PERPETUAL CARE TRUSTS (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

A reconciliation of the Company’s merchandise trust activities for the three months ended March 31, 2020 and 2019 is presented below (in thousands):


	Three months ended March 31,
	2020			2019
Balance—beginning of period	$	517,192		$	488,248
Contributions		10,697			13,883
Distributions		(14,029	)		(13,639	)
Interest and dividends		5,704			7,325
Capital gain distributions		68			99
Realized gains and losses, net		218			(281	)
Other than temporary impairment		—			(2,314	)
Taxes		118			4
Fees		(3,022	)		(873	)
Unrealized change in fair value		(59,181	)		22,613

Total		457,765			515,065
Less: Assets held for sale		(20,127	)		—

Balance—end of period	$	437,638		$	515,065

A reconciliation of the Company’s merchandise trust activities for the years ended December 31, 2019 and 2018 is presented below (in thousands):


	Year ended December 31,
	2019			2018
Balance—beginning of period	$	488,248		$	515,456
Contributions		54,742			66,408
Distributions		(59,776	)		(79,862	)
Interest and dividends		29,367			27,228
Capital gain distributions		1,699			543
Realized gains and losses, net		3,246			(1,012	)
Other than temporary impairment		(6,056	)		(28,555	)
Taxes		(556	)		(347	)
Fees		(4,268	)		(3,855	)
Unrealized change in fair value		17,219			(7,756	)

Total		523,865			488,248
Less: Assets held for sale		(6,673	)		—

Balance—end of period	$	517,192		$	488,248

Cost and Market Value Associated with Assets Held in Trusts

The cost and market value associated with the assets held in the merchandise trusts as of March 31, 2020 and December 31, 2019 were as follows (in thousands):


March 31, 2020	Fair Value Hierarchy Level		Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
Short-term investments		1	$	120,171		$	—		$	—		$	120,171
Fixed maturities:
U.S. governmental securities		2		474			23			(82	)		415
Corporate debt securities		2		6,293			4			(234	)		6,063

Total fixed maturities				6,767			27			(316	)		6,478

Mutual funds—debt securities		1		30,138			160			(2,464	)		27,834
Mutual funds—equity securities		1		46,279			1,577			(25,236	)		22,620
Other investment funds⁽¹⁾				235,150			10,916			(15,626	)		230,440
Equity securities		1		56,668			1,001			(20,331	)		37,338
Other invested assets		2		4,387			—			(94	)		4,293

Total investments				499,560			13,681			(64,067	)		449,174
West Virginia Trust Receivable				9,506			—			(915	)		8,591

Total			$	509,066		$	13,681		$	(64,982	)	$	457,765

Less: Assets held for sale				(21,778	)		(425	)		2,076			(20,127	)

Total			$	487,288		$	13,256		$	(62,906	)	$	437,638

(1)

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. This asset class is composed of fixed income funds and equity funds, which have redemption periods ranging from 1 to 30 days, and private credit funds, which have lockup periods of one to six years with three potential one year extensions at the discretion of the funds’ general partners. As of March 31, 2020, there were $49.3 million in unfunded investment commitments to the private credit funds, which are callable at any time.


December 31, 2019	Fair Value Hierarchy Level		Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
Short-term investments		1	$	144,610		$	—		$	—		$	144,610
Fixed maturities:
U.S. governmental securities		2		456			6			(65	)		397
Corporate debt securities		2		783			14			(133	)		664

Total fixed maturities				1,239			20			(198	)		1,061

Mutual funds—debt securities		1		67,801			1,857			(6	)		69,652
Mutual funds—equity securities		1		46,609			1,744			—			48,353
Other investment funds⁽¹⁾				213,024			6,366			(2,953	)		216,437
Equity securities		1		24,386			1,327			(4	)		25,709
Other invested assets		2		8,360			32			—			8,392

