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Preneed Trust Investments (Tables)
 3 Months Ended
Mar. 31, 2016
Preneed Trust Investments [Abstract]  
Components of preneed cemetery trust investments
The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2015 and March 31, 2016 were as follows (in thousands):
 
December 31, 2015
 
March 31, 2016
Preneed cemetery trust investments, at market value

$
65,486

 
$
62,551

Less: allowance for contract cancellation
(2,195
)
 
(2,119
)
Preneed cemetery trust investments, net
$
63,291

 
$
60,432
Cost and fair market values associated with preneed cemetery trust investments
The cost and fair market values associated with preneed cemetery trust investments at March 31, 2016 are detailed below (in thousands):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
4,611

 
$
—

 
$
—

 
$
4,611

Fixed income securities:
 
 
 
 
 
 
 
 
 
Municipal bonds
2
 
457

 
—

 
(83
)
 
374

Foreign debt
2
 
7,437

 
110

 
(937
)
 
6,610

Corporate debt
2
 
25,871

 
699

 
(3,238
)
 
23,332

Preferred stock
2
 
16,184

 
5

 
(1,406
)
 
14,783

Common stock
1
 
15,006

 
162

 
(4,403
)
 
10,765

Mutual Funds:
 
 
 
 
 
 
 
 
 
       Fixed Income
2
 
$
1,078

 
$
49

 
$
—

 
$
1,127

Trust securities
 
 
$
70,644

 
$
1,025

 
$
(10,067
)
 
$
61,602

Accrued investment income
 
 
$
949

 
 
 
 
 
$
949

Preneed cemetery trust investments
 
 
 
 
 
 
 
 
$
62,551

Market value as a percentage of cost
 
 
 
 
 
 
 
 
87.2
%
The cost and fair market values associated with preneed cemetery trust investments at December 31, 2015 are detailed below (in thousands):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
8,296

 
$
—

 
$
—

 
$
8,296

Fixed income securities:
 
 
 
 
 
 
 
 
 
Municipal bonds
2
 
458

 
—

 
(63
)
 
395

Foreign debt
2
 
4,803

 
—

 
(695
)
 
4,108

Corporate debt
2
 
22,968

 
85

 
(4,279
)
 
18,774

Preferred stock
2
 
16,236

 
29

 
(885
)
 
15,380

Mortgage backed securities
2
 
—

 
—

 
—

 
—

Common stock
1
 
20,387

 
682

 
(3,161
)
 
17,908

Trust securities
 
 
$
73,148

 
$
796

 
$
(9,083
)
 
$
64,861

Accrued investment income
 
 
$
625

 
 
 
 
 
$
625

Preneed cemetery trust investments
 
 
 
 
 
 
 
 
$
65,486

Market value as a percentage of cost
 
 
 
 
 
 
 
 
88.7
%
Estimated maturities of fixed preneed cemetery trust income securities
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less
$
127

Due in one to five years
8,546

Due in five to ten years
4,591

Thereafter
31,835

Total fixed income securities
$
45,099
Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments
Our cemetery merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of March 31, 2016 and December 31, 2015, are shown in the following tables (in thousands):
 
March 31, 2016
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
142

 
$
(28
)
 
$
232

 
$
(55
)
 
$
374

 
$
(83
)
Foreign debt
2,671

 
(395
)
 
1,984

 
(542
)
 
4,655

 
(937
)
Corporate debt
5,449

 
(853
)
 
8,034

 
(2,385
)
 
13,483

 
(3,238
)
Preferred stock
6,613

 
(566
)
 
7,730

 
(840
)
 
14,343

 
(1,406
)
Common stock
6,088

 
(2,602
)
 
3,278

 
(1,801
)
 
9,366

 
(4,403
)
Total temporary impaired securities
$
20,963

 
$
(4,444
)
 
$
21,258

 
$
(5,623
)
 
$
42,221

 
$
(10,067
)
 
December 31, 2015
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
395

 
$
(63
)
 
$
—

 
$
—

 
$
395

 
$
(63
)
Foreign debt
$
3,680

 
$
(384
)
 
$
406

 
$
(312
)
 
