Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 27, 2018 | |
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 | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 19,153,655 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 40,531 | $ 952 |
Accounts receivable, net of allowance for bad debts of $835 in 2017 and $854 in 2018 | 17,026 | 19,655 |
Inventories | 6,616 | 6,519 |
Prepaid expenses | 1,571 | 2,028 |
Other current assets | 2,460 | 986 |
Total current assets | 68,204 | 30,140 |
Preneed cemetery trust investments | 70,278 | 73,853 |
Preneed funeral trust investments | 91,203 | 90,682 |
Preneed receivables, net of allowance for bad debts of $2,278 in 2017 and $2,380 in 2018 | 21,327 | 31,644 |
Receivables from preneed trusts | 16,313 | 15,287 |
Property, plant and equipment, net of accumulated depreciation of $115,776 in 2017 and $120,246 in 2018 | 244,579 | 247,294 |
Cemetery property, net of accumulated amortization of $37,543 in 2017 and $39,342 in 2018 | 75,599 | 76,331 |
Goodwill | 287,956 | 287,956 |
Intangible and other non-current assets | 21,552 | 18,117 |
Cemetery perpetual care trust investments | 48,600 | 50,229 |
Total assets | 945,611 | 921,533 |
Current liabilities: | ||
Current portion of long-term debt and capital lease obligations | 2,402 | 17,251 |
Accounts payable | 5,788 | 6,547 |
Other liabilities | 875 | 1,361 |
Accrued liabilities | 17,021 | 17,559 |
Total current liabilities | 26,086 | 42,718 |
Long-term debt, net of current portion | 7,818 | 212,154 |
Convertible subordinated notes due 2021 | 25,425 | 124,441 |
Senior notes due 2026 | 318,807 | 0 |
Obligations under capital leases, net of current portion | 6,287 | 6,361 |
Deferred preneed cemetery revenue | 50,699 | 54,690 |
Deferred preneed funeral revenue | 27,740 | 34,585 |
Deferred tax liability | 30,293 | 31,159 |
Other long-term liabilities | 2,843 | 3,378 |
Deferred preneed cemetery receipts held in trust | 70,278 | 73,853 |
Deferred preneed funeral receipts held in trust | 91,203 | 90,682 |
Care trusts’ corpus | 48,154 | 49,856 |
Total liabilities | 705,633 | 723,877 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $.01 par value; 80,000,000 shares authorized and 22,622,242 and 25,677,025 shares issued at December 31, 2017 and June 30, 2018, respectively | 257 | 226 |
Additional paid-in capital | 244,215 | 216,158 |
Retained earnings | 72,138 | 57,904 |
Treasury stock, at cost; 6,523,370 shares at December 31, 2017 and June 30, 2018 | (76,632) | (76,632) |
Total stockholders’ equity | 239,978 | 197,656 |
Total liabilities and stockholders’ equity | $ 945,611 | $ 921,533 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for bad debts of $835 in 2017 and $854 in 2018 | $ 854 | $ 835 |
Preneed receivables, net of allowance for bad debts of $2,278 in 2017 and $2,380 in 2018 | 2,380 | 2,278 |
Property, plant and equipment, net of accumulated depreciation of $115,776 in 2017 and $120,246 in 2018 | 120,246 | 115,776 |
Cemetery property, accumulated amortization | $ 39,342 | $ 37,543 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 25,677,025 | 22,622,242 |
Treasury stock, shares | 6,523,370 | 6,523,370 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 63,847 | $ 63,852 | $ 137,234 | $ 132,009 |
Field costs and expenses: | ||||
Total field costs and expenses | 47,022 | 45,185 | 96,221 | 90,250 |
Depreciation and amortization | 3,904 | 3,647 | 7,677 | 7,118 |
Regional and unallocated funeral and cemetery costs | 3,267 | 2,954 | 6,548 | 5,908 |
Gross profit | 16,825 | 18,667 | 41,013 | 41,759 |
Corporate costs and expenses: | ||||
General, administrative and other | 6,380 | 6,568 | 12,998 | 13,415 |
Home office depreciation and amortization | 464 | 378 | 907 | 754 |
Total corporate costs and expenses | 6,844 | 6,946 | 13,905 | 14,169 |
Operating income | 9,981 | 11,721 | 27,108 | 27,590 |
Interest expense | (4,743) | (3,206) | (8,478) | (6,235) |
Accretion of discount on convertible subordinated notes | 555 | 1,066 | 1,715 | 2,103 |
Net loss on early extinguishment of debt | (936) | 0 | (936) | 0 |
Other, net | 0 | 0 | 2 | 3 |
Income before income taxes | 3,747 | 7,449 | 15,981 | 19,255 |
Provision for income taxes | (1,030) | (2,980) | (4,395) | (7,702) |
Tax adjustment related to certain discrete items | 30 | (59) | 517 | (59) |
Total provision for income taxes | (1,000) | (3,039) | (3,878) | (7,761) |
Net income | $ 2,747 | $ 4,410 | $ 12,103 | $ 11,494 |
Basic earnings per common share: | ||||
Continuing operations (in dollars per Share) | $ 0.15 | $ 0.26 | $ 0.71 | $ 0.69 |
Continuing operations (in dollars per Share) | 0.15 | 0.24 | 0.67 | 0.63 |
Dividends declared per common share (in dollars per Share) | $ 0.075 | $ 0.05 | $ 0.150 | $ 0.100 |
Weighted average number of common and common equivalent shares outstanding: | ||||
Basic (in Shares) | 17,916 | 16,652 | 17,010 | 16,625 |
Diluted (in Shares) | 18,245 | 18,093 | 17,924 | 18,083 |
Funeral | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 48,532 | $ 48,739 | $ 107,126 | $ 102,950 |
Other Cost of Operating Revenue | 30,579 | 29,422 | 64,081 | 59,851 |
Corporate costs and expenses: | ||||
Operating income | 12,654 | 14,412 | 32,318 | 33,381 |
Income before income taxes | 12,414 | 14,198 | 31,828 | 33,020 |
Cemetery | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 15,315 | 15,113 | 30,108 | 29,059 |
Other Cost of Operating Revenue | 9,272 | 9,162 | 17,915 | 17,373 |
Corporate costs and expenses: | ||||
Operating income | 4,171 | 4,255 | 8,695 | 8,378 |
Income before income taxes | $ 4,254 | $ 4,395 | $ 8,846 | $ 8,607 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Net income | $ 12,103 | $ 11,494 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,584 | 7,872 |
Provision for losses on accounts receivable | 883 | 1,112 |
Stock-based compensation expense | 2,009 | 1,609 |
Deferred income tax (benefit) expense | 2,044 | 406 |
Amortization of deferred financing costs | 320 | 408 |
Amortization of capitalized commissions on preneed contracts | 293 | 0 |
Accretion of discount on convertible subordinated notes | (1,715) | (2,103) |
Amortization of debt discount on senior notes | 38 | 0 |
Net loss on early extinguishment of debt | 936 | 0 |
Net loss on sale and disposal of other assets | 45 | 311 |
Changes in operating assets and liabilities that provided (required) cash: | ||
Accounts and preneed receivables | (779) | (468) |
Inventories and other current assets | (1,139) | 2,804 |
Intangible and other non-current assets | (102) | 211 |
Preneed funeral and cemetery trust investments | 3,657 | (1,252) |
Accounts payable | (758) | (3,750) |
Accrued and other liabilities | (819) | (5,102) |
Deferred preneed funeral and cemetery revenue | 2,007 | 2,020 |
Deferred preneed funeral and cemetery receipts held in trust | (4,756) | 468 |
Net cash provided by operating activities | 26,281 | 20,246 |
Cash flows from investing activities: | ||
Acquisition and land for new construction | 0 | (625) |
Capital expenditures | (5,080) | (8,790) |
Net cash used in investing activities | (5,080) | (9,415) |
Cash flows from financing activities: | ||
Payments against the term loan | (127,500) | (5,625) |
Borrowings from the revolving credit facility | 96,000 | 36,800 |
Payments against the revolving credit facility | (188,000) | (42,400) |
Payment of debt issuance costs related to long-term debt | (1,551) | 0 |
Redemption of the 2.75% convertible subordinated notes | (75,229) | 0 |
Payment of Debt Conversion, Transaction Costs | (845) | 0 |
Proceeds from the issuance of the 6.625% senior notes | 320,125 | 0 |
Payments on other long-term debt and obligations under capital leases | (828) | (723) |
Payments on contingent consideration recorded at acquisition date | (138) | (101) |
Proceeds from the exercise of stock options and employee stock purchase plan contributions | 846 | 544 |
Taxes paid on restricted stock vestings and exercise of non-qualified options | (495) | (509) |
Dividends paid on common stock | (2,640) | (1,668) |
Net cash provided by (used in) financing activities | 18,378 | (13,682) |
Net increase (decrease) in cash and cash equivalents | 39,579 | (2,851) |
Cash and cash equivalents at beginning of period | 952 | 3,286 |
Cash and cash equivalents at end of period | 40,531 | 435 |
Senior Notes [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of deferred financing costs | 11 | |
Cash flows from financing activities: | ||
Payment of debt issuance costs related to long-term debt | $ (1,367) | $ 0 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
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 U.S. provider of funeral and cemetery services and merchandise. As of June 30, 2018 , we operated 178 funeral homes in 29 states and 32 cemeteries in 11 states. Our operations are reported in two business segments: Funeral Home Operations, which currently account for approximately 78% of our revenues and Cemetery Operations, which currently account for approximately 22% of our revenues. Our funeral homes offer a complete range of high value personal services to meet a family’s funeral needs, including consultation, the removal and preparation of remains, the sale of caskets and related funeral merchandise, the use of funeral home facilities for visitation and remembrance services and transportation services. Our cemeteries provide interment rights (grave sites and mausoleum spaces) and related merchandise, such as markers and outer burial containers. We market funeral and cemetery services and products on both an “atneed” (time of death) and “preneed” (planned prior to death) basis. Principles of Consolidation and Interim Condensed Disclosures Our unaudited consolidated financial statements include the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. Our interim 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 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, 2017 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 statements presentation with no effect on our previously reported results of operations, consolidated financial position, or cash flows. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Use of Estimates The preparation of our Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, realization of accounts receivable, goodwill, intangible assets, property and equipment and deferred tax assets and liabilities. We base our estimates on historical experience, third-party data and assumptions that we believe to be reasonable under the circumstances. The results of these considerations form the basis for making judgments about the amount and timing of revenues and expenses, the carrying value of assets and the recorded amounts of liabilities. Actual results may differ from these estimates and such estimates may change if the underlying conditions or assumptions change. Historical performance should not be viewed as indicative of future performance, as there can be no assurance that our results of operations will be consistent from year to year. Revenue Recognition - Funeral Home Operations Our funeral home operations are principally service businesses that generate revenues from sales of burial and cremation services and related merchandise, such as caskets and urns. Funeral services include consultation, the removal and preparation of remains, the use of funeral home facilities for visitation and remembrance services and transportation services. We provide funeral services and products on both an atneed and preneed basis. Funeral arrangements sold at the time of death are referred to as atneed funeral contracts. We record the revenue from atneed funeral contracts when the merchandise is delivered or the service is performed. Merchandise delivery and service performance generally takes place shortly after the time of need. Payment is due at or before time of transfer. Outstanding balances due from customers, if any, on atneed funeral contracts are included in Accounts receivable on our Consolidated Balance Sheets . Funeral arrangements sold prior to death occurring are referred to as preneed funeral contracts. In many instances, the customer pays for the preneed contract over a period of time. The performance of a preneed funeral contract is secured by placing the funds collected, less amounts that we may retain under state regulations, in trust for the benefit of the customer or by the customer's purchase of a life insurance policy, the proceeds of which will pay for such services at the time of need. These methods are intended to fund preneed funeral contracts, cover the original contract price and generally include an element of growth (earnings) designed to offset future inflationary cost increases. Revenue from preneed funeral contracts, along with accumulated earnings, is deferred until the time the merchandise is delivered or the service is performed. The principal and accumulated earnings of the trusts are withdrawn at maturity (death) or cancellation. The cumulative trust income earned and the increases in insurance benefits on the insurance products are recognized when the service is performed. The amounts deposited in trusts that we control are included in the non-current asset section of our Consolidated Balance Sheets. Beginning January 1, 2018, balances due on undelivered preneed funeral trust contracts have been reclassified to reduce Deferred preneed funeral revenue on our Consolidated Balance Sheet, as noted in our table of Deferred Revenue in Note 3 to the Consolidated Financial Statements included herein. See Note 2 to the Consolidated Financial Statements included herein for additional information related to our adoption of the new revenue recognition standard on January 1, 2018. The earnings from our preneed funeral trust investments, as well as trust management fees charged by our wholly-owned registered investment advisory firm (“CSV RIA”) are recorded as Preneed trust earnings - funeral , as noted in our table of disaggregated revenues in Note 3 to the Consolidated Financial Statements included herein. As of June 30, 2018 , CSV RIA provided these services to one institution, which has custody of 77% of our trust assets, for a fee based on the market value of trust assets. Under state trust laws, we are allowed to charge the trust a fee for advising on the investment of the trust assets and these fees are recognized as income in the period in which services are provided. When preneed funeral contracts are funded through third-party insurance policies, we earn a commission on the sale of the policies. Insurance commissions are recorded as Preneed funeral commission income , as noted in our table of disaggregated revenues in Note 3 to the Consolidated Financial Statements included herein, at the point at which the commission is no longer subject to refund, which is typically one year after the policy is issued. Preneed funeral contracts to be funded at maturity by insurance policies totaled $371.5 million at June 30, 2018 and are not included on our Consolidated Balance Sheets. See Note 3 to the Consolidated Financial Statements included herein for additional information on our revenues. Revenue Recognition - Cemetery Operations Our cemetery operations generate revenues primarily through sales of cemetery interment rights (primarily grave sites, lawn crypts, mausoleum spaces and niches), related cemetery merchandise (such as outer burial containers, memorial markers and floral placements) and services (interments, inurnments and installation of cemetery merchandise). We provide cemetery services and products on both an atneed and preneed basis. Cemetery arrangements sold at the time of death are referred to as atneed cemetery contracts. We record the revenue from atneed cemetery contracts when the product is delivered or the service is performed. Payment is due at or before time of transfer. Outstanding balances due from customers, if any, on completed atneed contracts are included in Accounts receivable on our Consolidated Balance Sheet . Cemetery arrangements sold prior to death occurring are referred to as preneed cemetery contracts. Preneed cemetery contracts are usually financed through interest-bearing installment sales contracts, generally with terms of up to five years. In substantially all cases, we receive an initial down payment at the time the contract is signed. We record revenue on the sales of cemetery property interment rights at the time the contract is signed. Customers select a specific location and space for their interment right, thus, restricting us from other use or transfer of the contracted cemetery property. The interment right is deeded to the customer when the contract is paid in full. Revenue from preneed sales of cemetery merchandise and services contracts, along with accumulated earnings, is not recognized until the time the merchandise is transferred or the service is performed. Earnings on these installment contracts are recorded as Preneed cemetery finance charges , as noted in our table of disaggregated revenues in Note 3 to the Consolidated Financial Statements included herein. The performance of the preneed cemetery contracts is secured by placing the funds collected, less amounts that we may retain under state regulations, in trust for the benefit of the customer, the proceeds of which will pay for such services at the time of need. This method is intended to fund preneed contracts, cover the original contract price and generally include an element of growth (earnings) designed to offset future inflationary cost increases. The amounts deposited in trusts that we control are included in the non-current asset section of our Consolidated Balance Sheets. The earnings from preneed cemetery contracts placed in trust, as well as the trust management fees charged by our CSV RIA are recorded as Preneed trust earnings - cemetery , as noted in our table of disaggregated revenues in Note 3 to the Consolidated Financial Statements included herein. Balances due from customers on delivered preneed cemetery contracts are included in Accounts receivable and Preneed receivables on our Consolidated Balance Sheet. Beginning January 1, 2018, balances due on undelivered preneed cemetery contracts have been reclassified to reduce Deferred preneed cemetery revenue on our Consolidated Balance Sheet, as noted in our table of Deferred Revenue in Note 3 to the Consolidated Financial Statements included herein. See Note 2 to the Consolidated Financial Statements included herein for additional information related to our adoption of the new revenue recognition standard on January 1, 2018. Interment right costs, which include real property and other costs related to cemetery development, are expensed using the specific identification method in the period in which the sale of the interment right is recognized as revenue. We recorded amortization expense for cemetery interment rights of approximately $0.8 million and $0.9 million for the three months ended June 30, 2017 and 2018 , respectively and approximately $1.6 million and $1.8 million for the six months ended June 30, 2017 and 2018 , respectively. See Note 3 to the Consolidated Financial Statements included herein for additional information on our revenues. Arrangements with Multiple Performance Obligations Some of our contracts with customers include multiple performance obligations. For these contracts, we allocate transaction price to each performance obligation based on its relative standalone selling price, which is based on prices charged to customers per our general price list. Packages for service and ancillary items are offered to help the customer make decisions during emotional/stressful times. Package discounts are reflected net in Services Revenue. We recognize revenue when the merchandise is transferred or the service is performed, in satisfaction of the corresponding performance obligation. Sales taxes collected are recognized on a net basis in our Consolidated Financial Statements. Allowances for bad debts and customer cancellations Our funeral receivables recorded in Accounts Receivable, net primarily consist of amounts due for funeral services already performed which were $8.5 million and $6.7 million at December 31, 2017 and June 30, 2018 , respectively. We estimate an allowance for doubtful accounts on these receivables based on our historical experience, which amounted to 2.5% and 3.0% of funeral receivables at December 31, 2017 and June 30, 2018 , respectively. In addition, our other funeral receivables not related to funeral services performed were $0.8 million and $0.6 million at December 31, 2017 and June 30, 2018 , respectively. Our cemetery financed receivables totaled $40.5 million and $42.2 million at December 31, 2017 and June 30, 2018 , respectively. The unearned finance charges associated with these receivables were $5.7 million at both December 31, 2017 and June 30, 2018 . If a preneed contract is canceled prior to delivery, state law determines the amount of the refund owed to the customer. Allowances for bad debts and customer cancellations on cemetery financed receivables are provided at the date that the sale is recognized as revenue and are based on our historical experience. We also monitor changes in delinquency rates and provide additional bad debt and cancellation reserves when warranted. 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 4.9% of the total receivables at both December 31, 2017 and June 30, 2018 . See Note 5 to the Consolidated Financial Statements included herein for additional information on cemetery financed receivables. Our cemetery receivables recorded in Accounts Receivable, net also include approximately $1.3 million and $1.1 million related to perpetual care income receivables at December 31, 2017 and June 30, 2018 , respectively. See Note 7 to the Consolidated Financial Statements included herein for additional information on our perpetual care trust investments. Accounts receivable was comprised of the following at December 31, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 Funeral receivables, net of allowance for bad debt of $213 and $202, respectively $ 9,061 $ 7,099 Cemetery receivables, net of allowance for bad debt of $622 and $652, respectively 10,331 9,550 Other receivables 263 377 Accounts receivable, net $ 19,655 $ 17,026 Non-current preneed receivables recorded in Preneed Receivables, net represent payments expected to be received beyond one year from the balance sheet date. Preneed receivables were comprised of the following at December 31, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 Funeral receivables, net of allowance for bad debt of $882 $ 7,934 $ — Cemetery receivables, net of allowance for bad debt of $1,396 and $1,460, respectively 23,710 21,327 Preneed receivables, net $ 31,644 $ 21,327 Bad debt expense totaled approximately $0.7 million and $0.4 million for the three months ended June 30, 2017 and 2018 , respectively and approximately $1.1 million and $0.9 million for the six months ended June 30, 2017 and 2018 , respectively. Capitalized Commissions on Preneed Contracts Effective January 1, 2018, we adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”), Revenue from Contracts with Customers (Topic 606), which impacted our accounting for incremental selling costs, primarily commission costs, related to preneed cemetery merchandise and services and preneed funeral trust contracts. Upon adoption of Topic 606, we capitalize sales commissions and other direct selling costs related to preneed cemetery merchandise and services and preneed funeral trust contracts as these costs are incremental and recoverable costs of obtaining a contract with a customer. We recorded a cumulative net adjustment of approximately $2.1 million to Retained earnings on our opening Consolidated Balance Sheets on January 1, 2018 . See Note 2 to the Consolidated Financial Statements included herein for additional information regarding our opening balance sheet adjustment. Our capitalized commissions on preneed contracts are amortized on a straight-line basis over the average maturity period for our preneed cemetery merchandise and services contracts and preneed funeral trust contracts, of eight and ten years, respectively. Amortization expense totaled approximately $144,000 for the three months ended June 30, 2018 and $293,000 for the six months ended June 30, 2018 . There were no impairment losses recognized during this period. The selling costs related to the sales of cemetery interment rights, which include real property and other costs related to cemetery development activities, continue to be expensed using the specific identification method in the period in which the sale of the cemetery interment right is recognized as revenue. The selling costs related to preneed funeral insurance contracts continue to be expensed in the period incurred as these contracts are not included on our Consolidated Balance Sheet. See Note 2 to the Consolidated Financial Statements included herein for additional information related to our adoption of the new revenue recognition standard on January 1, 2018. See Note 9 to the Consolidated Financial Statements included herein for additional information regarding our capitalized commissions on preneed contracts. 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 major replacements that extend the useful economic life of the asset 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, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 Land $ 74,981 $ 74,981 Buildings and improvements 211,934 211,938 Furniture, equipment and automobiles 76,155 77,906 Property, plant and equipment, at cost 363,070 364,825 Less: accumulated depreciation (115,776 ) (120,246 ) Property, plant and equipment, net $ 247,294 $ 244,579 We recorded depreciation expense of approximately $3.2 million and $3.5 million for the three months ended June 30, 2017 and 2018 , respectively and approximately $6.3 million and $6.8 million for the six months ended June 30, 2017 and 2018 , respectively. During the six months ended June 30, 2017 , we acquired real estate for $0.6 million for a funeral home parking lot expansion project. Goodwill The excess of the purchase price over the fair value of identifiable net assets of funeral home businesses acquired is recorded as goodwill. Goodwill has primarily been recorded in connection with the acquisition of funeral home businesses. Goodwill has an indefinite life and is not subject to amortization. As such, we test goodwill for impairment on an annual basis, using information as of August 31st each year. Our intent is to perform a quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise and perform a qualitative assessment during the remaining two years. We conducted qualitative assessments in 2017 . For our 2016 annual impairment test, however, we performed a quantitative goodwill impairment test. 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, 2017 , for a discussion of the methodology used for the goodwill impairment test. In addition to our annual review, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value of a reporting unit 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. No such events or changes occurred between our testing date and reporting period to trigger a subsequent impairment review. No impairments were recorded to our goodwill during the three and six months ended June 30, 2017 and 2018 . Intangible Assets Our intangible assets include tradenames resulting from acquisitions and are included in Intangible and other non-current assets on our Consolidated Balance Sheets. Our tradenames are considered to have an indefinite life and are not subject to amortization. As such, we test our intangible assets for impairment on an annual basis, using information as of August 31st each year. Our intent is to perform a quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise and perform a qualitative assessment during the remaining two years. We conducted qualitative assessments in 2017 . For our 2016 annual impairment test, however, we performed a quantitative impairment test using the relief from royalty method. 