Total investments				506,029			11,346			(3,161	)		514,214
West Virginia Trust Receivable				9,651			—			—			9,651

Total			$	515,680		$	11,346		$	(3,161	)	$	523,865

Less: Assets held for sale				(6,369	)		(304	)		—			(6,673	)

Total			$	509,311		$	11,042		$	(3,161	)	$	517,192

(1)

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. This asset class is composed of fixed income funds and equity funds, which have redemption periods ranging from 1 to 30 days, and private credit funds, which have lockup periods of one to six years with three potential one year extensions at the discretion of the funds’ general partners. As of December 31, 2019, there were $57.3 million in unfunded investment commitments to the private credit funds, which are callable at any time.

The cost and market value associated with the assets held in the merchandise trusts as of December 31, 2019 and 2018 were as follows (in thousands):


December 31, 2019	Fair Value Hierarchy Level		Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
Short-term investments		1	$	144,610		$	—		$	—		$	144,610
Fixed maturities:
U.S. governmental securities		2		456			6			(65	)		397
Corporate debt securities		2		783			14			(133	)		664

Total fixed maturities				1,239			20			(198	)		1,061

Mutual funds—debt securities		1		67,801			1,857			(6	)		69,652
Mutual funds—equity securities		1		46,609			1,744			—			48,353
Other investment funds⁽¹⁾				213,024			6,366			(2,953	)		216,437
Equity securities		1		24,386			1,327			(4	)		25,709
Other invested assets		2		8,360			32			—			8,392

Total investments				506,029			11,346			(3,161	)		514,214
West Virginia Trust Receivable				9,651			—			—			9,651

Total			$	515,680		$	11,346		$	(3,161	)	$	523,865

Less: Assets held for sale				(6,369	)		(304	)		—			(6,673	)

Total			$	509,311		$	11,042		$	(3,161	)	$	517,192

(1)

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Company’s consolidated balance sheet. This asset class is composed of fixed income funds and equity funds, which have redemption periods ranging from 1 to 30 days, and private credit funds, which have lockup periods of one to six years with three potential one year extensions at the discretion of the funds’ general partners. As of December 31, 2019, there were $57.3 million in unfunded investment commitments to the private credit funds, which are callable at any time.


December 31, 2018	Fair Value Hierarchy Level		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments		1	$	16,903	$	—	$	—		$	16,903
Fixed maturities:
U.S. governmental securities		2		392		—		(147	)		245
Corporate debt securities		2		1,311		29		(328	)		1,012

Total fixed maturities				1,703		29		(475	)		1,257

Mutual funds—debt securities		1		187,840		262		(2,645	)		185,457
Mutual funds—equity securities		1		45,023		110		(18	)		45,115
Other investment funds⁽¹⁾				210,655		388		(7,784	)		203,259
Equity securities		1		18,097		1,327		(213	)		19,211
Other invested assets		2		8,398		2		(17	)		8,383

Total investments			$	488,619	$	2,118	$	(11,152	)	$	479,585

West Virginia Trust Receivable				8,663		—		—			8,663

Total			$	497,282	$	2,118	$	(11,152	)	$	488,248

(1)

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Company’s consolidated balance sheet. This asset class is composed of fixed income funds and equity funds, which have redemption periods ranging from 1 to 30 days, and private credit funds, which have lockup periods of two to seven years with three potential one year extensions at the discretion of the funds’ general partners. As of December 31, 2018, there were $71.0 million in unfunded investment commitments to the private credit funds, which are callable at any time.