$
4,086

 
$
(696
)
Corporate debt
14,468

 
(2,992
)
 
3,056

 
(1,287
)
 
17,524

 
(4,279
)
Preferred stock
10,285

 
(436
)
 
5,168

 
(448
)
 
15,453

 
(884
)
Common stock
12,029

 
(1,989
)
 
3,564

 
(1,172
)
 
15,593

 
(3,161
)
Total temporary impaired securities
$
40,857

 
$
(5,864
)
 
$
12,194

 
$
(3,219
)
 
$
53,051

 
$
(9,083
)
Preneed cemetery trust investment security transactions
Preneed cemetery trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three months ended March 31, 2015 and 2016 were as follows (in thousands):
 
For the Three Months Ended March 31,
 
2015
 
2016
Investment income
$
517

 
$
291

Realized gains
358

 
108

Realized losses
(798
)
 
(2,480
)
Expenses and taxes
(319
)
 
(343
)
Decrease in deferred preneed cemetery receipts held in trust
242

 
2,424

 
$
—

 
$
—
Purchases and sales of investments in preneed cemetary trusts
Purchases and sales of investments in the preneed cemetery trusts were as follows (in thousands):
 
For the Three Months Ended March 31,

 
2015
 
2016
Purchases
$
(7,008
)
 
$
(10,892
)
Sales
$
2,752

 
$
7,354
Components of preneed funeral trust investments
December 31, 2015 and March 31, 2016 were as follows (in thousands):
 
December 31, 2015
 
March 31, 2016
Preneed funeral trust investments, at market value
$
88,444

 
$
85,958

Less: allowance for contract cancellation
(2,891
)
 
(2,826
)
Preneed funeral trust investments, net
$
85,553

 
$
83,132
Estimated maturities of fixed preneed funeral trust income securities
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less
$
137

Due in one to five years
9,641

Due in five to ten years
5,682

Thereafter
34,879

Total
$
50,339
Cost and fair market values associated with preneed funeral trust investments
The cost and fair market values associated with preneed funeral trust investments at March 31, 2016 are detailed below (in thousands):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
17,828

 
$
—

 
$
—

 
$
17,828

Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. treasury debt
1
 
1,491

 
48

 
—

 
1,539

Municipal bonds
2
 
478

 
—

 
(87
)
 
391

Foreign debt
2
 
7,823

 
120

 
(971
)
 
6,972

Corporate debt
2
 
27,648

 
793

 
(3,412
)
 
25,029

Preferred stock
2
 
17,464

 
131

 
(1,455
)
 
16,140

Mortgage backed securities
2
 
267

 
5

 
(4
)
 
268

Common stock
1
 
15,528

 
160

 
(4,597
)
 
11,091

Mutual funds:
 
 
 
 
 
 
 
 
 
Fixed income
2
 
2,118

 
54

 
(51
)
 
2,121

Other investments
2
 
3,562

 
—

 
(24
)
 
3,538

Trust securities
 
 
$
94,207

 
$
1,311

 
$
(10,601
)
 
$
84,917

Accrued investment income
 
 
$
1,041

 
 
 
 
 
$
1,041

Preneed funeral trust investments
 
 
 
 
 
 
 
 
$
85,958

Market value as a percentage of cost
 
 
 
 
 
 
 
 
90.1
%
The cost and fair market values associated with preneed funeral trust investments at December 31, 2015 are detailed below (in thousands):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market
Value
Cash and money market accounts
1
 
$
21,458

 
$
—

 
$
—

 
$
21,458

Fixed income securities:
 
 
 
 
 
 
 
 
 
U.S. treasury debt
1
 
1,492

 
24

 
(12
)
 
1,504

Municipal bonds
2
 
478

 
—

 
(66
)
 
412

Foreign debt
2
 
4,938

 
—

 
(711
)
 
4,227

Corporate debt
2
 
24,787

 
133

 
(4,711
)
 
20,209

Preferred stock
2
 
17,496

 
158

 
(914
)
 
16,740

Mortgage backed securities
1
 
273

 
4

 
(4
)
 
273

Common stock
 
 
20,864

 
738

 
(3,114
)
 