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, 2017 , for a discussion of the methodology used for the intangibles impairment test. In addition to our annual review, we assess the impairment of intangible assets whenever certain events or changes in circumstances indicate that the carrying value of the intangible asset may be greater than the fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant negative industry or economic trends. No impairments were recorded to our intangible assets during the three and six months ended June 30, 2017 and 2018 . Stock Plans and Stock-Based Compensation We have stock-based employee and director compensation plans under which we grant restricted stock, stock options and performance awards. We also have an employee stock purchase plan (the “ESPP”). We recognize compensation expense in an amount equal to the fair value of the stock-based awards expected to vest or to be purchased over the requisite service period. Fair value is determined on the date of the grant. The fair value of restricted stock is determined using the stock price on the grant date. The fair value of options or awards containing options is determined using the Black-Scholes valuation model. The fair value of the performance awards related to market performance is determined using a Monte-Carlo simulation pricing model. The fair value of the performance awards related to internal performance metrics is determined using the stock price on the grant date. The fair value of the ESPP is determined based on the discount element offered to employees and the embedded option element, which is determined using an option calculation model. See Note 13 to the Consolidated Financial Statements included herein for additional information on our stock-based compensation plans. Income Taxes We and our subsidiaries file a consolidated U.S. federal income tax return, separate income tax returns in 16 states in which we operate and combined or unitary income tax returns in 13 states in which we operate. We record deferred taxes for temporary differences between the tax basis and financial reporting basis of assets and liabilities. We record a valuation allowance to reflect the estimated amount of deferred tax assets for which realization is uncertain. Management reviews the valuation allowance at the end of each quarter and makes adjustments if it is determined that it is more likely than not that the tax benefits will be realized. We analyze the tax benefits for uncertain tax positions and how they are to be recognized, measured and derecognized in financial statements; provide certain disclosures of uncertain tax matters; and specify how reserves for uncertain tax positions should be classified on our Consolidated Balance Sheets. Income tax expense during interim periods is based on our estimated annual effective income tax rate plus any discrete items, which are recorded in the period in which they occur. Discrete items include, but are not limited to, such events as changes in estimates due to finalization of income tax returns, tax audit settlements, tax effects of exercised or vested stock-based awards and increases or decreases in valuation allowances on deferred tax assets. We recorded income taxes at the estimated effective rate, before discrete items, of 40.0% for both the three and six months ended June 30, 2017 and approximately 27.5% for both the three and six months ended June 30, 2018 . The decrease in the estimated effective tax rate, before discrete items, is primarily attributable to the reduction of the U.S. federal statutory income tax rate from 35% to 21% resulting from enactment of the Tax Cuts and Jobs Act of 2017 (the “TCJA”). The discrete items include an income tax benefit related to stock compensation and refunds received from the completion of state income tax audits, income tax expense related to state tax rate changes and other non-material discrete state items. Income tax expense was approximately $3.0 million and $1.0 million for the three months ended June 30, 2017 and 2018 , respectively and approximately $7.8 million and $3.9 million for the six months ended June 30, 2017 and 2018 , respectively. Regulatory changes from the TCJA negatively impacted the effective tax rate for the first six months of 2018 by 0.2% due to the repeal of the domestic production activities deduction and by 0.3% due to the exclusion of performance based compensation from the overall executive compensation deduction limitation. Additionally, regulatory changes to the deductibility of meals and entertainment along with the state conformity to the federal bonus depreciation rules both had a non-material negative rate impact on the effective tax rate. Subsequent Events Management evaluated events and transactions during the period subsequent to June 30, 2018 through the date the financial statements were issued for potential recognition or disclosure in the accompanying financial statements covered by this report. See Note 17 to the Consolidated Financial Statements included herein for additional information on our subsequent events. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS Revenue Recognition In May 2014, the FASB issued ASU, Revenue from Contracts with Customers (Topic 606). FASB Accounting Standards Codification (“ASC”) Topic 606 supersedes the revenue recognition requirements under 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 recognizes 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 Topic 606, 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. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. We adopted the provisions of this ASU on January 1, 2018 using the modified retrospective approach. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Topic 606 did not materially affect the accounting for our revenue streams. Revenue from sales of preneed cemetery interment rights was previously recognized in the period in which the customer’s cumulative payments exceeded 10% of the contract price related to the interment right. Under Topic 606, we recognize revenue at the time the contract is signed. Customers select a specific location and space for their interment right, thus, restricting us from other use or transfer of the contracted cemetery property. The interment right is deeded to the customer when the contract is paid in full. Because we generally receive an initial down payment at the time the contract is signed, there is no significant difference in the timing of revenue recognition under Topic 606, as compared to previous guidance. Revenue from preneed sales of funeral and cemetery merchandise and services continues to be deferred and recognized when the merchandise is delivered or the service is performed. Topic 606 impacted our accounting for incremental selling costs, primarily commission costs, related to preneed cemetery merchandise and services and preneed funeral trust contracts. Under Topic 606, these costs are capitalized and amortized over the average maturity period for our preneed cemetery contracts and preneed funeral trust contracts. Previously, these costs were expensed in the period incurred. Our capitalized commissions on preneed contracts are included in Intangible and other non-current assets on our Consolidated Balance Sheets. See Note 9 to the Consolidated Financial Statements included herein for additional information. The selling costs related to the sales of cemetery interment rights, which include real property and other costs related to cemetery development activities, continue to be expensed using the specific identification method in the period in which the sale of the cemetery interment right is recognized as revenue. The selling costs related to preneed funeral insurance contracts continue to be expensed in the period incurred as these contracts are not included on our Consolidated Balance Sheets. Topic 606 also impacted our classification of amounts due from customers for undelivered performance obligations. Under Topic 606 amounts due on our preneed funeral trust contracts and preneed cemetery merchandise and services contracts have been reclassified to reduce Deferred preneed funeral revenue and Deferred preneed cemetery revenue , respectively, on our Consolidated Balance Sheets. These amounts were previously reported as Accounts receivable and Preneed receivables on our Consolidated Balance Sheets. The adoption of the provisions of this ASU did not have a material impact on our effective tax rate for the reporting period. The following table presents the impact of the adoption of Topic 606 on our Consolidated Balance Sheet (in thousands): As of June 30, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change Assets Accounts receivable, net of allowance for bad debts $ 17,026 $ 18,450 $ (1,424 ) Preneed receivables, net of allowance for bad debts $ 21,327 $ 32,746 $ (11,419 ) Intangible and other non-current assets $ 2,816 $ — $ 2,816 Liabilities Deferred preneed cemetery revenue, net $ 50,699 $ 55,264 $ (4,565 ) Deferred preneed funeral revenue, net $ 27,740 $ 36,018 $ (8,278 ) Deferred tax liability $ 30,293 $ 29,636 $ 657 Stockholders’ equity: Retained earnings $ 72,138 $ 69,979 $ 2,159 The following table presents the impact of the adoption of Topic 606 on our Consolidated Statement of Operations (in thousands, except per share data): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change As Reported Balances Without Adoption of Topic 606 Effect of Change Field costs and expenses: Funeral $ 33,238 $ 33,267 $ (29 ) $ 69,604 $ 69,672 $ (68 ) Cemetery $ 9,880 $ 9,869 $ 11 $ 18,940 $ 18,910 $ 30 Income before income taxes $ 3,747 $ 3,729 $ 18 $ 15,981 $ 15,943 $ 38 Net income $ 2,747 $ 2,734 $ 13 $ 12,103 $ 12,075 $ 28 Basic earnings per common share: $ 0.15 $ 0.15 $ — $ 0.71 $ 0.71 $ — Diluted earnings per common share: $ 0.15 $ 0.15 $ — $ 0.67 $ 0.67 $ — Dividends declared per common share $ 0.075 $ 0.075 $ — $ 0.075 $ 0.075 $ — The following table presents the impact of the adoption of Topic 606 on our Consolidated Statement of Cash Flows (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change As Reported Balances Without Adoption of Topic 606 Effect of Change Adjustments to reconcile net income to net cash provided by operating activities: Amortization of capitalized commissions on preneed contracts $ 144 $ — $ 144 $ 293 $ — $ 293 Changes in operating assets and liabilities that provided (required) cash: Intangible and other non-current assets $ (162 ) $ — $ (162 ) $ (331 ) $ — $ (331 ) The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of Topic 606 was as follows (in thousands): December 31, 2017 Effect of Adoption of January 1, 2018 Assets Accounts receivable, net of allowance for bad debts (1) $ 19,655 $ (1,399 ) $ 18,256 Preneed receivables, net of allowance for bad debts (2)(3) $ 31,644 $ (11,129 ) $ 20,515 Intangible and other non-current assets (4) $ — $ 2,778 $ 2,778 $ (9,750 ) Liabilities Deferred preneed cemetery revenue (1)(2) $ 54,690 $ (4,594 ) $ 50,096 Deferred preneed funeral revenue (3) $ 34,585 $ (7,934 ) $ 26,651 Deferred tax liability (4) $ 31,159 $ 647 $ 31,806 Stockholders’ equity: Retained earnings (4) $ 57,904 $ 2,131 $ 60,035 $ (9,750 ) (1) Under Topic 606, receivables represent an entity’s unconditional right to consideration, billed or unbilled. Our balance of accounts receivable, net of allowance for bad debts, of $19.7 million at December 31, 2017, included the current portion of receivables for preneed cemetery merchandise and service contracts totaling $1.4 million. As these amounts represent undelivered performance obligations, they have been reclassified to reduce deferred preneed cemetery revenue on January 1, 2018. (2) Under Topic 606, receivables represent an entity’s unconditional right to consideration, billed or unbilled. Our balance of preneed receivables, net of allowance for bad debts, of $31.6 million at December 31, 2017, included the non-current portion of receivables for preneed cemetery merchandise and service contracts totaling $4.6 million. As these amounts represent undelivered performance obligations, they have been reclassified to reduce deferred preneed cemetery revenue on January 1, 2018. (3) Under Topic 606, receivables represent an entity’s unconditional right to consideration, billed or unbilled. Our balance of preneed receivables, net of allowance for bad debts, $31.6 million at December 31, 2017, included the non-current portion of receivables for preneed funeral trust contracts totaling $7.9 million. As these amounts represent undelivered performance obligations, they have been reclassified to reduce deferred preneed funeral revenue on January 1, 2018. (4) Under Topic 606, certain costs incurred to obtain or fulfill a contract with a customer are capitalized. Beginning January 1, 2018, we capitalize selling costs related to undelivered preneed cemetery merchandise and services and preneed funeral trust contracts. Previously, these costs were expensed in the period incurred. We recorded a cumulative adjustment of approximately $2.1 million to our opening Retained earnings, which consisted of a $2.8 million adjustment to our Intangible and other non-current assets and a $0.6 million adjustment to our Deferred tax liability on our Consolidated Balance Sheets on January 1, 2018. The following accounting pronouncements were adopted on January 1, 2018 with no impact to our Consolidated Financial Statements: Compensation (Topic 718): Stock Compensation – Scope of Modification Accounting The amendments in this ASU provide guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless the fair value, vesting conditions and classification of the modified award are the same as the original award immediately before the award is modified. Business Combinations (Topic 805): Clarifying the Definition of a Business This ASU applies to all entities that must determine whether they have acquired or sold a business. The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This ASU applies to all entities that are required to present a statement of cash flows under Topic 230. The amendments provide guidance on eight specific cash flow issues and includes clarification on how these items should be classified in the statement of cash flows and is designed to help eliminate diversity in practice as to where items are classified in the cash flow statement. In November 2016, the FASB issued additional guidance on this topic that requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the statement of cash flows. Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The amendments in this ASU address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and apply to all entities that hold financial assets or owe financial liabilities. The amendments in this ASU also simplify the impairment assessment of equity investments without readily determinable fair values by requiring assessment for impairment qualitatively at each reporting period. That impairment assessment is similar to the qualitative assessment for long-lived assets, goodwill, and indefinite-lived intangible assets. Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued ASU, Leases (Topic 842) . This ASU addresses certain aspects of recognition, presentation, and disclosure of leases and applies to all entities that enter into a lease, with some specified scope exemptions. The amendments in this ASU aim to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with earlier application permitted for all entities. Both lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which recognizes the cumulative effect of initially applying the standard as an adjustment to retained earnings at the date of initial application. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2019 and do not expect the adoption of this new accounting standard to have a material impact on our Consolidated Financial Statements. |
Preneed Trust Investments
Preneed Trust Investments | 6 Months Ended |
Jun. 30, 2018 | |
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 permitted to withdraw as merchandise and services are provided to customers. Preneed cemetery contracts are secured by payments from customers, less retained amounts not required to be deposited into trust. Preneed cemetery trust investments can be reduced by the trust earnings we have been allowed to withdraw in certain states prior to our performance. The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2017 and June 30, 2018 were as follows (in thousands): December 31, 2017 June 30, 2018 Preneed cemetery trust investments, at market value $ 75,992 $ 72,413 Less: allowance for contract cancellation (2,139 ) (2,135 ) Preneed cemetery trust investments, net $ 73,853 $ 70,278 Upon cancellation of a preneed cemetery contract, a customer is generally entitled to receive a refund of the corpus, and in some instances, a portion of 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 investment income. As a result, when realized or unrealized losses of a trust result in the trust being underfunded, we assess whether we are responsible for replenishing the corpus of the trust, in which case a loss provision is recorded. At June 30, 2018 , none of our preneed cemetery trust investments were underfunded. Earnings from our preneed cemetery trust investments are recognized as revenue when a service is performed or merchandise is delivered. Trust management fees charged by 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, 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 foreign debt, corporate debt, preferred stocks, mortgage-backed securities and fixed income mutual funds, 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 six months ended June 30, 2018 . There are no Level 3 investments in the preneed cemetery trust investment portfolio. See Note 8 to the Consolidated Financial Statements included herein for further information on the fair value measurement and the three-level hierarchy. The cost and fair market values associated with preneed cemetery trust investments at June 30, 2018 are detailed below (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 6,997 $ — $ — $ 6,997 Fixed income securities: Foreign debt 2 4,528 127 (247 ) 4,408 Corporate debt 2 17,905 559 (856 ) 17,608 Preferred stock 2 11,482 57 (572 ) 10,967 Mortgage-backed securities 2 928 328 (14 ) 1,242 Common stock 1 28,100 4,741 (3,365 ) 29,476 Mutual funds: Fixed Income 2 1,201 17 (59 ) 1,159 Trust securities $ 71,141 $ 5,829 $ (5,113 ) $ 71,857 Accrued investment income $ 556 $ 556 Preneed cemetery trust investments $ 72,413 Market value as a percentage of cost 101.0 % The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 19 Due in one to five years 3,299 Due in five to ten years 4,246 Thereafter 26,661 Total $ 34,225 The cost and fair market values associated with preneed cemetery trust investments at December 31, 2017 are detailed below (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 3,132 $ — $ — $ 3,132 Fixed income securities: Foreign debt 2 4,834 292 (193 ) 4,933 Corporate debt 2 18,238 1,184 (273 ) 19,149 Preferred stock 2 16,421 510 (588 ) 16,343 Mortgage-backed securities 2 1,018 249 (24 ) 1,243 Common stock 1 26,465 5,250 (2,460 ) 29,255 Mutual funds: Fixed income 2 1,198 50 (11 ) 1,237 Trust securities $ 71,306 $ 7,535 $ (3,549 ) $ 75,292 Accrued investment income $ 700 $ 700 Preneed cemetery trust investments $ 75,992 Market value as a percentage of cost 105.6 % 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. In the three and six months ended June 30, 2017 and 2018 , we did not record any impairments for other-than-temporary declines in the fair value related to unrealized losses on certain investments. 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 June 30, 2018 , 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 preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2018 are shown in the following table (in thousands): June 30, 2018 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 $ 1,821 $ (99 ) $ 1,015 $ (148 ) $ 2,836 $ (247 ) Corporate debt 9,084 (643 ) 968 (213 ) 10,052 (856 ) Preferred stock 5,395 (162 ) 4,687 (410 ) 10,082 (572 ) Mortgage-backed securities — — 68 (14 ) 68 (14 ) Common stock 9,570 (1,491 ) 2,885 (1,874 ) 12,455 (3,365 ) Mutual Funds: Fixed Income 825 (59 ) — — 825 (59 ) Total temporary impaired securities $ 26,695 $ (2,454 ) $ 9,623 $ (2,659 ) $ 36,318 $ (5,113 ) Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2017 are shown in the following table (in thousands): December 31, 2017 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 $ 151 $ (6 ) $ 1,637 $ (187 ) $ 1,788 $ (193 ) Corporate debt 3,735 (72 ) 846 (201 ) 4,581 (273 ) Preferred stock 48 — 8,109 (588 ) 8,157 (588 ) Mortgage-backed securities 127 (15 ) 27 (9 ) 154 (24 ) Common stock 8,249 (1,512 ) 1,742 (948 ) 9,991 (2,460 ) Mutual Funds: Fixed Income 496 (11 ) — — 496 (11 ) Total temporary impaired securities $ 12,806 $ (1,616 ) $ 12,361 $ (1,933 ) $ 25,167 $ (3,549 ) Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Investment income $ 692 $ 474 $ 1,281 $ 899 Realized gains 1,395 18 2,215 871 Realized losses (929 ) (750 ) (1,312 ) (1,357 ) Expenses and taxes (332 ) (221 ) (877 ) (272 ) Net change in deferred preneed cemetery receipts held in trust (826 ) 479 (1,307 ) (141 ) $ — $ — $ — $ — Purchases and sales of investments in the preneed cemetery trusts for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Purchases $ (10,831 ) $ (6,882 ) $ (18,440 ) $ (10,258 ) Sales 7,208 6,340 13,189 13,899 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 payments from customers, less retained amounts not required to be deposited into trust. Preneed funeral trust investments are reduced by the trust earnings we have been allowed to withdraw in certain states prior to our performance. The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2017 and June 30, 2018 were as follows (in thousands): December 31, 2017 June 30, 2018 Preneed funeral trust investments, at market value $ 93,341 $ 93,987 Less: allowance for contract cancellation (2,659 ) (2,784 ) Preneed funeral trust investments, net $ 90,682 $ 91,203 Upon cancellation of a preneed funeral contract, a customer is generally entitled to receive a refund of the corpus and in some instances, a portion of all 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 investment income. As a result, when realized or unrealized losses of a trust result in the trust being underfunded, we assess whether we are responsible for replenishing the corpus of the trust, in which case a loss provision is recorded. At June 30, 2018 , none of our preneed funeral trust investments were underfunded. Earnings from our preneed funeral trust investments are recognized as revenue when a service is performed or merchandise is delivered. Trust management fees charged by 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 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 fixed income securities, including 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 six months ended June 30, 2018 . There are no Level 3 investments in the preneed funeral trust investment portfolio. See Note 8 to the Consolidated Financial Statements included herein for further information on the fair value measurement and the three-level hierarchy. The cost and fair market values associated with preneed funeral trust investments at June 30, 2018 are detailed below (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 23,912 $ — $ — $ 23,912 Fixed income securities: U.S treasury debt 1 1,490 6 (28 ) 1,468 Foreign debt 2 4,515 129 (243 ) 4,401 Corporate debt 2 18,110 520 (874 ) 17,756 Preferred stock 2 11,549 49 (575 ) 11,023 Mortgage-backed securities 2 1,061 341 (16 ) 1,386 Common stock 1 27,604 4,686 (3,301 ) 28,989 Mutual funds: Fixed income 2 1,525 17 (89 ) 1,453 Other investments 2 3,040 — — 3,040 Trust securities $ 92,806 $ 5,748 $ (5,126 ) $ 93,428 Accrued investment income $ 559 $ 559 Preneed funeral trust investments $ 93,987 Market value as a percentage of cost 100.7 % The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 21 Due in one to five years 5,057 Due in five to ten years 4,182 Thereafter 26,774 Total $ 36,034 The cost and fair market values associated with preneed funeral trust investments at December 31, 2017 are detailed below (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 14,349 $ — $ — $ 14,349 Fixed income securities: U.S. treasury debt 1 1,490 10 (15 ) 1,485 Foreign debt 2 4,870 298 (189 ) 4,979 Corporate debt 2 18,963 1,197 (278 ) 19,882 Preferred stock 2 16,335 501 (585 ) 16,251 Mortgage-backed securities 2 1,187 263 (27 ) 1,423 Common stock 1 26,129 5,253 (2,468 ) 28,914 Mutual funds: Fixed income 2 1,974 52 (48 ) 1,978 Other investments 2 3,341 — — 3,341 Trust securities $ 88,638 $ 7,574 $ (3,610 ) $ 92,602 Accrued investment income $ 739 $ 739 Preneed funeral trust investments $ 93,341 Market value as a percentage of cost 104.5 % 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. In the three and six months ended June 30, 2017 and 2018 , we did not record any impairments for other-than-temporary declines in the fair value related to unrealized losses on certain investments. 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 June 30, 2018 , 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 June 30, 2018 are shown in the following table (in thousands): June 30, 2018 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. treasury debt $ 1,310 $ (28 ) $ — $ — $ 1,310 $ (28 ) Foreign debt 1,853 (101 ) 966 (142 ) 2,819 (243 ) Corporate debt 9,208 (661 ) 960 (213 ) 10,168 (874 ) Preferred stock 5,600 (168 ) 4,586 (407 ) 10,186 (575 ) Mortgage-backed securities — — 164 (16 ) 164 (16 ) Common stock 9,459 (1,440 ) 2,873 (1,861 ) 12,332 (3,301 ) Mutual Funds: Fixed income 859 (61 ) 246 (28 ) 1,105 (89 ) Insurance: 439 — — — 439 — Total temporary impaired securities $ 28,728 $ (2,459 ) $ 9,795 $ (2,667 ) $ 38,523 $ (5,126 ) Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2017 are shown in the following table (in thousands): December 31, 2017 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. treasury debt $ 1,325 $ (15 ) $ — $ — $ 1,325 $ (15 ) Foreign debt 159 (6 ) 1,608 (183 ) 1,767 (189 ) Corporate debt 3,770 (74 ) 842 (203 ) 4,612 (277 ) Preferred stock 50 — 8,184 (585 ) 8,234 (585 ) Mortgage-backed securities 221 (17 ) 36 (10 ) 257 (27 ) Common stock 8,001 (1,496 ) 1,728 (972 ) 9,729 (2,468 ) Mutual funds: Fixed income 549 (12 ) 615 (37 ) 1,164 (49 ) Total temporary impaired securities $ 14,075 $ (1,620 ) $ 13,013 $ (1,990 ) $ 27,088 $ (3,610 ) Preneed funeral trust investment security transactions recorded in Other, net on the Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Investment income $ 686 $ 479 $ 1,277 $ 891 Realized gains 1,472 11 2,296 2,907 Realized losses (933 ) (782 ) (1,312 ) (1,391 ) Expenses and taxes (377 ) (334 ) (716 ) (478 ) Net change in deferred preneed funeral receipts held in trust (848 ) 626 (1,545 ) (1,929 ) $ — $ — $ — $ — Purchases and sales of investments in the preneed funeral trusts for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Purchases $ (10,974 ) $ (7,153 ) $ (18,582 ) $ (10,439 ) Sales 7,242 6,617 13,243 14,212 |
Preneed Cemetery Receivables
Preneed Cemetery Receivables | 6 Months Ended |
Jun. 30, 2018 | |
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. Our cemetery financed receivables at December 31, 2017 and June 30, 2018 are as follows (in thousands): December 31, 2017 June 30, 2018 Accounts receivable, including unearned finance charges and allowance for contract cancellations of $2,779 and $2,820, respectively $ 11,843 $ 12,712 (1) Preneed receivables , including unearned finance charges and allowance for contract cancellations of $4,922 and $4,984, respectively 28,631 29,453 (2) Preneed cemetery financed receivables $ 40,474 $ 42,165 (1) In accordance with Topic 606, $1.4 million of cemetery accounts receivable has been reclassified to reduce deferred preneed cemetery revenue at June 30, 2018. (2) In accordance with Topic 606, $3.2 million of preneed cemetery receivables has been reclassified to reduce deferred preneed cemetery revenue at June 30, 2018. The unearned finance charges associated with these receivables were $5.7 million at both December 31, 2017 and June 30, 2018 . 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 4.9% of the total receivables on recognized sales at June 30, 2018 . 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 six months ended June 30, 2018 , the change in the allowance for contract cancellations was as follows (in thousands): June 30, 2018 Beginning balance $ 2,019 Write-offs and cancellations (478 ) Provision 570 Ending balance $ 2,111 The aging of preneed cemetery financed receivables as of June 30, 2018 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 Financed Receivables Recognized revenue $ 742 $ 323 $ 145 $ 1,372 $ 2,582 $ 28,679 $ 31,261 Deferred revenue 233 110 34 367 744 10,160 10,904 Total $ 975 $ 433 $ 179 $ 1,739 $ 3,326 $ 38,839 $ 42,165 |
Receivables from Preneed Trusts
Receivables from Preneed Trusts | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017 and June 30, 2018 , receivables from preneed trusts were as follows (in thousands): December 31, 2017 June 30, 2018 Preneed trust funds, at cost $ 15,759 $ 16,818 Less: allowance for contract cancellation (472 ) (505 ) Receivables from preneed trusts, net $ 15,287 $ 16,313 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 June 30, 2018 and December 31, 2017 . 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. The composition of the preneed trust funds at June 30, 2018 was as follows (in thousands): Historical Cost Basis Fair Value As of June 30, 2018 Cash and cash equivalents $ 4,043 $ 4,043 Fixed income investments 10,066 10,066 Mutual funds and common stocks 2,703 2,652 Annuities 6 6 Total $ 16,818 $ 16,767 The composition of the preneed trust funds at December 31, 2017 was as follows (in thousands): Historical Cost Basis Fair Value As of December 31, 2017 Cash and cash equivalents $ 3,903 $ 3,903 Fixed income investments 9,306 9,306 Mutual funds and common stocks 2,544 2,567 Annuities 6 6 Total $ 15,759 $ 15,782 |
Cemetery Perpetual Care Trust I
Cemetery Perpetual Care Trust Investments | 6 Months Ended |
Jun. 30, 2018 | |
Cemetery Perpetual Care Trust Investments [Abstract] | |
