PERPETUAL CARE TRUSTS (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2019

Dec. 31, 2018

Schedule Of Available For Sale Securities [Line Items]

Reconciliation of Trust Activities

A reconciliation of the Partnership’s merchandise trust activities for the nine months ended September 30, 2019 and 2018 is presented below (in thousands):  

	Nine months ended September 30,
	2019			2018
Balance—beginning of period	$	488,248		$	515,456
Contributions		40,440			49,762
Distributions		(45,256	)		(53,321	)
Interest and dividends		22,537			20,486
Capital gain distributions		363			405
Realized gains and losses, net		2,063			(258	)
Other than temporary impairment		(2,816	)		(11,977	)
Taxes		(655	)		(337	)
Fees		(3,206	)		(3,049	)
Unrealized change in fair value		17,811			2,860
Balance—end of period	$	519,529		$	520,027

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 September 30, 2019 and December 31, 2018 were as follows (in thousands):  

September 30, 2019	Fair Value Hierarchy Level	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments	1	$	182,560	$	—	$	—		$	182,560
Fixed maturities:
U.S. governmental securities	2		488		10		(95	)		403
Corporate debt securities	2		816		13		(116	)		713
Total fixed maturities			1,304		23		(211	)		1,116
Mutual funds—debt securities	1		117,566		4,937		(79	)		122,424
Mutual funds—equity securities	1		47,346		3,035		(1	)		50,380
Other investment funds(1)			130,952		2,410		(2,524	)		130,838
Equity securities	1		13,293		1,175		(4	)		14,464
Other invested assets	2		8,403		16		—			8,419
Total investments		$	501,424	$	11,596	$	(2,819	)	$	510,201
West Virginia Trust Receivable			9,328		—		—			9,328
Total		$	510,752	$	11,596	$	(2,819	)	$	519,529

⁽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 seven years with three potential one year extensions at the discretion of the funds’ general partners. As of September 30, 2019, there were $63.3 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

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 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 September 30, 2019 and December 31, 2018 were as follows below (in thousands):  

September 30, 2019	Less than 1 year		1 year through 5 years		6 years through 10 years		More than 10 years
U.S. governmental securities	$	112	$	30	$	246	$	16
Corporate debt securities		96		598		18		—
Total fixed maturities	$	208	$	628	$	264	$	16

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 Partnership’s investments in debt and equity securities within the merchandise trusts as of September 30, 2019 and December 31, 2018 is presented below (in thousands):  

	Less than 12 months				12 months or more				Total
September 30, 2019	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities:
U.S. governmental securities	$	110	$	—	$	397	$	95	$	507	$	95
Corporate debt securities		75		6		424		110		499		116
Total fixed maturities		185		6		821		205		1,006		211
Mutual funds—debt securities		15,178		79		—		—		15,178		79
Mutual funds—equity securities		242		1		—		—		242		1
Other investment funds		69,464		2,524		—		—		69,464		2,524
Equity securities		5		4		—		—		5		4
Other invested assets		—		—		—		—		—		—
Total	$	85,074	$	2,614	$	821	$	205	$	85,895	$	2,819

	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

Variable Interest Entity, Primary Beneficiary | Perpetual care trusts

Schedule Of Available For Sale Securities [Line Items]

Reconciliation of Trust Activities

A reconciliation of the Partnership’s perpetual care trust activities for the nine months ended September 30, 2019 and 2018 is presented below (in thousands):

	Nine months ended September 30,
	2019			2018
Balance—beginning of period	$	330,562		$	339,928
Contributions		5,520			10,795
Distributions		(16,709	)		(13,790	)
Interest and dividends		15,621			17,416
Capital gain distributions		1,134			612
Realized gains and losses, net		2,303			353
Other than temporary impairment		(1,297	)		(7,449	)
Taxes		(634	)		(292	)
Fees		(2,388	)		(4,087	)
Unrealized change in fair value		8,916			1,536
Balance—end of period	$	343,028		$	345,022

A reconciliation of the Partnership’s perpetual care trust activities for the years ended December 31, 2018 and 2017 is presented below (in thousands):

	Years Ended December 31,
	2018			2017
Balance—beginning of period	$	339,928		$	333,780
Contributions		13,162			9,505
Distributions		(18,390	)		(17,491	)
Interest and dividends		22,198			17,978
Capital gain distributions		808			708
Realized gains and losses, net		473			1,061
Other than temporary impairment		(18,038	)		—
Taxes		(237	)		(252	)
Fees		(4,412	)		(2,280	)
Unrealized change in fair value		(4,930	)		(3,081	)
Balance—end of period	$	330,562		$	339,928

