Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CARRIAGE SERVICES INC | |
Entity Central Index Key | 1,016,281 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 17,331,814 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 396 | $ 413 |
Accounts receivable, net of allowance for bad debts of $1,127 in 2014 and $986 in 2015 | 18,093 | 19,264 |
Inventories | 5,947 | 5,294 |
Prepaid expenses | 3,709 | 4,590 |
Other current assets | 2,517 | 7,144 |
Total current assets | 30,662 | 36,705 |
Preneed cemetery trust investments | 64,737 | 71,972 |
Preneed funeral trust investments | 87,491 | 97,607 |
Preneed receivables, net of allowance for bad debts of $2,339 in 2014 and $1,967 in 2015 | 26,902 | 26,284 |
Receivables from preneed trusts, net of allowance for contract cancellations of $396 in 2014 and $416 in 2015 | 13,450 | 12,809 |
Property, plant and equipment, net of accumulated depreciation of $95,249 in 2014 and $100,857 in 2015 | 209,151 | 186,211 |
Cemetery property, net of accumulated amortization of $26,875 in 2014 and $29,355 in 2015 | 75,577 | 75,564 |
Goodwill | 261,291 | 257,442 |
Deferred charges and other non-current assets | 14,670 | 14,264 |
Cemetery perpetual care trust investments | 44,146 | 48,670 |
Total assets | 828,077 | 827,528 |
Current liabilities: | ||
Current portion of long-term debt and capital lease obligations | 11,468 | 9,838 |
Accounts payable | 10,222 | 6,472 |
Other liabilities | 6,286 | 1,437 |
Accrued liabilities | 15,397 | 15,203 |
Total current liabilities | 43,373 | 32,950 |
Long-term debt, net of current portion | 107,242 | 111,887 |
Revolving credit facility | 63,000 | 40,500 |
Convertible subordinated notes due 2021 | 117,096 | 114,542 |
Obligations under capital leases, net of current portion | 2,933 | 3,098 |
Deferred preneed cemetery revenue | 56,786 | 56,875 |
Deferred preneed funeral revenue | 31,786 | 31,265 |
Deferred tax liability | 36,653 | 36,414 |
Other long-term liabilities | 4,041 | 2,401 |
Deferred preneed cemetery receipts held in trust | 64,737 | 71,972 |
Deferred preneed funeral receipts held in trust | 87,491 | 97,607 |
Care trusts’ corpus | 43,846 | 48,142 |
Total liabilities | $ 658,984 | $ 647,653 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $.01 par value; 80,000,000 shares authorized and 22,434,609 and 22,458,450 shares issued at December 31, 2014 and September 30, 2015, respectively | $ 225 | $ 224 |
Additional paid-in capital | 213,506 | 212,386 |
Accumulated deficit | (2,049) | (17,468) |
Treasury stock, at cost; 3,921,651 and 5,126,636 shares at December 31, 2014 and September 30, 2015, respectively | (42,589) | (15,267) |
Total stockholders’ equity | 169,093 | 179,875 |
Total liabilities and stockholders’ equity | $ 828,077 | $ 827,528 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for bad debts | $ 986 | $ 1,127 |
Preneed receivables, allowance for bad debts | 1,967 | 2,339 |
Preneed trust receivables, allowance for contract cancellations | 416 | 396 |
Accumulated depreciation of property, plant and equipment | 100,857 | 95,249 |
Cemetery property, accumulated amortization | $ 29,355 | $ 26,875 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 22,458,450 | 22,434,609 |
Treasury stock, shares | 5,126,636 | 3,921,651 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 58,378 | $ 54,549 | $ 180,892 | $ 166,705 |
Field costs and expenses: | ||||
Total field costs and expenses | 41,018 | 39,472 | 123,075 | 115,624 |
Depreciation and amortization | 3,019 | 2,654 | 8,814 | 7,744 |
Regional and unallocated funeral and cemetery costs | 2,909 | 2,900 | 7,745 | 6,972 |
Gross profit | 17,360 | 15,077 | 57,817 | 51,081 |
Corporate costs and expenses: | ||||
General and administrative costs and expenses | 6,238 | 6,562 | 20,294 | 22,744 |
Home office depreciation and amortization | 418 | 341 | 1,310 | 1,037 |
Total corporate costs and expenses | 6,656 | 6,903 | 21,604 | 23,781 |
Operating income | 10,704 | 8,174 | 36,213 | 27,300 |
Interest expense | (2,577) | (2,177) | (7,725) | (7,707) |
Amortization of Debt Discount (Premium) | (876) | (782) | (2,554) | (1,647) |
Gains Losses On Extinguishment Of Debt And Other Costs | 0 | 0 | 0 | (1,042) |
Loss on redemption of convertible junior subordinated debentures | 0 | 0 | 0 | (3,779) |
Other Income | 0 | 0 | 0 | 1,130 |
Income from continuing operations before income taxes | 7,251 | 5,215 | 25,934 | 14,255 |
Provision for income taxes | (2,807) | (2,390) | (10,515) | (5,915) |
Income tax benefit related to uncertain tax positions | 0 | (1,740) | 0 | (1,740) |
Net provision for income taxes | 2,807 | 650 | 10,515 | 4,175 |
Net income from continuing operations | 4,444 | 4,565 | 15,419 | 10,080 |
Income from discontinued operations, net of tax | 0 | 431 | 0 | 381 |
Net income available to common stockholders | $ 4,444 | $ 4,996 | $ 15,419 | $ 10,461 |
Basic earnings per common share: | ||||
Continuing operations (in dollars per Share) | $ 0.24 | $ 0.25 | $ 0.84 | $ 0.55 |
Discontinued operations (in dollars per Share) | 0 | 0.02 | 0 | 0.02 |
Basic earnings per common share (in dollars per Share) | 0.24 | 0.27 | 0.84 | 0.57 |
Diluted earnings per common share: | ||||
Continuing operations (in dollars per Share) | 0.24 | 0.24 | 0.82 | 0.54 |
Discontinued operations (in dollars per Share) | 0 | 0.02 | 0 | 0.02 |
Diluted earnings per common share (in dollars per Share) | 0.24 | 0.26 | 0.82 | 0.56 |
Dividends declared per common share (in dollars per Share) | $ 0.025 | $ 0.025 | $ 0.075 | $ 0.075 |
Weighted average number of common and common equivalent shares outstanding: | ||||
Basic (in Shares) | 17,874 | 18,150 | 18,115 | 18,086 |
Diluted (in Shares) | 18,083 | 18,276 | 18,588 | 18,223 |
Funeral [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 44,089 | $ 41,770 | $ 138,727 | $ 127,926 |
Field costs and expenses: | ||||
Total field costs and expenses | 26,798 | 25,930 | 82,476 | 77,906 |
Corporate costs and expenses: | ||||
Income from continuing operations before income taxes | 12,593 | 11,635 | 43,792 | 39,025 |
Cemetery [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 14,289 | 12,779 | 42,165 | 38,779 |
Field costs and expenses: | ||||
Total field costs and expenses | 8,292 | 7,988 | 24,040 | 23,002 |
Corporate costs and expenses: | ||||
Income from continuing operations before income taxes | $ 4,312 | $ 3,074 | $ 12,814 | $ 10,959 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 15,419 | $ 10,461 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on sale of businesses and purchase of other assets | (49) | (2,724) |
Impairment of goodwill | 0 | 1,180 |
Loss on early extinguishment of debt | 0 | 1,042 |
Depreciation and amortization | 10,124 | 8,801 |
Amortization of deferred financing costs | 688 | 681 |
Accretion of discount on convertible subordinated notes | 2,554 | 1,647 |
Provision for losses on accounts receivable | 1,332 | 2,113 |
Stock-based compensation expense | 3,448 | 3,702 |
Deferred income tax (benefit) expense | 2,065 | (140) |
Loss on redemption of convertible junior subordinated debentures | 0 | 2,932 |
Changes in operating assets and liabilities that provided (required) cash: | ||
Accounts and preneed receivables | (779) | (1,700) |
Inventories and other current assets | 3,277 | 725 |
Deferred charges and other | 114 | (196) |
Preneed funeral and cemetery trust investments | 21,234 | (3,228) |
Accounts payable | 368 | 785 |
Accrued and other liabilities | 4,408 | (1,362) |
Deferred preneed funeral and cemetery revenue | 432 | 335 |
Deferred preneed funeral and cemetery receipts held in trust | (21,647) | 2,595 |
Net cash provided by operating activities | 42,988 | 27,649 |
Cash flows from investing activities: | ||
Acquisitions and land for new construction | (4,250) | (56,850) |
Purchase of Land and Buildings Previously Leased | (6,080) | (7,600) |
Net proceeds from the sale of businesses and other assets | 65 | 1,927 |
Capital expenditures | (22,823) | (10,558) |
Net cash used in investing activities | (33,088) | (73,081) |
Cash flows from financing activities: | ||
Net borrowings on the revolving credit facility | 22,500 | 5,400 |
Net borrowings (payments) on the term loan | (7,032) | 5,656 |
Proceeds from the issuance of convertible subordinated notes | 0 | 143,750 |
Payment of debt issuance costs related to the convertible subordinated notes | 0 | (4,650) |
Payments on other long-term debt and obligations under capital leases | (679) | (662) |
Redemption of convertible junior subordinated debentures | 0 | (89,748) |
Payments for performance-based stock awards | 0 | (16,150) |
Proceeds from the exercise of stock options and employee stock purchase plan contributions | 575 | 1,035 |
Dividends on common stock | (1,385) | (1,379) |
Payment of loan origination costs related to the credit facility | (13) | (825) |
Purchase of treasury stock | (23,940) | 0 |
Excess tax benefit of equity compensation | 57 | 4,594 |
Net cash provided by (used in) financing activities | (9,917) | 47,021 |
Net increase (decrease) in cash and cash equivalents | (17) | $ 1,589 |
Cash and cash equivalents at beginning of period | 413 | |
Cash and cash equivalents at end of period | $ 396 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Carriage Services, Inc. (“Carriage”, the “Company”, “we”, “us” or “our”) is a leading provider of deathcare services and merchandise in the United States. As of September 30, 2015 , we operated 166 funeral homes in 27 states and 32 cemeteries in 11 states. Our operations are reported in two business segments: Funeral Home Operations and Cemetery Operations. Funeral homes are principally service businesses that provide funeral services (traditional burial and cremation) and sell related merchandise, such as caskets and urns. Cemeteries are primarily sales businesses that provide interment rights (grave sites and mausoleums) and related merchandise, such as markers and memorials. Principles of Consolidation and Interim Condensed Disclosures Our unaudited condensed consolidated financial statements include the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. Our interim condensed consolidated financial statements are unaudited but include all adjustments, which consist of normal, recurring accruals, that are necessary for a fair presentation of our financial position and results of operations as of and for the interim periods presented. Our unaudited condensed consolidated financial statements have been prepared in a manner consistent with the accounting principles described in our Annual Report on Form 10-K for the year ended December 31, 2014 unless otherwise disclosed herein, and should be read in conjunction therewith. Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on our previously reported results of operations, consolidated financial position, or cash flows. Goodwill The excess of the purchase price over the fair value of identifiable net assets of businesses acquired is recorded as goodwill. Goodwill has primarily been recorded in connection with the acquisition of funeral businesses. Goodwill is tested for impairment by assessing the fair value of each of our reporting units. The funeral segment reporting units consist of our East, Central and West regions in the United States, and we perform our annual impairment test of goodwill using information as of August 31 of each year. In addition, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value may be greater than fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant adverse changes in the business climate which may be indicated by a decline in our market capitalization or decline in operating results. Our methodology for goodwill impairment testing is described in more detail in Notes 1 and 4 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2014 and further discussion of current period activity in Note 3 to the Consolidated Financial Statements herein. Funeral and Cemetery Operations We record the revenue from sales of funeral and cemetery merchandise and services when the merchandise is delivered or the service is performed. Sales of cemetery interment rights are recorded as revenue in accordance with the retail land sales provisions for accounting for sales of real estate. This method provides for the recognition of revenue in the period in which the customer’s cumulative payments exceed 10% of the contract price related to the interment right. Costs related to the sales of interment rights, which include real property and other costs related to cemetery development activities, are charged to operations using the specific identification method in the period in which the sale of the interment right is recognized as revenue. Sales taxes collected are recognized on a net basis in our Consolidated Financial Statements. Allowances for bad debts and customer cancellations are provided at the date that the sale is recognized as revenue and are based on our historical experience and the current economic environment. We also monitor changes in delinquency rates and provide additional bad debt and cancellation reserves when warranted. When preneed sales of funeral services and merchandise are funded through third-party insurance policies, we earn a commission on the sale of the policies. Insurance commissions are recognized as revenues at the point at which the commission is no longer subject to refund, which is typically one year after the policy is issued. Accounts receivable included approximately $10.0 million and $7.7 million of funeral receivables at December 31, 2014 and September 30, 2015 , respectively, and $9.1 million and $10.0 million of cemetery receivables at December 31, 2014 and September 30, 2015 , respectively. For 2014 and 2015, accounts receivable also included minor amounts of other receivables. Non-current preneed receivables represented the payments expected to be received beyond one year from the balance sheet date. Non-current preneed receivables consisted of approximately $7.4 million of funeral receivables at December 31, 2014 and September 30, 2015 and $18.9 million and $19.5 million of cemetery receivables at December 31, 2014 and September 30, 2015 , respectively. Bad debt expense totaled approximately $0.8 million and $0.5 million for the three months ended September 30, 2014 and 2015 , respectively, and $2.1 million and $1.3 million for the nine months ended September 30, 2014 and 2015 , respectively. Property, Plant and Equipment Property, plant and equipment (including equipment under capital leases) are stated at cost. The costs of ordinary maintenance and repairs are charged to operations as incurred, while renewals and betterments are capitalized. Depreciation of property, plant and equipment (including equipment under capital leases) is computed based on the straight-line method. Property, plant and equipment was comprised of the following at December 31, 2014 and September 30, 2015 : December 31, 2014 September 30, 2015 (in thousands) Land $ 66,957 $ 72,055 Buildings and improvements 148,483 167,933 Furniture, equipment and automobiles 66,020 70,020 Property, plant and equipment, at cost 281,460 310,008 Less: accumulated depreciation (95,249 ) (100,857 ) Property, plant and equipment, net $ 186,211 $ 209,151 We recorded depreciation expense of approximately $2.3 million and $2.6 million for the three months ended September 30, 2014 and 2015 , respectively, and $6.8 million and $7.6 million for the nine months ended September 30, 2014 and 2015 , respectively. During the third quarter of 2015, we opened a newly constructed funeral home in Katy, Texas. Discontinued Operations Effective January 1, 2015, we adopted the Financial Accounting Standards Board's (“FASB”) new guidance for reporting discontinued operations. In April 2014, the FASB amended the definition of “discontinued operations” to include only disposals or held-for-sale classifications for components or groups of components of an entity that represent a strategic shift that either has or will have a major effect on the entity's operations or financial results. Examples of a strategic shift that has or will have a major effect on an entity's operations and financial results include a disposal of a major geographical area, line of business, equity method of investment or other parts of an entity. The new guidance also requires the disclosure of pre-tax income of disposals that do not qualify as discontinued operations. We continually review locations to optimize the sustainable earning power and return on our invested capital. These reviews could entail selling certain non-strategic businesses. During the three and nine months ended September 30, 2015 , there were no divestitures of our funeral home or cemetery businesses. Subsequent Events Management evaluated events and transactions during the period subsequent to September 30, 2015 through the date the financial statements were issued for potential recognition or disclosure in the accompanying financial statements covered by this report. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS Simplifying the Accounting for Measurement-Period Adjustments for Business Combinations In September 2015, the FASB issued Accounting Standards Update (“ASU”), Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments (Topic 805). This ASU applies to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period that have an adjustment to provisional amounts recognized. This ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. These include the effect on earnings of changes in depreciation, amortization, or other income effects as if the accounting had been completed at the acquisition date. The entity is required to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in the current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. This ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU, with earlier application permitted for financial statements that have not been issued. Our adoption of this ASU for our fiscal year beginning January 1, 2016 is not expected to have a material effect on our financial statements. Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU, Inventory - Simplifying the Measurement of Inventory (Topic 330). This ASU applies to all inventory, including inventory that is measured using the first-in, first-out (FIFO) or average cost method. This ASU does not apply to the last-in, first-out (LIFO) or the retail inventory method. This ASU requires an entity to measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This ASU should be applied prospectively, with earlier application permitted as of the beginning of an interim or annual reporting period. Our adoption of this ASU for our fiscal year beginning January 1, 2017 is not expected to have a material effect on our financial statements. Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . To simplify the presentation of debt issuance costs, this ASU requires that entities that have historically presented debt issuance costs as an asset, related to a recognized debt liability, will be required to present those costs as a direct deduction from the carrying value of the related debt liability. This presentation will result in debt issuance costs being presented in the same way debt discounts have historically been handled. This ASU does not change the recognition, measurement or subsequent measurement guidance for debt issuance costs. This ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of this ASU is permitted for financial statements that have not been previously issued. The new guidance should be applied on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in accounting principle. These disclosures include the nature and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on debt issuance costs asset and the debt liability. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2016. Our adoption of this ASU is not expected to have a material effect on our financial statements. Cloud Computing Arrangement s In April 2015, the FASB issued ASU, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40), to provide guidance on whether a cloud computing arrangement contains a software license. If a cloud computing arrangement includes a software license, then an entity should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, an entity should account for the arrangement as a service contract. The new guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We plan to adopt these provisions for our fiscal year beginning January 1, 2016. Our adoption of this ASU is not expected to have a material effect on our financial statements. Extraordinary and Unusual Items In January 2015, the FASB issued ASU, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20). This ASU eliminates the concept of reporting extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Preparers will not have to assess whether a particular event or transaction is extraordinary and likewise, auditors and regulators no longer need to evaluate whether a preparer treated an unusual and/or infrequent item appropriately. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include such items. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply this ASU prospectively. A reporting entity may also apply this ASU retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We plan to adopt these provisions for our fiscal year beginning January 1, 2016. Our adoption of this ASU is not expected to have a material effect on our financial statements. Going Concern In August 2014, the FASB issued ASU, Presentation of Financial Statements - Going Concern (Subtopic 205-40) . This ASU provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entities ability to continue as a going concern or to provide related footnote disclosures. This ASU requires management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently U.S. auditing standards. Specifically, this ASU provides a definition of the term substantial doubt, requires evaluation of every reporting period including interim periods, provides principles for considering the mitigating effect of management's plans, requires certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans, requires an express statement and other disclosures when substantial doubt is not alleviated and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. The ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. We plan to adopt these provisions for our fiscal year beginning January 1, 2017. Revenue from Contracts with Customers In May 2014, the FASB issued ASU, Revenue from Contracts with Customers. (Topic 606). ASC Topic 606 supersedes the revenue recognition requirements under ASC Topic 605, Revenue Recognition , and most industry-specific guidance throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. The guidance was effective for the annual reporting period beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. On July 9, 2015, the FASB deferred the effective date by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2018 and are currently evaluating the impact the adoption of this new accounting standard will have on our Consolidated Financial Statements. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | . GOODWILL Many of the former owners and staff of acquired funeral homes have provided high quality service to families for generations. The resulting loyalty often represents a substantial portion of the value of a business. The excess of the purchase price over the fair value of net identifiable assets acquired and liabilities assumed, as determined by management in business acquisition transactions accounted for as purchases, is recorded as goodwill. We performed our 2015 annual impairment test of goodwill using information as of August 31, 2015. Under current guidance, we are permitted to first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. For our 2013 annual impairment test, we performed the two-step impairment test. For our 2014 and 2015 annual impairment tests, we performed qualitative reviews. Our intent is to perform the two-step test at least once every three years unless certain indicators or events suggest otherwise. See Part II, Item 7, Overview of Critical Accounting Policies and Estimates and Item 8. Financial Statements and Supplementary Data, Note 1, to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2014, for a discussion of the methodology used for the annual goodwill impairment test. For our 2015 annual impairment test, we performed a qualitative review and concluded that there was not an impairment to goodwill. The following table presents the changes in goodwill on our Consolidated Balance Sheets during the nine months ended September 30, 2015 (in thousands): Goodwill as of December 31, 2014 $ 257,442 Increase in goodwill related to acquisitions 3,849 Goodwill as of September 30, 2015 $ 261,291 The $3.8 million increase in goodwill related to acquisitions represents the goodwill recorded in connection with the funeral home acquired in February 2015. |
Preneed Trust Investments
Preneed Trust Investments | 9 Months Ended |
Sep. 30, 2015 | |
Preneed Trust Investments [Abstract] | |
PRENEED TRUST INVESTMENTS | PRENEED TRUST INVESTMENTS Preneed Cemetery Trust Investments Preneed cemetery trust investments represent trust fund assets that we are generally permitted to withdraw when the merchandise or services are provided. The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2014 and September 30, 2015 were as follows (in thousands): December 31, 2014 September 30, 2015 Preneed cemetery trust investments, at fair value $ 74,198 $ 67,000 Less: allowance for contract cancellation (2,226 ) (2,263 ) Preneed cemetery trust investments, net $ 71,972 $ 64,737 Upon cancellation of a preneed cemetery contract, a customer is generally entitled to receive a refund of the corpus, and in some cases, some or all of the earnings held in trust. In certain jurisdictions, we may be obligated to fund any shortfall if the amounts deposited by the customer exceed the funds in trust, including some or all investment income. As a result, when realized or unrealized losses of a trust result in the trust being under-funded, we assess whether we are responsible for replenishing the corpus of the trust, in which case a loss provision is recorded. At September 30, 2015 , our preneed cemetery trust investments were not under-funded. Earnings from our preneed cemetery trust investments are recognized in revenue when a service is performed or merchandise is delivered. Trust management fees charged by our wholly-owned registered investment advisor are included in revenue in the period in which they are earned. Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash and common stock. Where quoted market prices are not available for the specific security, fair values are estimated by using quoted prices of similar securities in active markets or other inputs other than quoted prices that can corroborate observable market data. These investments are fixed income securities including municipal bonds, foreign debt, corporate debt, preferred stocks and mortgage backed securities, all of which are classified within Level 2 of the valuation hierarchy. We review and update our fair value hierarchy classifications quarterly. There were no transfers between Levels 1 and 2 in the three and nine months ended September 30, 2015 . There are no Level 3 investments in the preneed cemetery trust investment portfolio. See Note 8 for further information of the fair value measurement and the three-level hierarchy. The cost and fair market values associated with preneed cemetery trust investments at September 30, 2015 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 1,991 $ — $ — $ 1,991 Fixed income securities: Municipal bonds 2 457 — (49 ) 408 Foreign debt 2 5,567 11 (488 ) 5,090 Corporate debt 2 25,636 122 (3,063 ) 22,695 Preferred stock 2 16,196 41 (666 ) 15,571 Common stock 1 25,602 316 (5,586 ) 20,332 Trust securities $ 75,449 $ 490 $ (9,852 ) $ 66,087 Accrued investment income $ 913 $ 913 Preneed cemetery trust investments $ 67,000 Market value as a percentage of cost 87.6 % The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 145 Due in one to five years 5,852 Due in five to ten years 4,783 Thereafter 32,984 Total $ 43,764 The cost and fair market values associated with preneed cemetery trust investments at December 31, 2014 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 5,591 $ — $ — $ 5,591 Fixed income securities: Municipal bonds 2 347 9 — 356 Foreign debt 2 5,874 — (237 ) 5,637 Corporate debt 2 30,108 362 (2,167 ) 28,303 Preferred stock 2 19,154 199 (325 ) 19,028 Mortgage backed securities 2 1 — — 1 Common stock 1 13,128 2,357 (966 ) 14,519 Trust securities $ 74,203 $ 2,927 $ (3,695 ) $ 73,435 Accrued investment income $ 763 $ 763 Preneed cemetery trust investments $ 74,198 Market value as a percentage of cost 99.0 % We determine whether or not the assets in the preneed cemetery trust investments have an other-than-temporary impairment on a security-by-security basis. This assessment is made based upon a number of criteria including the length of time a security has been in a loss position, changes in market conditions and concerns related to the specific issuer. If a loss is considered to be other-than-temporary, the cost basis of the security is adjusted downward to its fair market value. Any reduction in the cost basis of the investment due to an other-than-temporary impairment is likewise recorded as a reduction in Deferred preneed cemetery receipts held in trust on our Consolidated Balance Sheets. We recorded a $0.7 million impairment in the first quarter of 2015 for other-than-temporary declines in the fair value related to unrealized losses on certain investments. There were no other impairments recorded during the nine months ended September 30, 2015. We recorded a $0.2 million impairment in the second quarter of 2014 for other-than-temporary declines in the fair value related to unrealized losses on certain investments. There were no other impairments recorded in the nine months ended September 30, 2014. There is no impact on earnings until such time that the loss is realized in the trusts, allocated to the preneed contracts and the services are performed or the merchandise is delivered causing the contract to be withdrawn from the trust in accordance with state regulations. At September 30, 2015 , we had certain investments within our preneed cemetery trust investments that had tax lots in loss positions for more than one year. Based on our analyses of these securities, the companies’ businesses and current market conditions, we determined that these investment losses were temporary in nature. Our cemetery merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of September 30, 2015 and December 31, 2014 , are shown in the following tables (in thousands): September 30, 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 $ 408 $ (49 ) $ — $ — $ 408 $ (49 ) Foreign debt 2,776 (427 ) 717 (61 ) 3,493 (488 ) Corporate debt 17,779 (2,260 ) 2,972 (803 ) 20,751 (3,063 ) Preferred stock 15,636 (666 ) — — 15,636 (666 ) Common stock 18,538 (4,794 ) 1,007 (792 ) 19,545 (5,586 ) Total temporary impaired securities $ 55,137 $ (8,196 ) $ 4,696 $ (1,656 ) $ 59,833 $ (9,852 ) December 31, 2014 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: Foreign debt $ 5,629 $ (237 ) $ — $ — $ 5,629 $ (237 ) Corporate debt 18,051 (778 ) 2,016 (1,389 ) 20,067 (2,167 ) Preferred stock 10,342 (289 ) 3,236 (36 ) 13,578 (325 ) Common stock 6,904 (911 ) 65 (55 ) 6,969 (966 ) Total temporary impaired securities $ 40,926 $ (2,215 ) $ 5,317 $ (1,480 ) $ 46,243 $ (3,695 ) Preneed cemetery trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and 2015 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Investment income $ 504 $ 471 $ 1,936 $ 1,762 Realized gains 1,970 1,170 3,670 2,844 Realized losses (124 ) (276 ) (952 ) (1,166 ) Expenses and taxes (387 ) (361 ) (1,329 ) (1,455 ) Increase in deferred preneed cemetery receipts held in trust (1,963 ) (1,004 ) (3,325 ) (1,985 ) $ — $ — $ — $ — Purchases and sales of investments in the preneed cemetery trusts were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Purchases $ (17,814 ) $ (11,719 ) $ (39,472 ) $ (24,575 ) Sales $ 18,061 $ 4,417 $ 40,981 $ 14,610 Preneed Funeral Trust Investments Preneed funeral trust investments represent trust fund assets that we are permitted to withdraw as services and merchandise are provided to customers. Preneed funeral contracts are secured by funds paid by the customer to us. Preneed funeral trust investments are reduced by the trust earnings we have been allowed to withdraw prior to our performance and amounts received from customers that are not required to be deposited into trust, pursuant to various state laws. The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2014 and September 30, 2015 were as follows (in thousands): December 31, 2014 September 30, 2015 Preneed funeral trust investments, at market value $ 100,579 $ 90,467 Less: allowance for contract cancellation (2,972 ) (2,976 ) Preneed funeral trust investments, net $ 97,607 $ 87,491 Upon cancellation of a preneed funeral contract, a customer is generally entitled to receive a refund of the corpus and some or all of the earnings held in trust. In certain jurisdictions, we may be obligated to fund any shortfall if the amounts deposited by the customer exceed the funds in trust, including some or all investment income. As a result, when realized or unrealized losses of a trust result in the trust being under-funded, we assess whether we are responsible for replenishing the corpus of the trust, in which case a loss provision is recorded. At September 30, 2015 , our preneed funeral trust investments were not under-funded. Earnings from our preneed funeral trust investments are recognized in revenue when a service is performed or merchandise is delivered. Trust management fees charged by our wholly-owned registered investment advisor, CSV RIA, are included in revenue in the period in which they are earned. Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash, U.S. treasury debt, common stock and equity mutual funds. Where quoted market prices are not available for the specific security, then fair values are estimated by using quoted prices of similar securities in active markets or other inputs other than quoted prices that can corroborate observable market data. These investments are fixed income securities including U.S. agency obligations, municipal bonds, foreign debt, corporate debt, preferred stocks, mortgage backed securities and fixed income mutual funds and other investments, all of which are classified within Level 2 of the valuation hierarchy. We review and update our fair value hierarchy classifications quarterly. There were no transfers between Levels 1 and 2 for the three and nine months ended September 30, 2015 . There are no Level 3 investments in the preneed funeral trust investment portfolio. See Note 8 for further information of the fair value measurement and the three-level hierarchy. The cost and fair market values associated with preneed funeral trust investments at September 30, 2015 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 14,687 $ — $ — $ 14,687 Fixed income securities: U.S treasury debt 1 1,747 38 — 1,785 Municipal bonds 2 480 — (52 ) 428 Foreign debt 2 5,783 12 (500 ) 5,295 Corporate debt 2 27,568 169 (3,453 ) 24,284 Preferred stock 2 17,571 137 (694 ) 17,014 Mortgage backed securities 2 277 5 (3 ) 279 Common stock 1 26,509 364 (5,673 ) 21,200 Mutual funds: Fixed income 2 959 — (68 ) 891 Other investments 2 3,627 — (31 ) 3,596 Trust securities $ 99,208 $ 725 $ (10,474 ) $ 89,459 Accrued investment income $ 1,008 $ 1,008 Preneed funeral trust investments $ 90,467 Market value as a percentage of cost 90.2 % The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 416 Due in one to five years 6,861 Due in five to ten years 5,738 Thereafter 36,070 Total $ 49,085 The cost and fair market values associated with preneed funeral trust investments at December 31, 2014 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 17,501 $ — $ — $ 17,501 Fixed income securities: U.S. treasury debt 1 2,037 32 (15 ) 2,054 U.S. agency obligations 2 30 — — 30 Foreign debt 2 4,653 — (188 ) 4,465 Corporate debt 2 24,761 469 (1,718 ) 23,512 Preferred stock 2 16,166 256 (261 ) 16,161 Mortgage backed securities 2 309 8 (3 ) 314 Common stock 1 10,544 1,926 (783 ) 11,687 Mutual funds: Equity 1 14,126 1,370 (181 ) 15,315 Fixed income 2 5,351 115 (72 ) 5,394 Other investments 2 3,560 — (29 ) 3,531 Trust securities $ 99,038 $ 4,176 $ (3,250 ) $ 99,964 Accrued investment income $ 615 $ 615 Preneed funeral trust investments $ 100,579 Market value as a percentage of cost 100.9 % We determine whether or not the assets in the preneed funeral trust investments have other-than-temporary impairments on a security-by-security basis. This assessment is made based upon a number of criteria including the length of time a security has been in a loss position, changes in market conditions and concerns related to the specific issuer. If a loss is considered to be other-than-temporary, the cost basis of the security is adjusted downward to its fair market value. Any reduction in the cost basis of the investment due to an other-than-temporary impairment is likewise recorded as a reduction to Deferred preneed funeral receipts held in trust on our Consolidated Balance Sheets. We recorded a $0.6 million impairment in the first quarter of 2015 for other-than-temporary declines in the fair value related to unrealized losses on certain investments. There were no other impairments recorded in the nine months ended September 30, 2015 . We recorded a $0.1 million impairment in the second quarter of 2014 for other-than-temporary declines in the fair value related to unrealized losses on certain investments. There were on other impairments recorded in the nine months ended September 30, 2014 . There is no impact on earnings until such time that the loss is realized in the trusts, allocated to preneed contracts and the services are performed or the merchandise is delivered causing the contract to be withdrawn from the trust in accordance with state regulations. At September 30, 2015 , we had certain investments within our preneed funeral trust investments that had tax lots in loss positions for more than one year. Based on our analyses of these securities, the companies’ businesses and current market conditions, we determined that these investment losses were temporary in nature. Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of September 30, 2015 and December 31, 2014 are shown in the following tables (in thousands): September 30, 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 429 (52 ) — — 429 (52 ) Foreign debt 2,844 (438 ) 735 (62 ) 3,579 (500 ) Corporate debt 20,047 (2,548 ) 3,351 (905 ) 23,398 (3,453 ) Preferred stock 16,280 (694 ) — — 16,280 (694 ) Mortgage backed securities 125 (2 ) 17 (1 ) 142 (3 ) Common Stock 18,830 (4,869 ) 1,023 (804 ) 19,853 (5,673 ) Mutual funds: Fixed income 330 (32 ) 560 (36 ) 890 (68 ) Other investments — — 42 (31 ) 42 (31 ) Total temporary impaired securities $ 58,885 $ (8,635 ) $ 5,728 $ (1,839 ) $ 64,613 $ (10,474 ) December 31, 2014 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 $ 500 $ — $ 836 $ (15 ) $ 1,336 $ (15 ) Foreign debt 4,471 (188 ) — — 4,471 (188 ) Corporate debt 14,310 (617 ) 1,598 (1,101 ) 15,908 (1,718 ) Preferred stock 8,300 (232 ) 2,597 (29 ) 10,897 (261 ) Mortgage backed securities — — 51 (3 ) 51 (3 ) Mutual funds: Equity 5,594 (739 ) 53 (44 ) 5,647 (783 ) Equity and other 4,204 (180 ) 6 (1 ) 4,210 (181 ) Fixed income 888 (19 ) 1,026 (53 ) 1,914 (72 ) Other investments — — 42 (29 ) 42 (29 ) Total temporary impaired securities $ 38,267 $ (1,975 ) $ 6,209 $ (1,275 ) $ 44,476 $ (3,250 ) Preneed funeral trust investment security transactions recorded in Interest expense on the Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and 2015 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Investment income $ 576 $ 554 $ 2,067 $ 1,982 Realized gains 1,605 1,218 5,036 3,791 Realized losses (105 ) (504 ) (841 ) (1,374 ) Expenses and taxes (260 ) 140 (1,158 ) (694 ) Increase in deferred preneed funeral receipts held in trust (1,816 ) (1,408 ) (5,104 ) (3,705 ) $ — $ — $ — $ — Purchases and sales of investments in the preneed funeral trusts were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Purchases $ (14,630 ) $ (12,323 ) $ (44,147 ) $ (23,668 ) Sales $ 14,691 $ 10,998 $ 44,840 $ 33,736 |
Preneed Cemetery Receivables
Preneed Cemetery Receivables | 9 Months Ended |
Sep. 30, 2015 | |
Preneed Cemetery Receivables [Abstract] | |
PRENEED CEMETERY RECEIVABLES | . PRENEED CEMETERY RECEIVABLES Preneed sales of cemetery interment rights and related products and services are usually financed through interest-bearing installment sales contracts, generally with terms of up to five years with such interest income reflected as Preneed cemetery finance charges . In substantially all cases, we receive an initial down payment at the time the contract is signed. At September 30, 2015 , our total financed preneed receivables was $35.0 million , of which $25.5 million and $9.5 million were for cemetery interment rights and for merchandise and services respectively. These amounts are presented on our consolidated balance sheet as $11.1 million within Accounts receivable and $23.9 million within Preneed receivables . The unearned finance charges associated with these receivables were $4.6 million and $4.9 million at December 31, 2014 and September 30, 2015 , respectively. We determine an allowance for customer cancellations and refunds on contracts in which revenue has been recognized on sales of cemetery interment rights. We have a collections policy where past due notifications are sent to the customer beginning at 15 days past due and periodically thereafter until the contract is cancelled or payment is received. We reserve 100% of the receivables on contracts in which the revenue has been recognized and payments are 90 days past due or more, which was approximately 4.8% of the total receivables on recognized sales at September 30, 2015 . An allowance is recorded at the date that the contract is executed and periodically adjusted thereafter based upon actual collection experience at the business level. For the nine months ended September 30, 2015 , the change in the allowance for contract cancellations was as follows (in thousands): September 30, 2015 Beginning balance $ 2,140 Write-offs and cancellations (1,274 ) Provision 803 Ending balance $ 1,669 The aging of past due financing receivables as of September 30, 2015 was as follows (in thousands): 31-60 Past Due 61-90 Past Due 91-120 Past Due >120 Past Due Total Past Due Current Total Financing Receivables Recognized revenue $ 570 $ 326 $ 232 $ 963 $ 2,091 $ 22,843 $ 24,934 Deferred revenue 239 171 143 290 843 9,187 10,030 Total contracts $ 809 $ 497 $ 375 $ 1,253 $ 2,934 $ 32,030 $ 34,964 |
Receivables from Preneed Trusts
Receivables from Preneed Trusts | 9 Months Ended |
Sep. 30, 2015 | |
Receivables From Preneed Trusts [Abstract] | |
RECEIVABLES FROM PRENEED TRUSTS | . RECEIVABLES FROM PRENEED TRUSTS The receivables from preneed trusts represent assets in trusts which are controlled and operated by third parties in which we do not have a controlling financial interest ( less than 50% ) in the trust assets. We account for these investments at cost. As of December 31, 2014 and September 30, 2015 , receivables from preneed trusts were as follows (in thousands): December 31, 2014 September 30, 2015 Preneed trust funds, at cost $ 13,205 $ 13,866 Less: allowance for contract cancellation (396 ) (416 ) Receivables from preneed trusts, net $ 12,809 $ 13,450 The following summary reflects the composition of the assets held in trust and controlled by third parties to satisfy our future obligations under preneed arrangements related to the preceding contracts at September 30, 2015 . The cost basis includes reinvested interest and dividends that have been earned on the trust assets. Fair value includes the unrealized gains and losses on trust assets. Historical Cost Basis Fair Value (in thousands) As of September 30, 2015 Cash and cash equivalents $ 2,893 $ 2,893 Fixed income investments 8,328 8,338 Mutual funds and common stocks 2,629 2,661 Annuities 16 16 Total $ 13,866 $ 13,908 Historical Cost Basis Fair Value (in thousands) As of December 31, 2014 Cash and cash equivalents $ 2,834 $ 2,834 Fixed income investments 7,880 7,893 Mutual funds and common stocks 2,467 2,586 Annuities 24 24 Total $ 13,205 $ 13,337 |
Cemetery Perpetual Care Trust I
Cemetery Perpetual Care Trust Investments | 9 Months Ended |
Sep. 30, 2015 | |
Cemetery Perpetual Care Trust Investments [Abstract] | |
CEMETERY PERPETUAL CARE TRUST INVESTMENTS | CEMETERY PERPETUAL CARE TRUST INVESTMENTS Care trusts’ corpus on our Consolidated Balance Sheets represent the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus as of December 31, 2014 and September 30, 2015 were as follows (in thousands): December 31, 2014 September 30, 2015 Trust assets, at fair value $ 48,670 $ 44,146 Obligations due from trust (528 ) (300 ) Care trusts’ corpus $ 48,142 $ 43,846 We are required by various state laws to pay a portion of the proceeds from the sale of cemetery property interment rights into perpetual care trust funds. The income earned from these perpetual care trusts offsets maintenance expenses for cemetery property and memorials. This trust fund income is recognized, as earned, in Cemetery revenues . Trust management fees charged by our wholly-owned registered investment advisor, CSV RIA, are included in revenue in the period in which they are earned. Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash and common stock. Where quoted market prices are not available for the specific security, then fair values are estimated by using quoted prices of similar securities in active markets or other inputs other than quoted prices that can corroborate observable market data. These investments are municipal bonds, foreign debt, corporate debt and preferred stocks, all of which are classified within Level 2 of the valuation hierarchy. We review and update our fair value hierarchy classifications quarterly. There were no transfers between Levels 1 and 2 in the three and nine months ended September 30, 2015 . There are no Level 3 investments in the cemetery perpetual care trust investment portfolio. See Note 8 for further information of the fair value measurement and the three-level valuation hierarchy. The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at September 30, 2015 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 830 $ — $ — $ 830 Fixed income securities: Municipal bonds 2 324 — (35 ) 289 Foreign debt 2 3,722 7 (341 ) 3,388 Corporate debt 2 18,226 79 (2,221 ) 16,084 Preferred stock 2 11,232 30 (461 ) 10,801 Common stock 1 15,444 183 (3,417 ) 12,210 Trust securities $ 49,778 $ 299 $ (6,475 ) $ 43,602 Accrued investment income $ 544 $ 544 Cemetery perpetual care trust investments $ 44,146 Market value as a percentage of cost 87.6 % The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 85 Due in one to five years 4,166 Due in five to ten years 3,457 Thereafter 22,854 $ 30,562 The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2014 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 3,206 $ — $ — $ 3,206 Fixed income securities: Municipal bonds 2 229 5 — 234 Foreign debt 2 3,871 — (156 ) 3,715 Corporate debt 2 19,911 248 (1,428 ) 18,731 Preferred stock 2 12,694 137 (214 ) 12,617 Common stock 1 8,747 1,568 (653 ) 9,662 Trust securities $ 48,658 $ 1,958 $ (2,451 ) $ 48,165 Accrued investment income $ 505 $ 505 Cemetery perpetual care investments $ 48,670 Fair market value as a percentage of cost 99.0 % We determine whether or not the assets in the cemetery perpetual care trusts have an other-than-temporary impairment on a security-by-security basis. This assessment is made based upon a number of criteria including the length of time a security has been in a loss position, changes in market conditions and concerns related to the specific issuer. If a loss is considered to be other-than-temporary, the cost basis of the security is adjusted downward to its fair market value. Any reduction in the cost basis due to an other-than-temporary impairment is also recorded as a reduction to Care trusts’ corpus . We recorded a $0.5 million impairment in the first quarter of 2015 for other-than-temporary declines in the fair value related to unrealized losses on certain investments. We have not recorded any other impairments in the nine months ended September 30, 2015 . We recorded a $0.1 million impairment in the second quarter of 2014 for other-than-temporary declines in the fair value related to unrealized losses on certain investments. We did not record any other impairments in the nine months ended September 2014. At September 30, 2015 , we had certain investments within our perpetual care trust investments that had tax lots in loss positions for more than one year. Based on our analyses of these securities, the companies’ businesses and current market conditions, we determined that these investment losses were temporary in nature. Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended September 30, 2015 and December 31, 2014 are shown in the following tables (in thousands): September 30, 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 $ 289 $ (35 ) $ — $ — $ 289 $ (35 ) Foreign debt 1,941 (299 ) 501 (42 ) 2,442 (341 ) Corporate debt 12,893 (1,639 ) 2,156 (583 ) 15,049 (2,222 ) Preferred stock 10,794 (460 ) — — 10,794 (460 ) Common stock 11,342 (2,933 ) 616 (484 ) 11,958 (3,417 ) Total temporary impaired securities $ 37,259 $ (5,366 ) $ 3,273 $ (1,109 ) $ 40,532 $ (6,475 ) December 31, 2014 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: Foreign debt $ 3,716 $ (156 ) $ — $ — $ 3,716 $ (156 ) Corporate debt 11,893 (513 ) 1,328 (915 ) 13,221 (1,428 ) Preferred stock 6,821 (191 ) 2,133 (23 ) 8,954 (214 ) Common stock 4,663 (616 ) 44 (37 ) 4,707 (653 ) Total temporary impaired securities $ 27,093 $ (1,476 ) $ 3,505 $ (975 ) $ 30,598 $ (2,451 ) Perpetual care trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and 2015 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Realized gains $ 1,061 $ 731 $ 2,375 $ 1,706 Realized losses (67 ) (207 ) (759 ) (692 ) Increase in care trusts’ corpus (994 ) (524 ) (1,616 ) (1,014 ) Total $ — $ — $ — $ — Perpetual care trust investment security transactions recorded in Cemetery revenue for the three and nine months ended September 30, 2014 and 2015 were as follows (in thousands): For the Three Months Ended For the Nine Months Ended 2014 2015 2014 2015 Investment income $ 1,168 $ 1,371 $ 3,748 $ 3,739 Realized gain, net 495 213 645 497 Total $ 1,663 $ 1,584 $ 4,393 $ 4,236 Purchases and sales of investments in the perpetual care trusts were as follows (in thousands): For the Three Months Ended For the Nine Months Ended 2014 2015 2014 2015 Purchases $ (12,000 ) $ (7,247 ) $ (26,136 ) $ (15,352 ) Sales $ 12,141 $ 2,532 $ 27,163 $ 8,885 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We evaluate our financial assets and liabilities for those financial assets and liabilities that meet the criteria of the disclosure requirements and fair value framework. The carrying values of cash and cash equivalents, trade receivables and trade payables approximate the fair values of those instruments due to the short-term nature of the instruments. The fair values of receivables on preneed funeral and cemetery contracts are impracticable to estimate because of the lack of a trading market and the diverse number of individual contracts with varying terms. Our long-term debt and Credit Facility (as defined in Note 10) are classified within Level 2 of the Fair Value Measurement hierarchy. The fair values of our long-term debt and Credit Facility approximate the carrying values of these instruments based on the index yields of similar securities compared to U.S. Treasury yield curves. The fair value of the convertible subordinated notes due 2021 was approximately $158.8 million at September 30, 2015 based on the last traded or broker quoted price. We identified investments in fixed income securities, common stock and mutual funds presented within the preneed and perpetual care trust investment categories on our Consolidated Balance Sheets as having met the criteria for fair value measurement. As of September 30, 2015 , we did not have any assets that had fair values determined by Level 3 inputs and no liabilities measured at fair value. We account for our investments as available-for-sale and measure them at fair value under the standards of financial accounting and reporting for investments in equity instruments that have readily determinable fair values and for all investments in debt securities. See Notes 4 and 7 to our Consolidated Financial Statements herein for the fair value hierarchy levels of our trust investments. |
Deferred Charges and Other Non-
Deferred Charges and Other Non-Current Assets | 9 Months Ended |
Sep. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | DEFERRED CHARGES AND OTHER NON-CURRENT ASSETS Deferred charges and other non-current assets at December 31, 2014 and September 30, 2015 were as follows (in thousands): December 31, 2014 September 30, 2015 Prepaid agreements not-to-compete, net of accumulated amortization of $5,105 and $5,328, respectively $ 1,159 $ 1,148 Deferred loan costs, net of accumulated amortization of $2,809 and $3,137, respectively 1,870 1,554 Convertible subordinated notes issuance costs, net of accumulated amortization of $375 and $735, respectively 3,252 2,892 Tradenames 7,660 8,856 Other 323 220 Deferred charges and other non-current assets $ 14,264 $ 14,670 Prepaid agreements not-to-compete are amortized over the term of the respective agreements, ranging generally from one to ten years. Amortization expense was approximately $0.1 million for both the three months ended September 30, 2014 and 2015 and $0.3 million and $0.2 million for the nine months ended September 30, 2014 and 2015 , respectively. Deferred loan costs are being amortized over the term of the related debt using the effective interest method for our term loan and the straight line method for our revolving credit facility. Debt issuance costs related to our convertible subordinated notes are being amortized using the effective interest method over the seven -year term of the notes. See Note 11 to the Consolidated Financial Statements herein for further discussion related to our convertible subordinated notes. Our tradenames have indefinite lives and therefore are not amortized. During the nine months ended September 30, 2015 , we increased tradenames by approximately $1.2 million related to our acquisition of a funeral home business in February 2015. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Our long-term debt consisted of the following at December 31, 2014 and September 30, 2015 (in thousands): December 31, 2014 September 30, 2015 Revolving credit facility, secured, floating rate $ 40,500 $ 63,000 Term loan, secured, floating rate 120,312 113,282 Acquisition debt 1,205 5,210 Less: current portion (9,630 ) (11,250 ) Total long-term debt $ 152,387 $ 170,242 As of September 30, 2015 , we had a $325 million secured bank credit facility (the “Credit Facility”) with Bank of America, N.A. as Administrative Agent, comprised of a $200 million revolving credit facility and a $125 million term loan. The Credit Facility also contains an accordion provision to borrow up to an additional $50 million in revolving loans, subject to certain conditions. As of September 30, 2015 , we had outstanding borrowings under the revolving credit facility of $63.0 million and approximately $113.3 million was outstanding on the term loan. No letters of credit were issued and outstanding under the Credit Facility at September 30, 2015 . The weighted average interest rate on the Credit Facility for the three and nine months ended September 30, 2015 was 2.6% and 2.5% , respectively. We were in compliance with the covenants contained in the Credit Facility as of September 30, 2015 . The Credit Facility contains key ratios that we must comply with including a requirement to maintain a leverage ratio of no more than 3.50 to 1.00 and a covenant to maintain a fixed charge coverage ratio of no less than 1.20 to 1.00. As of September 30, 2015 , the leverage ratio was 2.66 to 1.00 and the fixed charge coverage ratio was 2.78 to 1.00. The increase in the leverage ratio above 2.50 to 1.00 at June 30, 2015 automatically triggered a 50 basis point interest rate increase on our outstanding revolving credit facility in the third quarter of 2015. Acquisition debt consists of deferred purchase price and promissory notes payable to sellers. The increase in acquisition debt of was due primarily to the deferred payments related to the funeral home acquisition in February 2015. |