CEMETERY PERPETUAL CARE TRUST INVESTMENTS | CEMETERY PERPETUAL CARE TRUST INVESTMENTS Care trusts’ corpus on our Consolidated Balance Sheets represents the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus as of December 31, 2017 and June 30, 2018 were as follows (in thousands): December 31, 2017 June 30, 2018 Trust assets, at market value $ 50,229 $ 48,600 Obligations due from trust (373 ) (446 ) Care trusts’ corpus $ 49,856 $ 48,154 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 Revenues: Cemetery and is recorded in Accounts Receivable, net until received from the trust. Trust management fees charged by CSV RIA are included in revenue in the period in which they are earned. At June 30, 2018 , none of our cemetery perpetual care trust investments were underfunded. 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 fixed income securities, including foreign debt, corporate debt, preferred stock, mortgage-backed securities and fixed income mutual funds, 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 six months ended June 30, 2018 . There are no Level 3 investments in the cemetery perpetual care trust investment portfolio. See Note 8 to the Consolidated Financial Statements included herein 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 June 30, 2018 (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 4,936 $ — $ — $ 4,936 Fixed income securities: Foreign debt 2 3,395 83 (183 ) 3,295 Corporate debt 2 12,403 363 (564 ) 12,202 Preferred stock 2 8,392 51 (393 ) 8,050 Mortgage-backed securities 2 575 203 (9 ) 769 Common stock 1 17,384 2,835 (2,152 ) 18,067 Mutual funds: Fixed Income 2 926 17 (49 ) 894 Trust securities $ 48,011 $ 3,552 $ (3,350 ) $ 48,213 Accrued investment income $ 387 $ 387 Cemetery perpetual care investments $ 48,600 Market value as a percentage of cost 100.4 % The estimated maturities of the fixed income securities included above are as follows (in thousands): Due in one year or less $ 11 Due in one to five years 2,460 Due in five to ten years 2,995 Thereafter 18,850 $ 24,316 The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2017 (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 1,906 $ — $ — $ 1,906 Fixed income securities: Foreign debt 2 3,580 227 (134 ) 3,673 Corporate debt 2 12,557 805 (187 ) 13,175 Preferred stock 2 11,545 364 (411 ) 11,498 Mortgage-backed securities 2 621 152 (15 ) 758 Common stock 1 16,326 3,116 (1,595 ) 17,847 Mutual funds: Fixed income 2 913 42 (10 ) 945 Trust securities $ 47,448 $ 4,706 $ (2,352 ) $ 49,802 Accrued investment income $ 427 $ 427 Cemetery perpetual care investments $ 50,229 Market value as a percentage of cost 105.0 % 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 . In the three and six months ended June 30, 2017 and 2018 , we did not record any impairments for other-than-temporary declines in the fair value related to unrealized losses on certain investments. 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 June 30, 2018 , 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 June 30, 2018 are shown in the following table (in thousands): June 30, 2018 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 $ 1,426 $ (78 ) $ 722 $ (105 ) $ 2,148 $ (183 ) Corporate debt 6,204 (417 ) 709 (147 ) 6,913 (564 ) Preferred stock 3,662 (103 ) 3,438 (290 ) 7,100 (393 ) Mortgage-backed securities — — 42 (9 ) 42 (9 ) Common stock 5,987 (901 ) 1,939 (1,251 ) 7,926 (2,152 ) Mutual Funds: Fixed Income 633 (49 ) — — 633 (49 ) Total temporary impaired securities $ 17,912 $ (1,548 ) $ 6,850 $ (1,802 ) $ 24,762 $ (3,350 ) Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended December 31, 2017 are shown in the following table (in thousands): December 31, 2017 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 $ 92 $ (3 ) $ 1,128 $ (131 ) $ 1,220 $ (134 ) Corporate debt 2,621 (59 ) 555 (128 ) 3,176 (187 ) Preferred stock 29 — 5,492 (411 ) 5,521 (411 ) Mortgage-backed securities 76 (10 ) 16 (5 ) 92 (15 ) Common stock 5,119 (991 ) 1,108 (604 ) 6,227 (1,595 ) Mutual funds: Fixed income 433 (10 ) — — 433 (10 ) Total temporary impaired securities $ 8,370 $ (1,073 ) $ 8,299 $ (1,279 ) $ 16,669 $ (2,352 ) Perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Realized gains $ 644 $ 22 $ 925 $ 304 Realized losses (481 ) (312 ) (630 ) (526 ) Net change in care trusts’ corpus (163 ) 290 (295 ) 222 Total $ — $ — $ — $ — Perpetual care trust investment security transactions recorded in Revenues: Cemetery for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Investment income $ 1,586 $ 1,463 $ 3,292 $ 2,996 Realized gain, net (108 ) (398 ) (608 ) (715 ) Total $ 1,478 $ 1,065 $ 2,684 $ 2,281 Purchases and sales of investments in the perpetual care trusts for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Purchases $ (6,861 ) $ (4,742 ) $ (11,874 ) $ (6,670 ) Sales 4,503 4,431 8,390 9,397 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
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 is classified within Level 2 of the Fair Value Measurement hierarchy. The fair values of our long-term debt 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 2.75% convertible subordinated notes due 2021 was approximately $34.3 million at June 30, 2018 based on the last traded or broker quoted price. The fair value of the 6.625% senior notes due 2026 was approximately $329.3 million at June 30, 2018 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 June 30, 2018 , 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 included herein for the fair value hierarchy levels of our trust investments. |
Intangible and Other Non-Curren
Intangible and Other Non-Current Assets | 6 Months Ended |
Jun. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Intangible and Other Non-Current Assets | INTANGIBLE AND OTHER NON-CURRENT ASSETS Intangibles and other non-current assets at December 31, 2017 and June 30, 2018 were as follows (in thousands): December 31, 2017 June 30, 2018 Prepaid agreements not-to-compete, net of accumulated amortization of $6,051 and $6,343, respectively $ 3,730 $ 3,515 Tradenames 14,372 14,372 Capitalized commissions on preneed contracts, net of accumulated amortization of $293 — 2,816 Debt issuance costs, net of accumulated amortization of $13 — 849 Other 15 — Intangible and other non-current assets $ 18,117 $ 21,552 Prepaid agreements not-to-compete are amortized over the term of the respective agreements, ranging generally from one to ten years. Amortization expense for our prepaid agreements not-to-compete was approximately $136,000 and $153,000 for the three months ended June 30, 2017 and 2018 , respectively and approximately $272,000 and $292,000 for the six months ended June 30, 2017 and 2018 , respectively. Our tradenames have indefinite lives and therefore are not amortized. Topic 606 impacted our accounting for selling costs related to preneed cemetery merchandise and services and preneed funeral trust contracts. Under Topic 606, these costs are capitalized and amortized over the average maturity period for our preneed cemetery contracts and preneed funeral trust contracts. We estimate an average maturity period of eight years for preneed cemetery contracts and ten years for preneed funeral trust contracts. These costs are included in Intangible and other non-current assets on our Consolidated Balance Sheets at June 30, 2018 . Previously, these costs were expensed in the period incurred. Amortization expense for our capitalized commissions on preneed contracts was approximately $144,000 and $293,000 for the three and six months ended June 30, 2018 . See Note 2 to the Consolidated Financial Statements included herein for additional information on our opening balance sheet entry on January 1, 2018 to Intangible and other non-current assets related to these capitalized commissions on preneed contracts. At June 30, 2018, the unamortized debt issuance costs related to our New Credit Facility (as defined in Note 10) are being amortized over the remaining term of the related debt using the straight-line method and are recorded in Intangible and other non-current assets on our Consolidated Balance Sheets. Amortization of debt issuance costs related to our New Credit Facility was approximately $13,000 for both the three and six months ended June 30, 2018 . See Note 10 to the Consolidated Financial Statements included herein for further discussion of our New Credit Facility. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT On April 25, 2018, we entered into an eighth amendment and commitment increase (the “Eighth Amendment”) to our former secured credit facility, dated as of August 30, 2012 (as amended, the “Former Credit Agreement”), which amended the Former Credit Agreement as follows: (i) increase the aggregate revolving credit commitment to $200 million ; (ii) permit the Company to use the proceeds of revolving loans; (a) to repay certain indebtedness; (b) for working capital and acquisitions; (c) to make certain capital expenditures; (d) to pay interest on certain subordinated indebtedness and refinancing indebtedness (subject to the satisfaction of certain terms and conditions); (e) to prepay, repay, purchase or redeem certain subordinated indebtedness; and (f) for general corporate purposes; (iii) modify the maximum senior secured leverage ratio covenant; and (iv) release the mortgage liens of the Administrative Agent on certain real property collateral located in a flood plain, among other things. Following the effectiveness of the Eighth Amendment, the Former Credit Agreement was comprised of a $200 million revolving credit facility and a $150 million term loan. Under the Former Credit Agreement, as amended by the Eighth Amendment, we were required to comply with a covenant to maintain a maximum senior secured leverage ratio. We incurred approximately $0.7 million in transaction costs related to the Eighth Amendment of our Former Credit Agreement, which were recorded in Net loss on early extinguishment of debt . On May 7, 2018, we used the remaining capacity from the Eighth Amendment to redeem approximately 80% of the then outstanding aggregate principal amount of our 2.75% convertible subordinated notes due March 15, 2021 (the “Convertible Notes”). We recognized (i) a net gain of approximately $1.2 million related to the redemption of our Convertible Notes; and (ii) a loss of approximately $0.5 million related to transaction costs incurred for the redemption of our Convertible Notes, all of which were recorded in Net loss on early extinguishment of debt . See Note 11 to the Consolidated Financial Statements included herein for further discussion of the redemption of our Convertible Notes. On May 31, 2018, we completed the issuance of $325.0 million in aggregate principal amount of 6.625% senior notes due 2026 (the “Senior Notes”). See Note 12 to the Consolidated Financial Statements included herein for further discussion of the sale of the Senior Notes. On May 31, 2018, we used approximately $291.4 million of the net proceeds from the sale of the Senior Notes to repay all amounts outstanding under our Former Credit Agreement and all commitments thereunder were terminated. In connection with the repayment in full of all amounts due thereunder, the Former Credit Agreement was retired and $2.0 million of letters of credit previously issued under the Former Credit Agreement were deemed issued under (and remain outstanding under) the New Credit Facility (as defined below). We did not incur any material early termination penalties in connection with the repayment of the Former Credit Agreement. In connection with the termination of the Former Credit Agreement, we recognized (i) a loss of approximately $0.7 million related to the Eighth Amendment transaction costs; and (ii) a loss of approximately $0.9 million of unamortized debt issuance costs related to the Former Credit Agreement, all of which were recorded in Net loss on early extinguishment of debt . For the three and six months ended June 30, 2018 , we recognized a net loss of $0.9 million , which was recorded in Net loss on early extinguishment of debt and consisted of the following: (i) a loss of approximately $1.6 million related to our Former Credit Agreement (discussed above); and (ii) a net gain of approximately $0.7 million related to the redemption of our Convertible Notes (discussed above). On May 31, 2018, in connection with the issuance of the Senior Notes, we entered into a new $150 million senior secured revolving credit facility (the “New Credit Facility”) with Credit Facility Guarantors (as defined below), the financial institutions party thereto, as lenders, and Bank of America, N.A., as administrative agent. Our obligations under the New Credit Facility are unconditionally guaranteed on a joint and several basis by the same subsidiaries which guarantee the Senior Notes and certain of our subsequently acquired or organized domestic subsidiaries (collectively, the “Credit Facility Guarantors”). At closing, we had no outstanding borrowings under the New Credit Facility and $148.0 million of availability after giving effect to the $2.0 million of letters of credit previously issued under the Former Credit Agreement that were deemed issued under (and remain outstanding under) the New Credit Facility. The New Credit Facility includes an accordion feature allowing for future increases in the facility size by an additional amount of up to $75.0 million . The New Credit Facility matures on May 31, 2023. Interest will accrue on amounts outstanding under the New Credit Facility at either a prime rate or a LIBOR rate, plus an applicable margin based upon our total leverage ratio. We incurred approximately $0.9 million in transactions costs related to our New Credit Facility, which were capitalized and will be amortized over the remaining term of the related debt using the straight-line method and are recorded in Intangible and other non-current assets . The New Credit Facility is secured by a first-priority perfected security interest in and lien on substantially all of our personal property assets and those of the Credit Facility Guarantors, and will include provisions which require us and such subsidiaries, upon the occurrence of an event of default under the New Credit Facility, to grant additional liens on real property assets accounting for no less than 50% of our and the Credit Facility Guarantors' funeral operations. The New Credit Facility contains customary affirmative covenants, including, but not limited to, covenants with respect to the use of proceeds, payment of taxes and other obligations, continuation of our business and the maintenance of existing rights and privileges, the maintenance of property and insurance, amongst others. In addition, the New Credit Facility also contains customary negative covenants, including, but not limited to, covenants that, among other things, restrict (subject to certain exceptions) our ability and the Credit Facility Guarantor's ability to incur indebtedness, grant liens, make investments, engage in acquisitions, mergers or consolidations, and pay dividends and other restricted payments, and the following financial covenants: a total leverage ratio not to exceed 5.50 to 1.00, and a fixed charge coverage ratio of not less than 1.20 to 1.00 as of the end of any period of four consecutive fiscal quarters. We will calculate the financial covenants on a consolidated basis. Our long-term debt consisted of the following at December 31, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 New Credit Facility $ — $ — Revolving credit facility 92,000 — Term loan 127,500 — Acquisition debt 10,548 9,890 Debt issuance costs, net of accumulated amortization of $4,442 (967 ) — Less: current portion (16,927 ) (2,072 ) Total long-term debt, net of current portion $ 212,154 $ 7,818 As of June 30, 2018 , we had no outstanding borrowings under the New Credit Facility. We had one letter of credit issued on November 30, 2017 and outstanding under the New Credit Facility for approximately $2.0 million , which bears interest at 2.125% and will expire on November 26, 2018. The letter of credit automatically renews annually and secures our obligations under our various self-insured policies. Outstanding borrowings under our New Credit Facility bear interest at either a prime rate or a LIBOR rate, plus an applicable margin based upon our leverage ratio. As of June 30, 2018 , the prime rate margin was equivalent to 1.00% and the LIBOR margin was 2.00% . The weighted average interest rate on our Former Credit Agreement for the three and six months ended June 30, 2018 was 4.2% and 4.0% , respectively. See Note 9 to the Consolidated Financial Statements included herein for further discussion of our unamortized debt issuance costs related to our New Credit Facility. As of June 30, 2018 , we were in compliance with the covenants contained in the New Credit Facility, with a leverage ratio of 5.03 to 1.00 and a fixed charge coverage ratio of 1.93 to 1.00 . Acquisition debt consisted of deferred purchase price and promissory notes payable to sellers. Imputed interest expense related to our acquisition debt was $0.2 million for both the three months ended June 30, 2017 and 2018 and $0.4 million for both the six months ended June 30, 2017 and 2018 . |
Convertible Subordinated Notes
Convertible Subordinated Notes | 6 Months Ended |
Jun. 30, 2018 | |
Convertible Subordinated Notes [Abstract] | |
Convertible Subordinated Notes | CONVERTIBLE SUBORDINATED NOTES On March 19, 2014, we issued $143.75 million aggregate principal amount of our Convertible Notes. The Convertible Notes bear interest at 2.75% per year. Interest on the Convertible Notes began to accrue on March 19, 2014 and is payable semi-annually in arrears on March 15 and September 15 of each year. On May 7, 2018, we completed our exchange (the “Exchange”) of approximately $115.0 million in aggregate principal amount of Convertible Notes, which represented approximately 80% of the aggregate principal amount of our Convertible Notes then outstanding, in privately negotiated exchange agreements with a limited number of convertible noteholders, for approximately $74.8 million in cash (plus accrued interest of $0.4 million totaling $75.2 million ) and 2,822,859 newly issued shares of our common stock, par value $.01 per share, pursuant to a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The cash portion of the exchange consideration was funded from our Former Credit Agreement. Following the settlement of the Exchange, the aggregate principal amount of our Convertible Notes outstanding was reduced to approximately $28.8 million . See Note 10 to the Consolidated Financial Statements included herein for further discussion of our Former Credit Agreement. We recognized a net gain of approximately $1.2 million , which was recorded in Net loss on early extinguishment of debt, related to the Exchange of our Convertible Notes. The gain is composed of a difference of approximately $2.5 million between the fair value and the carrying amount of the liability component of our Convertible Notes immediately preceding the Exchange, partially offset by a write-off of approximately $1.3 million in unamortized debt issuance costs related to the Exchange of our Convertible Notes. The gain does not include the impact of any transaction costs we incurred to exchange the Convertible Notes. We incurred approximately $0.8 million in transactions costs related to the Exchange of our Convertible Notes, of which approximately $0.5 million was expensed and recorded in Net loss on early extinguishment of debt and approximately $0.3 million was allocated to the equity component and recorded in Additional paid-in capital . The carrying values of the liability and equity components of the Convertible Notes at December 31, 2017 and June 30, 2018 are reflected in our Consolidated Balance Sheets as follows (in thousands): December 31, 2017 June 30, 2018 Long-term liabilities: Principal amount $ 143,750 $ 28,764 Unamortized discount of liability component (17,559 ) (3,042 ) Convertible Notes issuance costs, net of accumulated amortization of $1,877 and $429, respectively (1,750 ) (297 ) Carrying value of the liability component $ 124,441 $ 25,425 Carrying value of the equity component $ 17,973 $ 3,585 The Carrying value of the liability component and the Carrying value of the equity component are recorded in Convertible subordinated notes due 2021 and Additional paid-in capital , respectively, on our Consolidated Balance Sheets at December 31, 2017 and June 30, 2018 . The fair value of the Convertible Notes, which are Level 2 measurements, was approximately $34.3 million at June 30, 2018 . Interest expense on the Convertible Notes included contractual coupon interest expense of approximately $1.0 million and $0.5 million for the three months ended June 30, 2017 and 2018 , respectively and approximately $2.0 million and $1.5 million for the six months ended June 30, 2017 and 2018 , respectively. Accretion of the discount on the Convertible Notes was approximately $1.1 million and $0.6 million for the three months ended June 30, 2017 and 2018 , respectively and approximately $2.1 million and $1.7 million for the six months ended June 30, 2017 and 2018 , respectively. Amortization of debt issuance costs related to our Convertible Notes was approximately $0.1 million for both the three months ended June 30, 2017 and 2018 and approximately $0.3 million and $0.2 million for the six months ended June 30, 2017 and 2018 , respectively. The initial conversion rate of the Convertible Notes, as of March 19, 2014, was 44.3169 shares of our common stock per $1,000 principal amount of Convertible Notes, equivalent to an initial conversion price of approximately $22.56 per share of common stock. The adjusted conversion rate of the Convertible Notes, in effect at June 30, 2018 , is 44.7976 shares of our common stock per $1,000 principal amount of Convertible Notes, equivalent to an adjusted conversion price of approximately $22.32 per share of common stock. The remaining unamortized debt discount and the remaining unamortized debt issuance costs are being amortized using the effective interest method over the remaining term of the Convertible Notes. The effective interest rate on the unamortized debt discount for both the three and six months ended June 30, 2017 and 2018 was 11.4% . The effective interest rate on the unamortized debt issuance costs for both the three and six months ended June 30, 2017 and 2018 was 3.2% . |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS ’ EQUITY Stock-Based Compensation Plans During the six months ended June 30, 2018 , we had two stock benefits plans under which restricted stock, stock options and performance awards have been granted or remain outstanding: the Second Amended and Restated 2006 Long-Term Incentive Plan (the “Amended and Restated 2006 Plan”) and the 2017 Omnibus Incentive Plan (the “2017 Plan”). The Amended and Restated 2006 Plan was terminated upon the approval of the 2017 Plan at the annual shareholders meeting on May 17, 2017. The termination of the Amended and Restated 2006 Plan does not affect the awards previously issued and outstanding under the Amended and Restated 2006 Plan. All stock-based plans are administered by the Compensation Committee appointed by our Board of Directors (the “Board”). The 2017 Plan provides for grants of options as non-qualified options or incentive stock options, restricted stock and performance awards. The 2017 Plan expires on May 17, 2027. The status of each of the plans at June 30, 2018 is as follows (shares in thousands): Shares Shares Options Performance Awards Outstanding (2) Amended and Restated 2006 Plan — — 1,528 297 2017 Plan 1,844 (1) 1,306 223 229 Total 1,844 1,306 1,751 526 (1) Amount includes approximately 289,000 shares granted from the Amended and Restated 2006 Plan that were returned to the Company due to cancellations, to pay taxes on restricted stock vestings and to pay option price and taxes on option exercises. (2) Performance Awards are reserved at 200% of shares granted which is equal to the maximum payout in shares. Restricted Stock During the six months ended June 30, 2018 , we issued restricted stock to our leadership team and certain key employees totaling 77,260 shares that vest over a three -year period and had an aggregate grant date market value of approximately $2.0 million . We recorded stock-based compensation expense, which is included in General, administrative and other expenses , for restricted stock awards of $183,000 and $220,000 , during the three months ended June 30, 2017 and 2018 , respectively. We recorded stock-based compensation expense for restricted stock awards of $372,000 and $465,000 , during the six months ended June 30, 2017 and 2018 , respectively. As of June 30, 2018 , we had approximately $2.4 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. Stock Options During the six months ended June 30, 2018 , we granted 212,853 options to our leadership team and certain key employees at a weighted average exercise price of $25.43 . These options will vest in one-fifth increments over a five -year period and have a ten -year term. The fair value of these options was approximately $1.4 million . The fair value of the options granted were estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: 2018 Dividend yield 1.18 % Expected volatility 27.08 % Risk-free interest rate 2.65 % Expected holding period (years) 5.0 Black-Scholes value $6.38 We recorded stock-based compensation expense, which is included in General, administrative and other expenses , for stock options of approximately $331,000 and $236,000 , during the three months ended June 30, 2017 and 2018 , respectively. We recorded stock-based compensation expense, which is included in General, administrative and other expenses , for stock options of approximately $820,000 and $716,000 , during the six months ended June 30, 2017 and 2018 , respectively. Performance Awards During the six months ended June 30, 2018 , we granted 113,320 performance awards to our leadership team and certain key employees, payable in shares. These awards will vest (if at all) on December 31, 2022, provided that certain criteria, including but not limited to, Adjusted Consolidated EBITDA (Adjusted Earnings Before Interest Tax Depreciation and Amortization) and Adjusted Consolidated EBITDA Margin performance is achieved and the individual has remained continuously employed by Carriage through such date. The Adjusted Consolidated EBITDA performance represents 50% of the award and the Adjusted Consolidated EBITDA Margin performance represents 50% of the award. The fair value of these performance awards was approximately $2.9 million and was determined by using the stock price on the grant date of $25.43 . We recorded stock-based compensation expense, which is included in General, administrative and other expenses , for performance awards of $202,000 and $344,000 during the three months ended June 30, 2017 and 2018 , respectively. We recorded stock-based compensation expense, which is included in General, administrative and other expenses , for performance awards of $257,000 and $620,000 during the six months ended June 30, 2017 and 2018 , respectively. Employee Stock Purchase Plan During the three months ended June 30, 2018 , employees purchased a total of 10,503 shares of common stock through our ESPP at a weighted average price of $20.87 per share. During the six months ended June 30, 2018 , employees purchased a total of 24,441 shares of common stock through our ESPP at a weighted average price of $21.55 per share. We recorded stock-based compensation expense, which is included in General, administrative and other expenses , for the ESPP totaling approximately $48,000 and $53,000 for the three months ended June 30, 2017 and 2018 , respectively. We recorded stock-based compensation expense, which is included in General, administrative and other expenses , for the ESPP totaling approximately $144,000 and $150,000 for the six months ended June 30, 2017 and 2018 , respectively. The fair value of the right (option) to purchase shares under the ESPP is estimated at the date of purchase with the four quarterly purchase dates using the following assumptions: 2018 Dividend yield 0.01 % Expected volatility 20.89 % Risk-free interest rate 1.44%, 1.61%, 1.72%, 1.83% 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). Director Compensation Effective May 16, 2018, our Board revised the Director Compensation Policy such that any Director may elect to receive their annual retainer, which is paid in quarterly installments, in unrestricted shares of our common stock, $0.01 par value by providing written notice as set forth in the Director Compensation Policy. The number of shares of such common stock shall be determined by dividing the cash amount of the retainer by the closing price of our common stock on the date of grant, which shall be the last business day of each quarter. Such common stock shall vest immediately upon grant. Any written notice to receive the retainer in common stock shall remain effective until notice otherwise is made in writing. Our Board also revised the Director Compensation Policy such that the new Director grant of $25,000 shall vest immediately. Prior to this change, the stock grant vested 50% immediately and 25% on each of the first and second anniversaries of admission. On May 16, 2018, our Board voted for Douglas B. Meehan to serve as a Class III Director until the 2020 annual meeting of shareholders. Mr. Meehan was appointed to serve as a member of the Audit, Compensation and Corporate Governance Committees. Concurrently with his appointment, the Board granted Mr. Meehan 978 shares of our common stock under our Director Compensation Policy, which were valued at approximately $25,000 based on the closing price on the grant date. Pursuant to the revised Director Compensation Policy described above, two Directors elected to receive their retainer payments in unrestricted shares of our common stock. As such, we granted 1,200 shares of our common stock on June 30, 2018 to these Directors, which were valued at approximately $29,000 based on the closing price on the grant date. We recorded stock-based compensation expense, which is included in General, administrative and other expenses , related to annual retainers and restricted stock awards of $90,000 and $118,000 for the three months ended June 30, 2017 and 2018 , respectively. We recorded stock-based compensation expense, which is included in General, administrative and other expenses , related to annual retainers and restricted stock awards of $180,000 and $202,000 for the six months ended June 30, 2017 and 2018 , respectively. Share Repurchase At June 30, 2018 , we had approximately $26.0 million available for repurchases under our share repurchase program. During the three and six months ended June 30, 2018 , we did not purchase any shares of common stock pursuant to our share repurchase program. Cash Dividends For the six months ended June 30, 2017 and 2018 , our Board declared the following dividends payable on the dates below (in thousands, except per share amounts): 2017 Per Share Dollar Value March 1st $ 0.050 $ 833 June 1st $ 0.050 $ 835 2018 Per Share Dollar Value March 1st $ 0.075 $ 1,207 June 1st $ 0.075 $ 1,433 Accumulated other comprehensive income Our components of accumulated other comprehensive income are as follows (in thousands): Accumulated Other Comprehensive Income Balance at December 31, 2017 $ — Increase in net unrealized gains associated with available-for-sale securities of the trusts 1,540 Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus (1,540 ) Balance at June 30, 2018 $ — |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
