Bank Credit Facility agreement, and the mortgage and other debt are classified within Level 3 of the fair value measurements hierarchy. The fair value of these instruments has been estimated using a discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. |
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Revenue Recognition, Policy | Earnings from all our merchandise and service trust investments are recognized in revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract; these amounts are also recognized in current revenue in the period in which they are earned. Earnings from all our merchandise and service trust investments are recognized in current revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract; these amounts are also recognized in current revenue in the period in which they are earned. Distributable earnings from these cemetery perpetual care trust investments are recognized in current cemetery revenue to the extent we incur qualifying cemetery maintenance costs. Fees charged by our wholly-owned registered investment advisor are also included in current revenue. |
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Marketable Securities, Available-for-sale Securities, Policy | We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other expense, net and a decrease to Preneed funeral receivables, net and trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other expense, net, which reduces Deferred preneed receipts held in trust. We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other expense, net and a decrease to Preneed cemetery receivables, net and trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other expense, net, which reduces Deferred preneed receipts held in trust. See Note 6 for further information related to our Deferred preneed receipts held in trust We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other expense, net and a decrease to Cemetery perpetual care trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other expense, net, which reduces Care trusts’ corpus. |
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Earnings Per Share, Policy | Basic earnings per common share (EPS) excludes dilution and is computed by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common shares that then shared in our earnings. Basic earnings per common share (EPS) excludes dilution and is computed by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common shares that then shared in our earnings. A reconciliation of the numerators and denominators of the basic and diluted EPS computations is presented below:
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Segment Reporting, Policy | Our operations are both product-based and geographically-based, and the reportable operating segments presented below include our funeral and cemetery operations. |
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Consolidation, Policy | Principles of Consolidation and Basis of Presentation Our unaudited condensed consolidated financial statements include the accounts of Service Corporation International (SCI) and all subsidiaries in which we hold a controlling financial interest. Our financial statements also include the accounts of the merchandise and service trusts and cemetery perpetual care trusts in which we have a variable interest and are the primary beneficiary. Our interim condensed consolidated financial statements are unaudited but include all adjustments, consisting of normal recurring accruals and any other adjustments, which management considers necessary for a fair statement of our results for these periods. Our unaudited condensed consolidated financial statements have been prepared in a manner consistent with the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2016, unless otherwise disclosed herein, and should be read in conjunction therewith. The accompanying year-end condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year period. |
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Use of Estimates, Policy | Use of Estimates in the Preparation of Financial Statements The preparation of the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions as described in our Annual Report on Form 10-K for the year ended December 31, 2016. These estimates and assumptions may affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. As a result, actual results could differ from these estimates. |
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New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Adopted in 2017 Stock Compensation In March 2016, the FASB amended "Stock Compensation", modifying certain aspects of the accounting for share-based payment transactions,which requires the tax effects related to share-based payments to be recorded through the income statement, simplifies the accounting requirements for forfeitures and employers' tax withholding requirements, and modifies the presentation of certain items on the statement of cash flows. The guidance requires the tax effect related to the settlement of share-based awards in income tax benefit or expense in the statements of earnings rather than in additional paid-in-capital. This guidance also eliminates the requirement to reclassify excess tax benefits from operating activities to financing activities within the statement of cash flows. We adopted the new guidance in the first quarter of 2017, as required, and the impact of the restricted stock deliveries and option exercises in the first quarter of 2017 was a reduction to our adjusted provision for income taxes of $6.4 million. Prior periods have not been retrospectively adjusted for adoption of this guidance. The remaining amendments to this standard, as noted above, are either not applicable or do not change our current accounting practices and thus do not impact our consolidated financial statements, including our consolidated statement of cash flows. Inventory In July 2015, the FASB amended "Inventory" to state that an entity using an inventory method other than last-in, first out ("LIFO") or the retail inventory method should measure inventory at the lower of cost or net realizable value. The new guidance clarifies that net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance was effective for us on January 1, 2017 and adoption did not materially impact our consolidated