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 September 30, 2019 and December 31, 2018 were as follows (in thousands):

September 30, 2019	Fair Value Hierarchy Level	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments	1	$	87,453	$	—	$	—		$	87,453
Fixed maturities:
U.S. governmental securities	2		1,081		44		(54	)		1,071
Corporate debt securities	2		2,025		21		(145	)		1,901
Total fixed maturities			3,106		65		(199	)		2,972
Mutual funds—debt securities	1		70,425		2,730		(59	)		73,096
Mutual funds—equity securities	1		16,685		1,528		(18	)		18,195
Other investment funds(1)			143,050		7,143		(5,024	)		145,169
Equity securities	1		14,968		1,177		(18	)		16,127
Other invested assets	2		16		—		—			16
Total investments		$	335,703	$	12,643	$	(5,318	)	$	343,028

⁽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 September 30, 2019 there were $41.2 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 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.

The cost and market value associated with the assets held in the perpetual care trusts as of December 31, 2018 and 2017 were as follows (in thousands):

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 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 commitments to the private credit funds, which are callable at any time.

December 31, 2017	Fair Value Hierarchy Level	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments	1	$	9,456	$	—	$	—		$	9,456
Fixed maturities:
U.S. governmental securities	2		506		4		(46	)		464
Corporate debt securities	2		5,365		148		(191	)		5,322
Total fixed maturities			5,871		152		(237	)		5,786
Mutual funds—debt securities	1		141,511		1,974		(712	)		142,773
Mutual funds—equity securities	1		32,707		1,757		(1,771	)		32,693
Other investment funds (1)			124,722		2,630		(533	)		126,819
Equity securities	1		22,076		1,648		(1,570	)		22,154
Other invested assets	2		247		—		—			247
Total investments		$	336,590	$	8,161	$	(4,823	)	$	339,928

(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 90 days, and private credit funds, which have lockup periods ranging from four to ten years with three potential one year extensions at the discretion of the funds’ general partners. As of December 31, 2017 there were $92.2 million in unfunded 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 September 30, 2019 and December 31, 2018, were as follows below (in thousands):

September 30, 2019	Less than 1 year		1 year through 5 years		6 years through 10 years		More than 10 years
U.S. governmental securities	$	60	$	70	$	821	$	119
Corporate debt securities		203		1,536		163		—
Total fixed maturities	$	263	$	1,606	$	984	$	119

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

The contractual maturities of debt securities as of December 31, 2018 and 2017, were as follows below (in thousands):

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

December 31, 2017	Less than 1 year		1 year through 5 years		6 years through 10 years		More than 10 years
U.S. governmental securities	$	—	$	263	$	163	$	38
Corporate debt securities		708		4,280		338		97
Total fixed maturities	$	708	$	4,543	$	501	$	135

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

An aging of unrealized losses on the Partnership’s investments in debt and equity securities within the perpetual care trusts as of September 30, 2019 and December 31, 2018 is presented below (in thousands):

	Less than 12 months				12 months or more				Total
September 30, 2019	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities:
U.S. governmental securities	$	—	$	—	$	1,021	$	54	$	1,021	$	54
Corporate debt securities		76		45		1,889		100		1,965		145
Total fixed maturities		76		45		2,910		154		2,986		199
Mutual funds—debt securities		11,348		59		3		—		11,351		59
Mutual funds—equity securities		505		18		—		—		505		18
Other investment funds		67,147		5,024		—		—		67,147		5,024
Equity securities		176		18		—		—		176		18
Total	$	79,252	$	5,164	$	2,913	$	154	$	82,165	$	5,318

	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

An aging of unrealized losses on the Partnership’s investments in debt and equity securities within the perpetual care trusts as of December 31, 2018 and 2017 is presented below (in thousands):

	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

	Less than 12 months				12 months or more				Total
December 31, 2017	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed maturities:
U.S. governmental securities	$	—	$	—	$	399	$	46	$	399	$	46
Corporate debt securities		994		20		2,271		171		3,265		191
Total fixed maturities		994		20		2,670		217		3,664		237
Mutual funds—debt securities		37,090		289		12,793		423		49,883		712
Mutual funds—equity securities		16,668		1,754		36		17		16,704		1,771
Other investment funds		42,606		533		—		—		42,606		533
Equity securities		9,516		1,510		112		60		9,628		1,570
Total	$	106,874	$	4,106	$	15,611	$	717	$	122,485	$	4,823