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 six months ended June 30, 2017 and 2018 (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Numerator for basic and diluted earnings per share: Net income $ 4,410 $ 2,747 $ 11,494 $ 12,103 Less: Earnings allocated to unvested restricted stock (15 ) (14 ) (43 ) (67 ) Income attributable to common stockholders $ 4,395 $ 2,733 $ 11,451 $ 12,036 Denominator: Denominator for basic earnings per common share - weighted average shares outstanding 16,652 17,916 16,625 17,010 Effect of dilutive securities: Stock options 377 212 381 240 Convertible Notes 1,064 117 1,077 674 Denominator for diluted earnings per common share - weighted average shares outstanding 18,093 18,245 18,083 17,924 Basic earnings per common share: $ 0.26 $ 0.15 $ 0.69 $ 0.71 Diluted earnings per common share: $ 0.24 $ 0.15 $ 0.63 $ 0.67 The fully diluted weighted average shares outstanding for the three and six months ended June 30, 2018 and the corresponding calculation of fully diluted earnings per share, include approximately 117,000 and 674,000 shares, respectively that would have been issued upon the conversion of our Convertible Notes as a result of the application of the if-converted method prescribed by the FASB ASC 260, Earnings Per Share . There were approximately 1,064,000 and 1,077,000 shares for the three and six months ended June 30, 2017 that would have been issued upon conversion under the if-converted method. For the three and six months ended June 30, 2018 , approximately 645,000 and 600,000 shares, respectively, were excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect. There were no stock options that were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2017 . |
Major Segments of Business
Major Segments of Business | 6 Months Ended |
Jun. 30, 2018 | |
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 revenues, gross profit (loss), income (loss) before income taxes and total assets by segment (in thousands): Funeral Cemetery Corporate Consolidated Revenues: Three Months Ended June 30, 2018 $ 48,532 $ 15,315 $ — $ 63,847 Three Months Ended June 30, 2017 48,739 15,113 — 63,852 Six Months Ended June 30, 2018 $ 107,126 $ 30,108 $ — $ 137,234 Six Months Ended June 30, 2017 102,950 29,059 — 132,009 Gross profit (loss): Three Months Ended June 30, 2018 $ 12,654 $ 4,171 $ (6,844 ) $ 9,981 Three Months Ended June 30, 2017 14,412 4,255 (6,946 ) 11,721 Six Months Ended June 30, 2018 $ 32,318 $ 8,695 $ (13,905 ) $ 27,108 Six Months Ended June 30, 2017 33,381 8,378 (14,169 ) 27,590 Income (loss) before income taxes: Three Months Ended June 30, 2018 $ 12,414 $ 4,254 $ (12,921 ) $ 3,747 Three Months Ended June 30, 2017 14,198 4,395 (11,144 ) 7,449 Six Months Ended June 30, 2018 $ 31,828 $ 8,846 $ (24,693 ) $ 15,981 Six Months Ended June 30, 2017 33,020 8,607 (22,372 ) 19,255 Total assets: June 30, 2018 $ 656,331 $ 243,117 $ 46,163 $ 945,611 December 31, 2017 665,483 251,243 4,807 921,533 |
Supplementary Data
Supplementary Data | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Data | SUPPLEMENTARY DATA Balance Sheet The detail of certain balance sheet accounts as of December 31, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 Other current assets: Federal income taxes receivable $ — $ 988 State income taxes receivable 889 1,320 Other current assets 97 152 Total other current assets $ 986 $ 2,460 Current portion of long-term debt and capital lease obligations: Term note $ 15,000 $ — Acquisition debt 1,927 2,072 Capital leases 324 330 Total current portion of long-term debt and capital lease obligations $ 17,251 $ 2,402 Other current liabilities: Federal income taxes payable $ 1,120 $ 618 Deferred rent 241 257 Total other current liabilities $ 1,361 $ 875 Accrued liabilities: Accrued salaries and wages $ 2,643 $ 2,750 Accrued incentive compensation 6,412 4,272 Accrued vacation 2,417 2,710 Accrued insurance 1,832 2,040 Accrued interest 1,271 2,106 Accrued ad valorem and franchise taxes 1,003 1,573 Accrued commissions 461 418 Other accrued liabilities 1,520 1,152 Total accrued liabilities $ 17,559 $ 17,021 Other long-term liabilities: Deferred rent $ 966 $ 836 Incentive compensation 1,287 962 Contingent consideration 1,125 1,045 Total other long-term liabilities $ 3,378 $ 2,843 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Event [Line Items] | |
Subsequent Events | SUBSEQUENT EVENTS On July 10, 2018, we acquired two funeral home businesses in Fredericksburg, VA and Stafford, VA for $29.2 million in cash. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers (Notes) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Revenues Our operations are reported in two business segments: Funeral Home Operations and Cemetery Operations. Revenues, disaggregated by major source for each of our reportable segments was as follows (in thousands): Three Months Ended June 30, 2018 Funeral Cemetery Total Services $ 29,023 $ 2,949 $ 31,972 Merchandise 17,296 2,372 19,668 Cemetery interment rights — 7,863 7,863 Revenue from contracts with customers $ 46,319 $ 13,184 $ 59,503 Preneed funeral commission income $ 354 $ — $ 354 Preneed trust earnings 1,728 1,433 3,161 Preneed trust management fees 131 202 333 Preneed cemetery finance charges — 496 496 Financial revenues $ 2,213 $ 2,131 $ 4,344 Total Revenues $ 48,532 $ 15,315 $ 63,847 Three Months Ended June 30, 2017 Funeral Cemetery Total Services $ 29,205 $ 2,926 $ 32,131 Merchandise 17,475 2,166 19,641 Cemetery interment rights — 7,543 7,543 Revenue from contracts with customers $ 46,680 $ 12,635 $ 59,315 Preneed funeral commission income $ 333 $ — $ 333 Preneed trust earnings 1,590 1,828 3,418 Preneed trust management fees 136 200 336 Preneed cemetery finance charges — 450 450 Financial revenues $ 2,059 $ 2,478 $ 4,537 Total Revenues $ 48,739 $ 15,113 $ 63,852 Six Months Ended June 30, 2018 Funeral Cemetery Total Services $ 64,587 $ 6,069 $ 70,656 Merchandise 38,014 4,330 42,344 Cemetery interment rights — 15,372 15,372 Revenue from contracts with customers $ 102,601 $ 25,771 $ 128,372 Preneed funeral commission income $ 614 $ — $ 614 Preneed trust earnings 3,642 2,982 6,624 Preneed trust management fees 269 412 681 Preneed cemetery finance charges — 943 943 Financial revenues $ 4,525 $ 4,337 $ 8,862 Total Revenues $ 107,126 $ 30,108 $ 137,234 Six Months Ended June 30, 2017 Funeral Cemetery Total Services $ 62,004 $ 5,925 $ 67,929 Merchandise 36,638 4,010 40,648 Cemetery interment rights — 14,448 14,448 Revenue from contracts with customers $ 98,642 $ 24,383 $ 123,025 Preneed funeral commission income $ 636 $ — $ 636 Preneed trust earnings 3,398 3,343 6,741 Preneed trust management fees 274 401 675 Preneed cemetery finance charges — 932 932 Financial revenues $ 4,308 $ 4,676 $ 8,984 Total Revenues $ 102,950 $ 29,059 $ 132,009 Deferred Revenue Deferred revenue is presented net of amounts due on undelivered preneed contracts shown below as of January 1, 2018 and June 30, 2018 (in thousands): January 1, 2018 (1) June 30, 2018 Contract liabilities: Deferred preneed cemetery revenue $ 54,690 $ 55,264 Less: Balances due on undelivered cemetery preneed contracts (2) (4,594 ) (4,565 ) Deferred preneed cemetery revenue, net $ 50,096 $ 50,699 Deferred preneed funeral revenue $ 34,585 $ 36,018 Less: Balances due on undelivered funeral preneed contracts (3) (7,934 ) (8,278 ) Deferred preneed funeral revenue, net $ 26,651 $ 27,740 (1) January 1, 2018 balances have been adjusted to reflect the cumulative effect of changes for the adoption of ASC 606. (2) In accordance with Topic 606, $1.4 million of cemetery accounts receivables have been reclassified to reduce deferred preneed cemetery revenue at both January 1, 2018 and June 30, 2018 and $3.2 million of preneed cemetery receivables have been reclassified to reduce deferred preneed cemetery revenue at both January 1, 2018 and June 30, 2018. (3) In accordance with Topic 606, $7.9 million and $8.3 million of preneed funeral receivables have been reclassified to reduce deferred preneed funeral revenue at January 1, 2018 and June 30, 2018, respectively. Our merchandise and service performance obligations related to our preneed contracts are considered fulfilled at the point in time the merchandise is delivered or the burial, cremation or interment service is performed. The transaction price allocated to preneed merchandise and service performance obligations that were unfulfilled at June 30, 2018 was $4.6 million for preneed cemetery contracts and $8.3 million for preneed funeral contracts. As these performance obligations are to be completed after the date of death, we cannot quantify the recognition of revenue for any given period. However, we estimate an average maturity period of eight years for preneed cemetery contracts and ten years for preneed funeral contracts. |
Senior Notes (Notes)
Senior Notes (Notes) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | SENIOR NOTES On May 31, 2018, we completed the issuance of $325.0 million in aggregate principal amount of our Senior Notes and related guarantees in a private offering under Rule 144A and Regulation S of the Securities Act. We received proceeds of $320.1 million , net of a 1.5% debt discount of $4.9 million , of which we used $291.4 million to repay our existing indebtedness under our Former Credit Agreement and intend to use the remaining net proceeds for general corporate purposes, including acquisitions. We incurred approximately $1.4 million in transaction costs related to the Senior Notes. See Note 10 to the Consolidated Financial Statements included herein for further discussion of the repayment of our Former Credit Agreement. The Senior Notes were issued under an indenture, dated as of May 31, 2018 (the “Indenture”), among us, certain of our existing subsidiaries (collectively, the “Subsidiary Guarantors”), as guarantors, and Wilmington Trust, National Association., as trustee. The Senior Notes bear interest at 6.625% per year. Interest on the Senior Notes began to accrue on May 31, 2018 and is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2018 to holders of record on each May 15 and November 15 preceding an interest payment date. The Senior Notes mature on June 1, 2026, unless earlier redeemed or purchased. The Senior Notes are unsecured, senior obligations and are fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by each of the Subsidiary Guarantors. We may redeem all or part of the Senior Notes at any time prior to June 1, 2021 at a redemption price equal to 100% of the principal amount of Senior Notes redeemed, plus a “make whole” premium, and accrued and unpaid interest, if any, to the date of redemption. We have the right to redeem the Senior Notes at any time on or after June 1, 2021 at the redemption prices described in the Indenture, plus accrued and unpaid interest, if any, to the date of redemption. Additionally, at any time before June 1, 2021, we may redeem up to 40% of the aggregate principal amount of the Senior Notes issued with an amount equal to the net proceeds of certain equity offerings, at a price equal to 106.625% of the principal amount of the Senior Notes, plus accrued and unpaid interest, if any, to the date of redemption; provided that (1) at least 60% of the aggregate principal amount of the Senior Notes (including any additional Senior Notes) originally issued under the Indenture remain outstanding immediately after the occurrence of such redemption (excluding Senior Notes held by us); and (2) each such redemption must occur within 180 days of the date of the closing of each such equity offering. If a “change of control” occurs, holders of the Senior Notes will have the option to require us to purchase for cash all or a portion of their Senior Notes at a price equal to 101% of the principal amount of the Senior Notes, plus accrued and unpaid interest. In addition, if we make certain asset sales and do not reinvest the proceeds thereof or use such proceeds to repay certain debt, it will be required to use the proceeds of such asset sales to make an offer to purchase the Senior Notes at a price equal to 100% of the principal amount of the Senior Notes, plus accrued and unpaid interest. The Indenture contains restrictive covenants limiting our ability and our Restricted Subsidiaries (as defined in the Indenture) to, among other things, incur additional indebtedness or issue certain preferred shares, create liens on certain assets to secure debt, pay dividends or make other equity distributions, purchase or redeem capital stock, make certain investments, sell assets, agree to certain restrictions on the ability of Restricted Subsidiaries to make payments to us, consolidate, merge, sell or otherwise dispose of all or substantially all assets, or engage in transactions with affiliates. The Indenture also contains customary events of default. The debt discount of $4.9 million and the debt issuance costs of $1.4 million are being amortized using the effective interest method over the remaining term of approximately 95 months of the Senior Notes. The effective interest rate on the unamortized debt discount and the unamortized debt issuance costs for both the three and six months ended June 30, 2018 was 6.87% and 6.69% , respectively. The carrying value of the Senior Notes at June 30, 2018 are reflected in our Consolidated Balance Sheets as follows (in thousands): June 30, 2018 Long-term liabilities: Principal amount $ 325,000 Debt discount, net of accumulated amortization of $38 (4,837 ) Debt issuance costs, net of accumulated amortization of $11 (1,356 ) Carrying value of the Senior Notes $ 318,807 The fair value of the Senior Notes, which are Level 2 measurements, was approximately $329.3 million at June 30, 2018 . Interest expense on the Senior Notes included contractual coupon interest expense of approximately $1.9 million for the three and six months ended June 30, 2018 . Amortization of the debt discount and debt issuance costs on the Senior Notes was $38,000 and $11,000 for both the three and six months ended June 30, 2018 , respectively. |
Basis Of Presentation And Sum23
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation and Interim Condensed Disclosures, Policy | Principles of Consolidation and Interim Condensed Disclosures Our unaudited consolidated financial statements include the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. Our interim 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 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, 2017 unless otherwise disclosed herein, and should be read in conjunction therewith. |
Reclassification, Policy | Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period financial statements presentation with no effect on our previously reported results of operations, consolidated financial position, or cash flows. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Use of Estimates, Policy | Use of Estimates The preparation of our Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, realization of accounts receivable, goodwill, intangible assets, property and equipment and deferred tax assets and liabilities. We base our estimates on historical experience, third-party data and assumptions that we believe to be reasonable under the circumstances. The results of these considerations form the basis for making judgments about the amount and timing of revenues and expenses, the carrying value of assets and the recorded amounts of liabilities. Actual results may differ from these estimates and such estimates may change if the underlying conditions or assumptions change. Historical performance should not be viewed as indicative of future performance, as there can be no assurance that our results of operations will be consistent from year to year. |
Funeral and Cemetery Operations, Policy | Funeral Home Operations Our funeral home operations are principally service businesses that generate revenues from sales of burial and cremation services and related merchandise, such as caskets and urns. Funeral services include consultation, the removal and preparation of remains, the use of funeral home facilities for visitation and remembrance services and transportation services. We provide funeral services and products on both an atneed and preneed basis. Funeral arrangements sold at the time of death are referred to as atneed funeral contracts. We record the revenue from atneed funeral contracts when the merchandise is delivered or the service is performed. Merchandise delivery and service performance generally takes place shortly after the time of need. Payment is due at or before time of transfer. Outstanding balances due from customers, if any, on atneed funeral contracts are included in Accounts receivable on our Consolidated Balance Sheets . Funeral arrangements sold prior to death occurring are referred to as preneed funeral contracts. In many instances, the customer pays for the preneed contract over a period of time. The performance of a preneed funeral contract is secured by placing the funds collected, less amounts that we may retain under state regulations, in trust for the benefit of the customer or by the customer's purchase of a life insurance policy, the proceeds of which will pay for such services at the time of need. These methods are intended to fund preneed funeral contracts, cover the original contract price and generally include an element of growth (earnings) designed to offset future inflationary cost increases. Revenue from preneed funeral contracts, along with accumulated earnings, is deferred until the time the merchandise is delivered or the service is performed. The principal and accumulated earnings of the trusts are withdrawn at maturity (death) or cancellation. The cumulative trust income earned and the increases in insurance benefits on the insurance products are recognized when the service is performed. The amounts deposited in trusts that we control are included in the non-current asset section of our Consolidated Balance Sheets. Beginning January 1, 2018, balances due on undelivered preneed funeral trust contracts have been reclassified to reduce Deferred preneed funeral revenue on our Consolidated Balance Sheet, as noted in our table of Deferred Revenue in Note 3 to the Consolidated Financial Statements included herein. See Note 2 to the Consolidated Financial Statements included herein for additional information related to our adoption of the new revenue recognition standard on January 1, 2018. The earnings from our preneed funeral trust investments, as well as trust management fees charged by our wholly-owned registered investment advisory firm (“CSV RIA”) are recorded as Preneed trust earnings - funeral , as noted in our table of disaggregated revenues in Note 3 to the Consolidated Financial Statements included herein. As of June 30, 2018 , CSV RIA provided these services to one institution, which has custody of 77% of our trust assets, for a fee based on the market value of trust assets. Under state trust laws, we are allowed to charge the trust a fee for advising on the investment of the trust assets and these fees are recognized as income in the period in which services are provided. When preneed funeral contracts are funded through third-party insurance policies, we earn a commission on the sale of the policies. Insurance commissions are recorded as Preneed funeral commission income , as noted in our table of disaggregated revenues in Note 3 to the Consolidated Financial Statements included herein, at the point at which the commission is no longer subject to refund, which is typically one year after the policy is issued. Preneed funeral contracts to be funded at maturity by insurance policies totaled $371.5 million at June 30, 2018 and are not included on our Consolidated Balance Sheets. See Note 3 to the Consolidated Financial Statements included herein for additional information on our revenues. Revenue Recognition - Cemetery Operations Our cemetery operations generate revenues primarily through sales of cemetery interment rights (primarily grave sites, lawn crypts, mausoleum spaces and niches), related cemetery merchandise (such as outer burial containers, memorial markers and floral placements) and services (interments, inurnments and installation of cemetery merchandise). We provide cemetery services and products on both an atneed and preneed basis. Cemetery arrangements sold at the time of death are referred to as atneed cemetery contracts. We record the revenue from atneed cemetery contracts when the product is delivered or the service is performed. Payment is due at or before time of transfer. Outstanding balances due from customers, if any, on completed atneed contracts are included in Accounts receivable on our Consolidated Balance Sheet . Cemetery arrangements sold prior to death occurring are referred to as preneed cemetery contracts. Preneed cemetery contracts are usually financed through interest-bearing installment sales contracts, generally with terms of up to five years. In substantially all cases, we receive an initial down payment at the time the contract is signed. We record revenue on the sales of cemetery property interment rights at the time the contract is signed. Customers select a specific location and space for their interment right, thus, restricting us from other use or transfer of the contracted cemetery property. The interment right is deeded to the customer when the contract is paid in full. Revenue from preneed sales of cemetery merchandise and services contracts, along with accumulated earnings, is not recognized until the time the merchandise is transferred or the service is performed. Earnings on these installment contracts are recorded as Preneed cemetery finance charges , as noted in our table of disaggregated revenues in Note 3 to the Consolidated Financial Statements included herein. The performance of the preneed cemetery contracts is secured by placing the funds collected, less amounts that we may retain under state regulations, in trust for the benefit of the customer, the proceeds of which will pay for such services at the time of need. This method is intended to fund preneed contracts, cover the original contract price and generally include an element of growth (earnings) designed to offset future inflationary cost increases. The amounts deposited in trusts that we control are included in the non-current asset section of our Consolidated Balance Sheets. The earnings from preneed cemetery contracts placed in trust, as well as the trust management fees charged by our CSV RIA are recorded as Preneed trust earnings - cemetery , as noted in our table of disaggregated revenues in Note 3 to the Consolidated Financial Statements included herein. Balances due from customers on delivered preneed cemetery contracts are included in Accounts receivable and Preneed receivables on our Consolidated Balance Sheet. Beginning January 1, 2018, balances due on undelivered preneed cemetery contracts have been reclassified to reduce Deferred preneed cemetery revenue on our Consolidated Balance Sheet, as noted in our table of Deferred Revenue in Note 3 to the Consolidated Financial Statements included herein. See Note 2 to the Consolidated Financial Statements included herein for additional information related to our adoption of the new revenue recognition standard on January 1, 2018. Interment right costs, which include real property and other costs related to cemetery development, are expensed using the specific identification method in the period in which the sale of the interment right is recognized as revenue. We recorded amortization expense for cemetery interment rights of approximately $0.8 million and $0.9 million for the three months ended June 30, 2017 and 2018 , respectively and approximately $1.6 million and $1.8 million for the six months ended June 30, 2017 and 2018 , respectively. See Note 3 to the Consolidated Financial Statements included herein for additional information on our revenues. Arrangements with Multiple Performance Obligations Some of our contracts with customers include multiple performance obligations. For these contracts, we allocate transaction price to each performance obligation based on its relative standalone selling price, which is based on prices charged to customers per our general price list. Packages for service and ancillary items are offered to help the customer make decisions during emotional/stressful times. Package discounts are reflected net in Services Revenue. We recognize revenue when the merchandise is transferred or the service is performed, in satisfaction of the corresponding performance obligation. Sales taxes collected are recognized on a net basis in our Consolidated Financial Statements. Allowances for bad debts and customer cancellations Our funeral receivables recorded in Accounts Receivable, net primarily consist of amounts due for funeral services already performed which were $8.5 million and $6.7 million at December 31, 2017 and June 30, 2018 , respectively. We estimate an allowance for doubtful accounts on these receivables based on our historical experience, which amounted to 2.5% and 3.0% of funeral receivables at December 31, 2017 and June 30, 2018 , respectively. In addition, our other funeral receivables not related to funeral services performed were $0.8 million and $0.6 million at December 31, 2017 and June 30, 2018 , respectively. Our cemetery financed receivables totaled $40.5 million and $42.2 million at December 31, 2017 and June 30, 2018 , respectively. The unearned finance charges associated with these receivables were $5.7 million at both December 31, 2017 and June 30, 2018 . If a preneed contract is canceled prior to delivery, state law determines the amount of the refund owed to the customer. Allowances for bad debts and customer cancellations on cemetery financed receivables are provided at the date that the sale is recognized as revenue and are based on our historical experience. We also monitor changes in delinquency rates and provide additional bad debt and cancellation reserves when warranted. 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 4.9% of the total receivables at both December 31, 2017 and June 30, 2018 . |
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 major replacements that extend the useful economic life of the asset are capitalized. Depreciation of property, plant and equipment (including equipment under capital leases) is computed based on the straight-line method. |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill The excess of the purchase price over the fair value of identifiable net assets of funeral home businesses acquired is recorded as goodwill. Goodwill has primarily been recorded in connection with the acquisition of funeral home businesses. Goodwill has an indefinite life and is not subject to amortization. As such, we test goodwill for impairment on an annual basis, using information as of August 31st each year. Our intent is to perform a quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise and perform a qualitative assessment during the remaining two years. We conducted qualitative assessments in 2017 . For our 2016 annual impairment test, however, we performed a quantitative goodwill impairment test. 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, 2017 , for a discussion of the methodology used for the goodwill impairment test. In addition to our annual review, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value of a reporting unit 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. No such events or changes occurred between our testing date and reporting period to trigger a subsequent impairment review. No impairments were recorded to our goodwill during the three and six months ended June 30, 2017 and 2018 . |