results of operations, consolidated financial position, and cash flows. Recently Issued Accounting Standards Revenue Recognition In May 2014, the FASB issued"Revenue from Contracts with Customers," which replaces most existing revenue recognition guidance. During 2016, the FASB made several amendments to the new standard that clarified guidance on several matters, including principal vs. agent considerations, identifying performance obligations, sales taxes, and licensing. The new standard, as amended, requires that we recognize revenue in the amount to which we expect to be entitled for delivery of promised goods and services to our customers. The new standard will also result in enhanced revenue-related disclosures, including any significant judgments and changes in judgments. Additionally, the new standard requires the deferral of incremental selling costs to the period in which the related revenue is recognized. The new standard will be effective for us beginning January 1, 2018 and we intend to implement the standard with the modified retrospective approach, which recognizes the cumulative effect of application recognized on that date. We have not fully determined the impact on the new standard on our consolidated results of operations, consolidated financial position, and cash flows. However, we believe the standard primarily impacts the manner in which we recognize certain nonrefundable up-front fees and incremental costs to acquire new preneed funeral trust contracts and preneed and atneed cemetery contracts (i.e., selling costs). The nonrefundable fees will be deferred and recognized as revenue when the related goods and services are delivered to the customer. The incremental selling costs will be deferred and amortized by specific identification to the delivery of the related goods and services. We will continue to expense costs to acquire new preneed funeral insurance contracts in the period incurred. The insurance contracts are not, and will not be, reflected in our Consolidated Balance Sheet because they do not represent assets or liabilities as we have no claim to the insurance proceeds until the contract is fulfilled and no obligation under the contract until the benefits are assigned to us after the time of need. Financial Instruments In January 2016, the FASB amended "Financial Instruments" to provide additional guidance on the recognition and measurement of financial assets and liabilities. The amendment requires investments in equity instruments to be measured at fair value with changes in fair value reflected in net income. The new guidance is effective for us on January 1, 2018, and we are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. In June 2016, the FASB amended "Financial Instruments" to provide financial statement users with more decision-useful information about the expected credit losses on debt instruments and other commitments to extend credit held by a reporting entity at each reporting date. This amendment replaces the incurred loss impairment methodology in the current standard with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for us on January 1, 2020, and we are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Leases In February 2016, the FASB amended "Leases" to increase transparency and comparability among organizations. Under the new standard, an entity will be required to recognize lease assets and liabilities on its balance sheet and disclose key information about leasing arrangements. In addition, the new standard offers specific accounting guidance for a lessee, a lessor, and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This new standard will be effective for us on January 1, 2019. We are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Cash Flow In August and November 2016, the FASB amended "Statement of Cash Flows" to clarify guidance on the classification of certain cash receipts and cash payments. Additionally, the guidance requires that the statement of cash flows reflects changes in restricted cash in addition to cash and cash equivalents. Amended guidance includes clarification on debt prepayment and extinguishment costs, contingent consideration in business combinations, proceeds from insurance claims, and premium payments on company-owned life insurance. The new guidance is effective for us on January 1, 2018, and we are still evaluating the impact of adoption on our consolidated statement of cash flows. Goodwill In January 2017, the FASB amended "Goodwill" to simplify the subsequent measurement of goodwill. Amended guidance eliminates Step 2 from the goodwill impairment test. Instead, impairment is defined as the amount by which the carrying value of the reporting unit exceeds its fair value, up to the total amount of goodwill. The new guidance is effective for us on January 1, 2020, and is not expected to impact on our consolidated results of operations, consolidated financial position, and cash flows. Retirement Plans In March 2017, the FASB amended "Retirement Plans" to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost by requiring the classification of interest costs and actuarial gains and losses separately from operating income. The new guidance is effective for us on January 1, 2018, and we are evaluating the impact on our consolidated results of operations, consolidated financial position, and cash flows. |
Preneed Funeral Activities (Tables) - Funeral |
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Preneed funeral receivables net and trust investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment related activities | The table below sets forth certain investment-related activities associated with these preneed merchandise and service trusts:
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Long-term receivable and investment components | The components of Preneed funeral receivables, net and trust investments in our unaudited condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 are as follows:
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Schedule of Available-for-sale Securities Reconciliation | The costs and values associated with trust investments measured at market at March 31, 2017 and December 31, 2016 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Value represents the value of the underlying securities held by the trusts.