Contractual Maturities of Debt Securities Held in Trusts

The contractual maturities of debt securities as of March 31, 2020 and December 31, 2019 were as follows (in thousands):


March 31, 2020	Less than 1 year		1 year through 5 years		6 years through 10 years		More than 10 years
U.S. governmental securities	$	112	$	81	$	208	$	13
Corporate debt securities		87		3,970		2,007		—

Total fixed maturities	$	199	$	4,051	$	2,215	$	13


December 31, 2019	Less than 1 year		1 year through 5 years		6 years through 10 years		More than 10 years
U.S. governmental securities	$	112	$	78	$	193	$	13
Corporate debt securities		101		546		16		—

Total fixed maturities	$	213	$	624	$	209	$	13

The contractual maturities of debt securities as of December 31, 2019 and 2018 were as follows below (in thousands):


December 31, 2019	Less than 1 year		1 year through 5 years		6 years through 10 years		More than 10 years
U.S. governmental securities	$	112	$	78	$	193	$	13
Corporate debt securities		101		546		16		—

Total fixed maturities	$	213	$	624	$	209	$	13


December 31, 2018	Less than 1 year		1 year through 5 years		6 years through 10 years		More than 10 years
U.S. governmental securities	$	—	$	137	$	108	$	—
Corporate debt securities		68		873		55		16

Total fixed maturities	$	68	$	1,010	$	163	$	16

Aging of Unrealized Losses on Investments in Fixed Maturities and Equity Securities Held in Trusts

An aging of unrealized losses on the Company’s investments in debt and equity securities within the merchandise trusts as of March 31, 2020 and December 31, 2019 is presented below (in thousands):


	Less than 12 months				12 months or more				Total
March 31, 2020	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities:
U.S. governmental securities	$	—	$	—	$	302	$	82	$	302	$	82
Corporate debt securities		5,847		110		457		124		6,304		234

Total fixed maturities		5,847		110		759		206		6,606		316

Mutual funds—debt securities		19,756		2,064		—		400		19,756		2,464
Mutual funds—equity securities		18,857		23,880		—		1,356		18,857		25,236
Other investment funds		59,261		15,626		—		—		59,261		15,626
Equity securities		24,853		20,331		—		—		24,853		20,331
Other invested assets		—		—		905		94		905		94

Total	$	128,574	$	62,011	$	1,664	$	2,056	$	130,238	$	64,067


	Less than 12 months				12 months or more				Total
December 31, 2019	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities:
U.S. governmental securities	$	90	$	1	$	397	$	64	$	487	$	65
Corporate debt securities		198		29		424		104		622		133

Total fixed maturities		288		30		821		168		1,109		198

Mutual funds—debt securities		241		6		—		—		241		6
Mutual funds—equity securities		—		—		—		—		—		—
Other investment funds		54,782		2,953		—		—		54,782		2,953
Equity securities		3		4		—		—		3		4
Other invested assets		—		—		—		—		—		—

Total	$	55,314	$	2,993	$	821	$	168	$	56,135	$	3,161

An aging of unrealized losses on the Company’s investments in debt and equity securities within the merchandise trusts as of December 31, 2019 and 2018 is presented below (in thousands):


	Less than 12 months				12 months or more				Total
December 31, 2019	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities:
U.S. governmental securities	$	90	$	1	$	397	$	64	$	487	$	65
Corporate debt securities		198		29		424		104		622		133

Total fixed maturities		288		30		821		168		1,109		198

Mutual funds—debt securities		241		6		—		—		241		6
Mutual funds—equity securities		—		—		—		—		—		—
Other investment funds		54,782		2,953		—		—		54,782		2,953
Equity securities		3		4		—		—		3		4
Other invested assets		—		—		—		—		—		—

Total	$	55,314	$	2,993	$	821	$	168	$	56,135	$	3,161


	Less than 12 months				12 months or more				Total
December 31, 2018	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities:
U.S. governmental securities	$	—	$	—	$	243	$	147	$	243	$	147
Corporate debt securities		103		2		549		326		652		328

Total fixed maturities		103		2		792		473		895		475

Mutual funds—debt securities		46,005		2,011		1,195		634		47,200		2,645
Mutual funds—equity securities		131		18		—		—		131		18
Other investment funds		169,929		7,784		—		—		169,929		7,784
Equity securities		—		—		597		213		597		213
Other invested assets		—		4		790		13		790		17