New Accounting Pronouncements, Policy | Goodwill The excess of the purchase price over the fair value of identifiable net assets of funeral home businesses acquired is recorded as goodwill. Goodwill has primarily been recorded in connection with the acquisition of funeral home businesses. Goodwill has an indefinite life and is not subject to amortization. As such, we test goodwill for impairment on an annual basis, using information as of August 31st each year. Our intent is to perform a quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise and perform a qualitative assessment during the remaining two years. We conducted qualitative assessments in 2017 . For our 2016 annual impairment test, however, we performed a quantitative goodwill impairment test. 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, 2017 , for a discussion of the methodology used for the goodwill impairment test. In addition to our annual review, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value of a reporting unit 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. No such events or changes occurred between our testing date and reporting period to trigger a subsequent impairment review. No impairments were recorded to our goodwill during the three and six months ended June 30, 2017 and 2018 . Intangible Assets Our intangible assets include tradenames resulting from acquisitions and are included in Intangible and other non-current assets on our Consolidated Balance Sheets. Our tradenames are considered to have an indefinite life and are not subject to amortization. As such, we test our intangible assets for impairment on an annual basis, using information as of August 31st each year. Our intent is to perform a quantitative impairment test at least once every three years unless certain indicators or events suggest otherwise and perform a qualitative assessment during the remaining two years. We conducted qualitative assessments in 2017 . For our 2016 annual impairment test, however, we performed a quantitative impairment test using the relief from royalty method. 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, 2017 , for a discussion of the methodology used for the intangibles impairment test. In addition to our annual review, we assess the impairment of intangible assets whenever certain events or changes in circumstances indicate that the carrying value of the intangible asset may be greater than the fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant negative industry or economic trends. No impairments were recorded to our intangible assets during the three and six months ended June 30, 2017 and 2018 . Stock Plans and Stock-Based Compensation We have stock-based employee and director compensation plans under which we grant restricted stock, stock options and performance awards. We also have an employee stock purchase plan (the “ESPP”). We recognize compensation expense in an amount equal to the fair value of the stock-based awards expected to vest or to be purchased over the requisite service period. Fair value is determined on the date of the grant. The fair value of restricted stock is determined using the stock price on the grant date. The fair value of options or awards containing options is determined using the Black-Scholes valuation model. The fair value of the performance awards related to market performance is determined using a Monte-Carlo simulation pricing model. The fair value of the performance awards related to internal performance metrics is determined using the stock price on the grant date. The fair value of the ESPP is determined based on the discount element offered to employees and the embedded option element, which is determined using an option calculation model. See Note 13 to the Consolidated Financial Statements included herein for additional information on our stock-based compensation plans. Revenue Recognition In May 2014, the FASB issued ASU, Revenue from Contracts with Customers (Topic 606). FASB Accounting Standards Codification (“ASC”) Topic 606 supersedes the revenue recognition requirements under 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 recognizes 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 Topic 606, 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. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. We adopted the provisions of this ASU on January 1, 2018 using the modified retrospective approach. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Topic 606 did not materially affect the accounting for our revenue streams. Revenue from sales of preneed cemetery interment rights was previously recognized in the period in which the customer’s cumulative payments exceeded 10% of the contract price related to the interment right. Under Topic 606, we recognize revenue at the time the contract is signed. Customers select a specific location and space for their interment right, thus, restricting us from other use or transfer of the contracted cemetery property. The interment right is deeded to the customer when the contract is paid in full. Because we generally receive an initial down payment at the time the contract is signed, there is no significant difference in the timing of revenue recognition under Topic 606, as compared to previous guidance. Revenue from preneed sales of funeral and cemetery merchandise and services continues to be deferred and recognized when the merchandise is delivered or the service is performed. Topic 606 impacted our accounting for incremental selling costs, primarily commission costs, related to preneed cemetery merchandise and services and preneed funeral trust contracts. Under Topic 606, these costs are capitalized and amortized over the average maturity period for our preneed cemetery contracts and preneed funeral trust contracts. Previously, these costs were expensed in the period incurred. Our capitalized commissions on preneed contracts are included in Intangible and other non-current assets on our Consolidated Balance Sheets. See Note 9 to the Consolidated Financial Statements included herein for additional information. The selling costs related to the sales of cemetery interment rights, which include real property and other costs related to cemetery development activities, continue to be expensed using the specific identification method in the period in which the sale of the cemetery interment right is recognized as revenue. The selling costs related to preneed funeral insurance contracts continue to be expensed in the period incurred as these contracts are not included on our Consolidated Balance Sheets. Topic 606 also impacted our classification of amounts due from customers for undelivered performance obligations. Under Topic 606 amounts due on our preneed funeral trust contracts and preneed cemetery merchandise and services contracts have been reclassified to reduce Deferred preneed funeral revenue and Deferred preneed cemetery revenue , respectively, on our Consolidated Balance Sheets. These amounts were previously reported as Accounts receivable and Preneed receivables on our Consolidated Balance Sheets. The adoption of the provisions of this ASU did not have a material impact on our effective tax rate for the reporting period. The following table presents the impact of the adoption of Topic 606 on our Consolidated Balance Sheet (in thousands): As of June 30, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change Assets Accounts receivable, net of allowance for bad debts $ 17,026 $ 18,450 $ (1,424 ) Preneed receivables, net of allowance for bad debts $ 21,327 $ 32,746 $ (11,419 ) Intangible and other non-current assets $ 2,816 $ — $ 2,816 Liabilities Deferred preneed cemetery revenue, net $ 50,699 $ 55,264 $ (4,565 ) Deferred preneed funeral revenue, net $ 27,740 $ 36,018 $ (8,278 ) Deferred tax liability $ 30,293 $ 29,636 $ 657 Stockholders’ equity: Retained earnings $ 72,138 $ 69,979 $ 2,159 The following table presents the impact of the adoption of Topic 606 on our Consolidated Statement of Operations (in thousands, except per share data): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change As Reported Balances Without Adoption of Topic 606 Effect of Change Field costs and expenses: Funeral $ 33,238 $ 33,267 $ (29 ) $ 69,604 $ 69,672 $ (68 ) Cemetery $ 9,880 $ 9,869 $ 11 $ 18,940 $ 18,910 $ 30 Income before income taxes $ 3,747 $ 3,729 $ 18 $ 15,981 $ 15,943 $ 38 Net income $ 2,747 $ 2,734 $ 13 $ 12,103 $ 12,075 $ 28 Basic earnings per common share: $ 0.15 $ 0.15 $ — $ 0.71 $ 0.71 $ — Diluted earnings per common share: $ 0.15 $ 0.15 $ — $ 0.67 $ 0.67 $ — Dividends declared per common share $ 0.075 $ 0.075 $ — $ 0.075 $ 0.075 $ — The following table presents the impact of the adoption of Topic 606 on our Consolidated Statement of Cash Flows (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change As Reported Balances Without Adoption of Topic 606 Effect of Change Adjustments to reconcile net income to net cash provided by operating activities: Amortization of capitalized commissions on preneed contracts $ 144 $ — $ 144 $ 293 $ — $ 293 Changes in operating assets and liabilities that provided (required) cash: Intangible and other non-current assets $ (162 ) $ — $ (162 ) $ (331 ) $ — $ (331 ) The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of Topic 606 was as follows (in thousands): December 31, 2017 Effect of Adoption of January 1, 2018 Assets Accounts receivable, net of allowance for bad debts (1) $ 19,655 $ (1,399 ) $ 18,256 Preneed receivables, net of allowance for bad debts (2)(3) $ 31,644 $ (11,129 ) $ 20,515 Intangible and other non-current assets (4) $ — $ 2,778 $ 2,778 $ (9,750 ) Liabilities Deferred preneed cemetery revenue (1)(2) $ 54,690 $ (4,594 ) $ 50,096 Deferred preneed funeral revenue (3) $ 34,585 $ (7,934 ) $ 26,651 Deferred tax liability (4) $ 31,159 $ 647 $ 31,806 Stockholders’ equity: Retained earnings (4) $ 57,904 $ 2,131 $ 60,035 $ (9,750 ) (1) Under Topic 606, receivables represent an entity’s unconditional right to consideration, billed or unbilled. Our balance of accounts receivable, net of allowance for bad debts, of $19.7 million at December 31, 2017, included the current portion of receivables for preneed cemetery merchandise and service contracts totaling $1.4 million. As these amounts represent undelivered performance obligations, they have been reclassified to reduce deferred preneed cemetery revenue on January 1, 2018. (2) Under Topic 606, receivables represent an entity’s unconditional right to consideration, billed or unbilled. Our balance of preneed receivables, net of allowance for bad debts, of $31.6 million at December 31, 2017, included the non-current portion of receivables for preneed cemetery merchandise and service contracts totaling $4.6 million. As these amounts represent undelivered performance obligations, they have been reclassified to reduce deferred preneed cemetery revenue on January 1, 2018. (3) Under Topic 606, receivables represent an entity’s unconditional right to consideration, billed or unbilled. Our balance of preneed receivables, net of allowance for bad debts, $31.6 million at December 31, 2017, included the non-current portion of receivables for preneed funeral trust contracts totaling $7.9 million. As these amounts represent undelivered performance obligations, they have been reclassified to reduce deferred preneed funeral revenue on January 1, 2018. (4) Under Topic 606, certain costs incurred to obtain or fulfill a contract with a customer are capitalized. Beginning January 1, 2018, we capitalize selling costs related to undelivered preneed cemetery merchandise and services and preneed funeral trust contracts. Previously, these costs were expensed in the period incurred. We recorded a cumulative adjustment of approximately $2.1 million to our opening Retained earnings, which consisted of a $2.8 million adjustment to our Intangible and other non-current assets and a $0.6 million adjustment to our Deferred tax liability on our Consolidated Balance Sheets on January 1, 2018. The following accounting pronouncements were adopted on January 1, 2018 with no impact to our Consolidated Financial Statements: Compensation (Topic 718): Stock Compensation – Scope of Modification Accounting The amendments in this ASU provide guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless the fair value, vesting conditions and classification of the modified award are the same as the original award immediately before the award is modified. Business Combinations (Topic 805): Clarifying the Definition of a Business This ASU applies to all entities that must determine whether they have acquired or sold a business. The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This ASU applies to all entities that are required to present a statement of cash flows under Topic 230. The amendments provide guidance on eight specific cash flow issues and includes clarification on how these items should be classified in the statement of cash flows and is designed to help eliminate diversity in practice as to where items are classified in the cash flow statement. In November 2016, the FASB issued additional guidance on this topic that requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the statement of cash flows. Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The amendments in this ASU address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and apply to all entities that hold financial assets or owe financial liabilities. The amendments in this ASU also simplify the impairment assessment of equity investments without readily determinable fair values by requiring assessment for impairment qualitatively at each reporting period. That impairment assessment is similar to the qualitative assessment for long-lived assets, goodwill, and indefinite-lived intangible assets. Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued ASU, Leases (Topic 842) . This ASU addresses certain aspects of recognition, presentation, and disclosure of leases and applies to all entities that enter into a lease, with some specified scope exemptions. The amendments in this ASU aim to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with earlier application permitted for all entities. Both lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which recognizes the cumulative effect of initially applying the standard as an adjustment to retained earnings at the date of initial application. We plan to adopt the provisions of this ASU for our fiscal year beginning January 1, 2019 and do not expect the adoption of this new accounting standard to have a material impact on our Consolidated Financial Statements. |
Subsequent Events, Policy | Subsequent Events Management evaluated events and transactions during the period subsequent to June 30, 2018 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 Sum24
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Receivables | Accounts receivable was comprised of the following at December 31, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 Funeral receivables, net of allowance for bad debt of $213 and $202, respectively $ 9,061 $ 7,099 Cemetery receivables, net of allowance for bad debt of $622 and $652, respectively 10,331 9,550 Other receivables 263 377 Accounts receivable, net $ 19,655 $ 17,026 Non-current preneed receivables recorded in Preneed Receivables, net represent payments expected to be received beyond one year from the balance sheet date. Preneed receivables were comprised of the following at December 31, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 Funeral receivables, net of allowance for bad debt of $882 $ 7,934 $ — Cemetery receivables, net of allowance for bad debt of $1,396 and $1,460, respectively 23,710 21,327 Preneed receivables, net $ 31,644 $ 21,327 |
Property, Plant and Equipment | Property, plant and equipment was comprised of the following at December 31, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 Land $ 74,981 $ 74,981 Buildings and improvements 211,934 211,938 Furniture, equipment and automobiles 76,155 77,906 Property, plant and equipment, at cost 363,070 364,825 Less: accumulated depreciation (115,776 ) (120,246 ) Property, plant and equipment, net $ 247,294 $ 244,579 |
Recently Issued Accounting St25
Recently Issued Accounting Standards (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table presents the impact of the adoption of Topic 606 on our Consolidated Balance Sheet (in thousands): As of June 30, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change Assets Accounts receivable, net of allowance for bad debts $ 17,026 $ 18,450 $ (1,424 ) Preneed receivables, net of allowance for bad debts $ 21,327 $ 32,746 $ (11,419 ) Intangible and other non-current assets $ 2,816 $ — $ 2,816 Liabilities Deferred preneed cemetery revenue, net $ 50,699 $ 55,264 $ (4,565 ) Deferred preneed funeral revenue, net $ 27,740 $ 36,018 $ (8,278 ) Deferred tax liability $ 30,293 $ 29,636 $ 657 Stockholders’ equity: Retained earnings $ 72,138 $ 69,979 $ 2,159 The following table presents the impact of the adoption of Topic 606 on our Consolidated Statement of Operations (in thousands, except per share data): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change As Reported Balances Without Adoption of Topic 606 Effect of Change Field costs and expenses: Funeral $ 33,238 $ 33,267 $ (29 ) $ 69,604 $ 69,672 $ (68 ) Cemetery $ 9,880 $ 9,869 $ 11 $ 18,940 $ 18,910 $ 30 Income before income taxes $ 3,747 $ 3,729 $ 18 $ 15,981 $ 15,943 $ 38 Net income $ 2,747 $ 2,734 $ 13 $ 12,103 $ 12,075 $ 28 Basic earnings per common share: $ 0.15 $ 0.15 $ — $ 0.71 $ 0.71 $ — Diluted earnings per common share: $ 0.15 $ 0.15 $ — $ 0.67 $ 0.67 $ — Dividends declared per common share $ 0.075 $ 0.075 $ — $ 0.075 $ 0.075 $ — The following table presents the impact of the adoption of Topic 606 on our Consolidated Statement of Cash Flows (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As Reported Balances Without Adoption of Topic 606 Effect of Change As Reported Balances Without Adoption of Topic 606 Effect of Change Adjustments to reconcile net income to net cash provided by operating activities: Amortization of capitalized commissions on preneed contracts $ 144 $ — $ 144 $ 293 $ — $ 293 Changes in operating assets and liabilities that provided (required) cash: Intangible and other non-current assets $ (162 ) $ — $ (162 ) $ (331 ) $ — $ (331 ) The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of Topic 606 was as follows (in thousands): December 31, 2017 Effect of Adoption of January 1, 2018 Assets Accounts receivable, net of allowance for bad debts (1) $ 19,655 $ (1,399 ) $ 18,256 Preneed receivables, net of allowance for bad debts (2)(3) $ 31,644 $ (11,129 ) $ 20,515 Intangible and other non-current assets (4) $ — $ 2,778 $ 2,778 $ (9,750 ) Liabilities Deferred preneed cemetery revenue (1)(2) $ 54,690 $ (4,594 ) $ 50,096 Deferred preneed funeral revenue (3) $ 34,585 $ (7,934 ) $ 26,651 Deferred tax liability (4) $ 31,159 $ 647 $ 31,806 Stockholders’ equity: Retained earnings (4) $ 57,904 $ 2,131 $ 60,035 $ (9,750 ) (1) Under Topic 606, receivables represent an entity’s unconditional right to consideration, billed or unbilled. Our balance of accounts receivable, net of allowance for bad debts, of $19.7 million at December 31, 2017, included the current portion of receivables for preneed cemetery merchandise and service contracts totaling $1.4 million. As these amounts represent undelivered performance obligations, they have been reclassified to reduce deferred preneed cemetery revenue on January 1, 2018. (2) Under Topic 606, receivables represent an entity’s unconditional right to consideration, billed or unbilled. Our balance of preneed receivables, net of allowance for bad debts, of $31.6 million at December 31, 2017, included the non-current portion of receivables for preneed cemetery merchandise and service contracts totaling $4.6 million. As these amounts represent undelivered performance obligations, they have been reclassified to reduce deferred preneed cemetery revenue on January 1, 2018. (3) Under Topic 606, receivables represent an entity’s unconditional right to consideration, billed or unbilled. Our balance of preneed receivables, net of allowance for bad debts, $31.6 million at December 31, 2017, included the non-current portion of receivables for preneed funeral trust contracts totaling $7.9 million. As these amounts represent undelivered performance obligations, they have been reclassified to reduce deferred preneed funeral revenue on January 1, 2018. (4) Under Topic 606, certain costs incurred to obtain or fulfill a contract with a customer are capitalized. Beginning January 1, 2018, we capitalize selling costs related to undelivered preneed cemetery merchandise and services and preneed funeral trust contracts. Previously, these costs were expensed in the period incurred. We recorded a cumulative adjustment of approximately $2.1 million to our opening Retained earnings, which consisted of a $2.8 million adjustment to our Intangible and other non-current assets and a $0.6 million adjustment to our Deferred tax liability on our Consolidated Balance Sheets on January 1, 2018. |
Preneed Trust Investments (Tabl
Preneed Trust Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017 and June 30, 2018 were as follows (in thousands): December 31, 2017 June 30, 2018 Preneed cemetery trust investments, at market value $ 75,992 $ 72,413 Less: allowance for contract cancellation (2,139 ) (2,135 ) Preneed cemetery trust investments, net $ 73,853 $ 70,278 |
Cost and fair market values associated with preneed cemetery trust investments | The cost and fair market values associated with preneed cemetery trust investments at June 30, 2018 are detailed below (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 6,997 $ — $ — $ 6,997 Fixed income securities: Foreign debt 2 4,528 127 (247 ) 4,408 Corporate debt 2 17,905 559 (856 ) 17,608 Preferred stock 2 11,482 57 (572 ) 10,967 Mortgage-backed securities 2 928 328 (14 ) 1,242 Common stock 1 28,100 4,741 (3,365 ) 29,476 Mutual funds: Fixed Income 2 1,201 17 (59 ) 1,159 Trust securities $ 71,141 $ 5,829 $ (5,113 ) $ 71,857 Accrued investment income $ 556 $ 556 Preneed cemetery trust investments $ 72,413 Market value as a percentage of cost 101.0 % The cost and fair market values associated with preneed cemetery trust investments at December 31, 2017 are detailed below (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 3,132 $ — $ — $ 3,132 Fixed income securities: Foreign debt 2 4,834 292 (193 ) 4,933 Corporate debt 2 18,238 1,184 (273 ) 19,149 Preferred stock 2 16,421 510 (588 ) 16,343 Mortgage-backed securities 2 1,018 249 (24 ) 1,243 Common stock 1 26,465 5,250 (2,460 ) 29,255 Mutual funds: Fixed income 2 1,198 50 (11 ) 1,237 Trust securities $ 71,306 $ 7,535 $ (3,549 ) $ 75,292 Accrued investment income $ 700 $ 700 Preneed cemetery trust investments $ 75,992 Market value as a percentage of cost 105.6 % |
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 $ 19 Due in one to five years 3,299 Due in five to ten years 4,246 Thereafter 26,661 Total $ 34,225 |
Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments | Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2018 are shown in the following table (in thousands): June 30, 2018 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 $ 1,821 $ (99 ) $ 1,015 $ (148 ) $ 2,836 $ (247 ) Corporate debt 9,084 (643 ) 968 (213 ) 10,052 (856 ) Preferred stock 5,395 (162 ) 4,687 (410 ) 10,082 (572 ) Mortgage-backed securities — — 68 (14 ) 68 (14 ) Common stock 9,570 (1,491 ) 2,885 (1,874 ) 12,455 (3,365 ) Mutual Funds: Fixed Income 825 (59 ) — — 825 (59 ) Total temporary impaired securities $ 26,695 $ (2,454 ) $ 9,623 $ (2,659 ) $ 36,318 $ (5,113 ) Our preneed cemetery trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2017 are shown in the following table (in thousands): December 31, 2017 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 $ 151 $ (6 ) $ 1,637 $ (187 ) $ 1,788 $ (193 ) Corporate debt 3,735 (72 ) 846 (201 ) 4,581 (273 ) Preferred stock 48 — 8,109 (588 ) 8,157 (588 ) Mortgage-backed securities 127 (15 ) 27 (9 ) 154 (24 ) Common stock 8,249 (1,512 ) 1,742 (948 ) 9,991 (2,460 ) Mutual Funds: Fixed Income 496 (11 ) — — 496 (11 ) Total temporary impaired securities $ 12,806 $ (1,616 ) $ 12,361 $ (1,933 ) $ 25,167 $ (3,549 ) |
Preneed cemetery trust investment security transactions | Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Investment income $ 692 $ 474 $ 1,281 $ 899 Realized gains 1,395 18 2,215 871 Realized losses (929 ) (750 ) (1,312 ) (1,357 ) Expenses and taxes (332 ) (221 ) (877 ) (272 ) Net change in deferred preneed cemetery receipts held in trust (826 ) 479 (1,307 ) (141 ) $ — $ — $ — $ — |
Purchases and sales of investments in preneed cemetary trusts | Purchases and sales of investments in the preneed cemetery trusts for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Purchases $ (10,831 ) $ (6,882 ) $ (18,440 ) $ (10,258 ) Sales 7,208 6,340 13,189 13,899 |
Components of preneed funeral trust investments | The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2017 and June 30, 2018 were as follows (in thousands): December 31, 2017 June 30, 2018 Preneed funeral trust investments, at market value $ 93,341 $ 93,987 Less: allowance for contract cancellation (2,659 ) (2,784 ) Preneed funeral trust investments, net $ 90,682 $ 91,203 |
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 $ 21 Due in one to five years 5,057 Due in five to ten years 4,182 Thereafter 26,774 Total $ 36,034 |
Cost and fair market values associated with preneed funeral trust investments | The cost and fair market values associated with preneed funeral trust investments at June 30, 2018 are detailed below (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 23,912 $ — $ — $ 23,912 Fixed income securities: U.S treasury debt 1 1,490 6 (28 ) 1,468 Foreign debt 2 4,515 129 (243 ) 4,401 Corporate debt 2 18,110 520 (874 ) 17,756 Preferred stock 2 11,549 49 (575 ) 11,023 Mortgage-backed securities 2 1,061 341 (16 ) 1,386 Common stock 1 27,604 4,686 (3,301 ) 28,989 Mutual funds: Fixed income 2 1,525 17 (89 ) 1,453 Other investments 2 3,040 — — 3,040 Trust securities $ 92,806 $ 5,748 $ (5,126 ) $ 93,428 Accrued investment income $ 559 $ 559 Preneed funeral trust investments $ 93,987 Market value as a percentage of cost 100.7 % The cost and fair market values associated with preneed funeral trust investments at December 31, 2017 are detailed below (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 14,349 $ — $ — $ 14,349 Fixed income securities: U.S. treasury debt 1 1,490 10 (15 ) 1,485 Foreign debt 2 4,870 298 (189 ) 4,979 Corporate debt 2 18,963 1,197 (278 ) 19,882 Preferred stock 2 16,335 501 (585 ) 16,251 Mortgage-backed securities 2 1,187 263 (27 ) 1,423 Common stock 1 26,129 5,253 (2,468 ) 28,914 Mutual funds: Fixed income 2 1,974 52 (48 ) 1,978 Other investments 2 3,341 — — 3,341 Trust securities $ 88,638 $ 7,574 $ (3,610 ) $ 92,602 Accrued investment income $ 739 $ 739 Preneed funeral trust investments $ 93,341 Market value as a percentage of cost 104.5 % |
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 June 30, 2018 are shown in the following table (in thousands): June 30, 2018 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. treasury debt $ 1,310 $ (28 ) $ — $ — $ 1,310 $ (28 ) Foreign debt 1,853 (101 ) 966 (142 ) 2,819 (243 ) Corporate debt 9,208 (661 ) 960 (213 ) 10,168 (874 ) Preferred stock 5,600 (168 ) 4,586 (407 ) 10,186 (575 ) Mortgage-backed securities — — 164 (16 ) 164 (16 ) Common stock 9,459 (1,440 ) 2,873 (1,861 ) 12,332 (3,301 ) Mutual Funds: Fixed income 859 (61 ) 246 (28 ) 1,105 (89 ) Insurance: 439 — — — 439 — Total temporary impaired securities $ 28,728 $ (2,459 ) $ 9,795 $ (2,667 ) $ 38,523 $ (5,126 ) Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2017 are shown in the following table (in thousands): December 31, 2017 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. treasury debt $ 1,325 $ (15 ) $ — $ — $ 1,325 $ (15 ) Foreign debt 159 (6 ) 1,608 (183 ) 1,767 (189 ) Corporate debt 3,770 (74 ) 842 (203 ) 4,612 (277 ) Preferred stock 50 — 8,184 (585 ) 8,234 (585 ) Mortgage-backed securities 221 (17 ) 36 (10 ) 257 (27 ) Common stock 8,001 (1,496 ) 1,728 (972 ) 9,729 (2,468 ) Mutual funds: Fixed income 549 (12 ) 615 (37 ) 1,164 (49 ) Total temporary impaired securities $ 14,075 $ (1,620 ) $ 13,013 $ (1,990 ) $ 27,088 $ (3,610 ) |
Preneed funeral trust investment security transactions | Preneed funeral trust investment security transactions recorded in Other, net on the Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Investment income $ 686 $ 479 $ 1,277 $ 891 Realized gains 1,472 11 2,296 2,907 Realized losses (933 ) (782 ) (1,312 ) (1,391 ) Expenses and taxes (377 ) (334 ) (716 ) (478 ) Net change in deferred preneed funeral receipts held in trust (848 ) 626 (1,545 ) (1,929 ) $ — $ — $ — $ — |
Purchases and sales of investments in preneed funeral trusts | Purchases and sales of investments in the preneed funeral trusts for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Purchases $ (10,974 ) $ (7,153 ) $ (18,582 ) $ (10,439 ) Sales 7,242 6,617 13,243 14,212 |
Preneed Cemetery Receivables (T
Preneed Cemetery Receivables (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Preneed Cemetery Receivables [Abstract] | |
Preneed Cemetery Receivables | June 30, 2018 , the change in the allowance for contract cancellations was as follows (in thousands): June 30, 2018 Beginning balance $ 2,019 Write-offs and cancellations (478 ) Provision 570 Ending balance $ 2,111 |
Aging of Past Due Financing Receivables | The aging of preneed cemetery financed receivables as of June 30, 2018 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 Financed Receivables Recognized revenue $ 742 $ 323 $ 145 $ 1,372 $ 2,582 $ 28,679 $ 31,261 Deferred revenue 233 110 34 367 744 10,160 10,904 Total $ 975 $ 433 $ 179 $ 1,739 $ 3,326 $ 38,839 $ 42,165 |
Receivables from Preneed Trus28
Receivables from Preneed Trusts (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables From Preneed Trusts [Abstract] | |
Receivables from Preneed Trusts | As of December 31, 2017 and June 30, 2018 , receivables from preneed trusts were as follows (in thousands): December 31, 2017 June 30, 2018 Preneed trust funds, at cost $ 15,759 $ 16,818 Less: allowance for contract cancellation (472 ) (505 ) Receivables from preneed trusts, net $ 15,287 $ 16,313 |
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 June 30, 2018 and December 31, 2017 . 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. The composition of the preneed trust funds at June 30, 2018 was as follows (in thousands): Historical Cost Basis Fair Value As of June 30, 2018 Cash and cash equivalents $ 4,043 $ 4,043 Fixed income investments 10,066 10,066 Mutual funds and common stocks 2,703 2,652 Annuities 6 6 Total $ 16,818 $ 16,767 The composition of the preneed trust funds at December 31, 2017 was as follows (in thousands): Historical Cost Basis Fair Value As of December 31, 2017 Cash and cash equivalents $ 3,903 $ 3,903 Fixed income investments 9,306 9,306 Mutual funds and common stocks 2,544 2,567 Annuities 6 6 Total $ 15,759 $ 15,782 |
Cemetery Perpetual Care Trust29
Cemetery Perpetual Care Trust Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Cemetery Perpetual Care Trust Investments [Abstract] | |
Components of care trusts' corpus | The components of Care trusts’ corpus as of December 31, 2017 and June 30, 2018 were as follows (in thousands): December 31, 2017 June 30, 2018 Trust assets, at market value $ 50,229 $ 48,600 Obligations due from trust (373 ) (446 ) Care trusts’ corpus $ 49,856 $ 48,154 |