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows:
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Investments Classified by Contractual Maturity Date | Maturity dates of our fixed income securities range from 2017 to 2041. Maturities of fixed income securities, excluding mutual funds, at March 31, 2017 are estimated as follows:
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Schedule of Unrealized Loss on Investments | Our merchandise and service trust investment unrealized losses, their associated values, and the duration of unrealized losses as of March 31, 2017 and December 31, 2016, respectively, are shown in the following tables:
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Preneed Cemetery Activities (Tables) - Cemetery |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preneed Cemetery Receivables, Net and Trust Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment related activities | The table below sets forth certain investment-related activities associated with these preneed merchandise and service trusts:
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Long-term receivable and investment components | The components of Preneed cemetery receivables, net and trust investments in our unaudited condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 are as follows:
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Schedule of Available-for-sale Securities Reconciliation |
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows:
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Investments Classified by Contractual Maturity Date | Maturity dates of our fixed income securities range from 2017 to 2023. Maturities of fixed income securities, excluding mutual funds, at March 31, 2017 are estimated as follows:
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Schedule of Unrealized Loss on Investments | Our merchandise and service trust investment unrealized losses, their associated values and the duration of unrealized losses as of March 31, 2017 and December 31, 2016, respectively, are shown in the following tables:
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Cemetery Perpetual Care Trusts (Tables) - Cemetery Perpetual Care |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cemetery Perpetual Care Trust Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment related activities | The table below sets forth certain investment-related activities associated with our cemetery perpetual care trusts:
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Long-term receivable and investment components | The components of Cemetery perpetual care trust investments in our unaudited condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 are as follows:
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Schedule of Available-for-sale Securities Reconciliation |
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows:
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Investments Classified by Contractual Maturity Date | Maturity dates of our fixed income securities range from 2017 to 2040. Maturities of fixed income securities at March 31, 2017 are estimated as follows:
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Schedule of Unrealized Loss on Investments | Our cemetery perpetual care trust investment unrealized losses, their associated values and the duration of unrealized losses as of March 31, 2017 and December 31, 2016, respectively, are shown in the following tables:
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Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Preneed Funeral and Cemetery Receitps Held in Trust Components | The components of Deferred preneed receipts held in trust in our unaudited condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 are detailed below.
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Schedule of Care Trust Corpus' Components | The components of Care trusts’ corpus in our unaudited condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 are detailed below.
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Schedule of Other Nonoperating Income, by Component | The components of Other expense, net in our unaudited condensed Consolidated Statement of Operations for the three months ended March 31, 2017 and 2016 are detailed below. See Notes 3, 4, and 5 for further discussion of the amounts related to the funeral, cemetery, and cemetery perpetual care trusts.
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Debt as of March 31, 2017 and December 31, 2016 was as follows:
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Credit Risk and Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Risk and Fair Value of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure | The fair value of our debt instruments at March 31, 2017 and December 31, 2016 was as follows:
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Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Our components of Accumulated other comprehensive income are as follows:
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Segment Reporting (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Our reportable segment information is as follows:
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | The following table reconciles operating profit from reportable segments to our consolidated income before income taxes:
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Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Our geographic area information is as follows:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of the numerators and denominators of the basic and diluted EPS computations is presented below:
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Divestiture-Related Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Divestiture-Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on Divestitures and Impairment Charges |
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Summary of Significant Accounting Policies Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Summary of Significant Accounting Policies [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 6.4 |
Preneed Funeral Activities Investment Related Activities (Details) - Funeral - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Investment related activities [Line Items] | ||
Deposits | $ 34,976 | $ 27,708 |
Withdrawals | 42,123 | 35,170 |
Purchases of available-for-sale securities | 90,952 | 109,522 |
Sales of available-for-sale securities | $ 89,412 | $ 99,493 |
Preneed Funeral Activities Long-term Receivable and Investment (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Long-term receivable and investment components [Line Items] | ||
Preneed funeral receivables and trust investments | $ 1,862,655 | $ 1,817,445 |
Funeral | ||
Long-term receivable and investment components [Line Items] | ||
Trust investments, at market | 1,199,453 | 1,152,752 |
Cash and cash equivalents | 115,914 | 122,517 |
Insurance-backed fixed income securities | 270,348 | 271,248 |
Trust investments | 1,585,715 | 1,546,517 |
Receivables from customers | 319,456 | 312,556 |
Unearned finance charges | (13,233) | (12,562) |
Preneed funeral receivables, net and trust investments, excluding allowance for cancellation | 1,891,938 | 1,846,511 |
Allowance for cancellation | (29,283) | (29,066) |
Preneed funeral receivables and trust investments | $ 1,862,655 | $ 1,817,445 |
Preneed Funeral Activities Level 3 Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | $ (62) | $ 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized (losses) gains included in Accumulated other comprehensive income | 69,351 | 17,985 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (62) | 0 |
Other Investments | Funeral | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair market value, beginning balance | 5,276 | 4,756 |
Net unrealized (losses) gains included in Accumulated other comprehensive income | 221 | 55 |
Fair market value, ending balance | $ 5,435 | $ 4,811 |
Preneed Funeral Activities Investments Classified by Contractual Maturity Date (Details) - Funeral $ in Thousands |
Mar. 31, 2017
USD ($)
|
---|---|
Investments Classified By Contractual Maturity Date [Line Items] | |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | $ 71,410 |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 26,461 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 33,537 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 7,631 |
Available-for-sale Securities, Debt Maturities, Total, Fair Value | $ 139,039 |
Preneed Funeral Activities Preneed Funeral Activities, Textuals (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 27,200 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 5,039 | $ 3,282 |
Funeral | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 44,000 | |
Investment Earnings, Net | 14,300 | 12,000 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 4,267 | $ 1,118 |
Underlying assets liquidation range, minimum | 2 years | |
Underlying assets liquidation range, maximum | 10 years |
Preneed Cemetery Activities Investment Related Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Investment related activities [Line Items] | ||
Realized gains from sales of available-for-sale securities | $ 52,433 | $ 14,564 |
Realized losses from sales of available-for-sale securities | (21,774) | (44,120) |
Cemetery | ||
Investment related activities [Line Items] | ||
Deposits | 39,522 | 36,998 |
Withdrawals | 38,534 | 32,411 |
Purchases of available-for-sale securities | 398,813 | 131,851 |
Sales of available-for-sale securities | 384,538 | 118,581 |
Realized gains from sales of available-for-sale securities | 40,029 | 6,246 |
Realized losses from sales of available-for-sale securities | $ (14,261) | $ (22,853) |
Preneed Cemetery Activities Long-term Receivable and Investment (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Long-term receivable and investment components [Line Items] | ||
Preneed cemetery receivables, net and trust investments | $ 2,581,745 | $ 2,487,720 |
Cemetery | ||
Long-term receivable and investment components [Line Items] | ||
Trust investments, at market | 1,534,024 | 1,435,083 |
Cash and cash equivalents | 107,287 | 123,146 |
Trust investments | 1,641,311 | 1,558,229 |
Receivables from customers | 1,049,235 | 1,038,592 |
Unearned finance charges | (33,055) | (33,427) |
Preneed cemetary receivables, net and trust investments, excluding allowance for cancellation | 2,657,491 | 2,563,394 |
Allowance for cancellation | (75,746) | (75,674) |
Preneed cemetery receivables, net and trust investments | $ 2,581,745 | $ 2,487,720 |
Preneed Cemetery Activities Level 3 Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized losses included in Accumulated other comprehensive income | $ 69,351 | $ 17,985 |
Cemetery | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair market value, beginning balance | 1,504 | |
Net unrealized losses included in Accumulated other comprehensive income | (207) | |