Total	$	216,168	$	9,819	$	3,374	$	1,333	$	219,542	$	11,152

Perpetual care trusts | Variable Interest Entity, Primary Beneficiary

Reconciliation of Trust Activities

A reconciliation of the Company’s perpetual care trust activities for the three months ended March 31, 2020 and 2019 is presented below (in thousands):


	Three months ended March 31,
	2020			2019
Balance—beginning of period	$	343,619		$	330,562
Contributions		1,952			1,983
Distributions		(6,294	)		(4,403	)
Interest and dividends		6,624			5,148
Capital gain distributions		99			114
Realized gains and losses, net		163			977
Other than temporary impairment		—			(713	)
Taxes		(37	)		4
Fees		(913	)		(704	)
Unrealized change in fair value		(38,464	)		11,857

Total		306,749			344,825
Less: Assets held for sale		(21,917	)		—
Balance—end of period	$	284,832		$	344,825

A reconciliation of the Company’s perpetual care trust activities for the year ended December 31, 2019 and 2018 is presented below (in thousands):


	Year ended December 31,
	2019			2018
Balance—beginning of period	$	330,562		$	339,928
Contributions		7,575			13,162
Distributions		(20,598	)		(18,390	)
Interest and dividends		20,201			22,198
Capital gain distributions		2,112			808
Realized gains and losses, net		3,121			473
Other than temporary impairment		(3,941	)		(18,038	)
Taxes		(547	)		(237	)
Fees		(3,176	)		(4,412	)
Unrealized change in fair value		10,780			(4,930	)

Total		346,089			330,562
Less: Assets held for sale		(2,470	)		—

Balance—end of period	$	343,619		$	330,562

Cost and Market Value Associated with Assets Held in Trusts

The cost and market value associated with the assets held in the perpetual care trusts as of March 31, 2020 and December 31, 2019 were as follows (in thousands):


March 31, 2020	Fair Value Hierarchy Level		Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
Short-term investments		1	$	32,403		$	—		$	—		$	32,403
Fixed maturities:
U.S. governmental securities		2		1,072			90			(58	)		1,104
Corporate debt securities		2		2,751			19			(177	)		2,593

Total fixed maturities				3,823			109			(235	)		3,697

Mutual funds—debt securities		1		17,631			58			(1,178	)		16,511
Mutual funds—equity securities		1		16,964			605			(6,724	)		10,845
Other investment funds⁽¹⁾				230,401			12,474			(16,219	)		226,656
Equity securities		1		35,467			51			(18,272	)		17,246
Other invested assets		2		(609	)		—			—			(609	)

Total investments			$	336,080		$	13,297		$	(42,628	)	$	306,749

Less: Assets held for sale				(24,002	)		(101	)		2,186			(21,917	)

Total			$	312,078		$	13,196		$	(40,442	)	$	284,832

(1)

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. This asset class is composed of fixed income funds and equity funds, which have a redemption period ranging from 1 to 30 days, and private credit funds, which have lockup periods ranging from one to seven years with three potential one year extensions at the discretion of the funds’ general partners. As of March 31, 2020 there were $56.4 million in unfunded investment commitments to the private credit funds, which are callable at any time.


December 31, 2019	Fair Value Hierarchy Level		Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
Short-term investments		1	$	50,358		$	—		$	—		$	50,358
Fixed maturities:
U.S. governmental securities		2		1,069			32			(52	)		1,049
Corporate debt securities		2		2,020			22			(142	)		1,900

Total fixed maturities				3,089			54			(194	)		2,949

Mutual funds—debt securities		1		49,963			1,439			(38	)		51,364
Mutual funds—equity securities		1		16,698			1,617			(66	)		18,249
Other investment funds⁽¹⁾				186,355			10,526			(5,472	)		191,409
Equity securities		1		30,423			1,333			(12	)		31,744
Other invested assets		2		16			—			—			16