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 June 30, 2018 (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 4,936 $ — $ — $ 4,936 Fixed income securities: Foreign debt 2 3,395 83 (183 ) 3,295 Corporate debt 2 12,403 363 (564 ) 12,202 Preferred stock 2 8,392 51 (393 ) 8,050 Mortgage-backed securities 2 575 203 (9 ) 769 Common stock 1 17,384 2,835 (2,152 ) 18,067 Mutual funds: Fixed Income 2 926 17 (49 ) 894 Trust securities $ 48,011 $ 3,552 $ (3,350 ) $ 48,213 Accrued investment income $ 387 $ 387 Cemetery perpetual care investments $ 48,600 Market value as a percentage of cost 100.4 % |
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 $ 11 Due in one to five years 2,460 Due in five to ten years 2,995 Thereafter 18,850 $ 24,316 |
Cost and fair market values associated with 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 December 31, 2017 (in thousands, except percentages): Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Market Value Cash and money market accounts 1 $ 1,906 $ — $ — $ 1,906 Fixed income securities: Foreign debt 2 3,580 227 (134 ) 3,673 Corporate debt 2 12,557 805 (187 ) 13,175 Preferred stock 2 11,545 364 (411 ) 11,498 Mortgage-backed securities 2 621 152 (15 ) 758 Common stock 1 16,326 3,116 (1,595 ) 17,847 Mutual funds: Fixed income 2 913 42 (10 ) 945 Trust securities $ 47,448 $ 4,706 $ (2,352 ) $ 49,802 Accrued investment income $ 427 $ 427 Cemetery perpetual care investments $ 50,229 Market value as a percentage of cost 105.0 % |
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 June 30, 2018 are shown in the following table (in thousands): June 30, 2018 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 $ 1,426 $ (78 ) $ 722 $ (105 ) $ 2,148 $ (183 ) Corporate debt 6,204 (417 ) 709 (147 ) 6,913 (564 ) Preferred stock 3,662 (103 ) 3,438 (290 ) 7,100 (393 ) Mortgage-backed securities — — 42 (9 ) 42 (9 ) Common stock 5,987 (901 ) 1,939 (1,251 ) 7,926 (2,152 ) Mutual Funds: Fixed Income 633 (49 ) — — 633 (49 ) Total temporary impaired securities $ 17,912 $ (1,548 ) $ 6,850 $ (1,802 ) $ 24,762 $ (3,350 ) Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended December 31, 2017 are shown in the following table (in thousands): December 31, 2017 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 $ 92 $ (3 ) $ 1,128 $ (131 ) $ 1,220 $ (134 ) Corporate debt 2,621 (59 ) 555 (128 ) 3,176 (187 ) Preferred stock 29 — 5,492 (411 ) 5,521 (411 ) Mortgage-backed securities 76 (10 ) 16 (5 ) 92 (15 ) Common stock 5,119 (991 ) 1,108 (604 ) 6,227 (1,595 ) Mutual funds: Fixed income 433 (10 ) — — 433 (10 ) Total temporary impaired securities $ 8,370 $ (1,073 ) $ 8,299 $ (1,279 ) $ 16,669 $ (2,352 ) |
Perpetual care trust investment security transactions recorded in interest income and other, net | Perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Realized gains $ 644 $ 22 $ 925 $ 304 Realized losses (481 ) (312 ) (630 ) (526 ) Net change in care trusts’ corpus (163 ) 290 (295 ) 222 Total $ — $ — $ — $ — |
Perpetual care trust investment security transactions recorded in cemetery revenue | Perpetual care trust investment security transactions recorded in Revenues: Cemetery for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Investment income $ 1,586 $ 1,463 $ 3,292 $ 2,996 Realized gain, net (108 ) (398 ) (608 ) (715 ) Total $ 1,478 $ 1,065 $ 2,684 $ 2,281 |
Purchases and sales of investments in perpetual care trusts | Purchases and sales of investments in the perpetual care trusts for the three and six months ended June 30, 2017 and 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Purchases $ (6,861 ) $ (4,742 ) $ (11,874 ) $ (6,670 ) Sales 4,503 4,431 8,390 9,397 |
Intangible and Other Non-Curr30
Intangible and Other Non-Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | Intangibles and other non-current assets at December 31, 2017 and June 30, 2018 were as follows (in thousands): December 31, 2017 June 30, 2018 Prepaid agreements not-to-compete, net of accumulated amortization of $6,051 and $6,343, respectively $ 3,730 $ 3,515 Tradenames 14,372 14,372 Capitalized commissions on preneed contracts, net of accumulated amortization of $293 — 2,816 Debt issuance costs, net of accumulated amortization of $13 — 849 Other 15 — Intangible and other non-current assets $ 18,117 $ 21,552 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Our long-term debt consisted of the following at December 31, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 New Credit Facility $ — $ — Revolving credit facility 92,000 — Term loan 127,500 — Acquisition debt 10,548 9,890 Debt issuance costs, net of accumulated amortization of $4,442 (967 ) — Less: current portion (16,927 ) (2,072 ) Total long-term debt, net of current portion $ 212,154 $ 7,818 |
Convertible Subordinated Notes
Convertible Subordinated Notes (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 Convertible Notes at December 31, 2017 and June 30, 2018 are reflected in our Consolidated Balance Sheets as follows (in thousands): December 31, 2017 June 30, 2018 Long-term liabilities: Principal amount $ 143,750 $ 28,764 Unamortized discount of liability component (17,559 ) (3,042 ) Convertible Notes issuance costs, net of accumulated amortization of $1,877 and $429, respectively (1,750 ) (297 ) Carrying value of the liability component $ 124,441 $ 25,425 Carrying value of the equity component $ 17,973 $ 3,585 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Status of Stock Based Compensation Plans | The status of each of the plans at June 30, 2018 is as follows (shares in thousands): Shares Shares Options Performance Awards Outstanding (2) Amended and Restated 2006 Plan — — 1,528 297 2017 Plan 1,844 (1) 1,306 223 229 Total 1,844 1,306 1,751 526 (1) Amount includes approximately 289,000 shares granted from the Amended and Restated 2006 Plan that were returned to the Company due to cancellations, to pay taxes on restricted stock vestings and to pay option price and taxes on option exercises. (2) Performance Awards are reserved at 200% of shares granted which is equal to the maximum payout in shares. |
Assumptions for the fair value of the right (option) to purchase shares under ESPP | The fair value of the right (option) to purchase shares under the ESPP is estimated at the date of purchase with the four quarterly purchase dates using the following assumptions: 2018 Dividend yield 0.01 % Expected volatility 20.89 % Risk-free interest rate 1.44%, 1.61%, 1.72%, 1.83% Expected life (years) 0.25, 0.50, 0.75, 1.00 |
Dividends Declared | For the six months ended June 30, 2017 and 2018 , our Board declared the following dividends payable on the dates below (in thousands, except per share amounts): 2017 Per Share Dollar Value March 1st $ 0.050 $ 833 June 1st $ 0.050 $ 835 2018 Per Share Dollar Value March 1st $ 0.075 $ 1,207 June 1st $ 0.075 $ 1,433 |
Schedule of Accumulated Other Comprehensive Income | Our components of accumulated other comprehensive income are as follows (in thousands): Accumulated Other Comprehensive Income Balance at December 31, 2017 $ — Increase in net unrealized gains associated with available-for-sale securities of the trusts 1,540 Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus (1,540 ) Balance at June 30, 2018 $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 six months ended June 30, 2017 and 2018 (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Numerator for basic and diluted earnings per share: Net income $ 4,410 $ 2,747 $ 11,494 $ 12,103 Less: Earnings allocated to unvested restricted stock (15 ) (14 ) (43 ) (67 ) Income attributable to common stockholders $ 4,395 $ 2,733 $ 11,451 $ 12,036 Denominator: Denominator for basic earnings per common share - weighted average shares outstanding 16,652 17,916 16,625 17,010 Effect of dilutive securities: Stock options 377 212 381 240 Convertible Notes 1,064 117 1,077 674 Denominator for diluted earnings per common share - weighted average shares outstanding 18,093 18,245 18,083 17,924 Basic earnings per common share: $ 0.26 $ 0.15 $ 0.69 $ 0.71 Diluted earnings per common share: $ 0.24 $ 0.15 $ 0.63 $ 0.67 |
Major Segments of Business (Tab
Major Segments of Business (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Revenue, pre-tax income and total and total assets by segments | The following table presents revenues, gross profit (loss), income (loss) before income taxes and total assets by segment (in thousands): Funeral Cemetery Corporate Consolidated Revenues: Three Months Ended June 30, 2018 $ 48,532 $ 15,315 $ — $ 63,847 Three Months Ended June 30, 2017 48,739 15,113 — 63,852 Six Months Ended June 30, 2018 $ 107,126 $ 30,108 $ — $ 137,234 Six Months Ended June 30, 2017 102,950 29,059 — 132,009 Gross profit (loss): Three Months Ended June 30, 2018 $ 12,654 $ 4,171 $ (6,844 ) $ 9,981 Three Months Ended June 30, 2017 14,412 4,255 (6,946 ) 11,721 Six Months Ended June 30, 2018 $ 32,318 $ 8,695 $ (13,905 ) $ 27,108 Six Months Ended June 30, 2017 33,381 8,378 (14,169 ) 27,590 Income (loss) before income taxes: Three Months Ended June 30, 2018 $ 12,414 $ 4,254 $ (12,921 ) $ 3,747 Three Months Ended June 30, 2017 14,198 4,395 (11,144 ) 7,449 Six Months Ended June 30, 2018 $ 31,828 $ 8,846 $ (24,693 ) $ 15,981 Six Months Ended June 30, 2017 33,020 8,607 (22,372 ) 19,255 Total assets: June 30, 2018 $ 656,331 $ 243,117 $ 46,163 $ 945,611 December 31, 2017 665,483 251,243 4,807 921,533 |
Supplementary Data (Tables)
Supplementary Data (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Balance Sheet Disclosures | The detail of certain balance sheet accounts as of December 31, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 Other current assets: Federal income taxes receivable $ — $ 988 State income taxes receivable 889 1,320 Other current assets 97 152 Total other current assets $ 986 $ 2,460 Current portion of long-term debt and capital lease obligations: Term note $ 15,000 $ — Acquisition debt 1,927 2,072 Capital leases 324 330 Total current portion of long-term debt and capital lease obligations $ 17,251 $ 2,402 Other current liabilities: Federal income taxes payable $ 1,120 $ 618 Deferred rent 241 257 Total other current liabilities $ 1,361 $ 875 Accrued liabilities: Accrued salaries and wages $ 2,643 $ 2,750 Accrued incentive compensation 6,412 4,272 Accrued vacation 2,417 2,710 Accrued insurance 1,832 2,040 Accrued interest 1,271 2,106 Accrued ad valorem and franchise taxes 1,003 1,573 Accrued commissions 461 418 Other accrued liabilities 1,520 1,152 Total accrued liabilities $ 17,559 $ 17,021 Other long-term liabilities: Deferred rent $ 966 $ 836 Incentive compensation 1,287 962 Contingent consideration 1,125 1,045 Total other long-term liabilities $ 3,378 $ 2,843 |
Revenue From Contracts With C37
Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenues, disaggregated by major source for each of our reportable segments was as follows (in thousands): Three Months Ended June 30, 2018 Funeral Cemetery Total Services $ 29,023 $ 2,949 $ 31,972 Merchandise 17,296 2,372 19,668 Cemetery interment rights — 7,863 7,863 Revenue from contracts with customers $ 46,319 $ 13,184 $ 59,503 Preneed funeral commission income $ 354 $ — $ 354 Preneed trust earnings 1,728 1,433 3,161 Preneed trust management fees 131 202 333 Preneed cemetery finance charges — 496 496 Financial revenues $ 2,213 $ 2,131 $ 4,344 Total Revenues $ 48,532 $ 15,315 $ 63,847 Three Months Ended June 30, 2017 Funeral Cemetery Total Services $ 29,205 $ 2,926 $ 32,131 Merchandise 17,475 2,166 19,641 Cemetery interment rights — 7,543 7,543 Revenue from contracts with customers $ 46,680 $ 12,635 $ 59,315 Preneed funeral commission income $ 333 $ — $ 333 Preneed trust earnings 1,590 1,828 3,418 Preneed trust management fees 136 200 336 Preneed cemetery finance charges — 450 450 Financial revenues $ 2,059 $ 2,478 $ 4,537 Total Revenues $ 48,739 $ 15,113 $ 63,852 |
Contract with Customer, Asset and Liability | Deferred revenue is presented net of amounts due on undelivered preneed contracts shown below as of January 1, 2018 and June 30, 2018 (in thousands): January 1, 2018 (1) June 30, 2018 Contract liabilities: Deferred preneed cemetery revenue $ 54,690 $ 55,264 Less: Balances due on undelivered cemetery preneed contracts (2) (4,594 ) (4,565 ) Deferred preneed cemetery revenue, net $ 50,096 $ 50,699 Deferred preneed funeral revenue $ 34,585 $ 36,018 Less: Balances due on undelivered funeral preneed contracts (3) (7,934 ) (8,278 ) Deferred preneed funeral revenue, net $ 26,651 $ 27,740 (1) January 1, 2018 balances have been adjusted to reflect the cumulative effect of changes for the adoption of ASC 606. (2) In accordance with Topic 606, $1.4 million of cemetery accounts receivables have been reclassified to reduce deferred preneed cemetery revenue at both January 1, 2018 and June 30, 2018 and $3.2 million of preneed cemetery receivables have been reclassified to reduce deferred preneed cemetery revenue at both January 1, 2018 and June 30, 2018. (3) In accordance with Topic 606, $7.9 million and $8.3 million of preneed funeral receivables have been reclassified to reduce deferred preneed funeral revenue at January 1, 2018 and June 30, 2018, respectively. |
Basis of Presentation and Sum38
Basis of Presentation and Summary of Significant Accounting Policies (Operations) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)funeral_homescemeteriesstates | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)funeral_homescemeteriesstatessegment | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Organization Description and Operations [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent | 0.30% | ||||
Depreciation expense | $ 3,500 | $ 3,200 | $ 6,800 | $ 6,300 | |
Number of business segments | segment | 2 | ||||
Amortization Of Cemetery Property | $ 900 | 800 | $ 1,800 | 1,600 | |
Accounts Receivable, Gross | $ 40,474 | ||||
Period after which commissions are no longer subject to refund | 1 year | ||||
Preneed Cemetery Contracts, Term | 5 years | ||||
The percentage of trust assets in custody of institution receiving trust management services | 77.00% | 77.00% | |||
Accounts receivable, net of allowance for bad debts | $ 17,026 | $ 17,026 | 19,655 | ||
Other receivables | 377 | 377 | 263 | ||
Preneed receivables | 21,327 | 21,327 | 31,644 | ||
Bad debt expense | $ 883 | $ 1,112 | |||
Effective Income Tax Rate Reconciliation, Percent | 27.50% | 40.00% | |||
Income Tax Expense (Benefit), Net Of Uncertain Tax Positions | $ 1,000 | $ 3,039 | $ 3,878 | $ 7,761 | |
Estimated Effective Income Tax Rate Reconciliation, Before Discrete Items, Percent | 27.50% | 40.00% | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.20% | ||||
Period in which two-step goodwill impairment test is performed | 3 years | ||||
Goodwill, Qualitative Impairment Assessment, Period | 2 years | ||||
Stock-based compensation | $ 700 | ||||
Tax adjustment related to certain discrete items | $ (30) | $ 59 | (517) | 59 | |
Increase in Total liabilities | $ 705,633 | $ 705,633 | $ 723,877 | ||
Allowance for Doubtful Accounts, Percentage of Accounts Receivable | (3.00%) | (3.00%) | (2.50%) | ||
Unearned finance charges associated with receivables | $ 5,700 | ||||
Percent of total receivables which are 120 days or more past due (in Percent) | 4.90% | 4.90% | 4.90% | ||
Amortization of capitalized commissions on preneed contracts | $ 144 | $ 293 | 0 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 625 | |||
Funeral And Cemetery [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Bad debt expense | 400 | $ 700 | 900 | $ 1,100 | |
Funeral | |||||
Organization Description and Operations [Line Items] | |||||
Accounts Receivable, Gross | 6,700 | 6,700 | $ 8,500 | ||
Accounts receivable, net of allowance for bad debts | 7,099 | 7,099 | 9,061 | ||
Other receivables | 600 | 600 | 800 | ||
Preneed receivables | 0 | 0 | 7,934 | ||
Cemetery | |||||
Organization Description and Operations [Line Items] | |||||
Accounts Receivable, Gross | 42,165 | 42,165 | |||
Accounts receivable, net of allowance for bad debts | 9,550 | 9,550 | 10,331 | ||
Preneed receivables | 21,327 | 21,327 | 23,710 | ||
Unearned finance charges associated with receivables | $ 5,700 | $ 5,700 | |||
Funeral homes [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Number of owned and operated funeral homes (in Funeral Homes) | funeral_homes | 178 | 178 | |||
Number of states in which Company operates | states | 29 | 29 | |||
Revenue, Percentage | 78.00% | 78.00% | |||
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 | |||
Revenue, Percentage | 22.00% | 22.00% | |||
Perpetual Care Trust Invesments [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Accounts receivable, net of allowance for bad debts | $ 1,100 | $ 1,100 | $ 1,300 | ||
Separate Income Tax Return [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Number Of States In Which Entity Files Separate State Income Tax Returns | states | 16 | ||||
Combined Or Unitary Income Tax Return [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Number Of States In Which Entity Files Unitary Tax Returns | states | 13 | ||||
Minimum [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Service Contract, Term | 8 years | ||||
Maximum [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Service Contract, Term | 10 years | ||||
Transferred at Point in Time [Member] | |||||
Organization Description and Operations [Line Items] | |||||
Revenue, Remaining Performance Obligation | $ 371,500 | $ 371,500 |
Basis of Presentation and Sum39
Basis of Presentation and Summary of Significant Accounting Policies (PPE) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)divestiture | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Allowance for Doubtful Accounts Receivable, Current | $ 854 | $ 854 | $ 835 | ||
Allowance for Doubtful Accounts Receivable, Noncurrent | 2,380 | 2,380 | 2,278 | ||
Net Cash Provided by (Used in) Financing Activities | 495 | $ 509 | |||
Amortization Of Cemetery Property | 900 | $ 800 | 1,800 | 1,600 | |
Property, plant and equipment, gross | 364,825 | 364,825 | 363,070 | ||
Less: accumulated depreciation | (120,246) | (120,246) | (115,776) | ||
Property, plant and equipment, net | 244,579 | 244,579 | 247,294 | ||
Depreciation expense | $ 3,500 | $ 3,200 | 6,800 | $ 6,300 | |
Number of divestitures | divestiture | 0 | ||||
Estimated Effective Income Tax Rate Reconciliation, Before Discrete Items, Percent | 27.50% | 40.00% | |||
Stock-based compensation | 700 | ||||
Land [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 74,981 | 74,981 | 74,981 | ||
Buildings and improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 211,938 | 211,938 | 211,934 | ||
Furniture, equipment and automobiles [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 77,906 | 77,906 | 76,155 | ||
Funeral | |||||
Property, Plant and Equipment [Line Items] | |||||
Allowance for Doubtful Accounts Receivable, Current | 184 | 184 | 213 | ||
Allowance for Doubtful Accounts Receivable, Noncurrent | 882 | 882 | 882 | ||
Cemetery | |||||
Property, Plant and Equipment [Line Items] | |||||
Allowance for Doubtful Accounts Receivable, Current | 630 | 630 | 622 | ||
Allowance for Doubtful Accounts Receivable, Noncurrent | $ 1,391 | $ 1,391 | $ 1,396 |
Recently Issued Accounting St40
Recently Issued Accounting Standards 606 Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable, net of allowance for bad debts | $ 17,026 | $ 19,655 |
Preneed receivables | 21,327 | 31,644 |
Capitalized commissions on preneed contracts, net | 2,816 | 0 |
Assets | 945,611 | 921,533 |
Deferred preneed cemetery revenue | 50,699 | 54,690 |
Deferred preneed funeral revenue | 27,740 | 34,585 |
Deferred tax liability | 30,293 | 31,159 |
Retained earnings | 72,138 | 57,904 |
Liabilities and Equity | 945,611 | 921,533 |
Accounting Standards Update 2014-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable, net of allowance for bad debts | 17,026 | 18,256 |
Preneed receivables | 21,327 | 20,515 |
Capitalized commissions on preneed contracts, net | 2,816 | 2,778 |
Deferred preneed cemetery revenue | 50,699 | 50,096 |
Deferred preneed funeral revenue | 27,740 | 26,651 |
Deferred tax liability | 30,293 | 31,806 |
Retained earnings | 72,138 | 60,035 |
Accounting Standards Update 2014-09 [Member] | Scenario, Previously Reported [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable, net of allowance for bad debts | 19,655 | |
Preneed receivables | 31,644 | |
Capitalized commissions on preneed contracts, net | 0 | |
Deferred preneed cemetery revenue | 54,690 | |
Deferred preneed funeral revenue | 34,585 | |
Deferred tax liability | 31,159 | |
Retained earnings | 57,904 | |
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable, net of allowance for bad debts | (1,399) | |
Preneed receivables | (11,129) | |
Capitalized commissions on preneed contracts, net | 2,778 | |
Assets | (9,750) | |
Deferred preneed cemetery revenue | (4,594) | |
Deferred preneed funeral revenue | (7,934) | |
Deferred tax liability | 647 | |
Retained earnings | 2,131 | |
Liabilities and Equity | (9,750) | |
Balances Without Adoption of Topic 606 | Accounting Standards Update 2014-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable, net of allowance for bad debts | 18,450 | |
Preneed receivables | 32,746 | |
Capitalized commissions on preneed contracts, net | 0 | |
Deferred preneed cemetery revenue | 55,264 | |
Deferred preneed funeral revenue | 36,018 | |
Deferred tax liability | 29,636 | |
Retained earnings | 69,979 | |
Effect of Change | Accounting Standards Update 2014-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable, net of allowance for bad debts | (1,424) | |
Preneed receivables | (11,419) | |
Capitalized commissions on preneed contracts, net | 2,816 | |
Deferred preneed cemetery revenue | (4,565) | |
Deferred preneed funeral revenue | (8,278) | |
Deferred tax liability | 657 | |
Retained earnings | 2,159 | |
Cemetery | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Assets | 243,117 | 251,243 |
Accounts Receivable, Gross, Current | (1,400) | (1,400) |
Revenue, Remaining Performance Obligation | 4,565 | 4,594 |
Cemetery | Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable, net of allowance for bad debts | 19,700 | |
Accounts Receivable, Gross, Current | 1,400 | |
Revenue, Remaining Performance Obligation | 4,600 | |
Allowance for Doubtful Accounts Receivable, Preneed Receivables | 31,600 | |
Funeral | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Assets | 656,331 | 665,483 |
Revenue, Remaining Performance Obligation | $ 8,278 | 7,934 |
Funeral | Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred tax liability | 600 | |
Retained earnings | 2,800 | |
Revenue, Remaining Performance Obligation | 7,900 | |
Allowance for Doubtful Accounts Receivable, Preneed Receivables | $ 31,600 |
Recently Issued Accounting St41
Recently Issued Accounting Standards 606 Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 01, 2018 | Mar. 01, 2018 | Jun. 01, 2017 | Mar. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Income before income taxes | $ 3,747 | $ 7,449 | $ 15,981 | $ 19,255 | ||||
Net income | $ 2,747 | $ 4,410 | $ 12,103 | $ 11,494 | ||||
Continuing operations (in dollars per Share) | $ 0.15 | $ 0.26 | $ 0.71 | $ 0.69 | ||||
Continuing operations (in dollars per Share) | 0.15 | 0.24 | 0.67 | 0.63 | ||||
Dividends declared per common share (in dollars per Share) | $ 0.075 | $ 0.075 | $ 0.05 | $ 0.05 | $ 0.075 | $ 0.05 | $ 0.150 | $ 0.100 |
Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Income before income taxes | $ 3,747 | $ 15,981 | ||||||
Net income | $ 2,747 | $ 12,103 | ||||||
Continuing operations (in dollars per Share) | $ 0.15 | $ 0.71 | ||||||
Continuing operations (in dollars per Share) | 0.15 | 0.67 | ||||||
Dividends declared per common share (in dollars per Share) | $ 0.075 | $ 0.075 | ||||||
Balances Without Adoption of Topic 606 | Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Income before income taxes | $ 3,729 | $ 15,943 | ||||||
Net income | $ 2,734 | $ 12,075 | ||||||
Continuing operations (in dollars per Share) | $ 0.15 | $ 0.71 | ||||||
Continuing operations (in dollars per Share) | 0.15 | 0.67 | ||||||
Dividends declared per common share (in dollars per Share) | $ 0.075 | $ 0.075 | ||||||
Effect of Change | Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Income before income taxes | $ 18 | $ 38 | ||||||
Net income | $ 13 | $ 28 | ||||||
Continuing operations (in dollars per Share) | $ 0 | $ 0 | ||||||
Continuing operations (in dollars per Share) | 0 | 0 | ||||||
Dividends declared per common share (in dollars per Share) | $ 0 | $ 0 | ||||||
Funeral | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Other Cost of Operating Revenue | $ 30,579 | $ 29,422 | $ 64,081 | $ 59,851 | ||||
Income before income taxes | 12,414 | 14,198 | 31,828 | 33,020 | ||||
Funeral | Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Other Cost of Operating Revenue | 33,238 | 69,604 | ||||||
Funeral | Balances Without Adoption of Topic 606 | Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Other Cost of Operating Revenue | 33,267 | 69,672 | ||||||
Funeral | Effect of Change | Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Other Cost of Operating Revenue | (29) | (68) | ||||||
Cemetery | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Other Cost of Operating Revenue | 9,272 | 9,162 | 17,915 | 17,373 | ||||
Income before income taxes | 4,254 | $ 4,395 | 8,846 | $ 8,607 | ||||
Cemetery | Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Other Cost of Operating Revenue | 9,880 | 18,940 | ||||||
Cemetery | Balances Without Adoption of Topic 606 | Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Other Cost of Operating Revenue | 9,869 | 18,910 | ||||||
Cemetery | Effect of Change | Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Other Cost of Operating Revenue | $ 11 | $ 30 |
Recently Issued Accounting St42
Recently Issued Accounting Standards 606 Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Amortization of capitalized commissions on preneed contracts | $ 144 | $ 293 | $ 0 |
Accounting Standards Update 2014-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Amortization of capitalized commissions on preneed contracts | 144 | 293 | |
Intangible and other non-current assets | (162) | (331) | |
Balances Without Adoption of Topic 606 | Accounting Standards Update 2014-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Amortization of capitalized commissions on preneed contracts | 0 | 0 | |
Intangible and other non-current assets | 0 | 0 | |
Effect of Change | Accounting Standards Update 2014-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Amortization of capitalized commissions on preneed contracts | 144 | 293 | |
Intangible and other non-current assets | $ (162) | $ (331) |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Nov. 30, 2016 | Jun. 30, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 287,956 | $ 287,956 | |
Deferred payments | $ 2,000 |
Acquisitions Acquistions (Purch
Acquisitions Acquistions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Nov. 30, 2016 | Jun. 30, 2018 | Dec. 31, 2017 |
Business Combination, Consideration Transferred [Abstract] | |||
Deferred payments | $ 2,000 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||
Goodwill | $ 287,956 | $ 287,956 | |
Goodwill Recorded | $ 287,956 | $ 287,956 |
Preneed Trust Investments (Comp
Preneed Trust Investments (Components of preneed cemetery trust investments) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed cemetery trust investments, net | $ 70,278,000 | $ 73,853,000 |
Fair value measurements, transfers between Level 1 and Level 2 | 0 | |
Preneed Cemetery Trust Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed cemetery trust investments, at market value | 72,413,000 | 75,992,000 |
Less: allowance for contract cancellation | (2,135,000) | (2,139,000) |
Preneed cemetery trust investments, net | $ 70,278,000 | $ 73,853,000 |
Preneed Trust Investments (Cost
Preneed Trust Investments (Cost and fair market values associated with preneed cemetery trust investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Preneed Cemetery Trust Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 71,141 | $ 71,306 |
Unrealized Gains | 5,829 | 7,535 |
Unrealized Losses | (5,113) | (3,549) |
Fair Market Value | 71,857 | 75,292 |
Preneed cemetery trust investments | $ 72,413 | $ 75,992 |
Fair market value as a percentage of cost | 101.00% | 105.60% |
Preneed Cemetery Trust Investments [Member] | Mortgage Backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 1,018 | |
Unrealized Gains | 249 | |
Unrealized Losses | (24) | |
Fair Market Value | 1,243 | |
Preneed Cemetery Trust Investments [Member] | Accrued Investment Income [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 556 | 700 |
Fair Market Value | 556 | 700 |
Preneed Funeral Trust Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 92,806 | 88,638 |
Unrealized Gains | 5,748 | 7,574 |
Unrealized Losses | (5,126) | (3,610) |
Fair Market Value | 93,428 | 92,602 |
Preneed cemetery trust investments | $ 93,987 | $ 93,341 |
Fair market value as a percentage of cost | 100.70% | 104.50% |
Preneed Funeral Trust Investments [Member] | Accrued Investment Income [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 559 | $ 739 |
Fair Market Value | 559 | 739 |
Fair Value, Inputs, Level 1 [Member] | Preneed Cemetery Trust Investments [Member] | Cash and money market accounts [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 6,997 | 3,132 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | 6,997 | 3,132 |
Fair Value, Inputs, Level 1 [Member] | Preneed Cemetery Trust Investments [Member] | Common Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 28,100 | 26,465 |
Unrealized Gains | 4,741 | 5,250 |
Unrealized Losses | (3,365) | (2,460) |
Fair Market Value | 29,476 | 29,255 |