Convertible Subordinated Notes
Convertible Subordinated Notes | 9 Months Ended |
Sep. 30, 2015 | |
Convertible Subordinated Notes [Abstract] | |
Convertible Subordinated Notes | CONVERTIBLE SUBORDINATED NOTES On March 19, 2014, we issued $143.75 million aggregate principal amount of 2.75% convertible subordinated notes due March 15, 2021 (the “Notes”). The Notes bear interest at 2.75% . Interest on the Notes began to accrue on March 19, 2014 and is payable semi-annually in arrears on March 15 and September 15 of each year. The carrying values of the liability and equity components of the Notes at December 31, 2014 and September 30, 2015 are reflected in our Consolidated Balance Sheets as follows (in thousands): December 31, 2014 September 30, 2015 Long-term liabilities: Principal amount $ 143,750 $ 143,750 Unamortized discount of liability component (29,208 ) (26,654 ) Carrying value of the liability component $ 114,542 $ 117,096 Equity component carrying value $ 17,973 $ 17,973 The fair value of the Notes, which are Level 2 measurements, was approximately $158.8 million at September 30, 2015 . Interest expense on the Notes included contractual coupon interest expense of approximately $1.0 million for both the three months ended September 30, 2014 and 2015 and $2.1 million and $3.0 million for the nine months ended September 30, 2014 and 2015 , respectively. Amortization of debt issuance costs was approximately $0.1 million for both the three months ended September 30, 2014 and 2015 and $0.3 million and $0.4 million for the nine months ended September 30, 2014 and 2015 , respectively. Accretion of the discount on the convertible subordinated notes was $0.8 million and $0.9 million for the three months ended September 30, 2014 and 2015 , respectively, and $1.6 million and $2.6 million for the nine months ended September 30, 2014 and 2015 , respectively. The unamortized discount is being amortized over the remaining term of the Notes. The effective interest rate on the liability component for the three and nine months ended September 30, 2014 and 2015 was 6.75% . |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS ’ EQUITY Stock Options As of September 30, 2015 , there were 1,787,589 stock options outstanding and 1,140,804 stock options which remain unvested. We did not grant any stock options in the three months ended September 30, 2015 . During the first quarter of 2015, we granted 628,000 options to certain employees at an option price of $22.58 and 25,000 options to a new employee at an option price of $24.74 . These options will vest in one-third increments over a three -year period and have a seven -year term. The fair value of the total options granted during the first quarter of 2015 was approximately $3.7 million . During the nine months ended September 30, 2015 , we have issued a total of 653,000 stock options. We recorded pre-tax stock-based compensation expense for stock options totaling approximately $0.4 million and $0.6 million for the three months ended September 30, 2014 and 2015 , respectively, and $1.2 million and $1.8 million for the nine months ended September 30, 2014 and 2015 , respectively. Employee Stock Purchase Plan During the third quarter of 2015 , employees purchased a total of 9,513 shares of common stock through the employee stock purchase plan (“ESPP”) at a weighted average price of $17.17 per share. We recorded pre-tax stock-based compensation expense for the ESPP totaling approximately $42,000 and $37,000 for the three months ended September 30, 2014 and 2015 , respectively, and $231,000 and $165,000 for the nine months ended September 30, 2014 and 2015 , respectively. The fair value of the option to purchase shares under the ESPP is estimated on the date of grant (January 1 of each year) associated with the four quarterly purchase dates using the following assumptions: 2015 Dividend yield 0.4 % Expected volatility 24.35 % Risk-free interest rate 0.02%, 0.11%, 0.18%, 0.25% Expected life (years) 0.25, 0.50, 0.75, 1.00 Expected volatilities are based on the historical volatility during the previous twelve months of the underlying common stock. The risk-free rate for the quarterly purchase periods is based on the U.S. Treasury yields in effect at the time of the purchase. The expected life of the ESPP grants represents the calendar quarters from the beginning of the year to the purchase date (end of each quarter). Restricted Stock Grants From time to time, we issue shares of restricted common stock to certain officers and key employees of the Company from our stock benefit plans. The restricted stock shares issued to officers and key employees vest over three to five -year terms. During the three months ended September 30, 2015 , we did not issue any restricted stock. During the first quarter of 2015, we issued a total of 37,900 restricted stock grants that vest over a three -year period with an aggregate grant date market value of approximately $0.9 million . During the nine months ended September 30, 2015 , we have issued a total of 37,900 restricted stock grants. Related to the vesting of restricted stock awards granted to our officers and key employees, we recorded $0.5 million and $0.4 million of pre-tax compensation expense, which is included in general, administrative and other expenses for the three months ended September 30, 2014 and 2015 , respectively, and approximately $1.3 million and $1.2 million for the nine months ended September 30, 2014 and 2015 , respectively. As of September 30, 2015 , we had approximately $4.2 million of total unrecognized compensation costs related to unvested restricted stock awards, which are expected to be recognized over a weighted average period of approximately 2.4 years . Director Compensation Policy We compensate our directors through cash payments, including retainers and meeting attendance fees, and through stock-based awards. Refer to our definitive proxy statement related to our 2015 annual meeting for a full discussion concerning our Director Compensation Policy. On September 28, 2015, a new director joined our Board of Directors at which time he was granted 4,837 shares of our common stock valued at approximately $100,000 pursuant to our Director Compensation Policy. One-half of these shares vested immediately, while the remainder will vest equally over the two -year period following the grant date. We recorded $46,000 and $148,000 of pre-tax compensation expense, which is included in general, administrative and other expenses, for the three months ended September 30, 2014 and 2015 , respectively, and $695,000 and $554,000 for the nine months ended September 30, 2014 and 2015 , respectively, related to the director fees and annual retainers. Share Repurchase Program On May 19, 2015, our Board of Directors approved a share repurchase program authorizing us to purchase up to an aggregate of $25.0 million of our common stock in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. On September 28, 2015, our Board of Directors approved a $20.0 million increase in its authorization for repurchases of the Company's common stock bringing the total amount authorized to $45.0 million . The shares may be purchased from time to time in the open market or in privately negotiated transactions. Purchases will be at times and in amounts as management deems appropriate based on factors such as market conditions, legal requirements and other business considerations. During the three and nine months ended September 30, 2015 , we purchased 1,079,985 and 1,204,985 shares of our common stock for a total cost of $24.2 million and $27.3 million , respectively. Approximately $3.4 million , or 160,946 shares, settled after the quarter ended. Accumulated other comprehensive income Our components of Accumulated other comprehensive income are as follows: Accumulated Other Comprehensive Income Balance at December 31, 2014 $ — Decrease in net unrealized gains associated with available-for-sale securities of the trusts (25,287 ) Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus 25,287 Balance at September 30, 2015 $ — |
Major Segments of Business
Major Segments of Business | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
MAJOR SEGMENTS OF BUSINESS | MAJOR SEGMENTS OF BUSINESS We conduct funeral and cemetery operations only in the United States. The following table presents revenue from continuing operations, pre-tax income (loss) from continuing operations and total assets by segment (in thousands): Funeral Cemetery Corporate Consolidated Revenues from continuing operations: Three months ended September 30, 2015 $ 44,089 $ 14,289 $ — $ 58,378 Three months ended September 30, 2014 $ 41,770 $ 12,779 $ — $ 54,549 Nine months ended September 30, 2015 $ 138,727 $ 42,165 $ — $ 180,892 Nine months ended September 30, 2014 $ 127,926 $ 38,779 $ — $ 166,705 Income (loss) from continuing operations before income taxes: Three months ended September 30, 2015 $ 12,593 $ 4,312 $ (9,654 ) $ 7,251 Three months ended September 30, 2014 $ 11,635 $ 3,074 $ (9,494 ) $ 5,215 Nine months ended September 30, 2015 $ 43,792 $ 12,814 $ (30,672 ) $ 25,934 Nine months ended September 30, 2014 $ 39,025 $ 10,959 $ (35,729 ) $ 14,255 Total assets: September 30, 2015 $ 586,258 $ 231,107 $ 10,712 $ 828,077 December 31, 2014 $ 568,842 $ 240,009 $ 18,677 $ 827,528 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the computation of the basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2015 (in thousands, except per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Numerator for basic and diluted earnings per share: Numerator from continuing operations Income from continuing operations $ 4,565 $ 4,444 $ 10,080 $ 15,419 Less: Earnings allocated to unvested restricted stock (84 ) (51 ) (198 ) (194 ) Income attributable to continuing operations $ 4,481 $ 4,393 $ 9,882 $ 15,225 Numerator from discontinued operations Income from discontinued operations $ 431 $ — $ 381 $ — Less: Earnings allocated to unvested restricted stock (8 ) — (8 ) — Income attributable to discontinued operations $ 423 $ — $ 373 $ — Denominator: Denominator for basic earnings per common share - weighted average shares outstanding 18,150 17,874 18,086 18,115 Effect of dilutive securities: Stock options 126 209 137 240 Convertible subordinated notes — — — 233 Denominator for diluted earnings per common share - weighted average shares outstanding 18,276 18,083 18,223 18,588 Basic earnings per common share: Continuing operations $ 0.25 $ 0.24 $ 0.55 $ 0.84 Discontinued operations 0.02 — 0.02 — Basic earnings per common share $ 0.27 $ 0.24 $ 0.57 $ 0.84 Diluted earnings per common share: Continuing operations $ 0.24 $ 0.24 $ 0.54 $ 0.82 Discontinued operations 0.02 — 0.02 — Diluted earnings per common share $ 0.26 $ 0.24 $ 0.56 $ 0.82 The fully diluted weighted average shares outstanding for the nine months ended September 30, 2015 , and the corresponding calculation of fully diluted earnings per share, include approximately 233,000 shares that would have been issued upon the conversion of our convertible subordinated notes as a result of the application of the if-converted method prescribed by the FASB ASC 260. There were no shares for the three months ended September 30, 2015 and the three and nine months ended September 30, 2014 that would have been issued upon conversion under the if-converted method. For the three and nine months ended September 30, 2015 , 584,000 stock options were excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect. For the three and nine months ended September 30, 2014 , 710,700 stock options were excluded. |
Basis Of Presentation And Sum20
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation, Policy | Principles of Consolidation and Interim Condensed Disclosures Our unaudited condensed consolidated financial statements include the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. Our interim condensed consolidated financial statements are unaudited but include all adjustments, which consist of normal, recurring accruals, that are necessary for a fair presentation of our financial position and results of operations as of and for the interim periods presented. Our unaudited condensed consolidated financial statements have been prepared in a manner consistent with the accounting principles described in our Annual Report on Form 10-K for the year ended December 31, 2014 unless otherwise disclosed herein, and should be read in conjunction therewith. |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill The excess of the purchase price over the fair value of identifiable net assets of businesses acquired is recorded as goodwill. Goodwill has primarily been recorded in connection with the acquisition of funeral businesses. Goodwill is tested for impairment by assessing the fair value of each of our reporting units. The funeral segment reporting units consist of our East, Central and West regions in the United States, and we perform our annual impairment test of goodwill using information as of August 31 of each year. In addition, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value may be greater than fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant adverse changes in the business climate which may be indicated by a decline in our market capitalization or decline in operating results. |
Funeral and Cemetery Operations, Policy | Funeral and Cemetery Operations We record the revenue from sales of funeral and cemetery merchandise and services when the merchandise is delivered or the service is performed. Sales of cemetery interment rights are recorded as revenue in accordance with the retail land sales provisions for accounting for sales of real estate. This method provides for the recognition of revenue in the period in which the customer’s cumulative payments exceed 10% of the contract price related to the interment right. Costs related to the sales of interment rights, which include real property and other costs related to cemetery development activities, are charged to operations using the specific identification method in the period in which the sale of the interment right is recognized as revenue. Sales taxes collected are recognized on a net basis in our Consolidated Financial Statements. Allowances for bad debts and customer cancellations are provided at the date that the sale is recognized as revenue and are based on our historical experience and the current economic environment. We also monitor changes in delinquency rates and provide additional bad debt and cancellation reserves when warranted. When preneed sales of funeral services and merchandise are funded through third-party insurance policies, we earn a commission on the sale of the policies. Insurance commissions are recognized as revenues at the point at which the commission is no longer subject to refund, which is typically one year after the policy is issued. |
Property, Plant and Equipment, Policy | Property, Plant and Equipment Property, plant and equipment (including equipment under capital leases) are stated at cost. The costs of ordinary maintenance and repairs are charged to operations as incurred, while renewals and betterments are capitalized. Depreciation of property, plant and equipment (including equipment under capital leases) is computed based on the straight-line method. |
Discontinued Operations, Policy | Discontinued Operations Effective January 1, 2015, we adopted the Financial Accounting Standards Board's (“FASB”) new guidance for reporting discontinued operations. In April 2014, the FASB amended the definition of “discontinued operations” to include only disposals or held-for-sale classifications for components or groups of components of an entity that represent a strategic shift that either has or will have a major effect on the entity's operations or financial results. Examples of a strategic shift that has or will have a major effect on an entity's operations and financial results include a disposal of a major geographical area, line of business, equity method of investment or other parts of an entity. The new guidance also requires the disclosure of pre-tax income of disposals that do not qualify as discontinued operations. We continually review locations to optimize the sustainable earning power and return on our invested capital. These reviews could entail selling certain non-strategic businesses. During the three and nine months ended September 30, 2015 , there were no divestitures of our funeral home or cemetery businesses. |
Subsequent Events, Policy | Subsequent Events Management evaluated events and transactions during the period subsequent to September 30, 2015 through the date the financial statements were issued for potential recognition or disclosure in the accompanying financial statements covered by this report. |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment was comprised of the following at December 31, 2014 and September 30, 2015 : December 31, 2014 September 30, 2015 (in thousands) Land $ 66,957 $ 72,055 Buildings and improvements 148,483 167,933 Furniture, equipment and automobiles 66,020 70,020 Property, plant and equipment, at cost 281,460 310,008 Less: accumulated depreciation (95,249 ) (100,857 ) Property, plant and equipment, net $ 186,211 $ 209,151 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table presents the changes in goodwill on our Consolidated Balance Sheets during the nine months ended September 30, 2015 (in thousands): Goodwill as of December 31, 2014 $ 257,442 Increase in goodwill related to acquisitions 3,849 Goodwill as of September 30, 2015 $ 261,291 |
Preneed Trust Investments (Tabl
Preneed Trust Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 and September 30, 2015 were as follows (in thousands): December 31, 2014 September 30, 2015 Preneed cemetery trust investments, at fair value $ 74,198 $ 67,000 Less: allowance for contract cancellation (2,226 ) (2,263 ) Preneed cemetery trust investments, net $ 71,972 $ 64,737 |
