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Preneed Activities Level 3 (Tables)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024


	Years Ended December 31,
	2025		2024		2023
	(In thousands)
Deposits	$	644,140	$	637,406	$	590,257
Withdrawals	$	600,900	$	608,251	$	591,591
Purchases of securities	$	2,333,514	$	2,227,515	$	2,070,313
Sales of securities	$	2,193,952	$	2,212,443	$	2,038,517
Realized gains from sales of securities(1)	$	538,513	$	509,982	$	281,168
Realized losses from sales of securities(1)	$	(131,685)	$	(183,620)	$	(227,075)

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


	Years Ended December 31,
	2025		2024
	(In thousands)
Preneed receivables, net	$	1,561,836	$	1,570,773

Trust investments, at fair value	7,965,010		7,084,723

Insurance-backed fixed income securities and other	232,560		237,868
Trust investments	8,197,570		7,322,591
Less: Cemetery perpetual care trust investments	(2,398,613)		(2,154,032)
Preneed trust investments	5,798,957		5,168,559

Preneed receivables, net and trust investments	$	7,360,793	$	6,739,332

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


	Years Ended December 31,
	2025		2024		2023
	(In thousands)
Beginning balance - Preneed receivables, net and trust investments	$	6,739,332	$	6,191,912	$	5,577,499
Net preneed contract sales	1,878,217		1,946,232		1,973,012
Cash receipts from customers, net of refunds	(1,805,347)		(1,752,920)		(1,699,683)
Deposits to trust	562,614		557,398		515,866
Acquisitions of businesses, net	5,865		60,561		3,394
Net undistributed investment earnings (losses) (1)	576,106		424,543		527,264
Maturities and distributed earnings	(584,826)		(595,087)		(591,834)
Change in cancellation allowance	1,195		(3,430)		(5,160)
Change in amounts due on unfulfilled performance obligations	(19,758)		(43,547)		(93,473)
Effect of foreign currency and other	7,395		(46,330)		(14,973)
Ending balance - Preneed receivables, net and trust investments	$	7,360,793	$	6,739,332	$	6,191,912

(1) Includes both realized and unrealized investment earnings.

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


		December 31, 2025
	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Value
				(In thousands)
Fixed income securities:
U.S. Treasury	2	$	50,233	$	305	$	(488)	$	50,050
Canadian government	2	26,086		—		—		26,086
Corporate	2	10,352		310		(7)		10,655
Residential mortgage-backed	2	3,202		68		(28)		3,242
Asset-backed	2	279		—		(41)		238
Equity securities:
Preferred stock	2	13,831		2,428		—		16,259
Common stock:
United States	1	2,071,402		745,982		(95,511)		2,721,873
Canada	1	41,650		34,904		(1,219)		75,335
Other international	1	167,881		43,880		(5,910)		205,851
Mutual funds:
Equity	1	938,778		253,372		(5,546)		1,186,604
Fixed income	1	671,067		8,531		(27,280)		652,318

Trust investments, at fair value		3,994,761		1,089,780		(136,030)		4,948,511
Commingled funds
Fixed income		1,387,350		14,443		(50,208)		1,351,585
Equity		362,862		155,590		—		518,452
Money market funds		423,957		—		—		423,957
Alternative investments		503,898		228,320		(9,713)		722,505
Trust investments, at net asset value		2,678,067		398,353		(59,921)		3,016,499
Trust investments, at market		$	6,672,828	$	1,488,133	$	(195,951)	$	7,965,010


		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

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, 2025 are estimated as follows:


	Fair Value
	(In thousands)
Due in one year or less	$	49,393
Due in one to five years	34,963
Due in five to ten years	5,886
Thereafter	29
Total estimated maturities of fixed income securities	$	90,271

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,
	2025		2024		2023
	(In thousands)
Beginning balance — Deferred revenue, net and Deferred receipts held in trust	$	6,917,695	$	6,374,393	$	5,787,548

Net preneed contract sales	1,321,645		1,386,108		1,451,833
Acquisitions (dispositions) of businesses, net	10,614		78,894		5,961
Net investment gains (losses) (1)	562,045		418,483		527,894
Recognized revenue from backlog(2)	(565,688)		(574,414)		(554,839)
Recognized revenue from current period sales	(671,862)		(677,475)		(730,436)
Change in amounts due on unfulfilled performance obligations	(19,609)		(43,547)		(93,473)
Change in cancellation reserve	975		2,332		87
Effect of foreign currency and other	7,849		(47,079)		(20,182)
Ending balance — Deferred revenue, net and Deferred receipts held in trust	$	7,563,664	$	6,917,695	$	6,374,393

(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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