Total investments			$	336,902		$	14,969		$	(5,782	)	$	346,089

Less: Assets held for sale				(2,416	)		(54	)		—			(2,470	)

Total			$	334,486		$	14,915		$	(5,782	)	$	343,619

(1)

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. This asset class is composed of fixed income funds and equity funds, which have a redemption period ranging from 1 to 30 days, and private credit funds, which have lockup periods ranging from one to seven years with three potential one year extensions at the discretion of the funds’ general partners. As of December 31, 2019 there were $62.4 million in unfunded investment commitments to the private credit funds, which are callable at any time.

The cost and market value associated with the assets held in the perpetual care trusts as of December 31, 2019 and 2018 were as follows (in thousands):


December 31, 2019	Fair Value Hierarchy Level		Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
Short-term investments		1	$	50,358		$	—		$	—		$	50,358
Fixed maturities:
U.S. governmental securities		2		1,069			32			(52	)		1,049
Corporate debt securities		2		2,020			22			(142	)		1,900

Total fixed maturities				3,089			54			(194	)		2,949

Mutual funds—debt securities		1		49,963			1,439			(38	)		51,364
Mutual funds—equity securities		1		16,698			1,617			(66	)		18,249
Other investment funds⁽¹⁾				186,355			10,526			(5,472	)		191,409
Equity securities		1		30,423			1,333			(12	)		31,744
Other invested assets		2		16			—			—			16

Total investments			$	336,902		$	14,969		$	(5,782	)	$	346,089

Less: Assets held for sale				(2,416	)		(54	)		—			(2,470	)

Total			$	334,486		$	14,915		$	(5,782	)	$	343,619

(1)

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Company’s consolidated balance sheet. This asset class is composed of fixed income funds and equity funds, which have a redemption period ranging from 1 to 30 days, and private credit funds, which have lockup periods ranging from one to seven years with three potential one year extensions at the discretion of the funds’ general partners. As of December 31, 2019 there were $62.4 million in unfunded investment commitments to the private credit funds, which are callable at any time.


December 31, 2018	Fair Value Hierarchy Level		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments		1	$	12,835	$	—	$	—		$	12,835
Fixed maturities:
U.S. governmental securities		2		960		4		(121	)		843
Corporate debt securities		2		4,883		161		(321	)		4,723

Total fixed maturities				5,843		165		(442	)		5,566

Mutual funds—debt securities		1		108,451		227		(837	)		107,841
Mutual funds—equity securities		1		19,660		304		(142	)		19,822
Other investment funds⁽¹⁾				165,284		3,039		(4,607	)		163,716
Equity securities		1		20,025		826		(145	)		20,706
Other invested assets		2		56		20		—			76

Total investments			$	332,154	$	4,581	$	(6,173	)	$	330,562

(1)

Other investment funds are measured at fair value using the net asset value per share practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Company’s consolidated balance sheet. This asset class is composed of fixed income funds and equity funds, which have a redemption period ranging from 1 to 30 days, and private credit funds, which have lockup periods ranging from two to eight years with three potential one year extensions at the discretion of the funds’ general partners. As of December 31, 2018 there were $94.5 million in unfunded investment commitments to the private credit funds, which are callable at any time.

Contractual Maturities of Debt Securities Held in Trusts

The contractual maturities of debt securities as of March 31, 2020 and December 31, 2019, were as follows (in thousands):


March 31, 2020	Less than 1 year		1 year through 5 years		6 years through 10 years		More than 10 years
U.S. governmental securities	$	85	$	168	$	780	$	70
Corporate debt securities		214		2,018		362		—

Total fixed maturities	$	299	$	2,186	$	1,142	$	70


December 31, 2019	Less than 1 year		1 year through 5 years		6 years through 10 years		More than 10 years
U.S. governmental securities	$	60	$	192	$	684	$	114
Corporate debt securities		294		1,522		84		—