Cost and fair market values associated with preneed cemetery trust investments | The cost and fair market values associated with preneed cemetery trust investments at December 31, 2014 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 5,591 $ — $ — $ 5,591 Fixed income securities: Municipal bonds 2 347 9 — 356 Foreign debt 2 5,874 — (237 ) 5,637 Corporate debt 2 30,108 362 (2,167 ) 28,303 Preferred stock 2 19,154 199 (325 ) 19,028 Mortgage backed securities 2 1 — — 1 Common stock 1 13,128 2,357 (966 ) 14,519 Trust securities $ 74,203 $ 2,927 $ (3,695 ) $ 73,435 Accrued investment income $ 763 $ 763 Preneed cemetery trust investments $ 74,198 Market value as a percentage of cost 99.0 % The cost and fair market values associated with preneed cemetery trust investments at September 30, 2015 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 1,991 $ — $ — $ 1,991 Fixed income securities: Municipal bonds 2 457 — (49 ) 408 Foreign debt 2 5,567 11 (488 ) 5,090 Corporate debt 2 25,636 122 (3,063 ) 22,695 Preferred stock 2 16,196 41 (666 ) 15,571 Common stock 1 25,602 316 (5,586 ) 20,332 Trust securities $ 75,449 $ 490 $ (9,852 ) $ 66,087 Accrued investment income $ 913 $ 913 Preneed cemetery trust investments $ 67,000 Market value as a percentage of cost 87.6 % |
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 $ 145 Due in one to five years 5,852 Due in five to ten years 4,783 Thereafter 32,984 Total $ 43,764 |
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 September 30, 2015 and December 31, 2014 , are shown in the following tables (in thousands): September 30, 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 $ 408 $ (49 ) $ — $ — $ 408 $ (49 ) Foreign debt 2,776 (427 ) 717 (61 ) 3,493 (488 ) Corporate debt 17,779 (2,260 ) 2,972 (803 ) 20,751 (3,063 ) Preferred stock 15,636 (666 ) — — 15,636 (666 ) Common stock 18,538 (4,794 ) 1,007 (792 ) 19,545 (5,586 ) Total temporary impaired securities $ 55,137 $ (8,196 ) $ 4,696 $ (1,656 ) $ 59,833 $ (9,852 ) December 31, 2014 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: Foreign debt $ 5,629 $ (237 ) $ — $ — $ 5,629 $ (237 ) Corporate debt 18,051 (778 ) 2,016 (1,389 ) 20,067 (2,167 ) Preferred stock 10,342 (289 ) 3,236 (36 ) 13,578 (325 ) Common stock 6,904 (911 ) 65 (55 ) 6,969 (966 ) Total temporary impaired securities $ 40,926 $ (2,215 ) $ 5,317 $ (1,480 ) $ 46,243 $ (3,695 ) |
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 and nine months ended September 30, 2014 and 2015 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Investment income $ 504 $ 471 $ 1,936 $ 1,762 Realized gains 1,970 1,170 3,670 2,844 Realized losses (124 ) (276 ) (952 ) (1,166 ) Expenses and taxes (387 ) (361 ) (1,329 ) (1,455 ) Increase in deferred preneed cemetery receipts held in trust (1,963 ) (1,004 ) (3,325 ) (1,985 ) $ — $ — $ — $ — |
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 September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Purchases $ (17,814 ) $ (11,719 ) $ (39,472 ) $ (24,575 ) Sales $ 18,061 $ 4,417 $ 40,981 $ 14,610 |
Components of preneed funeral trust investments | The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2014 and September 30, 2015 were as follows (in thousands): December 31, 2014 September 30, 2015 Preneed funeral trust investments, at market value $ 100,579 $ 90,467 Less: allowance for contract cancellation (2,972 ) (2,976 ) Preneed funeral trust investments, net $ 97,607 $ 87,491 |
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 $ 416 Due in one to five years 6,861 Due in five to ten years 5,738 Thereafter 36,070 Total $ 49,085 |
Cost and fair market values associated with preneed funeral trust investments | The cost and fair market values associated with preneed funeral trust investments at December 31, 2014 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 17,501 $ — $ — $ 17,501 Fixed income securities: U.S. treasury debt 1 2,037 32 (15 ) 2,054 U.S. agency obligations 2 30 — — 30 Foreign debt 2 4,653 — (188 ) 4,465 Corporate debt 2 24,761 469 (1,718 ) 23,512 Preferred stock 2 16,166 256 (261 ) 16,161 Mortgage backed securities 2 309 8 (3 ) 314 Common stock 1 10,544 1,926 (783 ) 11,687 Mutual funds: Equity 1 14,126 1,370 (181 ) 15,315 Fixed income 2 5,351 115 (72 ) 5,394 Other investments 2 3,560 — (29 ) 3,531 Trust securities $ 99,038 $ 4,176 $ (3,250 ) $ 99,964 Accrued investment income $ 615 $ 615 Preneed funeral trust investments $ 100,579 Market value as a percentage of cost 100.9 % The cost and fair market values associated with preneed funeral trust investments at September 30, 2015 are detailed below (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 14,687 $ — $ — $ 14,687 Fixed income securities: U.S treasury debt 1 1,747 38 — 1,785 Municipal bonds 2 480 — (52 ) 428 Foreign debt 2 5,783 12 (500 ) 5,295 Corporate debt 2 27,568 169 (3,453 ) 24,284 Preferred stock 2 17,571 137 (694 ) 17,014 Mortgage backed securities 2 277 5 (3 ) 279 Common stock 1 26,509 364 (5,673 ) 21,200 Mutual funds: Fixed income 2 959 — (68 ) 891 Other investments 2 3,627 — (31 ) 3,596 Trust securities $ 99,208 $ 725 $ (10,474 ) $ 89,459 Accrued investment income $ 1,008 $ 1,008 Preneed funeral trust investments $ 90,467 Market value as a percentage of cost 90.2 % |
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 September 30, 2015 and December 31, 2014 are shown in the following tables (in thousands): September 30, 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 429 (52 ) — — 429 (52 ) Foreign debt 2,844 (438 ) 735 (62 ) 3,579 (500 ) Corporate debt 20,047 (2,548 ) 3,351 (905 ) 23,398 (3,453 ) Preferred stock 16,280 (694 ) — — 16,280 (694 ) Mortgage backed securities 125 (2 ) 17 (1 ) 142 (3 ) Common Stock 18,830 (4,869 ) 1,023 (804 ) 19,853 (5,673 ) Mutual funds: Fixed income 330 (32 ) 560 (36 ) 890 (68 ) Other investments — — 42 (31 ) 42 (31 ) Total temporary impaired securities $ 58,885 $ (8,635 ) $ 5,728 $ (1,839 ) $ 64,613 $ (10,474 ) December 31, 2014 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 $ 500 $ — $ 836 $ (15 ) $ 1,336 $ (15 ) Foreign debt 4,471 (188 ) — — 4,471 (188 ) Corporate debt 14,310 (617 ) 1,598 (1,101 ) 15,908 (1,718 ) Preferred stock 8,300 (232 ) 2,597 (29 ) 10,897 (261 ) Mortgage backed securities — — 51 (3 ) 51 (3 ) Mutual funds: Equity 5,594 (739 ) 53 (44 ) 5,647 (783 ) Equity and other 4,204 (180 ) 6 (1 ) 4,210 (181 ) Fixed income 888 (19 ) 1,026 (53 ) 1,914 (72 ) Other investments — — 42 (29 ) 42 (29 ) Total temporary impaired securities $ 38,267 $ (1,975 ) $ 6,209 $ (1,275 ) $ 44,476 $ (3,250 ) |
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 and nine months ended September 30, 2014 and 2015 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Investment income $ 576 $ 554 $ 2,067 $ 1,982 Realized gains 1,605 1,218 5,036 3,791 Realized losses (105 ) (504 ) (841 ) (1,374 ) Expenses and taxes (260 ) 140 (1,158 ) (694 ) Increase in deferred preneed funeral receipts held in trust (1,816 ) (1,408 ) (5,104 ) (3,705 ) $ — $ — $ — $ — |
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 September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Purchases $ (14,630 ) $ (12,323 ) $ (44,147 ) $ (23,668 ) Sales $ 14,691 $ 10,998 $ 44,840 $ 33,736 |
Preneed Cemetery Receivables (T
Preneed Cemetery Receivables (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Preneed Cemetery Receivables [Abstract] | |
Preneed Cemetery Receivables | , the change in the allowance for contract cancellations was as follows (in thousands): September 30, 2015 Beginning balance $ 2,140 Write-offs and cancellations (1,274 ) Provision 803 Ending balance $ 1,669 |
Aging of Past Due Financing Receivables | The aging of past due financing receivables as of September 30, 2015 was as follows (in thousands): 31-60 Past Due 61-90 Past Due 91-120 Past Due >120 Past Due Total Past Due Current Total Financing Receivables Recognized revenue $ 570 $ 326 $ 232 $ 963 $ 2,091 $ 22,843 $ 24,934 Deferred revenue 239 171 143 290 843 9,187 10,030 Total contracts $ 809 $ 497 $ 375 $ 1,253 $ 2,934 $ 32,030 $ 34,964 |
Receivables from Preneed Trus25
Receivables from Preneed Trusts (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables From Preneed Trusts [Abstract] | |
Receivables from Preneed Trusts | As of December 31, 2014 and September 30, 2015 , receivables from preneed trusts were as follows (in thousands): December 31, 2014 September 30, 2015 Preneed trust funds, at cost $ 13,205 $ 13,866 Less: allowance for contract cancellation (396 ) (416 ) Receivables from preneed trusts, net $ 12,809 $ 13,450 |
Composition of Assets Held in Trust | The following summary reflects the composition of the assets held in trust and controlled by third parties to satisfy our future obligations under preneed arrangements related to the preceding contracts at September 30, 2015 . The cost basis includes reinvested interest and dividends that have been earned on the trust assets. Fair value includes the unrealized gains and losses on trust assets. Historical Cost Basis Fair Value (in thousands) As of September 30, 2015 Cash and cash equivalents $ 2,893 $ 2,893 Fixed income investments 8,328 8,338 Mutual funds and common stocks 2,629 2,661 Annuities 16 16 Total $ 13,866 $ 13,908 Historical Cost Basis Fair Value (in thousands) As of December 31, 2014 Cash and cash equivalents $ 2,834 $ 2,834 Fixed income investments 7,880 7,893 Mutual funds and common stocks 2,467 2,586 Annuities 24 24 Total $ 13,205 $ 13,337 |
Cemetery Perpetual Care Trust26
Cemetery Perpetual Care Trust Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Cemetery Perpetual Care Trust Investments [Abstract] | |
Components of care trusts' corpus | The components of Care trusts’ corpus as of December 31, 2014 and September 30, 2015 were as follows (in thousands): December 31, 2014 September 30, 2015 Trust assets, at fair value $ 48,670 $ 44,146 Obligations due from trust (528 ) (300 ) Care trusts’ corpus $ 48,142 $ 43,846 |
Cost and fair market values associated with the trust investments held in perpetual care trust funds | The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at September 30, 2015 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 830 $ — $ — $ 830 Fixed income securities: Municipal bonds 2 324 — (35 ) 289 Foreign debt 2 3,722 7 (341 ) 3,388 Corporate debt 2 18,226 79 (2,221 ) 16,084 Preferred stock 2 11,232 30 (461 ) 10,801 Common stock 1 15,444 183 (3,417 ) 12,210 Trust securities $ 49,778 $ 299 $ (6,475 ) $ 43,602 Accrued investment income $ 544 $ 544 Cemetery perpetual care trust investments $ 44,146 Market value as a percentage of cost 87.6 % |
Estimated maturities of fixed perpetual care trust income securities | The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 85 Due in one to five years 4,166 Due in five to ten years 3,457 Thereafter 22,854 $ 30,562 |
Cost and fair Market Values Associated with Trust Investments Held in Perpetual Care Trust Funds [Table Text Block] | The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2014 (in thousands): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 3,206 $ — $ — $ 3,206 Fixed income securities: Municipal bonds 2 229 5 — 234 Foreign debt 2 3,871 — (156 ) 3,715 Corporate debt 2 19,911 248 (1,428 ) 18,731 Preferred stock 2 12,694 137 (214 ) 12,617 Common stock 1 8,747 1,568 (653 ) 9,662 Trust securities $ 48,658 $ 1,958 $ (2,451 ) $ 48,165 Accrued investment income $ 505 $ 505 Cemetery perpetual care investments $ 48,670 Fair market value as a percentage of cost 99.0 % |
Schedule of fair market value and unrealized loss on perteptual care trust investments | Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended September 30, 2015 and December 31, 2014 are shown in the following tables (in thousands): September 30, 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 $ 289 $ (35 ) $ — $ — $ 289 $ (35 ) Foreign debt 1,941 (299 ) 501 (42 ) 2,442 (341 ) Corporate debt 12,893 (1,639 ) 2,156 (583 ) 15,049 (2,222 ) Preferred stock 10,794 (460 ) — — 10,794 (460 ) Common stock 11,342 (2,933 ) 616 (484 ) 11,958 (3,417 ) Total temporary impaired securities $ 37,259 $ (5,366 ) $ 3,273 $ (1,109 ) $ 40,532 $ (6,475 ) December 31, 2014 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: Foreign debt $ 3,716 $ (156 ) $ — $ — $ 3,716 $ (156 ) Corporate debt 11,893 (513 ) 1,328 (915 ) 13,221 (1,428 ) Preferred stock 6,821 (191 ) 2,133 (23 ) 8,954 (214 ) Common stock 4,663 (616 ) 44 (37 ) 4,707 (653 ) Total temporary impaired securities $ 27,093 $ (1,476 ) $ 3,505 $ (975 ) $ 30,598 $ (2,451 ) |
Perpetual care trust investment security transactions recorded in interest income and other, net | Perpetual care trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and 2015 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Realized gains $ 1,061 $ 731 $ 2,375 $ 1,706 Realized losses (67 ) (207 ) (759 ) (692 ) Increase in care trusts’ corpus (994 ) (524 ) (1,616 ) (1,014 ) Total $ — $ — $ — $ — |
Perpetual care trust investment security transactions recorded in cemetery revenue | Perpetual care trust investment security transactions recorded in Cemetery revenue for the three and nine months ended September 30, 2014 and 2015 were as follows (in thousands): For the Three Months Ended For the Nine Months Ended 2014 2015 2014 2015 Investment income $ 1,168 $ 1,371 $ 3,748 $ 3,739 Realized gain, net 495 213 645 497 Total $ 1,663 $ 1,584 $ 4,393 $ 4,236 |
Purchases and sales of investments in perpetual care trusts | Purchases and sales of investments in the perpetual care trusts were as follows (in thousands): For the Three Months Ended For the Nine Months Ended 2014 2015 2014 2015 Purchases $ (12,000 ) $ (7,247 ) $ (26,136 ) $ (15,352 ) Sales $ 12,141 $ 2,532 $ 27,163 $ 8,885 |
Deferred Charges and Other No27
Deferred Charges and Other Non-Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Deferred charges and other non-current assets at December 31, 2014 and September 30, 2015 were as follows (in thousands): December 31, 2014 September 30, 2015 Prepaid agreements not-to-compete, net of accumulated amortization of $5,105 and $5,328, respectively $ 1,159 $ 1,148 Deferred loan costs, net of accumulated amortization of $2,809 and $3,137, respectively 1,870 1,554 Convertible subordinated notes issuance costs, net of accumulated amortization of $375 and $735, respectively 3,252 2,892 Tradenames 7,660 8,856 Other 323 220 Deferred charges and other non-current assets $ 14,264 $ 14,670 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | long-term debt consisted of the following at December 31, 2014 and September 30, 2015 (in thousands): December 31, 2014 September 30, 2015 Revolving credit facility, secured, floating rate $ 40,500 $ 63,000 Term loan, secured, floating rate 120,312 113,282 Acquisition debt 1,205 5,210 Less: current portion (9,630 ) (11,250 ) Total long-term debt $ 152,387 $ 170,242 |
Convertible Subordinated Notes
Convertible Subordinated Notes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Convertible Subordinated Notes [Abstract] | |
Schedule of Liability and Equity Components of Convertible Subordinated Notes | The carrying values of the liability and equity components of the Notes at December 31, 2014 and September 30, 2015 are reflected in our Consolidated Balance Sheets as follows (in thousands): December 31, 2014 September 30, 2015 Long-term liabilities: Principal amount $ 143,750 $ 143,750 Unamortized discount of liability component (29,208 ) (26,654 ) Carrying value of the liability component $ 114,542 $ 117,096 Equity component carrying value $ 17,973 $ 17,973 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Assumptions for the fair value of the right (option) to purchase shares under ESPP | The fair value of the option to purchase shares under the ESPP is estimated on the date of grant (January 1 of each year) associated with the four quarterly purchase dates using the following assumptions: 2015 Dividend yield 0.4 % Expected volatility 24.35 % Risk-free interest rate 0.02%, 0.11%, 0.18%, 0.25% Expected life (years) 0.25, 0.50, 0.75, 1.00 |
Schedule of Accumulated Other Comprehensive Income | Our components of Accumulated other comprehensive income are as follows: Accumulated Other Comprehensive Income Balance at December 31, 2014 $ — Decrease in net unrealized gains associated with available-for-sale securities of the trusts (25,287 ) Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus 25,287 Balance at September 30, 2015 $ — |
Major Segments of Business (Tab
Major Segments of Business (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Revenue, pre-tax income and total and total assets by segments | The following table presents revenue from continuing operations, pre-tax income (loss) from continuing operations and total assets by segment (in thousands): Funeral Cemetery Corporate Consolidated Revenues from continuing operations: Three months ended September 30, 2015 $ 44,089 $ 14,289 $ — $ 58,378 Three months ended September 30, 2014 $ 41,770 $ 12,779 $ — $ 54,549 Nine months ended September 30, 2015 $ 138,727 $ 42,165 $ — $ 180,892 Nine months ended September 30, 2014 $ 127,926 $ 38,779 $ — $ 166,705 Income (loss) from continuing operations before income taxes: Three months ended September 30, 2015 $ 12,593 $ 4,312 $ (9,654 ) $ 7,251 Three months ended September 30, 2014 $ 11,635 $ 3,074 $ (9,494 ) $ 5,215 Nine months ended September 30, 2015 $ 43,792 $ 12,814 $ (30,672 ) $ 25,934 Nine months ended September 30, 2014 $ 39,025 $ 10,959 $ (35,729 ) $ 14,255 Total assets: September 30, 2015 $ 586,258 $ 231,107 $ 10,712 $ 828,077 December 31, 2014 $ 568,842 $ 240,009 $ 18,677 $ 827,528 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of the basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2015 (in thousands, except per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2014 2015 2014 2015 Numerator for basic and diluted earnings per share: Numerator from continuing operations Income from continuing operations $ 4,565 $ 4,444 $ 10,080 $ 15,419 Less: Earnings allocated to unvested restricted stock (84 ) (51 ) (198 ) (194 ) Income attributable to continuing operations $ 4,481 $ 4,393 $ 9,882 $ 15,225 Numerator from discontinued operations Income from discontinued operations $ 431 $ — $ 381 $ — Less: Earnings allocated to unvested restricted stock (8 ) — (8 ) — Income attributable to discontinued operations $ 423 $ — $ 373 $ — Denominator: Denominator for basic earnings per common share - weighted average shares outstanding 18,150 17,874 18,086 18,115 Effect of dilutive securities: Stock options 126 209 137 240 Convertible subordinated notes — — — 233 Denominator for diluted earnings per common share - weighted average shares outstanding 18,276 18,083 18,223 18,588 Basic earnings per common share: Continuing operations $ 0.25 $ 0.24 $ 0.55 $ 0.84 Discontinued operations 0.02 — 0.02 — Basic earnings per common share $ 0.27 $ 0.24 $ 0.57 $ 0.84 Diluted earnings per common share: Continuing operations $ 0.24 $ 0.24 $ 0.54 $ 0.82 Discontinued operations 0.02 — 0.02 — Diluted earnings per common share $ 0.26 $ 0.24 $ 0.56 $ 0.82 |