Fair Value, Inputs, Level 1 [Member] | Preneed Funeral Trust Investments [Member] | Cash and money market accounts [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 23,912 | 14,349 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | 23,912 | 14,349 |
Fair Value, Inputs, Level 1 [Member] | Preneed Funeral Trust Investments [Member] | Common Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 27,604 | 26,129 |
Unrealized Gains | 4,686 | 5,253 |
Unrealized Losses | (3,301) | (2,468) |
Fair Market Value | 28,989 | 28,914 |
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Foreign Government Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 4,528 | 4,834 |
Unrealized Gains | 127 | 292 |
Unrealized Losses | (247) | (193) |
Fair Market Value | 4,408 | 4,933 |
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Corporate Debt [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 17,905 | 18,238 |
Unrealized Gains | 559 | 1,184 |
Unrealized Losses | (856) | (273) |
Fair Market Value | 17,608 | 19,149 |
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 11,482 | 16,421 |
Unrealized Gains | 57 | 510 |
Unrealized Losses | (572) | (588) |
Fair Market Value | 10,967 | 16,343 |
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Mortgage Backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 928 | |
Unrealized Gains | 328 | |
Unrealized Losses | (14) | |
Fair Market Value | 1,242 | |
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Fixed Income [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1,201 | 1,198 |
Unrealized Gains | 17 | 50 |
Unrealized Losses | (59) | (11) |
Fair Market Value | 1,159 | 1,237 |
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Foreign Government Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 4,515 | 4,870 |
Unrealized Gains | 129 | 298 |
Unrealized Losses | (243) | (189) |
Fair Market Value | 4,401 | 4,979 |
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Corporate Debt [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 18,110 | 18,963 |
Unrealized Gains | 520 | 1,197 |
Unrealized Losses | (874) | (278) |
Fair Market Value | 17,756 | 19,882 |
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 11,549 | 16,335 |
Unrealized Gains | 49 | 501 |
Unrealized Losses | (575) | (585) |
Fair Market Value | 11,023 | 16,251 |
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Mortgage Backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1,061 | 1,187 |
Unrealized Gains | 341 | 263 |
Unrealized Losses | (16) | (27) |
Fair Market Value | $ 1,386 | $ 1,423 |
Preneed Trust Investments (Esti
Preneed Trust Investments (Estimated maturities of fixed preneed cemetery trust income securities) (Details) - Preneed Cemetery Trust Investments [Member] $ in Thousands | Jun. 30, 2018USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $ 19 |
Due in one to five years | 3,299 |
Due in five to ten years | 4,246 |
Thereafter | 26,661 |
Total | $ 34,225 |
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 | Jun. 30, 2018 | Dec. 31, 2017 |
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 26,695 | $ 12,806 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,454) | (1,616) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 9,623 | 12,361 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,659) | (1,933) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 36,318 | 25,167 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (5,113) | (3,549) |
Available-for-sale Securities, Amortized Cost Basis | 71,141 | 71,306 |
Unrealized Gains | 5,829 | 7,535 |
Foreign Debt [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,821 | 151 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (99) | (6) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,015 | 1,637 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (148) | (187) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,836 | 1,788 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (247) | (193) |
Corporate Debt [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,084 | 3,735 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (643) | (72) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 968 | 846 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (213) | (201) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,052 | 4,581 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (856) | (273) |
Preferred Stock [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,395 | 48 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (162) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,687 | 8,109 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (410) | (588) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,082 | 8,157 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (572) | (588) |
Mortgage Backed Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 127 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (15) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 68 | 27 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (14) | (9) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 68 | 154 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (14) | (24) |
Available-for-sale Securities, Amortized Cost Basis | 1,018 | |
Unrealized Gains | 249 | |
Common Stock [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,570 | 8,249 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,491) | (1,512) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,885 | 1,742 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,874) | (948) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,455 | 9,991 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,365) | (2,460) |
Mutual Fund [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 825 | 496 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (59) | (11) |
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 | 825 | 496 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (59) | (11) |
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 28,100 | 26,465 |
Unrealized Gains | 4,741 | 5,250 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 17,905 | 18,238 |
Unrealized Gains | 559 | $ 1,184 |
Fair Value, Inputs, Level 2 [Member] | Mortgage Backed Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 928 | |
Unrealized Gains | $ 328 |
Preneed Trust Investments (Pren
Preneed Trust Investments (Preneed cemetery trust investment security transactions) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
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 | $ 474,000 | $ 692,000 | 899,000 | $ 1,281,000 |
Realized gain, net | 18,000 | 1,395,000 | 871,000 | 2,215,000 |
Realized losses | (750,000) | (929,000) | (1,357,000) | (1,312,000) |
Expenses and taxes | (221,000) | (332,000) | (272,000) | (877,000) |
Increase (decrease) in deferred preneed cemetery receipts held in trust | $ 479,000 | $ (826,000) | $ (141,000) | $ (1,307,000) |
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Purchases | $ (6,882) | $ (10,831) | $ (10,258) | $ (18,440) |
Sales | $ 6,340 | $ 7,208 | $ 13,899 | $ 13,189 |
Preneed Trust Investments (Co51
Preneed Trust Investments (Components of preneed funeral trust investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed funeral trust investments | $ 91,203 | $ 90,682 |
Preneed Funeral Trust Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed funeral trust investments, at fair value | 93,987 | 93,341 |
Less: allowance for contract cancellation | (2,784) | (2,659) |
Preneed funeral trust investments | $ 91,203 | $ 90,682 |
Preneed Trust Investments (Co52
Preneed Trust Investments (Cost and fair market values associated with preneed funeral trust investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Preneed Cemetery Trust Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 71,141 | $ 71,306 |
Unrealized Gains | 5,829 | 7,535 |
Unrealized Losses | (5,113) | (3,549) |
Fair Market Value | 71,857 | 75,292 |
Preneed cemetery trust investments | $ 72,413 | $ 75,992 |
Fair market value as a percentage of cost | 101.00% | 105.60% |
Preneed Cemetery Trust Investments [Member] | Mortgage Backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 1,018 | |
Unrealized Gains | 249 | |
Unrealized Losses | (24) | |
Fair Market Value | 1,243 | |
Preneed Cemetery Trust Investments [Member] | Accrued Investment Income [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 556 | 700 |
Fair Market Value | 556 | 700 |
Preneed Funeral Trust Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 92,806 | 88,638 |
Unrealized Gains | 5,748 | 7,574 |
Unrealized Losses | (5,126) | (3,610) |
Fair Market Value | 93,428 | 92,602 |
Preneed cemetery trust investments | $ 93,987 | $ 93,341 |
Fair market value as a percentage of cost | 100.70% | 104.50% |
Preneed Funeral Trust Investments [Member] | Accrued Investment Income [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 559 | $ 739 |
Fair Market Value | 559 | 739 |
Fair Value, Inputs, Level 1 [Member] | Preneed Cemetery Trust Investments [Member] | Cash and Money Market Accounts [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 6,997 | 3,132 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | 6,997 | 3,132 |
Fair Value, Inputs, Level 1 [Member] | Preneed Cemetery Trust Investments [Member] | Common Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 28,100 | 26,465 |
Unrealized Gains | 4,741 | 5,250 |
Unrealized Losses | (3,365) | (2,460) |
Fair Market Value | 29,476 | 29,255 |
Fair Value, Inputs, Level 1 [Member] | Preneed Funeral Trust Investments [Member] | Cash and Money Market Accounts [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 23,912 | 14,349 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | 23,912 | 14,349 |
Fair Value, Inputs, Level 1 [Member] | Preneed Funeral Trust Investments [Member] | U.S. Treasury Debt [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1,490 | 1,490 |
Unrealized Gains | 6 | 10 |
Unrealized Losses | (28) | (15) |
Fair Market Value | 1,468 | 1,485 |
Fair Value, Inputs, Level 1 [Member] | Preneed Funeral Trust Investments [Member] | Common Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 27,604 | 26,129 |
Unrealized Gains | 4,686 | 5,253 |
Unrealized Losses | (3,301) | (2,468) |
Fair Market Value | 28,989 | 28,914 |
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Foreign Government Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 4,528 | 4,834 |
Unrealized Gains | 127 | 292 |
Unrealized Losses | (247) | (193) |
Fair Market Value | 4,408 | 4,933 |
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Corporate Debt [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 17,905 | 18,238 |
Unrealized Gains | 559 | 1,184 |
Unrealized Losses | (856) | (273) |
Fair Market Value | 17,608 | 19,149 |
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 11,482 | 16,421 |
Unrealized Gains | 57 | 510 |
Unrealized Losses | (572) | (588) |
Fair Market Value | 10,967 | 16,343 |
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Mortgage Backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 928 | |
Unrealized Gains | 328 | |
Unrealized Losses | (14) | |
Fair Market Value | 1,242 | |
Fair Value, Inputs, Level 2 [Member] | Preneed Cemetery Trust Investments [Member] | Fixed Income [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1,201 | 1,198 |
Unrealized Gains | 17 | 50 |
Unrealized Losses | (59) | (11) |
Fair Market Value | 1,159 | 1,237 |
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Foreign Government Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 4,515 | 4,870 |
Unrealized Gains | 129 | 298 |
Unrealized Losses | (243) | (189) |
Fair Market Value | 4,401 | 4,979 |
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Corporate Debt [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 18,110 | 18,963 |
Unrealized Gains | 520 | 1,197 |
Unrealized Losses | (874) | (278) |
Fair Market Value | 17,756 | 19,882 |
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 11,549 | 16,335 |
Unrealized Gains | 49 | 501 |
Unrealized Losses | (575) | (585) |
Fair Market Value | 11,023 | 16,251 |
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Mortgage Backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1,061 | 1,187 |
Unrealized Gains | 341 | 263 |
Unrealized Losses | (16) | (27) |
Fair Market Value | 1,386 | 1,423 |
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Fixed Income [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1,525 | 1,974 |
Unrealized Gains | 17 | 52 |
Unrealized Losses | (89) | (48) |
Fair Market Value | 1,453 | 1,978 |
Fair Value, Inputs, Level 2 [Member] | Preneed Funeral Trust Investments [Member] | Other Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 3,040 | 3,341 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | $ 3,040 | $ 3,341 |
Preneed Trust Investments (Es53
Preneed Trust Investments (Estimated maturities of fixed preneed funeral trust income securities) (Details) - Preneed Funeral Trust Investments [Member] $ in Thousands | Jun. 30, 2018USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $ 21 |
Due in one to five years | 5,057 |
Due in five to ten years | 4,182 |
Thereafter | 26,774 |
Total | $ 36,034 |
Preneed Trust Investments (Pr54
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Investment income | $ 479 | $ 686 | $ 891 | $ 1,277 |
Realized gain, net | 11 | 1,472 | 2,907 | 2,296 |
Realized losses | (782) | (933) | (1,391) | (1,312) |
Expenses and taxes | (334) | (377) | (478) | (716) |
Decrease in deferred preneed funeral receipts held in trust | $ 626 | $ (848) | $ (1,929) | $ (1,545) |
Preneed Trust Investments (Pu55
Preneed Trust Investments (Purchases and sales of investments in preneed funeral trusts) (Details) - Preneed Funeral Trust Investments [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Purchases | $ (7,153) | $ (10,974) | $ (10,439) | $ (18,582) |
Sales | $ 6,617 | $ 7,242 | $ 14,212 | $ 13,243 |
Preneed Trust Investments (Un56
Preneed Trust Investments (Unrealized losses on preneed funeral trust investments) (Details) - Preneed Funeral Trust Investments [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 28,728 | $ 14,075 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,459) | (1,620) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 9,795 | 13,013 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,667) | (1,990) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 38,523 | 27,088 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (5,126) | (3,610) |
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 | 1,310 | 1,325 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (28) | (15) |
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 | 1,310 | 1,325 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (28) | (15) |
Foreign Debt [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,853 | 159 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (101) | (6) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 966 | 1,608 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (142) | (183) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,819 | 1,767 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (243) | (189) |
Corporate Debt [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,208 | 3,770 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (661) | (74) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 960 | 842 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (213) | (203) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,168 | 4,612 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (874) | (277) |
Preferred Stock [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,600 | 50 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (168) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,586 | 8,184 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (407) | (585) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,186 | 8,234 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (575) | (585) |
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 | 0 | 221 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (17) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 164 | 36 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (16) | (10) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 164 | 257 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (16) | (27) |
Equity [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,459 | 8,001 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,440) | (1,496) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,873 | 1,728 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,861) | (972) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,332 | 9,729 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,301) | (2,468) |
Fixed Income [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 859 | 549 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (61) | (12) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 246 | 615 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (28) | (37) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,105 | 1,164 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (89) | $ (49) |
Insurance [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 439 | |
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 | 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 | 439 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 |
Preneed Trust Investments Prene
Preneed Trust Investments Preneed Trust Investments (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair value measurements, transfers between Level 1 and Level 2 | $ 0 |
Preneed Cemetery Receivables (N
Preneed Cemetery Receivables (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Preneed Cemetery Receivables [Abstract] | ||
Term of sales contract for cemetery interment rights, maximum (in Duration) | 5 years | |
Amount of receivables for preneed cemetery interment rights and related products and services presented in accounts receivables | $ 12,712 | $ 11,843 |
Amount of receivables for preneed cemetery interment rights and related products and services presented in preneed receivables | $ 29,453 | 28,631 |
Unearned finance charges associated with receivables | $ 5,700 | |
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) | 4.90% | 4.90% |
Preneed Cemetery Receivables (P
Preneed Cemetery Receivables (Preneed cemetery receivables) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Allowance for Doubtful Accounts Receivable, Current | $ 854 | $ 835 | |
Amount of receivables for preneed cemetery interment rights and related products and services presented in accounts receivables | 12,712 | 11,843 | |
Allowance for Contract Cancellations [Roll Forward] | |||
Provision | 883 | $ 1,112 | |
Amount of receivables for preneed cemetery interment rights and related products and services presented in preneed receivables | 29,453 | 28,631 | |
Accounts Receivable, Gross | 40,474 | ||
Receivables from Preneed Funeral Trusts | (16,313) | (15,287) | |
Cemetery | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Accounts Receivable, Gross, Current | 1,400 | 1,400 | |
Allowance for Contract Cancellations [Roll Forward] | |||
Receivables from Preneed Funeral Trusts | 3,200 | 3,200 | |
Preneed Cemetery Receivables [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Allowance for Doubtful Accounts Receivable, Current | 2,745 | 2,779 | |
Allowance for Doubtful Accounts Receivable, Current, Preneed Receivables | 4,903 | $ 4,922 | |
Allowance for Contract Cancellations [Roll Forward] | |||
Beginning balance | 2,019 | ||
Write-offs and cancellations | (478) | ||
Provision | 570 | ||
Ending balance | $ 2,111 |
Preneed Cemetery Receivables (A
Preneed Cemetery Receivables (Aging of past due financing receivables) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | $ 3,326 |
Current | 38,839 |
Total Financing Receivables | 42,165 |
Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 2,582 |
Current | 28,679 |
Total Financing Receivables | 31,261 |
Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 744 |
Current | 10,160 |
Total Financing Receivables | 10,904 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 975 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 742 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 233 |
Financing Receivables, 60 to 89 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 433 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 323 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 110 |
Financing Receivables, 90 to 120 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 179 |
Financing Receivables, 90 to 120 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 145 |
Financing Receivables, 90 to 120 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 34 |
Financing Receivables, Greater Than 120 Days Past Due [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 1,739 |
Financing Receivables, Greater Than 120 Days Past Due [Member] | Recognized Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | 1,372 |
Financing Receivables, Greater Than 120 Days Past Due [Member] | Deferred Revenue [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Total Past Due | $ 367 |
Receivables from Preneed Trus61
Receivables from Preneed Trusts (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables From Preneed Trusts [Abstract] | |
Amount at which there is no controlling interest in trust assets (Description) | less than 50% |
Receivables from Preneed Trus62
Receivables from Preneed Trusts (Receivables from preneed funeral trust funds) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Receivables From Preneed Trusts [Abstract] | ||
Preneed trust funds, at cost | $ 16,818 | $ 15,759 |
Less: Allowance for contract cancellation | (505) | (472) |
Receivables from preneed trusts, net | $ 16,313 | $ 15,287 |
Receivables from Preneed Trus63
Receivables from Preneed Trusts Receivables from Preneed Trusts (Composition of Assets Held in Trusts) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | $ 16,767 | $ 15,782 |
Fair Value [Member] | Cash and cash equivalents [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 4,043 | 3,903 |
Fair Value [Member] | Fixed income investments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 10,066 | 9,306 |
Fair Value [Member] | Mutual funds and common stocks [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 2,652 | 2,567 |
Fair Value [Member] | Annuities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 6 | 6 |
Historical Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 16,818 | 15,759 |
Historical Cost Basis [Member] | Cash and cash equivalents [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 4,043 | 3,903 |
Historical Cost Basis [Member] | Fixed income investments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 10,066 | 9,306 |
Historical Cost Basis [Member] | Mutual funds and common stocks [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | 2,703 | 2,544 |
Historical Cost Basis [Member] | Annuities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets held-in-trust | $ 6 | $ 6 |
Cemetery Perpetual Care Trust64
Cemetery Perpetual Care Trust Investments (The Components of Care trusts' corpus) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Care trusts’ corpus | $ 48,154,000 | $ 49,856,000 |
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 market value | 48,600,000 | 50,229,000 |
Obligations due from trust | (446,000) | (373,000) |
Care trusts’ corpus | $ 48,154,000 | $ 49,856,000 |
Cemetery Perpetual Care Trust65
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 | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cemetary perpetual care trust investments | $ 48,600 | $ 50,229 |
Fair market value as a percentage of cost | 100.40% | 105.00% |
Trust Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $ 48,011 | $ 47,448 |
Unrealized Gains | 3,552 | 4,706 |
Unrealized Losses | (3,350) | (2,352) |
Fair Market Value | 48,213 | 49,802 |
Accrued Investment Income [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 387 | 427 |
Fair Market Value | 387 | 427 |
Fair Value, Inputs, Level 1 [Member] | Cash and Money Market Accounts [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 4,936 | 1,906 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | 4,936 | 1,906 |
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 17,384 | 16,326 |
Unrealized Gains | 2,835 | 3,116 |
Unrealized Losses | (2,152) | (1,595) |
Fair Market Value | 18,067 | 17,847 |
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 3,395 | 3,580 |
Unrealized Gains | 83 | 227 |
Unrealized Losses | (183) | (134) |
Fair Market Value | 3,295 | 3,673 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 12,403 | 12,557 |
Unrealized Gains | 363 | 805 |
Unrealized Losses | (564) | (187) |
Fair Market Value | 12,202 | 13,175 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 8,392 | 11,545 |
Unrealized Gains | 51 | 364 |
Unrealized Losses | (393) | (411) |
Fair Market Value | 8,050 | 11,498 |
Fair Value, Inputs, Level 2 [Member] | Mortgage Backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 575 | 621 |
Unrealized Gains | 203 | 152 |
Unrealized Losses | (9) | (15) |
Fair Market Value | 769 | 758 |
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 926 | 913 |
Unrealized Gains | 17 | 42 |
Unrealized Losses | (49) | (10) |
Fair Market Value | $ 894 | $ 945 |
Cemetery Perpetual Care Trust66
Cemetery Perpetual Care Trust Investments (Estimated maturities of fixed perpetual care trust income securities) (Details) - Perpetual Care Trust Invesments [Member] $ in Thousands | Jun. 30, 2018USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $ 11 |
Due in one to five years | 2,460 |
Due in five to ten years | 2,995 |
Thereafter | 18,850 |
Total | $ 24,316 |
Cemetery Perpetual Care Trust67
Cemetery Perpetual Care Trust Investments (Unrealized losses on perpetual care trust investments) (Details) - Perpetual Care Trust Invesments [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 17,912 | $ 8,370 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,548) | (1,073) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 6,850 | 8,299 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,802) | (1,279) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 24,762 | 16,669 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,350) | (2,352) |
Foreign Debt [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,426 | 92 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (78) | (3) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 722 | 1,128 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (105) | (131) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,148 | 1,220 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (183) | (134) |
Corporate Debt Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 6,204 | 2,621 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (417) | (59) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 709 | 555 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (147) | (128) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 6,913 | 3,176 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (564) | (187) |
Common Stock [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,987 | 5,119 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (901) | (991) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,939 | 1,108 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,251) | (604) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,926 | 6,227 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (2,152) | (1,595) |
Preferred Stock [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,662 | 29 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (103) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,438 | 5,492 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (290) | (411) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,100 | 5,521 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (393) | (411) |
Mortgage Backed Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 76 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (10) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 42 | 16 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (9) | (5) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 42 | 92 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (9) | (15) |
Mutual Fund [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 633 | 433 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (49) | (10) |
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 | 633 | 433 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (49) | $ (10) |
Cemetery Perpetual Care Trust68
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Realized gains | $ 22 | $ 644 | $ 304 | $ 925 |
Realized losses | (312) | (481) | (526) | (630) |
Decrease (increase) in care trusts’ corpus | $ 290 | $ (163) | $ 222 | $ (295) |
Cemetery Perpetual Care Trust69
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Investment income | $ 1,463 | $ 1,586 | $ 2,996 | $ 3,292 |
Realized gain, net | (398) | (108) | (715) | (608) |
Total | $ 1,065 | $ 1,478 | $ 2,281 | $ 2,684 |
Cemetery Perpetual Care Trust70
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Purchases | $ (4,742) | $ (6,861) | $ (6,670) | $ (11,874) |
Sales | $ 4,431 | $ 4,503 | $ 9,397 | $ 8,390 |
Cemetery Perpetual Care Trust71
Cemetery Perpetual Care Trust Investments Cemetery Perpetual Care Trust Investments (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair value measurements, transfers between Level 1 and Level 2 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Jun. 30, 2018 | Mar. 19, 2014 |
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] | ||
Stated interest rate percentage | 2.75% | 2.75% |
Long-term debt measured at fair value | $ 34,300,000 | |
Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Stated interest rate percentage | 6.625% | |
Long-term debt measured at fair value | $ 329,300,000 |
Intangible and Other Non-Curr73
Intangible and Other Non-Current Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Other Assets, Noncurrent | $ 0 | $ 0 | $ 15 | ||