Total fixed maturities	$	354	$	1,714	$	768	$	114

The contractual maturities of debt securities as of December 31, 2019 and December 31, 2018, were as follows below (in thousands):


December 31, 2019	Less than 1 year		1 year through 5 years		6 years through 10 years		More than 10 years
U.S. governmental securities	$	60	$	192	$	684	$	114
Corporate debt securities		294		1,522		84		—

Total fixed maturities	$	354	$	1,714	$	768	$	114


December 31, 2018	Less than 1 year		1 year through 5 years		6 years through 10 years		More than 10 years
U.S. governmental securities	$	—	$	416	$	395	$	32
Corporate debt securities		705		3,702		265		51

Total fixed maturities	$	705	$	4,118	$	660	$	83

Aging of Unrealized Losses on Investments in Fixed Maturities and Equity Securities Held in Trusts

An aging of unrealized losses on the Company’s investments in debt and equity securities within the perpetual care trusts as of March 31, 2020 and December 31, 2019 is presented below (in thousands):


	Less than 12 months				12 months or more				Total
March 31, 2020	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities:
U.S. governmental securities	$	—	$	—	$	1,002	$	58	$	1,002	$	58
Corporate debt securities		1,759		70		1,829		107		3,588		177

Total fixed maturities		1,759		70		2,831		165		4,590		235

Mutual funds—debt securities		12,800		1,016		19		162		12,819		1,178
Mutual funds—equity securities		7,476		6,517		7		207		7,483		6,724
Other investment funds		58,418		16,219		—		—		58,418		16,219
Equity securities		17,006		18,259		5		13		17,011		18,272
Other invested assets		—		—		9		—		9		—

Total	$	97,459	$	42,081	$	2,871	$	547	$	100,330	$	42,628


	Less than 12 months				12 months or more				Total
December 31, 2019	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities:
U.S. governmental securities	$	291	$	4	$	942	$	48	$	1,233	$	52
Corporate debt securities		463		46		1,887		96		2,350		142

Total fixed maturities		754		50		2,829		144		3,583		194

Mutual funds—debt securities		2,856		38		—		—		2,856		38
Mutual funds—equity securities		566		66		—		—		566		66
Other investment funds		53,426		5,472		—		—		53,426		5,472
Equity securities		121		12		—		—		121		12

Total	$	57,723	$	5,638	$	2,829	$	144	$	60,552	$	5,782

An aging of unrealized losses on the Company’s investments in debt and equity securities within the perpetual care trusts as of December 31, 2019 and 2018 is presented below (in thousands):


	Less than 12 months				12 months or more				Total
December 31, 2019	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities:
U.S. governmental securities	$	291	$	4	$	942	$	48	$	1,233	$	52
Corporate debt securities		463		46		1,887		96		2,350		142

Total fixed maturities		754		50		2,829		144		3,583		194

Mutual funds—debt securities		2,856		38		—		—		2,856		38
Mutual funds—equity securities		566		66		—		—		566		66
Other investment funds		53,426		5,472		—		—		53,426		5,472
Equity securities		121		12		—		—		121		12

Total	$	57,723	$	5,638	$	2,829	$	144	$	60,552	$	5,782


	Less than 12 months				12 months or more				Total
December 31, 2018	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities:
U.S. governmental securities	$	—	$	—	$	790	$	121	$	790	$	121
Corporate debt securities		405		15		2,902		306		3,307		321

Total fixed maturities		405		15		3,692		427		4,097		442

Mutual funds—debt securities		21,867		591		2,814		246		24,681		837
Mutual funds—equity securities		1,382		141		—		1		1,382		142
Other investment funds		101,536		4,607		—		—		101,536		4,607
Equity securities		241		16		583		129		824		145

Total	$	125,431	$	5,370	$	7,089	$	803	$	132,520	$	6,173