Basis of Presentation and Sum33
Basis of Presentation and Summary of Significant Accounting Policies (Operations) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)funeral_homescemeteriesstates | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)funeral_homescemeteriesstatessegment | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Organization Description and Operations [Line Items] | |||||
Number of business segments | segment | 2 | ||||
Period after which commissions are no longer subject to refund | 1 year | ||||
Accounts Receivable, Net, Current | $ 18,093 | $ 18,093 | $ 19,264 | ||
Preneed receivables | 26,902 | 26,902 | 26,284 | ||
Bad debt expense | 1,332 | $ 2,113 | |||
Funeral And Cemetery [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Bad debt expense | 500 | $ 800 | 1,332 | $ 2,100 | |
Funeral [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Accounts Receivable, Net, Current | 7,700 | 7,700 | 10,000 | ||
Preneed receivables | 7,400 | ||||
Cemetery [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Accounts Receivable, Net, Current | 10,000 | 10,000 | 9,100 | ||
Preneed receivables | $ 19,500 | $ 19,500 | $ 18,900 | ||
Funeral homes [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Number of owned and operated funeral homes (in Funeral Homes) | funeral_homes | 166 | 166 | |||
Number of states in which Company operates | states | 27 | 27 | |||
Cemeteries [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Number of states in which Company operates | states | 11 | 11 | |||
Number of owned and operated cemeteries (in Cemetaries) | cemeteries | 32 | 32 |
Basis of Presentation and Sum34
Basis of Presentation and Summary of Significant Accounting Policies (PPE) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)divestiture | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 310,008 | $ 310,008 | $ 281,460 | ||
Less: accumulated depreciation | (100,857) | (100,857) | (95,249) | ||
Property, plant and equipment, net | 209,151 | 209,151 | 186,211 | ||
Depreciation expense | $ 2,600 | $ 2,300 | 7,600 | $ 6,800 | |
Number of divestitures | divestiture | 0 | ||||
Land [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 72,055 | 72,055 | 66,957 | ||
Buildings and improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 167,933 | 167,933 | 148,483 | ||
Furniture, equipment and automobiles [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 70,020 | $ 70,020 | $ 66,020 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 261,291 | $ 257,442 | |
Payments to Acquire Property, Plant, and Equipment | $ 22,823 | $ 10,558 |
Goodwill (Changes in Goodwill)
Goodwill (Changes in Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Roll Forward] | |
Goodwill at beginning of period | $ 257,442 |
Increase in goodwill related to acquisitions | 3,849 |
Goodwill at end of period | $ 261,291 |
Preneed Trust Investments (Comp
Preneed Trust Investments (Components of preneed cemetery trust investments) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Fair value measurements, transfers between Level 1 and Level 2 | $ 0 | |
Preneed cemetery trust investments | 64,737,000 | $ 71,972,000 |
Preneed Cemetery Trust Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed cemetary trust investments, at fair value | 67,000,000 | 74,198,000 |
Less: allowance for contract cancellation | (2,263,000) | (2,226,000) |
Preneed cemetery trust investments | $ 64,737,000 | $ 71,972,000 |
Preneed Trust Investments (Cost
Preneed Trust Investments (Cost and fair market values associated with preneed cemetery trust investments) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | |
Preneed Cemetery Trust Investments [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | $ 75,449,000 | $ 75,449,000 | $ 75,449,000 | $ 74,203,000 | |||||
Unrealized Gains | 490,000 | 490,000 | 490,000 | 2,927,000 | |||||
Unrealized Losses | (9,852,000) | (9,852,000) | (9,852,000) | (3,695,000) | |||||
Fair Market Value | 66,087,000 | 66,087,000 | 66,087,000 | 73,435,000 | |||||
Preneed cemetery trust investments | $ 67,000,000 | $ 67,000,000 | $ 67,000,000 | $ 74,198,000 | |||||
Fair market value as a percentage of cost | 87.60% | 87.60% | 87.60% | 99.00% | |||||
Impairment charge, other than temporary decline in fair value of investments | $ 700,000 | $ 200,000 | $ 700,000 | $ 200,000 | |||||
Preneed Cemetery Trust Investments [Member] | Cash and money market accounts [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 1,991,000 | $ 1,991,000 | 1,991,000 | $ 5,591,000 | |||||
Unrealized Gains | 0 | 0 | 0 | 0 | |||||
Unrealized Losses | 0 | 0 | 0 | 0 | |||||
Fair Market Value | 1,991,000 | 1,991,000 | 1,991,000 | 5,591,000 | |||||
Preneed Cemetery Trust Investments [Member] | Municipal Bonds [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 457,000 | 457,000 | 457,000 | $ 347,000 | |||||
Unrealized Gains | 0 | 0 | 0 | 9,000 | |||||
Unrealized Losses | (49,000) | (49,000) | (49,000) | 0 | |||||
Fair Market Value | 408,000 | 408,000 | 408,000 | $ 356,000 | |||||
Preneed Cemetery Trust Investments [Member] | Foreign Government Debt Securities [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 5,567,000 | 5,567,000 | 5,567,000 | 5,874,000 | |||||
Unrealized Gains | 11,000 | 11,000 | 11,000 | 0 | |||||
Unrealized Losses | (488,000) | (488,000) | (488,000) | (237,000) | |||||
Fair Market Value | 5,090,000 | 5,090,000 | 5,090,000 | 5,637,000 | |||||
Preneed Cemetery Trust Investments [Member] | Corporate Debt [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 25,636,000 | 25,636,000 | 25,636,000 | 30,108,000 | |||||
Unrealized Gains | 122,000 | 122,000 | 122,000 | 362,000 | |||||
Unrealized Losses | (3,063,000) | (3,063,000) | (3,063,000) | (2,167,000) | |||||
Fair Market Value | 22,695,000 | 22,695,000 | 22,695,000 | 28,303,000 | |||||
Preneed Cemetery Trust Investments [Member] | Preferred Stock [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 16,196,000 | 16,196,000 | 16,196,000 | 19,154,000 | |||||
Unrealized Gains | 41,000 | 41,000 | 41,000 | 199,000 | |||||
Unrealized Losses | (666,000) | (666,000) | (666,000) | (325,000) | |||||
Fair Market Value | 15,571,000 | 15,571,000 | 15,571,000 | 19,028,000 | |||||
Preneed Cemetery Trust Investments [Member] | Mortgage Backed Securities [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 1,000 | ||||||||
Unrealized Gains | 0 | ||||||||
Unrealized Losses | 0 | ||||||||
Fair Market Value | 1,000 | ||||||||
Preneed Cemetery Trust Investments [Member] | Common Stock | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 25,602,000 | 25,602,000 | 25,602,000 | 13,128,000 | |||||
Unrealized Gains | 316,000 | 316,000 | 316,000 | 2,357,000 | |||||
Unrealized Losses | (5,586,000) | (5,586,000) | (5,586,000) | (966,000) | |||||
Fair Market Value | 20,332,000 | 20,332,000 | 20,332,000 | 14,519,000 | |||||
Preneed Cemetery Trust Investments [Member] | Accrued Investment Income [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 913,000 | 913,000 | 913,000 | 763,000 | |||||
Fair Market Value | 913,000 | 913,000 | 913,000 | 763,000 | |||||
Preneed Funeral Trust Investments [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 99,208,000 | 99,208,000 | 99,208,000 | 99,038,000 | |||||
Unrealized Gains | 725,000 | 725,000 | 725,000 | 4,176,000 | |||||
Unrealized Losses | (10,474,000) | (10,474,000) | (10,474,000) | (3,250,000) | |||||
Fair Market Value | 89,459,000 | 89,459,000 | 89,459,000 | 99,964,000 | |||||
Preneed cemetery trust investments | $ 90,467,000 | $ 90,467,000 | $ 90,467,000 | $ 100,579,000 | |||||
Fair market value as a percentage of cost | 90.20% | 90.20% | 90.20% | 100.90% | |||||
Impairment charge, other than temporary decline in fair value of investments | $ 600,000 | $ 600,000 | $ 100,000 | $ 100,000 | $ 0 | ||||
Preneed Funeral Trust Investments [Member] | Cash and money market accounts [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 14,687,000 | 14,687,000 | $ 14,687,000 | $ 17,501,000 | |||||
Unrealized Gains | 0 | 0 | 0 | 0 | |||||
Unrealized Losses | 0 | 0 | 0 | 0 | |||||
Fair Market Value | 14,687,000 | 14,687,000 | 14,687,000 | 17,501,000 | |||||
Preneed Funeral Trust Investments [Member] | Municipal Bonds [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 480,000 | 480,000 | 480,000 | ||||||
Unrealized Gains | 0 | 0 | 0 | ||||||
Unrealized Losses | (52,000) | (52,000) | (52,000) | ||||||
Fair Market Value | 428,000 | 428,000 | 428,000 | ||||||
Preneed Funeral Trust Investments [Member] | Foreign Government Debt Securities [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 5,783,000 | 5,783,000 | 5,783,000 | 4,653,000 | |||||
Unrealized Gains | 12,000 | 12,000 | 12,000 | 0 | |||||
Unrealized Losses | (500,000) | (500,000) | (500,000) | (188,000) | |||||
Fair Market Value | 5,295,000 | 5,295,000 | 5,295,000 | 4,465,000 | |||||
Preneed Funeral Trust Investments [Member] | Corporate Debt [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 27,568,000 | 27,568,000 | 27,568,000 | 24,761,000 | |||||
Unrealized Gains | 169,000 | 169,000 | 169,000 | 469,000 | |||||
Unrealized Losses | (3,453,000) | (3,453,000) | (3,453,000) | (1,718,000) | |||||
Fair Market Value | 24,284,000 | 24,284,000 | 24,284,000 | 23,512,000 | |||||
Preneed Funeral Trust Investments [Member] | Preferred Stock [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 17,571,000 | 17,571,000 | 17,571,000 | 16,166,000 | |||||
Unrealized Gains | 137,000 | 137,000 | 137,000 | 256,000 | |||||
Unrealized Losses | (694,000) | (694,000) | (694,000) | (261,000) | |||||
Fair Market Value | 17,014,000 | 17,014,000 | 17,014,000 | 16,161,000 | |||||
Preneed Funeral Trust Investments [Member] | Mortgage Backed Securities [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 277,000 | 277,000 | 277,000 | 309,000 | |||||
Unrealized Gains | 5,000 | 5,000 | 5,000 | 8,000 | |||||
Unrealized Losses | (3,000) | (3,000) | (3,000) | (3,000) | |||||
Fair Market Value | 279,000 | 279,000 | 279,000 | 314,000 | |||||
Preneed Funeral Trust Investments [Member] | Common Stock | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 26,509,000 | 26,509,000 | 26,509,000 | 10,544,000 | |||||
Unrealized Gains | 364,000 | 364,000 | 364,000 | 1,926,000 | |||||
Unrealized Losses | (5,673,000) | (5,673,000) | (5,673,000) | (783,000) | |||||
Fair Market Value | 21,200,000 | 21,200,000 | 21,200,000 | 11,687,000 | |||||
Preneed Funeral Trust Investments [Member] | Accrued Investment Income [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 1,008,000 | 1,008,000 | 1,008,000 | 615,000 | |||||
Fair Market Value | $ 1,008,000 | $ 1,008,000 | $ 1,008,000 | $ 615,000 |
Preneed Trust Investments (Esti
Preneed Trust Investments (Estimated maturities of fixed preneed cemetery trust income securities) (Details) - Preneed Cemetery Trust Investments [Member] $ in Thousands | Sep. 30, 2015USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $ 145 |
Due in one to five years | 5,852 |
Due in five to ten years | 4,783 |
Thereafter | 32,984 |
Total | $ 43,764 |
Preneed Trust Investments (Unre
Preneed Trust Investments (Unrealized losses on cemetery merchandise and service trust investments) (Details) - Preneed Cemetery Trust Investments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Line Items] | |||||
Impairment charge, other than temporary decline in fair value of investments | $ 700 | $ 200 | $ 700 | $ 200 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 55,137 | 55,137 | $ 40,926 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8,196 | 8,196 | 2,215 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,696 | 4,696 | 5,317 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,656 | 1,656 | 1,480 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 59,833 | 59,833 | 46,243 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 9,852 | 9,852 | 3,695 | ||
Municipal Bonds [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 408 | 408 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 49 | 49 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 408 | 408 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 49 | 49 | |||
Foreign Debt [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,776 | 2,776 | 5,629 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 427 | 427 | 237 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 717 | 717 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 61 | 61 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,493 | 3,493 | 5,629 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 488 | 488 | 237 | ||
Corporate Debt [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 17,779 | 17,779 | 18,051 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,260 | 2,260 | 778 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,972 | 2,972 | 2,016 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 803 | 803 | 1,389 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 20,751 | 20,751 | 20,067 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 3,063 | 3,063 | 2,167 | ||
Preferred Stock [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 15,636 | 15,636 | 10,342 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 666 | 666 | 289 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | 3,236 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | 36 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 15,636 | 15,636 | 13,578 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 666 | 666 | 325 | ||
Common Stock [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 18,538 | 18,538 | 6,904 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,794 | 4,794 | 911 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,007 | 1,007 | 65 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 792 | 792 | 55 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 19,545 | 19,545 | 6,969 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 5,586 | $ 5,586 | $ 966 |
Preneed Trust Investments (Pren
Preneed Trust Investments (Preneed cemetery trust investment security transactions) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Fair value measurements, transfers between Level 1 and Level 2 | $ 0 | |||
Preneed Cemetery Trust Investments [Member] | Interest Income and Other, Net [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Investment income | $ 471,000 | $ 504,000 | 1,762,000 | $ 1,936,000 |
Realized gain, net | 1,170,000 | 1,970,000 | 2,844,000 | 3,670,000 |
Realized losses | (276,000) | (124,000) | (1,166,000) | (952,000) |
Expenses and taxes | (361,000) | (387,000) | (1,455,000) | (1,329,000) |
Increase (decrease) in deferred preneed cemetery receipts held in trust | $ (1,004,000) | $ (1,963,000) | $ (1,985,000) | $ (3,325,000) |
Preneed Trust Investments (Purc
Preneed Trust Investments (Purchases and sales of investments in preneed cemetery trusts) (Details) - Preneed Cemetery Trust Investments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Purchases | $ (11,719) | $ (17,814) | $ (24,575) | $ (39,472) |
Sales | $ 4,417 | $ 18,061 | $ 14,610 | $ 40,981 |
Preneed Trust Investments (Co43
Preneed Trust Investments (Components of preneed funeral trust investments) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||
Preneed funeral trust investments | $ 87,491,000 | $ 87,491,000 | $ 97,607,000 | |||
Preneed Funeral Trust Investments [Member] | ||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||
Impairment charge, other than temporary decline in fair value of investments | 600,000 | $ 600,000 | $ 100,000 | $ 100,000 | 0 | |
Preneed funeral trust investments, at fair value | 90,467,000 | 90,467,000 | 100,579,000 | |||
Less: allowance for contract cancellation | (2,976,000) | (2,976,000) | (2,972,000) | |||
Preneed funeral trust investments | $ 87,491,000 | $ 87,491,000 | $ 97,607,000 |
Preneed Trust Investments (Co44
Preneed Trust Investments (Cost and fair market values associated with preneed funeral trust investments) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | |
Preneed Cemetery Trust Investments [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | $ 75,449,000 | $ 75,449,000 | $ 75,449,000 | $ 74,203,000 | |||||
Unrealized Gains | 490,000 | 490,000 | 490,000 | 2,927,000 | |||||
Unrealized Losses | (9,852,000) | (9,852,000) | (9,852,000) | (3,695,000) | |||||
Fair Market Value | 66,087,000 | 66,087,000 | 66,087,000 | 73,435,000 | |||||
Preneed cemetery trust investments | $ 67,000,000 | $ 67,000,000 | $ 67,000,000 | $ 74,198,000 | |||||
Fair market value as a percentage of cost | 87.60% | 87.60% | 87.60% | 99.00% | |||||
Impairment charge, other than temporary decline in fair value of investments | $ 700,000 | $ 200,000 | $ 700,000 | $ 200,000 | |||||
Preneed Cemetery Trust Investments [Member] | Cash and Money Market Accounts [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 1,991,000 | $ 1,991,000 | 1,991,000 | $ 5,591,000 | |||||
Unrealized Gains | 0 | 0 | 0 | 0 | |||||
Unrealized Losses | 0 | 0 | 0 | 0 | |||||
Fair Market Value | 1,991,000 | 1,991,000 | 1,991,000 | 5,591,000 | |||||
Preneed Cemetery Trust Investments [Member] | Municipal Bonds [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 457,000 | 457,000 | 457,000 | $ 347,000 | |||||
Unrealized Gains | 0 | 0 | 0 | 9,000 | |||||
Unrealized Losses | (49,000) | (49,000) | (49,000) | 0 | |||||
Fair Market Value | 408,000 | 408,000 | 408,000 | $ 356,000 | |||||
Preneed Cemetery Trust Investments [Member] | Foreign Government Debt Securities [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 5,567,000 | 5,567,000 | 5,567,000 | 5,874,000 | |||||
Unrealized Gains | 11,000 | 11,000 | 11,000 | 0 | |||||
Unrealized Losses | (488,000) | (488,000) | (488,000) | (237,000) | |||||
Fair Market Value | 5,090,000 | 5,090,000 | 5,090,000 | 5,637,000 | |||||
Preneed Cemetery Trust Investments [Member] | Corporate Debt [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 25,636,000 | 25,636,000 | 25,636,000 | 30,108,000 | |||||
Unrealized Gains | 122,000 | 122,000 | 122,000 | 362,000 | |||||
Unrealized Losses | (3,063,000) | (3,063,000) | (3,063,000) | (2,167,000) | |||||
Fair Market Value | 22,695,000 | 22,695,000 | 22,695,000 | 28,303,000 | |||||
Preneed Cemetery Trust Investments [Member] | Preferred Stock [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 16,196,000 | 16,196,000 | 16,196,000 | 19,154,000 | |||||
Unrealized Gains | 41,000 | 41,000 | 41,000 | 199,000 | |||||
Unrealized Losses | (666,000) | (666,000) | (666,000) | (325,000) | |||||
Fair Market Value | 15,571,000 | 15,571,000 | 15,571,000 | 19,028,000 | |||||
Preneed Cemetery Trust Investments [Member] | Mortgage Backed Securities [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 1,000 | ||||||||
Unrealized Gains | 0 | ||||||||
Unrealized Losses | 0 | ||||||||