Capitalized commissions on preneed contracts, net | 2,816 | 2,816 | 0 | ||
Debt Issuance Costs, Net | 0 | 0 | 967 | ||
Deferred Costs and Other Assets | 21,552 | 21,552 | 18,117 | ||
Amortization of deferred financing costs | 320 | $ 408 | |||
Amortization of capitalized commissions on preneed contracts | 144 | 293 | 0 | ||
Accumulated Amortization of Other Deferred Costs | 293 | 293 | |||
Tradenames [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other Assets, Noncurrent | 14,372 | 14,372 | 14,372 | ||
Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 3,515 | 3,515 | 3,730 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 6,343 | 6,343 | 6,051 | ||
Amortization of Intangible Assets | 153 | $ 136 | $ 292 | $ 272 | |
Noncompete Agreements [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, useful life | 1 year | ||||
Noncompete Agreements [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, useful life | 10 years | ||||
Credit Agreement 2018 [Member] | Revolving Credit Facility [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Debt Issuance Costs, Net | 849 | $ 849 | $ 0 | ||
Amortization of deferred financing costs | $ 13 | $ 13 |
Long-Term Debt (Long-term Debt
Long-Term Debt (Long-term Debt Table) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||||
Accumulated Amortization, Debt Issuance Costs | $ 4,518,000 | $ 4,518,000 | $ 4,442,000 | ||
Carrying value of the liability component | 318,807,000 | 318,807,000 | 0 | ||
Debt issuance costs | 0 | 0 | (967,000) | ||
Current maturities on long-term debt | (2,072,000) | (2,072,000) | (16,927,000) | ||
Long-term debt, excluding current maturities | 7,818,000 | 7,818,000 | 212,154,000 | ||
Revolving credit facility present accordion provisions | 75,000,000 | 75,000,000 | |||
Amortization of Debt Issuance Costs | 320,000 | $ 408,000 | |||
Credit Agreement 2018 [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Accumulated Amortization, Debt Issuance Costs | 13,000 | 13,000 | |||
Carrying value of the liability component | 0 | ||||
Debt issuance costs | (849,000) | (849,000) | 0 | ||
Amortization of Debt Issuance Costs | 13,000 | 13,000 | |||
Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Amortization of Debt Issuance Costs | $ 100,000 | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of the liability component | 92,000,000 | ||||
Credit Agreement [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of the liability component | 0 | 0 | 127,500,000 | ||
Current maturities on long-term debt | 0 | 0 | (15,000,000) | ||
Notes Payable, Other Payables [Member] | Acquisition Debt, Deferred Purchase Price [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of the liability component | 9,890,000 | 9,890,000 | 10,548,000 | ||
Current maturities on long-term debt | $ (2,072,000) | $ (2,072,000) | $ (1,927,000) | ||
Term Number Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Ratio of indebtedness to net capital (in Ratio) (below at March 31, 2015) | 5.5 | 5.5 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | |||
Revolving Credit Facility [Member] | Credit Agreement 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount drawn under term loan facility | 0 | 0 | |||
Revolving Credit Facility [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount drawn under term loan facility | $ 0 | $ 0 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | May 31, 2018 | May 07, 2018 | Nov. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Mar. 19, 2014 |
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Repayments of Long-term Lines of Credit | $ 188,000,000 | $ 42,400,000 | |||||||
Revolving credit facility present accordion provisions | $ 75,000,000 | 75,000,000 | |||||||
Debt Issuance Costs, Gross | $ 900,000 | $ 900,000 | |||||||
Debt Covenant, Percentage Operations | 50.00% | 50.00% | |||||||
Carrying value of the liability component | $ 318,807,000 | $ 318,807,000 | $ 0 | ||||||
Deferred payments | $ 2,000,000 | ||||||||
Accumulated Amortization, Debt Issuance Costs | 4,518,000 | 4,518,000 | 4,442,000 | ||||||
Amortization of Debt Issuance Costs | 320,000 | 408,000 | |||||||
Net loss on early extinguishment of debt | $ (936,000) | $ 0 | (936,000) | 0 | |||||
Write off of Deferred Debt Issuance Cost | $ 700,000 | ||||||||
Interest Expense, Debt | $ 1,900,000 | ||||||||
Term Number Two [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Ratio of indebtedness to net capital (in Ratio) (below at March 31, 2015) | 5.5 | 5.5 | |||||||
Ratio Minimum Per Covenant [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Ratio of earnings to fixed cost obligations (in Ratio) | 1.2 | 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) | 5.03 | 5.03 | |||||||
Ratio of earnings to fixed cost obligations (in Ratio) | 1.93 | 1.93 | |||||||
Revolving Credit Facility [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Revolving credit facility, maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | |||||||
Write off of Deferred Debt Issuance Cost | 900,000 | 1,600,000 | 1,600,000 | ||||||
Term Loan [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Revolving credit facility, maximum borrowing capacity | 150,000,000 | 150,000,000 | |||||||
Term Loan [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Revolving credit facility, maximum borrowing capacity | 148,019,435 | 148,019,435 | |||||||
Convertible Subordinated Notes [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Gain (Loss) On Repurchase Of Convertible Junior Subordinated Debentures | $ 1,200,000 | ||||||||
Component of Convertible Debt, Transaction Expense, Early Extinguishment | 500,000 | ||||||||
Carrying value of the liability component | 25,425,000 | 25,425,000 | 124,441,000 | ||||||
Accumulated Amortization, Debt Issuance Costs | 1,746,000 | 1,746,000 | $ 1,359,000 | ||||||
Amortization of Debt Issuance Costs | 100,000 | 100,000 | 200,000 | 300,000 | |||||
Write off of Deferred Debt Issuance Cost | $ 1,300,000 | $ 700,000 | $ 700,000 | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 80.00% | ||||||||
Stated interest rate percentage | 2.75% | 2.75% | 2.75% | ||||||
Interest Expense, Debt | $ 500,000 | 1,000,000 | $ 1,500,000 | 2,000,000 | |||||
Senior Notes [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Principal amount | 325,000,000 | 325,000,000 | |||||||
Repayments of Long-term Lines of Credit | $ 291,400,000 | ||||||||
Debt Issuance Costs, Gross | $ 1,400,000 | $ 1,400,000 | |||||||
Weighted average interest rate | 6.87% | 6.69% | |||||||
Accumulated Amortization, Debt Issuance Costs | $ 11,000 | $ 11,000 | |||||||
Amortization of Debt Issuance Costs | $ 38,000 | $ 11,000 | |||||||
Stated interest rate percentage | 6.625% | 6.625% | |||||||
Interest Expense, Debt | $ 1,900,000 | ||||||||
Credit Agreement [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Amortization of Debt Issuance Costs | 100,000 | ||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Amount drawn under term loan facility | $ 0 | $ 0 | |||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | QTD [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Weighted average interest rate | 4.20% | 4.00% | |||||||
Credit Agreement [Member] | Term Loan [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | ||||||||
Prime Rate Option [Member] | Line of Credit [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||
Libor Margin Option [Member] | Line of Credit [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||||
Debt Covenant To Actual Ratios [Line Items] | |||||||||
Interest Expense, Debt | $ 200,000 | $ 400,000 | $ 200,000 | $ 400,000 |
Convertible Subordinated Note76
Convertible Subordinated Notes (Details) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | May 07, 2018 | Dec. 31, 2017 | Mar. 19, 2014 | |
Debt Instrument [Line Items] | |||||||
Effect of dilutive securities, Convertible junior subordinated debentures (in shares) | 117 | 1,064 | 674 | 1,077 | |||
Carrying Values of Liability and Equity Components, Convertible Subordinated Notes | |||||||
Debt issuance costs | $ 0 | $ 0 | $ (967,000) | ||||
Accumulated Amortization, Debt Issuance Costs | 4,518,000 | 4,518,000 | 4,442,000 | ||||
Carrying value of the liability component | $ 318,807,000 | 318,807,000 | 0 | ||||
Contractual coupon interest expense | 1,900,000 | ||||||
Amortization of Debt Issuance Costs | $ 320,000 | $ 408,000 | |||||
Convertible Subordinated Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate percentage | 2.75% | 2.75% | 2.75% | ||||
Carrying Values of Liability and Equity Components, Convertible Subordinated Notes | |||||||
Convertible subordinated notes, principal amount | $ 28,764,000 | $ 28,764,000 | $ 115,000,000 | 143,750,000 | $ 143,750,000 | ||
Unamortized discount of liability component | (3,042,000) | (3,042,000) | (17,559,000) | ||||
Debt issuance costs | (297,000) | (297,000) | (1,750,000) | ||||
Accumulated Amortization, Debt Issuance Costs | 1,746,000 | 1,746,000 | 1,359,000 | ||||
Carrying value of the liability component | 25,425,000 | 25,425,000 | 124,441,000 | ||||
Equity component carrying value | 3,585,000 | 3,585,000 | $ 17,973,000 | ||||
Convertible subordinated notes, fair value | 34,300,000 | 34,300,000 | |||||
Contractual coupon interest expense | 500,000 | $ 1,000,000 | 1,500,000 | 2,000,000 | |||
Accretion of discount, convertible subordinated notes | $ 600,000 | $ 1,100,000 | $ 1,700,000 | $ 2,100,000 | |||
Effective interest rate percentage | 3.15% | 11.36% | 3.15% | 11.36% | |||
Amortization of Debt Issuance Costs | $ 100,000 | $ 100,000 | $ 200,000 | $ 300,000 |
Convertible Subordinated Note77
Convertible Subordinated Notes Convertible Subordinated Notes (Narrative) (Details) (Details) | Jun. 30, 2018USD ($)$ / shares | May 31, 2018USD ($) | May 07, 2018USD ($)shares | Mar. 19, 2014USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)$ / shares |
Debt Instrument [Line Items] | |||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Interest Expense, Debt | $ 1,900,000 | ||||||||
Amortization of Debt Issuance Costs | 320,000 | $ 408,000 | |||||||
Write off of Deferred Debt Issuance Cost | $ 700,000 | ||||||||
Gain (Loss) on Repurchase of Debt Instrument | 845,000 | 0 | |||||||
Interest Expense | $ 4,743,000 | $ 3,206,000 | 8,478,000 | 6,235,000 | |||||
Payments for Repurchase of Redeemable Convertible Preferred Stock | 75,229,000 | 0 | |||||||
Convertible Subordinated Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 2,822,859 | ||||||||
Convertible subordinated notes, principal amount | $ 28,764,000 | $ 115,000,000 | $ 143,750,000 | $ 28,764,000 | $ 28,764,000 | $ 143,750,000 | |||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 80.00% | ||||||||
Stated interest rate percentage | 2.75% | 2.75% | 2.75% | 2.75% | |||||
Gain (Loss) On Repurchase Of Convertible Junior Subordinated Debentures | $ 1,200,000 | ||||||||
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost | 2,500,000 | ||||||||
Debt Instrument, Convertible, Conversion Ratio | 44.7976 | 44.3169 | |||||||
Long-term Debt, Fair Value | $ 34,300,000 | $ 34,300,000 | $ 34,300,000 | ||||||
Interest Expense, Debt | 500,000 | 1,000,000 | 1,500,000 | 2,000,000 | |||||
Amortization of Debt Issuance Costs | 100,000 | 100,000 | 200,000 | 300,000 | |||||
Accretion of discount, convertible subordinated notes | $ 600,000 | $ 1,100,000 | $ 1,700,000 | $ 2,100,000 | |||||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 22.32 | $ 22.56 | $ 22.32 | $ 22.32 | |||||
Effective interest rate percentage | 3.15% | 3.15% | 11.36% | 3.15% | 11.36% | ||||
Write off of Deferred Debt Issuance Cost | 1,300,000 | $ 700,000 | $ 700,000 | ||||||
Gain (Loss) on Repurchase of Debt Instrument | 800,000 | ||||||||
Component of Convertible Debt, Transaction Expense, Early Extinguishment | 500,000 | ||||||||
Payments for Repurchase of Redeemable Convertible Preferred Stock, Principle | 74,800,000 | ||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 300,000 | ||||||||
Interest Expense | 400,000 | ||||||||
Payments for Repurchase of Redeemable Convertible Preferred Stock | $ 75,200,000 |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity (Stock-Based Compensation Plans) (Details) shares in Thousands | Jun. 30, 2018shares |
Class of Stock [Line Items] | |
Shares Reserved (in shares) | 1,844 |
Shares Available to Issue (in shares) | 1,306 |
Options Outstanding (in shares) | 1,751 |
Performance Awards Outstanding (in shares) | 526 |
Amended And Restated 2006 Plan [Member] | |
Class of Stock [Line Items] | |
Shares Reserved (in shares) | 0 |
Shares Available to Issue (in shares) | 0 |
Options Outstanding (in shares) | 1,528 |
Performance Awards Outstanding (in shares) | 297 |
2017 Plan [Member] | |
Class of Stock [Line Items] | |
Shares Reserved (in shares) | 1,844 |
Shares Available to Issue (in shares) | 1,306 |
Options Outstanding (in shares) | 223 |
Performance Awards Outstanding (in shares) | 229 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2018 | Jun. 01, 2018 | May 16, 2018 | May 15, 2018 | Mar. 01, 2018 | Jun. 01, 2017 | Mar. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 25 | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Options, Aggregate Grant Date Fair Value | $ 29 | $ 25 | ||||||||||
Shares Reserved (in shares) | 1,844,000 | 1,844,000 | 1,844,000 | |||||||||
Shares Available to Issue (in shares) | 1,306,000 | 1,306,000 | 1,306,000 | |||||||||
Payments of Ordinary Dividends, Common Stock | $ 2,640 | $ 1,668 | ||||||||||
Options Outstanding (in shares) | 1,751,000 | 1,751,000 | 1,751,000 | |||||||||
Performance Awards Outstanding (in shares) | 526,000 | 526,000 | 526,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,200 | 978 | ||||||||||
Unrecognized share based compensation, expected term (in Duration) | 2 years 4 months 12 days | |||||||||||
Directors compensation expense | $ 118 | $ 90 | $ 202 | $ 180 | ||||||||
Stock repurchase program, authorized amount | $ 26,000 | $ 26,000 | $ 26,000 | |||||||||
Dividends declared per common share (in dollars per Share) | $ 0.075 | $ 0.075 | $ 0.05 | $ 0.05 | $ 0.075 | $ 0.05 | $ 0.150 | $ 0.100 | ||||
Dividends | $ 1,433 | $ 1,207 | $ 835 | $ 833 | ||||||||
Share-Based Compensation Aggrangement, By Share-Based Payment Award, Equity Instrument Other Than Options, Percent Represented By Relative Shareholder Return Performance | 50.00% | |||||||||||
Risk-free interest rate | 1.61% | 1.44% | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Reserved Percentage | 200.00% | 200.00% | 200.00% | |||||||||
ESPP | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Dividend yield | 0.01% | |||||||||||
Shares purchased through Employee Stock Purchase Plan (in Shares) | 10,503 | 24,441 | ||||||||||
Weighted average purchase price of ESPP shares purchased during the period (in Dollars per share) | $ 20.87 | $ 21.55 | ||||||||||
Share-based compensation expense | $ 53 | $ 48 | $ 150 | $ 144 | ||||||||
Expected volatility | 20.89% | |||||||||||
Expected holding period (years) | 6 months | 3 months | ||||||||||
Restricted Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation expense | $ 220 | $ 183 | $ 465 | 372 | ||||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | 2,000 | |||||||||||
Unrecognized share based compensation | $ 2,400 | $ 2,400 | $ 2,400 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 77,260 | |||||||||||
Restricted Stock | Maximum [Member] | ||||||||||||
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 | |||||||||||
Stock Options | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Dividend yield | 1.18% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||||||
Share-based compensation expense | $ 200 | 300 | $ 700 | 800 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | $ 1,400 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 212,853 | |||||||||||
Grants in period, weighted average exercise price (in dollars per share) | $ 25.43 | |||||||||||
Expected volatility | 27.08% | |||||||||||
Risk-free interest rate | 2.65% | |||||||||||
Expected holding period (years) | 5 years | |||||||||||
Performance Shares [Member] | ||||||||||||
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 | 113,320 | |||||||||||
Officers And Key Employees [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Directors compensation expense | $ 344 | $ 202 | $ 620 | $ 257 | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Granted In Period, Fair Value | $ 2,900 | |||||||||||
Share-based Compensation Award, Tranche One [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Annual Vesting Percentage | 50.00% | |||||||||||
Share-based Compensation Award, Tranche Two [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Annual Vesting Percentage | 25.00% | |||||||||||
Amended And Restated 2006 Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares Reserved (in shares) | 0 | 0 | 0 | |||||||||
Shares Available to Issue (in shares) | 0 | 0 | 0 | |||||||||
Options Outstanding (in shares) | 1,528,000 | 1,528,000 | 1,528,000 | |||||||||
Performance Awards Outstanding (in shares) | 297,000 | 297,000 | 297,000 | |||||||||
Cancelled shares (in shares) | 289,000 | |||||||||||
2017 Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares Reserved (in shares) | 1,844,000 | 1,844,000 | 1,844,000 | |||||||||
Shares Available to Issue (in shares) | 1,306,000 | 1,306,000 | 1,306,000 | |||||||||
Options Outstanding (in shares) | 223,000 | 223,000 | 223,000 | |||||||||
Performance Awards Outstanding (in shares) | 229,000 | 229,000 | 229,000 |
Stockholders' Equity (ESPP) (De
Stockholders' Equity (ESPP) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Risk-free interest rate | 1.61% | 1.44% | ||||
Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Risk-free interest rate | 1.83% | 1.72% | ||||
ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 53 | $ 48 | $ 150 | $ 144 | ||
Dividend yield | 0.01% | |||||
Expected volatility | 20.89% | |||||
Expected holding period (years) | 6 months | 3 months | ||||
ESPP | Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected holding period (years) | 1 year | 9 months |
Stockholders' Equity (AOCI) (De
Stockholders' Equity (AOCI) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Equity [Abstract] | |
Beginning balance | $ 0 |
Increase in net unrealized gains associated with available-for-sale securities of the trusts | 1,540 |
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus | (1,540) |
Ending balance | $ 0 |
Stockholders' Equity (Weighted
Stockholders' Equity (Weighted Average Assumptions) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.61% | 1.44% | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.18% | ||
Expected volatility | 27.08% | ||
Risk-free interest rate | 2.65% | ||
Expected holding period (years) | 5 years | ||
Black-Scholes value (in dollars per share) | $ 6.38 | $ 6.38 |
Stockholders' Equity Cash Divid
Stockholders' Equity Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 01, 2018 | Mar. 01, 2018 | Jun. 01, 2017 | Mar. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Equity [Abstract] | ||||||||
Dividends declared per common share (in dollars per Share) | $ 0.075 | $ 0.075 | $ 0.05 | $ 0.05 | $ 0.075 | $ 0.05 | $ 0.150 | $ 0.100 |
Dividends | $ 1,433 | $ 1,207 | $ 835 | $ 833 |
Earnings Per Share (EPS Computa
Earnings Per Share (EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Less: Earnings allocated to unvested restricted stock | $ 2,747 | $ 4,410 | $ 12,103 | $ 11,494 |
Income attributable to common stockholders | (14) | (15) | (67) | (43) |
Income attributable to common stockholders | $ 2,733 | $ 4,395 | $ 12,036 | $ 11,451 |
Denominator [Abstract] | ||||
Denominator for basic earnings per common share - weighted average shares outstanding | 17,916,000 | 16,652,000 | 17,010,000 | 16,625,000 |
Effect of dilutive securities, Stock options (in shares) | 212,000 | 377,000 | 240,000 | 381,000 |
Effect of dilutive securities, Convertible junior subordinated debentures (in shares) | 117,000 | 1,064,000 | 674,000 | 1,077,000 |
Weighted average number of common and common equivalent shares outstanding for diluted EPS computation | 18,245,000 | 18,093,000 | 17,924,000 | 18,083,000 |
Basic and Diluted earnings per common share: | ||||
Continuing operations (in dollars per Share) | $ 0.15 | $ 0.26 | $ 0.71 | $ 0.69 |
Continuing operations (in dollars per Share) | $ 0.15 | $ 0.24 | $ 0.67 | $ 0.63 |
Antidilutive securities excluded from computation of diluted EPS | 645,000 | 0 | 600,000 | 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 | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | $ 63,847 | $ 63,852 | $ 137,234 | $ 132,009 | |
Operating Income (Loss) | 9,981 | 11,721 | 27,108 | 27,590 | |
Income before income taxes | 3,747 | 7,449 | 15,981 | 19,255 | |
Total assets | 945,611 | 945,611 | $ 921,533 | ||
Funeral | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | 48,532 | 48,739 | 107,126 | 102,950 | |
Operating Income (Loss) | 12,654 | 14,412 | 32,318 | 33,381 | |
Income before income taxes | 12,414 | 14,198 | 31,828 | 33,020 | |
Total assets | 656,331 | 656,331 | 665,483 | ||
Cemetery | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | 15,315 | 15,113 | 30,108 | 29,059 | |
Operating Income (Loss) | 4,171 | 4,255 | 8,695 | 8,378 | |
Income before income taxes | 4,254 | 4,395 | 8,846 | 8,607 | |
Total assets | 243,117 | 243,117 | 251,243 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from continuing operations | 0 | 0 | 0 | 0 | |
Operating Income (Loss) | (6,844) | (6,946) | (13,905) | (14,169) | |
Income before income taxes | (12,921) | $ (11,144) | (24,693) | $ (22,372) | |
Total assets | $ 46,163 | $ 46,163 | $ 4,807 |
Supplementary Data (Details)
Supplementary Data (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Other current assets: | ||
Other current assets | $ 152 | $ 97 |
Total other current assets | 2,460 | 986 |
Current portion of long-term debt and capital lease obligations: | ||
Long-term Debt | 2,072 | 16,927 |
Capital leases | 330 | 324 |
Total current portion of long-term debt and capital lease obligations | 2,402 | 17,251 |
Other current liabilities: | ||
Federal income taxes payable | 618 | 1,120 |
Deferred rent | 257 | 241 |
Total other current liabilities | 875 | 1,361 |
Accrued liabilities: | ||
Accrued salaries and wages | 2,750 | 2,643 |
Accrued incentive compensation | 4,272 | 6,412 |
Accrued vacation | 2,710 | 2,417 |
Accrued insurance | 2,040 | 1,832 |
Accrued interest | 2,106 | 1,271 |
Accrued ad valorem and franchise taxes | 1,573 | 1,003 |
Accrued commissions | 418 | 461 |
Other accrued liabilities | 1,152 | 1,520 |
Total accrued liabilities | 17,021 | 17,559 |
Other long-term liabilities: | ||
Deferred rent | 836 | 966 |
Incentive compensation | 962 | 1,287 |
Contingent consideration | 1,045 | 1,125 |
Total other long-term liabilities | 2,843 | 3,378 |
Term Loan [Member] | Credit Agreement [Member] | ||
Current portion of long-term debt and capital lease obligations: | ||
Long-term Debt | 0 | 15,000 |
Acquisition Debt, Deferred Purchase Price [Member] | Notes Payable, Other Payables [Member] | ||
Current portion of long-term debt and capital lease obligations: | ||
Long-term Debt | 2,072 | 1,927 |
Federal income taxes receivable | ||
Other current assets: | ||
State income taxes receivable | 988 | 0 |
State income taxes receivable | ||
Other current assets: | ||
State income taxes receivable | $ 1,320 | $ 889 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Millions | Jul. 10, 2018USD ($)funeral_homes |
Subsequent Event [Line Items] | |
Number Of Funeral Homes Acquired In Acquisitions | funeral_homes | 2 |
Payments to Acquire Businesses, Gross | $ | $ 29.2 |
Revenue From Contracts With C88
Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | $ 59,503 | $ 59,315 | $ 128,372 | $ 123,025 |
Financial revenues | 4,344 | 4,537 | 8,862 | 8,984 |
Revenue, Net | 63,847 | 63,852 | 137,234 | 132,009 |
Services | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | 31,972 | 32,131 | 70,656 | 67,929 |
Merchandise | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | 19,668 | 19,641 | 42,344 | 40,648 |
Cemetery interment rights | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | 7,863 | 7,543 | 15,372 | 14,448 |
Funeral | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | 46,319 | 46,680 | 102,601 | 98,642 |
Financial revenues | 2,213 | 2,059 | 4,525 | 4,308 |
Revenue, Net | 48,532 | 48,739 | 107,126 | 102,950 |
Funeral | Services | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | 29,023 | 29,205 | 64,587 | 62,004 |
Funeral | Merchandise | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | 17,296 | 17,475 | 38,014 | 36,638 |
Funeral | Cemetery interment rights | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Cemetery | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | 13,184 | 12,635 | 25,771 | 24,383 |
Financial revenues | 2,131 | 2,478 | 4,337 | 4,676 |
Revenue, Net | 15,315 | 15,113 | 30,108 | 29,059 |
Cemetery | Services | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | 2,949 | 2,926 | 6,069 | 5,925 |
Cemetery | Merchandise | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | 2,372 | 2,166 | 4,330 | 4,010 |
Cemetery | Cemetery interment rights | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contracts with customers | 7,863 | 7,543 | 15,372 | 14,448 |
Preneed Cemetery Trust Investments [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Preneed funeral commission income | 354 | 333 | 614 | 636 |
Investment Income, Net | 3,161 | 3,418 | 6,624 | 6,741 |
Preneed trust management fees | 333 | 336 | 681 | 675 |
Preneed cemetery finance charges | 496 | 450 | 943 | 932 |
Preneed Cemetery Trust Investments [Member] | Funeral | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Preneed funeral commission income | 354 | 333 | 614 | 636 |
Investment Income, Net | 1,728 | 1,590 | 3,642 | 3,398 |
Preneed trust management fees | 131 | 136 | 269 | 274 |
Preneed cemetery finance charges | 0 | 0 | 0 | 0 |
Preneed Cemetery Trust Investments [Member] | Cemetery | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Preneed funeral commission income | 0 | 0 | 0 | 0 |
Investment Income, Net | 1,433 | 1,828 | 2,982 | 3,343 |
Preneed trust management fees | 202 | 200 | 412 | 401 |
Preneed cemetery finance charges | $ 496 | $ 450 | $ 943 | $ 932 |
Revenue From Contracts With C89
Revenue From Contracts With Customers Deferred Revenue (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Receivables from Preneed Funeral Trusts | $ (16,313) | $ (15,287) |
Cemetery | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts Receivable, Gross, Current | 1,400 | 1,400 |
Receivables from Preneed Funeral Trusts | 3,200 | 3,200 |
Deferred preneed cemetery revenue | 55,264 | 54,690 |
Less: Balances due on undelivered cemetery preneed contracts(2) | (4,565) | (4,594) |
Deferred preneed cemetery revenue, net | 50,699 | 50,096 |
Funeral | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Receivables from Preneed Funeral Trusts | 8,100 | 7,900 |
Deferred preneed cemetery revenue | 36,018 | 34,585 |
Less: Balances due on undelivered cemetery preneed contracts(2) | (8,278) | (7,934) |
Deferred preneed cemetery revenue, net | $ 27,740 | $ 26,651 |
Revenue From Contracts With C90
Revenue From Contracts With Customers Narrative (Details) | 6 Months Ended |
Jun. 30, 2018segment | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Number of business segments | 2 |
Minimum [Member] | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Service Contract, Term | 8 years |
Maximum [Member] | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Service Contract, Term | 10 years |
Senior Notes (Details)
Senior Notes (Details) | May 31, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($)d | Jun. 30, 2017USD ($) |
Debt Instrument [Line Items] | ||||
Repayments of Long-term Lines of Credit | $ 188,000,000 | $ 42,400,000 | ||
Debt Issuance Costs, Gross | $ 900,000 | 900,000 | ||
Proceeds from the issuance of the 6.625% senior notes | 320,125,000 | 0 | ||
Interest Expense, Debt | 1,900,000 | |||
Amortization of Debt Issuance Costs | 320,000 | $ 408,000 | ||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Lines of Credit | $ 291,400,000 | |||
Debt Issuance Costs, Gross | $ 1,400,000 | $ 1,400,000 | ||
Stated interest rate percentage | 6.625% | 6.625% | ||
Debt Instrument, Term | 95 months | |||
Debt Instrument, Interest Rate During Period | 6.87% | 6.69% | ||
Principal amount | $ 325,000,000 | $ 325,000,000 | ||
Proceeds from the issuance of the 6.625% senior notes | $ 320,100,000 | |||
Long-term Debt, Fair Value | 329,300,000 | 329,300,000 | ||
Debt Instrument, Discount Rate | 1.50% | |||
Debt Instrument, Unamortized Discount | 4,900,000 | $ 4,900,000 | ||
Debt Instrument, Redemption Price, Percentage | 106.625% | |||
Debt Instrument, Convertible, Threshold Trading Days | d | 180 | |||
Interest Expense, Debt | 1,900,000 | |||
Amortization of Debt Issuance Costs | $ 38,000 | $ 11,000 | ||
Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Amount Threshold, Percentage | 100.00% | 100.00% | ||
Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Amount Threshold, Percentage | 40.00% | 40.00% | ||
Debt Instrument, Amount Threshold Retention, Percentage | 60.00% | 60.00% | ||
Senior Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||
Senior Notes [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes Carrying value of
Senior Notes Carrying value of the Senior Notes (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt issuance costs, net of accumulated amortization of $11 | $ 0 | $ (967,000) |
Accumulated Amortization, Debt Issuance Costs | 4,518,000 | $ 4,442,000 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 325,000,000 | |
Debt discount, net of accumulated amortization of $38 | (4,837,000) | |
Debt issuance costs, net of accumulated amortization of $11 | (1,356,000) | |
Carrying value of the Senior Notes | 318,807,000 | |
Accumulated amortization, debt discount | 38,000 | |
Accumulated Amortization, Debt Issuance Costs | $ 11,000 |