18,488

Mutual funds:
 
 
 
 
 
 
 
 
 
Equity
1
 
—

 
—

 
—

 
—

Fixed income
2
 
$
959

 
$
—

 
$
(82
)
 
$
877

Other investments
2
 
$
3,598

 
$
—

 
$
(30
)
 
$
3,568

Trust securities
 
 
$
96,343

 
$
1,057

 
$
(9,644
)
 
$
87,756

Accrued investment income
 
 
688

 
 
 
 
 
$
688

Preneed funeral trust investments
 
 
 
 
 
 
 
 
$
88,444

Market value as a percentage of cost
 
 
 
 
 
 
 
 
91.1
%
Schedule of fair market value and unrealized loss on preneed funeral trust investments
Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of March 31, 2016 and December 31, 2015 are shown in the following tables (in thousands):
 
March 31, 2016
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
139

 
$
(27
)
 
$
252

 
$
(60
)
 
$
391

 
$
(87
)
Foreign debt
2,692

 
(378
)
 
2,158

 
(593
)
 
4,850

 
(971
)
Corporate debt
5,470

 
(825
)
 
8,783

 
(2,587
)
 
14,253

 
(3,412
)
Preferred stock
6,384

 
(537
)
 
8,449

 
(918
)
 
14,833

 
(1,455
)
Mortgage backed securities
102

 
(3
)
 
15

 
(1
)
 
117

 
(4
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
6,087

 
(2,620
)
 
3,594

 
(1,977
)
 
9,681

 
(4,597
)
Fixed income
46

 
(1
)
 
818

 
(50
)
 
864

 
(51
)
Other investments
—

 
—

 
11

 
(24
)
 
11

 
(24
)
Total temporary impaired securities
$
20,920

 
$
(4,391
)
 
$
24,080

 
$
(6,210
)
 
$
45,000

 
$
(10,601
)
 
December 31, 2015
 
In Loss Position Less than 12 months
 
In Loss Position Greater than 12 months
 
Total
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
 
Fair Market Value
 
Unrealized Losses
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. debt
$
—

 
$
—

 
$
1,504

 
$
(12
)
 
$
1,504

 
$
(12
)
Municipal bonds
413

 
(66
)
 
—

 
—

 
413

 
(66
)
Foreign debt
3,763

 
(392
)
 
416

 
(319
)
 
4,179

 
(711
)
Corporate debt
15,929

 
(3,294
)
 
3,364

 
(1,417
)
 
19,293

 
(4,711
)
Preferred stock
10,623

 
(451
)
 
5,338

 
(463
)
 
15,961

 
(914
)
Mortgage backed securities
—

 
—

 
272

 
(4
)
 
272

 
(4
)
Mutual funds:
 
 
 
 
 
 
 
 
 
 
 
Equity
11,848

 
(1,959
)
 
3,510

 
(1,154
)
 
15,358

 
(3,113
)
Equity and other
—

 
—

 
—

 
—

 
—

 
—

Fixed income
1

 
—

 
876

 
(82
)
 
877

 
(82
)
Other investments
—

 
—

 
42

 
(31
)
 
42

 
(31
)
Total temporary impaired securities
42,577

 
(6,162
)
 
15,322

 
(3,482
)
 
57,899

 
(9,644
)
Preneed funeral trust investment security transactions
Preneed funeral trust investment security transactions recorded in Interest expense on the Consolidated Statements of Operations for the three months ended March 31, 2015 and 2016 were as follows (in thousands):
 
For the Three Months Ended March 31,
 
2015
 
2016
Investment income
$
556

 
$
340

Realized gains
294

 
144

Realized losses
(625
)
 
(2,396
)
Expenses and taxes
(260
)
 
(247
)
Decrease in deferred preneed funeral receipts held in trust
35

 
2,159

 
$
—

 
$
—
Purchases and sales of investments in preneed funeral trusts
Purchases and sales of investments in the preneed funeral trusts were as follows (in thousands):
 
For the Three Months Ended March 31,

 
2015
 
2016
Purchases
$
(5,489
)
 
$
(11,407
)
Sales
$
2,302

 
$
7,458