Fair Market Value | 1,000 | ||||||||
Preneed Cemetery Trust Investments [Member] | Common Stock | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 25,602,000 | 25,602,000 | 25,602,000 | 13,128,000 | |||||
Unrealized Gains | 316,000 | 316,000 | 316,000 | 2,357,000 | |||||
Unrealized Losses | (5,586,000) | (5,586,000) | (5,586,000) | (966,000) | |||||
Fair Market Value | 20,332,000 | 20,332,000 | 20,332,000 | 14,519,000 | |||||
Preneed Cemetery Trust Investments [Member] | Accrued Investment Income [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 913,000 | 913,000 | 913,000 | 763,000 | |||||
Fair Market Value | 913,000 | 913,000 | 913,000 | 763,000 | |||||
Preneed Funeral Trust Investments [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 99,208,000 | 99,208,000 | 99,208,000 | 99,038,000 | |||||
Unrealized Gains | 725,000 | 725,000 | 725,000 | 4,176,000 | |||||
Unrealized Losses | (10,474,000) | (10,474,000) | (10,474,000) | (3,250,000) | |||||
Fair Market Value | 89,459,000 | 89,459,000 | 89,459,000 | 99,964,000 | |||||
Preneed cemetery trust investments | $ 90,467,000 | $ 90,467,000 | $ 90,467,000 | $ 100,579,000 | |||||
Fair market value as a percentage of cost | 90.20% | 90.20% | 90.20% | 100.90% | |||||
Impairment charge, other than temporary decline in fair value of investments | $ 600,000 | $ 600,000 | $ 100,000 | $ 100,000 | $ 0 | ||||
Preneed Funeral Trust Investments [Member] | Cash and Money Market Accounts [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 14,687,000 | 14,687,000 | $ 14,687,000 | $ 17,501,000 | |||||
Unrealized Gains | 0 | 0 | 0 | 0 | |||||
Unrealized Losses | 0 | 0 | 0 | 0 | |||||
Fair Market Value | 14,687,000 | 14,687,000 | 14,687,000 | 17,501,000 | |||||
Preneed Funeral Trust Investments [Member] | Municipal Bonds [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 480,000 | 480,000 | 480,000 | ||||||
Unrealized Gains | 0 | 0 | 0 | ||||||
Unrealized Losses | (52,000) | (52,000) | (52,000) | ||||||
Fair Market Value | 428,000 | 428,000 | 428,000 | ||||||
Preneed Funeral Trust Investments [Member] | U.S. Treasury Debt [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 1,747,000 | 1,747,000 | 1,747,000 | 2,037,000 | |||||
Unrealized Gains | 38,000 | 38,000 | 38,000 | 32,000 | |||||
Unrealized Losses | 0 | 0 | 0 | (15,000) | |||||
Fair Market Value | 1,785,000 | 1,785,000 | 1,785,000 | 2,054,000 | |||||
Preneed Funeral Trust Investments [Member] | U.S. Agency Obligations [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 30,000 | ||||||||
Unrealized Gains | 0 | ||||||||
Unrealized Losses | 0 | ||||||||
Fair Market Value | 30,000 | ||||||||
Preneed Funeral Trust Investments [Member] | Foreign Government Debt Securities [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 5,783,000 | 5,783,000 | 5,783,000 | 4,653,000 | |||||
Unrealized Gains | 12,000 | 12,000 | 12,000 | 0 | |||||
Unrealized Losses | (500,000) | (500,000) | (500,000) | (188,000) | |||||
Fair Market Value | 5,295,000 | 5,295,000 | 5,295,000 | 4,465,000 | |||||
Preneed Funeral Trust Investments [Member] | Corporate Debt [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 27,568,000 | 27,568,000 | 27,568,000 | 24,761,000 | |||||
Unrealized Gains | 169,000 | 169,000 | 169,000 | 469,000 | |||||
Unrealized Losses | (3,453,000) | (3,453,000) | (3,453,000) | (1,718,000) | |||||
Fair Market Value | 24,284,000 | 24,284,000 | 24,284,000 | 23,512,000 | |||||
Preneed Funeral Trust Investments [Member] | Preferred Stock [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 17,571,000 | 17,571,000 | 17,571,000 | 16,166,000 | |||||
Unrealized Gains | 137,000 | 137,000 | 137,000 | 256,000 | |||||
Unrealized Losses | (694,000) | (694,000) | (694,000) | (261,000) | |||||
Fair Market Value | 17,014,000 | 17,014,000 | 17,014,000 | 16,161,000 | |||||
Preneed Funeral Trust Investments [Member] | Mortgage Backed Securities [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 277,000 | 277,000 | 277,000 | 309,000 | |||||
Unrealized Gains | 5,000 | 5,000 | 5,000 | 8,000 | |||||
Unrealized Losses | (3,000) | (3,000) | (3,000) | (3,000) | |||||
Fair Market Value | 279,000 | 279,000 | 279,000 | 314,000 | |||||
Preneed Funeral Trust Investments [Member] | Common Stock | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 26,509,000 | 26,509,000 | 26,509,000 | 10,544,000 | |||||
Unrealized Gains | 364,000 | 364,000 | 364,000 | 1,926,000 | |||||
Unrealized Losses | (5,673,000) | (5,673,000) | (5,673,000) | (783,000) | |||||
Fair Market Value | 21,200,000 | 21,200,000 | 21,200,000 | 11,687,000 | |||||
Preneed Funeral Trust Investments [Member] | Equity [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 14,126,000 | ||||||||
Unrealized Gains | 1,370,000 | ||||||||
Unrealized Losses | (181,000) | ||||||||
Fair Market Value | 15,315,000 | ||||||||
Preneed Funeral Trust Investments [Member] | Fixed Income [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 959,000 | 959,000 | 959,000 | 5,351,000 | |||||
Unrealized Gains | 0 | 0 | 0 | 115,000 | |||||
Unrealized Losses | (68,000) | (68,000) | (68,000) | (72,000) | |||||
Fair Market Value | 891,000 | 891,000 | 891,000 | 5,394,000 | |||||
Preneed Funeral Trust Investments [Member] | Other Investments [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 3,627,000 | 3,627,000 | 3,627,000 | 3,560,000 | |||||
Unrealized Gains | 0 | 0 | 0 | 0 | |||||
Unrealized Losses | (31,000) | (31,000) | (31,000) | (29,000) | |||||
Fair Market Value | 3,596,000 | 3,596,000 | 3,596,000 | 3,531,000 | |||||
Preneed Funeral Trust Investments [Member] | Accrued Investment Income [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Cost | 1,008,000 | 1,008,000 | 1,008,000 | 615,000 | |||||
Fair Market Value | $ 1,008,000 | $ 1,008,000 | $ 1,008,000 | $ 615,000 |
Preneed Trust Investments (Es45
Preneed Trust Investments (Estimated maturities of fixed preneed funeral trust income securities) (Details) - Preneed Funeral Trust Investments [Member] $ in Thousands | Sep. 30, 2015USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $ 416 |
Due in one to five years | 6,861 |
Due in five to ten years | 5,738 |
Thereafter | 36,070 |
Total | $ 49,085 |
Preneed Trust Investments (Pr46
Preneed Trust Investments (Preneed funeral trust investment security transactions) (Details) - Preneed Funeral Trust Investments [Member] - Interest Income and Other, Net [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Investment income | $ 554 | $ 576 | $ 1,982 | $ 2,067 |
Realized gain, net | 1,218 | 1,605 | 3,791 | 5,036 |
Realized losses | (504) | (105) | (1,374) | (841) |
Expenses and taxes | 140 | (260) | (694) | (1,158) |
Decrease in deferred preneed funeral receipts held in trust | $ (1,408) | $ (1,816) | $ (3,705) | $ (5,104) |
Preneed Trust Investments (Pu47
Preneed Trust Investments (Purchases and sales of investments in preneed funeral trusts) (Details) - Preneed Funeral Trust Investments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Purchases | $ (12,323) | $ (14,630) | $ (23,668) | $ (44,147) |
Sales | $ 10,998 | $ 14,691 | $ 33,736 | $ 44,840 |
Preneed Trust Investments (Un48
Preneed Trust Investments (Unrealized losses on preneed funeral trust investments) (Details) - Preneed Funeral Trust Investments [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Line Items] | ||||||
Impairment charge, other than temporary decline in fair value of investments | $ 600,000 | $ 600,000 | $ 100,000 | $ 100,000 | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 58,885,000 | 58,885,000 | $ 38,267,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (8,635,000) | (8,635,000) | (1,975,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,728,000 | 5,728,000 | 6,209,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,839,000) | (1,839,000) | (1,275,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 64,613,000 | 64,613,000 | 44,476,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (10,474,000) | (10,474,000) | (3,250,000) | |||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 500,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 836,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (15,000) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,336,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (15,000) | |||||
Municipal Bonds [Member] | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 429,000 | 429,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (52,000) | (52,000) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 429,000 | 429,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (52,000) | (52,000) | ||||
Foreign Debt [Member] | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,844,000 | 2,844,000 | 4,471,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (438,000) | (438,000) | (188,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 735,000 | 735,000 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (62,000) | (62,000) | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,579,000 | 3,579,000 | 4,471,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (500,000) | (500,000) | (188,000) | |||
Corporate Debt [Member] | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 20,047,000 | 20,047,000 | 14,310,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,548,000) | (2,548,000) | (617,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,351,000 | 3,351,000 | 1,598,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (905,000) | (905,000) | (1,101,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 23,398,000 | 23,398,000 | 15,908,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,453,000) | (3,453,000) | (1,718,000) | |||
Preferred Stock [Member] | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 16,280,000 | 16,280,000 | 8,300,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (694,000) | (694,000) | (232,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | 2,597,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | (29,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 16,280,000 | 16,280,000 | 10,897,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (694,000) | (694,000) | (261,000) | |||
Collateralized Mortgage Backed Securities [Member] | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 125,000 | 125,000 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,000) | (2,000) | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 17,000 | 17,000 | 51,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,000) | (1,000) | (3,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 142,000 | 142,000 | 51,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,000) | (3,000) | (3,000) | |||
Common Stock | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 18,830,000 | 18,830,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4,869,000) | (4,869,000) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,023,000 | 1,023,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (804,000) | (804,000) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 19,853,000 | 19,853,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (5,673,000) | (5,673,000) | ||||
Equity [Member] | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,594,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (739,000) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 53,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (44,000) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,647,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (783,000) | |||||
Equity and Other [Member] | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,204,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (180,000) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 6,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,000) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,210,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (181,000) | |||||
Fixed Income [Member] | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 330,000 | 330,000 | 888,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (32,000) | (32,000) | (19,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 560,000 | 560,000 | 1,026,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (36,000) | (36,000) | (53,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 890,000 | 890,000 | 1,914,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (68,000) | (68,000) | (72,000) | |||
Other Investments [Member] | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 42,000 | 42,000 | 42,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (31,000) | (31,000) | (29,000) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 42,000 | 42,000 | 42,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (31,000) | $ (31,000) | $ (29,000) |
Preneed Cemetery Receivables (N
Preneed Cemetery Receivables (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Preneed Cemetery Receivables [Abstract] | ||
Term of sales contract for cemetery interment rights, maximum (in Duration) | 5 years | |
Financing Receivable, Gross | $ 35 | |
Balance of receivables for preneed cemetery interment rights | 25.5 | |
Balance of receivables for preneed cemetery interment related products and services | 9.5 | |
Amount of receivables for preneed cemetery interment rights and related products and services presented in accounts receivables | 11.1 | |
Amount of receivables for preneed cemetery interment rights and related products and services presented in preneed receivables | 23.9 | |
Unearned finance charges associated with receivables | $ 4.9 | $ 4.6 |
Past due notifications starting date (in Days) | 15 days | |
Accounts receivable allowance percentage on contracts past due 120 days or more (in Percent) | 100.00% | |
Number of days past due contractual payments are when they are provided for with a one hundred percent allowance (in Days) | 90 days | |
Percent of total receivables which are 120 days or more past due (in Percent) | 4.80% |
Preneed Cemetery Receivables (P
Preneed Cemetery Receivables (Preneed cemetery receivables) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance for Contract Cancellations [Roll Forward] | ||
Provision | $ (1,332) | $ (2,113) |
Preneed Cemetery Receivables [Member] | ||
Allowance for Contract Cancellations [Roll Forward] | ||
Beginning balance | 2,140 | |
Write-offs and cancellations | (1,274) | |
Provision | (803) | |
Ending balance | $ 1,669 |
Preneed Cemetery Receivables (A
Preneed Cemetery Receivables (Aging of past due financing receivables) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | $ 2,934 |
Current | 32,030 |
Total Financing Receivables | 34,964 |
Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 2,091 |
Current | 22,843 |
Total Financing Receivables | 24,934 |
Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 843 |
Current | 9,187 |
Total Financing Receivables | 10,030 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 809 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 570 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 239 |
Financing Receivables, 60 to 89 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 497 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 326 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 171 |
Financing Receivables, 90 to 120 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 375 |
Financing Receivables, 90 to 120 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 232 |
Financing Receivables, 90 to 120 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 143 |
Financing Receivables, Greater Than 120 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 1,253 |
Financing Receivables, Greater Than 120 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 963 |
Financing Receivables, Greater Than 120 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | $ 290 |
Receivables from Preneed Trus52
Receivables from Preneed Trusts (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables From Preneed Trusts [Abstract] | |
Amount at which there is no controlling interest in trust assets (Description) | less than 50% |
Receivables from Preneed Trus53
Receivables from Preneed Trusts (Receivables from preneed funeral trust funds) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Receivables From Preneed Trusts [Abstract] | ||
Preneed trust funds, at cost | $ 13,866 | $ 13,205 |
Less: Allowance for contract cancellation | (416) | (396) |
Receivables from preneed trusts, net | $ 13,450 | $ 12,809 |
Receivables from Preneed Trus54
Receivables from Preneed Trusts Receivables from Preneed Trusts (Composition of Assets Held in Trusts) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Historical Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | $ 13,866 | $ 13,205 |
Historical Cost Basis [Member] | Cash and cash equivalents [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 2,893 | 2,834 |
Historical Cost Basis [Member] | Fixed income investments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 8,328 | 7,880 |
Historical Cost Basis [Member] | Mutual funds and common stocks [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 2,629 | 2,467 |
Historical Cost Basis [Member] | Annuities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 16 | 24 |
Fair Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 13,908 | 13,337 |
Fair Value [Member] | Cash and cash equivalents [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 2,893 | 2,834 |
Fair Value [Member] | Fixed income investments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 8,338 | 7,893 |
Fair Value [Member] | Mutual funds and common stocks [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 2,661 | 2,586 |
Fair Value [Member] | Annuities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | $ 16 | $ 24 |
Cemetery Perpetual Care Trust55
Cemetery Perpetual Care Trust Investments (The Components of Care trusts' corpus) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Care trusts’ corpus | $ 43,846,000 | $ 48,142,000 |
Fair value measurements, transfers between Level 1 and Level 2 | 0 | |
Perpetual Care Trust Invesments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trust assets, at fair value | 44,146,000 | 48,670,000 |
Obligations due from trust | (300,000) | (528,000) |
Care trusts’ corpus | $ 43,846,000 | $ 48,142,000 |
Cemetery Perpetual Care Trust56
Cemetery Perpetual Care Trust Investments (Cost and fair market values associated with the trust investments held in perpetual care trust funds) (Details) - Perpetual Care Trust Invesments [Member] - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cemetary perpetual care trust investments | $ 44,146 | $ 48,670 | |
Fair market value as a percentage of cost | 87.60% | 99.00% | |
Impairment charge, other than temporary decline in fair value of investments | $ 500 | $ 100 | |
