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Preneed Activities Level 3 (Tables)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023


	Years Ended December 31,
	2024		2023		2022
	(In thousands)
Deposits	$	637,406	$	590,257	$	534,586
Withdrawals	$	608,251	$	591,591	$	507,872
Purchases of securities	$	2,227,515	$	2,070,313	$	1,647,032
Sales of securities	$	2,212,443	$	2,038,517	$	1,518,779
Realized gains from sales of securities(1)	$	509,982	$	281,168	$	332,738
Realized losses from sales of securities(1)	$	(183,620)	$	(227,075)	$	(201,173)

Long-term receivable and investment components [Table Text Block]


	Years Ended December 31,
	2024		2023
	(In thousands)
Preneed receivables, net	$	1,570,773	$	1,513,933

Trust investments, at fair value	7,084,723		6,394,796

Insurance-backed fixed income securities and other	237,868		222,424
Trust investments	7,322,591		6,617,220
Less: Cemetery perpetual care trust investments	(2,154,032)		(1,939,241)
Preneed trust investments	5,168,559		4,677,979

Preneed receivables, net and trust investments	$	6,739,332	$	6,191,912

Preneed Funeral Receivables, Net and Trust Investments [Table Text Block]


	Years Ended December 31,
	2024		2023		2022
	(In thousands)
Beginning balance - Preneed receivables, net and trust investments	$	6,191,912	$	5,577,499	$	6,015,323
Net preneed contract sales	1,946,232		1,973,012		1,978,266
Cash receipts from customers, net of refunds	(1,752,920)		(1,699,683)		(1,639,291)
Deposits to trust	557,398		515,866		468,482
Acquisitions of businesses, net	60,561		3,394		15,860
Net undistributed investment earnings (losses) (1)	424,543		527,264		(611,057)
Maturities and distributed earnings	(595,087)		(591,834)		(500,216)
Change in cancellation allowance	(3,430)		(5,160)		(6,609)
Change in amounts due on unfulfilled performance obligations	(43,547)		(93,473)		(123,385)
Effect of foreign currency and other	(46,330)		(14,973)		(19,874)
Ending balance - Preneed receivables, net and trust investments	$	6,739,332	$	6,191,912	$	5,577,499

(1) Includes both realized and unrealized investment earnings.

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]


		December 31, 2024
	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Value
				(In thousands)
Fixed income securities:
U.S. Treasury	2	$	43,699	$	178	$	(849)	$	43,028
Canadian government	2	25,979		—		—		25,979
Corporate	2	10,087		326		(11)		10,402
Residential mortgage-backed	2	3,811		39		(49)		3,801
Asset-backed	2	290		—		(47)		243
Equity securities:
Preferred stock	2	8,059		930		(25)		8,964
Common stock:
United States	1	1,887,854		617,695		(68,404)		2,437,145
Canada	1	41,362		20,164		(1,160)		60,366
Other international	1	120,605		34,414		(10,382)		144,637
Mutual funds:
Equity	1	950,990		121,006		(13,892)		1,058,104
Fixed income	1	1,028,622		4,183		(46,391)		986,414

Trust investments, at fair value		4,121,358		798,935		(141,210)		4,779,083
Commingled funds
Fixed income		862,350		2,597		(60,646)		804,301
Equity		346,553		99,647		(316)		445,884
Money market funds		432,821		—		—		432,821
Alternative investments		438,449		193,638		(9,453)		622,634
Trust investments, at net asset value		2,080,173		295,882		(70,415)		2,305,640
Trust investments, at market		$	6,201,531	$	1,094,817	$	(211,625)	$	7,084,723


		December 31, 2023
	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Value
				(In thousands)
Fixed income securities:
U.S. Treasury	2	$	45,645	$	145	$	(1,376)	$	44,414
Canadian government	2	31,896		—		—		31,896
Corporate	2	10,642		138		(17)		10,763
Residential mortgage-backed	2	5,452		29		(104)		5,377
Asset-backed	2	291		—		(51)		240
Equity securities:
Preferred stock	2	417		—		(97)		320
Common stock:
United States	1	1,744,919		478,226		(78,630)		2,144,515
Canada	1	42,721		20,251		(676)		62,296
Other international	1	108,106		19,580		(11,088)		116,598
Mutual funds:
Equity	1	876,620		118,476		(9,540)		985,556
Fixed income	1	998,767		5,727		(109,231)		895,263

Trust investments, at fair value		3,865,476		642,572		(210,810)		4,297,238
Commingled funds
Fixed income		827,600		2,432		(63,021)		767,011
Equity		337,500		71,819		(642)		408,677
Money market funds		346,672		—		—		346,672
Alternative investments		412,482		169,825		(7,109)		575,198
Trust investments, at net asset value		1,924,254		244,076		(70,772)		2,097,558
Trust investments, at market		$	5,789,730	$	886,648	$	(281,582)	$	6,394,796

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Our alternative investments include funds invested in limited partnerships with interests in private equity, private market real estate, energy and natural resources, infrastructure, transportation, and private debt including both distressed debt 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. The funds' managers have not communicated the timing of any liquidations.

Investments Classified by Contractual Maturity Date [Table Text Block]

Maturity dates of our fixed income securities range from 2025 to 2044. Maturities of fixed income securities (excluding mutual funds) at December 31, 2024 are estimated as follows:


	Fair Value
	(In thousands)
Due in one year or less	$	48,915
Due in one to five years	29,677
Due in five to ten years	4,798
Thereafter	63
Total estimated maturities of fixed income securities	$	83,453

Deferred Preneed Funeral Revenues [Table Text Block]

The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust:


	Years Ended December 31,
	2024		2023		2022
	(In thousands)
Beginning balance — Deferred revenue, net and Deferred receipts held in trust	$	6,374,393	$	5,787,548	$	6,299,241

Net preneed contract sales	1,386,108		1,451,833		1,448,371
Acquisitions (dispositions) of businesses, net	78,894		5,961		10,824
Net investment gains (losses) (1)	418,483		527,894		(618,760)
Recognized revenue from backlog(2)	(574,414)		(554,839)		(498,242)
Recognized revenue from current period sales	(677,475)		(730,436)		(726,584)
Change in amounts due on unfulfilled performance obligations	(43,547)		(93,473)		(123,337)
Change in cancellation reserve	2,332		87		8,351
Effect of foreign currency and other	(47,079)		(20,182)		(12,316)
Ending balance — Deferred revenue, net and Deferred receipts held in trust	$	6,917,695	$	6,374,393	$	5,787,548

(1)Includes both realized and unrealized investment gains (losses).

(2)Includes current year trust fund income through the date of performance.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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