Fair market value, ending balance | $ 1,297 |
Preneed Cemetery Activities Investments Classified by Contractual Maturity Date (Details) - Cemetery $ in Thousands |
Mar. 31, 2017
USD ($)
|
---|---|
Investments Classified By Contractual Maturity Date [Line Items] | |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | $ 3,306 |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 14,675 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 198 |
Available-for-sale Securities, Debt Maturities, Total, Fair Value | $ 18,179 |
Preneed Cemetery Activities Preneed Cemetery Activities, Textuals (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 27,200 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 5,039 | $ 3,282 |
Cemetery | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 49,700 | |
Investment Earnings, Net | 12,600 | 9,700 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 765 | $ 2,049 |
Underlying assets liquidation range, minimum | 2 years | |
Underlying assets liquidation range, maximum | 10 years |
Cemetery Perpetual Care Trusts Investment Related Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Realized gains from sales of available-for-sale securities | $ 52,433 | $ 14,564 |
Realized losses from sales of available-for-sale securities | (21,774) | (44,120) |
Cemetery Perpetual Care | ||
Deposits | 9,989 | 9,813 |
Withdrawals | 12,425 | 16,294 |
Purchases of available-for-sale securities | 27,266 | 48,476 |
Sales of available-for-sale securities | 13,975 | 33,522 |
Realized gains from sales of available-for-sale securities | 843 | 1,494 |
Realized losses from sales of available-for-sale securities | $ (1,969) | $ (1,616) |
Cemetery Perpetual Care Trusts Long-term Receivable and Investment (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Long-term receivable and investment components [Line Items] | ||
Cemetery perpetual care trust investments | $ 1,440,935 | $ 1,407,465 |
Cemetery Perpetual Care | ||
Long-term receivable and investment components [Line Items] | ||
Trust investments, at market | 1,378,853 | 1,349,073 |
Restricted Cash | 62,082 | 58,392 |
Cemetery perpetual care trust investments | $ 1,440,935 | $ 1,407,465 |
Cemetery Perpetual Care Trusts Level 3 Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized (losses) gains included in Accumulated other comprehensive income | $ 69,351 | $ 17,985 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (62) | 0 |
Cemetery Perpetual Care | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair market value, beginning balance | 1,887 | 1,902 |
Net unrealized (losses) gains included in Accumulated other comprehensive income | 2 | (19) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (11) | 0 |
Fair market value, ending balance | $ 1,878 | $ 1,883 |
Cemetery Perpetual Care Trusts Investments Classifed by Contractual Maturity Date (Details) - Cemetery Perpetual Care $ in Thousands |
Mar. 31, 2017
USD ($)
|
---|---|
Investments Classified By Contractual Maturity Date [Line Items] | |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | $ 1,795 |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 16,719 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 105 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 195 |
Available-for-sale Securities, Debt Maturities, Total, Fair Value | $ 18,814 |
Cemetery Perpetual Care Trusts Cemetery Perpetual Care Trusts, Textuals (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 27,200 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (5,039) | $ (3,282) |
Cemetery Perpetual Care | ||
Investment Earnings, Net | 11,300 | 18,500 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ (7) | $ (115) |
Underlying assets liquidation range, minimum | 2 years | |
Underlying assets liquidation range, maximum | 10 years |
Income Taxes Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Income Taxes [Abstract] | ||
Effective Income Tax Rate, Continuing Operations | (77.40%) | 40.50% |
Federal Statutory Tax Rate | 35.00% | |
Unrecognized Tax Benefits | $ 79.5 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 7.3 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | 143.0 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 102.5 | |
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | $ 40.5 |
Equity Narratives (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended |
---|---|---|
Apr. 25, 2017 |
Mar. 31, 2017 |
|
Subsequent Event [Line Items] | ||
Treasury Stock, Shares, Acquired | 2,813,134 | |
Treasury Stock, Value, Acquired, Par Value Method | $ 83.5 | |
Treasury Stock Acquired, Average Cost Per Share | $ 29.67 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 284.8 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Treasury Stock, Shares, Acquired | 362,260 | |
Treasury Stock, Value, Acquired, Par Value Method | $ 11.2 | |
Treasury Stock Acquired, Average Cost Per Share | $ 30.88 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 273.6 |
Commitments and Contingencies (Details) $ in Millions |
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
---|---|---|
Litigation Settlement [Line Items] | ||
Self Insurance Reserve | $ 78.6 | $ 78.0 |
Number Of States Involved In Litigation | 36 |
Divestiture-Related Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Divestiture-Related Activities [Abstract] | ||
Gains on divestitures, net | $ 16,751 | $ 1,426 |
Impairment losses | (11,816) | (1,773) |
Gains (losses) on divestitures and impairment charges, net | $ 4,935 | $ (347) |
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