Cash and Money Market Accounts [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 830 | $ 3,206 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | 0 | 0 | |
Fair Market Value | 830 | 3,206 | |
Municipal Bonds [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 324 | 229 | |
Unrealized Gains | 0 | 5 | |
Unrealized Losses | (35) | 0 | |
Fair Market Value | 289 | 234 | |
Foreign Government Debt Securities [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 3,722 | 3,871 | |
Unrealized Gains | 7 | 0 | |
Unrealized Losses | (341) | (156) | |
Fair Market Value | 3,388 | 3,715 | |
Corporate Debt [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 18,226 | 19,911 | |
Unrealized Gains | 79 | 248 | |
Unrealized Losses | (2,221) | (1,428) | |
Fair Market Value | 16,084 | 18,731 | |
Preferred Stock [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 11,232 | 12,694 | |
Unrealized Gains | 30 | 137 | |
Unrealized Losses | (461) | (214) | |
Fair Market Value | 10,801 | 12,617 | |
Common Stock | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 15,444 | 8,747 | |
Unrealized Gains | 183 | 1,568 | |
Unrealized Losses | (3,417) | (653) | |
Fair Market Value | 12,210 | 9,662 | |
Trust Securities [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 49,778 | 48,658 | |
Unrealized Gains | 299 | 1,958 | |
Unrealized Losses | (6,475) | (2,451) | |
Fair Market Value | 43,602 | 48,165 | |
Accrued Investment Income [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 544 | 505 | |
Fair Market Value | $ 544 | $ 505 |
Cemetery Perpetual Care Trust57
Cemetery Perpetual Care Trust Investments (Estimated maturities of fixed perpetual care trust income securities) (Details) - Perpetual Care Trust Invesments [Member] $ in Thousands | Sep. 30, 2015USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $ 85 |
Due in one to five years | 4,166 |
Due in five to ten years | 3,457 |
Thereafter | 22,854 |
Total | $ 30,562 |
Cemetery Perpetual Care Trust58
Cemetery Perpetual Care Trust Investments (Unrealized losses on perpetual care trust investments) (Details) - Perpetual Care Trust Invesments [Member] - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Line Items] | |||
Impairment charge, other than temporary decline in fair value of investments | $ 500 | $ 100 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 37,259 | $ 27,093 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5,366 | 1,476 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,273 | 3,505 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,109 | 975 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 40,532 | 30,598 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (6,475) | (2,451) | |
Municipal Bonds [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 289 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 35 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 289 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (35) | ||
Foreign Debt [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,941 | 3,716 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 299 | 156 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 501 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 42 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,442 | 3,716 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (341) | (156) | |
Corporate Debt [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 12,893 | 11,893 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,639 | 513 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,156 | 1,328 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 583 | 915 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 15,049 | 13,221 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (2,222) | (1,428) | |
Common Stock [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 11,342 | 4,663 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,933 | 616 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 616 | 44 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 484 | 37 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 11,958 | 4,707 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,417) | (653) | |
Preferred Stock [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 10,794 | 6,821 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 460 | 191 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 2,133 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 23 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,794 | 8,954 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (460) | $ (214) |
Cemetery Perpetual Care Trust59
Cemetery Perpetual Care Trust Investments (Perpetual care trust investment security transactions recorded in interest income and other, net) (Details) - Perpetual Care Trust Invesments [Member] - Interest Income and Other, Net [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Realized gains | $ 731 | $ 1,061 | $ 1,706 | $ 2,375 |
Realized losses | (207) | (67) | (692) | (759) |
Increase in care trusts’ corpus | $ (524) | $ (994) | $ (1,014) | $ (1,616) |
Cemetery Perpetual Care Trust60
Cemetery Perpetual Care Trust Investments (Perpetual care trust investment security transactions recorded in Cemetery revenue) (Details) - Perpetual Care Trust Invesments [Member] - Cemetery Revenue [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Investment income | $ 1,371 | $ 1,168 | $ 3,739 | $ 3,748 |
Realized gain, net | 213 | 495 | 497 | 645 |
Total | $ 1,584 | $ 1,663 | $ 4,236 | $ 4,393 |
Cemetery Perpetual Care Trust61
Cemetery Perpetual Care Trust Investments (Purchases and sales of investments in perpetual care trusts) (Details) - Perpetual Care Trust Invesments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Purchases | $ (7,247) | $ (12,000) | $ (15,352) | $ (26,136) |
Sales | $ 2,532 | $ 12,141 | $ 8,885 | $ 27,163 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | Sep. 30, 2015USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities measured at fair value | $ 0 |
Convertible Subordinated Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt measured at fair value | $ 158,800,000 |
Deferred Charges and Other No63
Deferred Charges and Other Non-Current Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Other Assets, Noncurrent | $ 220 | $ 220 | $ 323 | ||
Deferred Costs and Other Assets | 14,670 | 14,670 | 14,264 | ||
Tradenames [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other Assets, Noncurrent | 8,856 | 8,856 | 7,660 | ||
Increase to tradenames | 1,200 | ||||
Debt, Excluding Convertible Junior Subordinated Debentures [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Deferred Finance Costs, Net | 1,554 | 1,554 | 1,870 | ||
Accumulated Amortization of Noncurrent Deferred Finance Costs | 3,137 | 3,137 | 2,809 | ||
Convertible Subordinated Notes [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Deferred Finance Costs, Net | 2,892 | 2,892 | 3,252 | ||
Accumulated Amortization of Noncurrent Deferred Finance Costs | 735 | $ 735 | 375 | ||
Notes payable, term | 7 years | ||||
Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 1,148 | $ 1,148 | 1,159 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 5,328 | 5,328 | $ 5,105 | ||
Amortization of Intangible Assets | $ 100 | $ 100 | $ 200 | $ 300 | |
Noncompete Agreements [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||||
Noncompete Agreements [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Long-Term Debt (Long-term Debt
Long-Term Debt (Long-term Debt Table) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Current maturities on long-term debt | $ (11,250) | $ (9,630) |
Long-term debt, excluding current maturities | 170,242 | 152,387 |
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of the liability component | 40,500 | |
Credit Agreement [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of the liability component | 113,282 | 120,312 |
Notes Payable, Other Payables [Member] | Acquisition Debt, Deferred Purchase Price [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of the liability component | $ 5,210 | $ 1,205 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Sep. 30, 2015USD ($) | Jun. 30, 2015 |
Debt Covenant To Actual Ratios [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | $ 325,000,000 | |
Revolving credit facility present accordion provisions | $ 50,000,000 | |
Term Number Two [Member] | ||
Debt Covenant To Actual Ratios [Line Items] | ||
Ratio of indebtedness to net capital (in Ratio) (below at March 31, 2015) | 3.5 | |
Ratio Minimum Per Covenant [Member] | ||
Debt Covenant To Actual Ratios [Line Items] | ||
Ratio of earnings to fixed cost obligations (in Ratio) | 1.2 | |
Ratio Actual [Member] | ||
Debt Covenant To Actual Ratios [Line Items] | ||
Ratio of indebtedness to net capital (in Ratio) (below at March 31, 2015) | 2.66 | 2.50 |
Ratio of earnings to fixed cost obligations (in Ratio) | 2.78 | |
Decline in outstanding revolving credit facility | 0.50% | |
Revolving Credit Facility [Member] | ||
Debt Covenant To Actual Ratios [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | $ 200,000,000 | |
Term Loan [Member] | ||
Debt Covenant To Actual Ratios [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | 125,000,000 | |
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||
Debt Covenant To Actual Ratios [Line Items] | ||
Amount drawn under term loan facility | $ 63,000,000 | |
Credit Agreement [Member] | Revolving Credit Facility [Member] | QTD [Member] | ||
Debt Covenant To Actual Ratios [Line Items] | ||
Weighted average interest rate | 2.60% | |
Credit Agreement [Member] | Revolving Credit Facility [Member] | YTD [Member] | ||
Debt Covenant To Actual Ratios [Line Items] | ||
Weighted average interest rate | 2.50% | |
Credit Agreement [Member] | Term Loan [Member] | ||
Debt Covenant To Actual Ratios [Line Items] | ||
Amount drawn under term loan facility | $ 113,300,000 | |
Letters of credit issued and outstanding | $ 0 |
Convertible Subordinated Note66
Convertible Subordinated Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 19, 2014 | |
Debt Instrument [Line Items] | |||||||
Effect of dilutive securities, Convertible junior subordinated debentures (in shares) | 0 | 0 | 233,000 | 0 | |||
Carrying Values of Liability and Equity Components, Convertible Subordinated Notes | |||||||
Amortization of debt issuance costs | $ 688 | $ 681 | |||||
Convertible Subordinated Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate percentage | 2.75% | ||||||
Carrying Values of Liability and Equity Components, Convertible Subordinated Notes | |||||||
Convertible subordinated notes, principal amount | $ 143,750 | 143,750 | $ 143,750 | ||||
Unamortized discount of liability component | (26,654) | (26,654) | $ (29,208) | ||||
Carrying value of the liability component | 117,096 | 117,096 | 114,542 | ||||
Equity component carrying value | 17,973 | 17,973 | $ 17,973 | ||||
Convertible subordinated notes, fair value | 158,800 | 158,800 | |||||
Contractual coupon interest expense | 1,000 | $ 1,000 | 3,000 | 2,100 | |||
Amortization of debt issuance costs | 100 | 100 | 400 | 300 | |||
Accretion of discount, convertible subordinated notes | $ 900 | $ 800 | $ 2,600 | $ 1,600 | |||
Effective interest rate percentage | 6.75% | 6.75% | 6.75% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Sep. 28, 2015 | Mar. 25, 2015 | Feb. 24, 2015 | Oct. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||||||
Unrecognized share based compensation, expected term (in Duration) | 2 years 4 months 24 days | ||||||||
Director Compensation, Annual Equity Retainer | $ 100,000 | ||||||||
Directors compensation expense | $ 148,000 | $ 46,000 | $ 554,000 | $ 695,000 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.025 | $ 0.025 | $ 0.075 | $ 0.075 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 25,000,000 | 25,000,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional Shares Authorized, Value | $ 20,000,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Total Shares Authorized, Value | $ 45,000,000 | ||||||||
Stock Repurchased During Period, Shares | 1,079,985 | 1,204,985 | |||||||
Payments for Repurchase of Common Stock | $ 24,200,000 | $ 27,322,000 | |||||||
ESPP | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares purchased through Employee Stock Purchase Plan (in Shares) | 9,513 | ||||||||
Weighted average purchase price of ESPP shares purchased during the period (in Dollars per share) | $ 17.17 | ||||||||
Share-based compensation expense | $ 37,000 | $ 42,000 | 165,000 | $ 231,000 | |||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation expense | 400,000 | 500,000 | 1,200,000 | 1,300,000 | |||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | $ 900,000 | ||||||||
Unrecognized share based compensation | $ 4,200,000 | $ 4,200,000 | |||||||
Restricted Stock | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation awards, annual vesting percentage | 25.00% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 5 years | |||||||
Restricted Stock | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation awards, annual vesting percentage | 33.33% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation awards, options outstanding at period end (in Shares) | 1,787,589 | 1,787,589 | |||||||
Share based compensation awards, options outstanding and unvested at period end (in Shares) | 1,140,804 | 1,140,804 | |||||||
Share-based compensation awards, annual vesting percentage | 33.33% | 33.33% | |||||||
Share-based compensation expense | $ 600,000 | $ 400,000 | $ 1,800,000 | $ 1,200,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | $ 3,700,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 25,000 | 628,000 | 653,000 | ||||||
Subsequent Event [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock Repurchased During Period, Shares | 160,946 | ||||||||
Payments for Repurchase of Common Stock, Settled After Quarter Send | $ 3,400,000 | ||||||||
Director [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 4,837 |
Stockholders' Equity (Options)
Stockholders' Equity (Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 25, 2015 | Feb. 24, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 25,000 | 628,000 | 653,000 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 24.74 | $ 22.58 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | $ 3,700 | |||||||
Allocated Share-based Compensation Expense | $ 600 | $ 400 | $ 1,800 | $ 1,200 | ||||
ESPP | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 37 | 42 | $ 165 | 231 | ||||
Expected dividend yield assumption (in Percent) | 0.40% | |||||||
Expected volatility assumption (in Percent) | 24.35% | |||||||
Risk-free interest rate assumption (in Percent) | 0.02% | 0.11% | 0.18% | |||||
Expected life assumption (in Years) | 3 months | 6 months | 9 months | |||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 37,900 | 37,900 | ||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | $ 900 | |||||||
Allocated Share-based Compensation Expense | $ 400 | $ 500 | $ 1,200 | $ 1,300 | ||||
Minimum [Member] | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 5 years |
Stockholders' Equity (ESPP) (De
Stockholders' Equity (ESPP) (Details) - ESPP - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 37 | $ 42 | $ 165 | $ 231 | |||
Expected dividend yield assumption (in Percent) | 0.40% | ||||||
Expected volatility assumption (in Percent) | 24.35% | ||||||
Risk-free interest rate assumption (in Percent) | 0.02% | 0.11% | 0.18% | ||||
Expected life assumption (in Years) | 3 months | 6 months | 9 months | ||||
Forecast | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Risk-free interest rate assumption (in Percent) | 0.25% | ||||||
Expected life assumption (in Years) | 1 year |
Stockholders' Equity (AOCI) (De
Stockholders' Equity (AOCI) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Equity [Abstract] | |
Beginning balance | $ 0 |
Decrease in net unrealized gains associated with available-for-sale securities of the trusts | (25,287) |
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus | 25,287 |
Ending balance | $ 0 |
Major Segments of Business (Rev
Major Segments of Business (Revenue, pre-tax income and total and total assets by segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | $ 58,378 | $ 54,549 | $ 180,892 | $ 166,705 | |
Income (loss) from continuing operations before income taxes | 7,251 | 5,215 | 25,934 | 14,255 | |
Total assets | 828,077 | 828,077 | $ 827,528 | ||
Funeral [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | 44,089 | 41,770 | 138,727 | 127,926 | |
Income (loss) from continuing operations before income taxes | 12,593 | 11,635 | 43,792 | 39,025 | |
Total assets | 586,258 | 586,258 | 568,842 | ||
Cemetery [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | 14,289 | 12,779 | 42,165 | 38,779 | |
Income (loss) from continuing operations before income taxes | 4,312 | 3,074 | 12,814 | 10,959 | |
Total assets | 231,107 | 231,107 | 240,009 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | 0 | 0 | 0 | ||
Income (loss) from continuing operations before income taxes | (9,654) | $ (9,494) | (30,672) | $ (35,729) | |
Total assets | $ 10,712 | $ 10,712 | $ 18,677 |
Earnings Per Share (EPS Computa
Earnings Per Share (EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations | $ 4,444 | $ 4,565 | $ 15,419 | $ 10,080 |
Less: Earnings allocated to unvested restricted stock | (51) | (84) | (194) | (198) |
Income attributable to continuing operations | 4,393 | 4,481 | 15,225 | 9,882 |
Income from discontinued operations | 0 | 431 | 0 | 381 |
Less: Earnings allocated to unvested restricted stock | 0 | (8) | 0 | (8) |
Income attributable to discontinued operations | $ 0 | $ 423 | $ 0 | $ 373 |
Denominator [Abstract] | ||||
Denominator for basic earnings per common share - weighted average shares outstanding | 17,874,000 | 18,150,000 | 18,115,000 | 18,086,000 |
Effect of dilutive securities, Stock options (in shares) | 209,000 | 126,000 | 240,000 | 137,000 |
Effect of dilutive securities, Convertible junior subordinated debentures (in shares) | 0 | 0 | 233,000 | 0 |
Weighted average number of common and common equivalent shares outstanding for diluted EPS computation | 18,083,000 | 18,276,000 | 18,588,000 | 18,223,000 |
Basic earnings per common share: | ||||
Continuing operations (in dollars per Share) | $ 0.24 | $ 0.25 | $ 0.84 | $ 0.55 |
Discontinued operations (in dollars per Share) | 0 | 0.02 | 0 | 0.02 |
Basic earnings per common share (in dollars per Share) | 0.24 | 0.27 | 0.84 | 0.57 |
Diluted earnings per common share: | ||||
Continuing operations (in dollars per Share) | 0.24 | 0.24 | 0.82 | 0.54 |
Discontinued operations (in dollars per Share) | 0 | 0.02 | 0 | 0.02 |
Diluted earnings per common share (in dollars per Share) | $ 0.24 | $ 0.26 | $ 0.82 | $ 0.56 |
Antidilutive securities excluded from computation of diluted EPS | 584,000 | 710,700 | 584,000 | 710,700 |