Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 11, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | Service Corporation International | ||
Entity Central Index Key | 89089 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 202,902,489 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $4,221,605,973 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | $2,994,012 | $2,550,466 | $2,404,430 |
Costs and expenses | -2,318,199 | -2,001,419 | -1,881,658 |
Gross profits | 675,813 | 549,047 | 522,772 |
General and administrative expenses | -184,877 | -155,128 | -121,891 |
Gains (losses) on divestitures and impairment charges, net | 116,613 | -6,263 | -1,511 |
Operating income | 607,549 | 387,656 | 399,370 |
Interest expense | -177,571 | -142,360 | -135,068 |
(Losses) gains on early extinguishment of debt, net | -29,158 | 468 | -22,706 |
Other income (expense), net | 1,780 | -558 | 3,687 |
Income from continuing operations before income taxes | 402,600 | 245,206 | 245,283 |
Provision for income taxes | -225,980 | -93,024 | -90,111 |
Income from continuing operations | 176,620 | 152,182 | 155,172 |
Income from discontinued operations, net of tax | 2,186 | 406 | 262 |
Net income | 178,806 | 152,588 | 155,434 |
Net income attributable to noncontrolling interests | -6,337 | -5,256 | -1,589 |
Net income attributable to common stockholders | $172,469 | $147,332 | $153,845 |
Basic earnings per share: | |||
Net income attributable to common stockholders, basic | $0.82 | $0.71 | |
Basic weighted average number of shares | 210,741 | 211,811 | 215,712 |
Diluted earnings per share: | |||
Net income attributable to common stockholders, diluted | $0.81 | $0.70 | |
Diluted weighted average number of shares | 214,200 | 216,014 | 219,066 |
Dividends declared per share | $0.34 | $0.27 | $0.23 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $178,806 | $152,588 | $155,434 |
Foreign currency translation adjustments | -32,096 | -23,292 | 5,892 |
Reclassification of foreign currency translation adjustments to discontinued operations | 3,114 | 0 | 0 |
Total comprehensive income | 149,824 | 129,296 | 161,326 |
Total comprehensive income attributable to noncontrolling interests | -6,382 | -5,240 | -1,616 |
Total comprehensive income attributable to common stockholders | $143,442 | $124,056 | $159,710 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $177,335 | $141,584 |
Receivables, net | 109,050 | 101,424 |
Deferred tax assets | 1,128 | 30,282 |
Inventories, net | 29,697 | 32,741 |
Current assets of discontinued operations | 0 | 4,750 |
Current assets held for sale | 45 | 4,569 |
Other | 79,601 | 63,746 |
Total current assets | 396,856 | 379,096 |
Preneed funeral receivables, net and trust investments | 1,843,023 | 1,870,243 |
Preneed cemetery receivables, net and trust investments | 2,306,669 | 2,292,348 |
Cemetery property, at cost | 1,739,216 | 1,752,269 |
Property and equipment, net | 1,861,403 | 1,912,514 |
Non-current assets of discontinued operations | 0 | 2,491 |
Non-current assets held for sale | 6,702 | 823,327 |
Goodwill, net | 1,810,853 | 1,825,721 |
Deferred charges and other assets | 617,546 | 633,000 |
Cemetery perpetual care trust investments | 1,341,376 | 1,342,591 |
Total assets | 11,923,644 | 12,833,600 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 453,028 | 482,839 |
Current maturities of long-term debt | 90,931 | 176,362 |
Current liabilities of discontinued operations | 0 | 4,728 |
Current liabilities held for sale | 14 | 4,390 |
Income taxes | 8,035 | 5,263 |
Total current liabilities | 552,008 | 673,582 |
Long-term debt | 2,963,794 | 3,125,548 |
Deferred preneed funeral revenues | 540,164 | 551,948 |
Deferred preneed cemetery revenues | 1,062,381 | 1,016,275 |
Deferred tax liabilities | 448,824 | 387,169 |
Non-current liabilities of discontinued operations | 0 | 968 |
Non-current liabilities held for sale | 6,988 | 517,251 |
Other liabilities | 495,565 | 491,238 |
Deferred preneed funeral and cemetery receipts held in trust | 3,148,884 | 3,248,463 |
Care trusts’ corpus | 1,327,658 | 1,340,930 |
Commitments and contingencies (Note 12) | ||
Equity: | ||
Common stock, $1 per share par value, 500,000,000 shares authorized, 205,458,331 and 212,326,642 shares issued, respectively, and 204,866,770 and 212,316,642 shares outstanding, respectively | 204,867 | 212,317 |
Capital in excess of par value | 1,186,304 | 1,259,348 |
Accumulated deficit | -81,859 | -90,026 |
Accumulated other comprehensive income | 59,414 | 88,441 |
Total common stockholders’ equity | 1,368,726 | 1,470,080 |
Noncontrolling interests | 8,652 | 10,148 |
Total equity | 1,377,378 | 1,480,228 |
Total liabilities and equity | $11,923,644 | $12,833,600 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par or stated value per share | $1 | $1 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 205,458,331 | 212,326,642 |
Common stock, shares outstanding | 204,866,770 | 212,316,642 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $178,806 | $152,588 | $155,434 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income from discontinued operations, net of tax | -2,186 | -406 | -262 |
Losses (gains) on early extinguishment of debt, net | 29,158 | -468 | 22,706 |
Premiums paid on early extinguishment of debt | -24,804 | 0 | 0 |
Depreciation and amortization | 140,002 | 122,235 | 119,862 |
Amortization of intangible assets | 36,640 | 21,859 | 23,853 |
Amortization of cemetery property | 60,439 | 48,344 | 44,976 |
Amortization of loan costs | 8,825 | 15,943 | 4,905 |
Provision for doubtful accounts | 7,376 | 7,874 | 9,705 |
Provision for deferred income taxes | 129,671 | 71,708 | 71,685 |
Gains (losses) on divestitures and impairment charges, net | -116,613 | 6,263 | 1,511 |
Share-based compensation | 13,127 | 11,925 | 10,983 |
Excess tax benefits from share-based awards | -30,123 | 0 | 0 |
Change in assets and liabilities, net of effects from acquisitions and divestitures: | |||
Increase (decrease) in receivables | -18,644 | 11,017 | -9,782 |
Increase in other assets | -11,013 | -14,815 | -6,901 |
(Decrease) increase in payables and other liabilities | -12,038 | -1,995 | 26,360 |
Effect of preneed funeral production and maturities: | |||
Decrease in preneed funeral receivables, net and trust investments | 30,357 | 47,648 | 37,341 |
Decrease in deferred preneed funeral revenue | -23,069 | -9,260 | -41,228 |
Decrease in deferred preneed funeral receipts held in trust | -52,869 | -50,990 | -22,357 |
Effect of cemetery production and maturities: | |||
Increase in preneed cemetery receivables, net and trust investments | -43,964 | -73,626 | -96,837 |
Increase in deferred preneed cemetery revenue | 54,049 | 30,785 | 20,817 |
Decrease in deferred preneed cemetery receipts held in trust | -34,664 | -12,761 | -587 |
Other | -108 | -27 | -3,684 |
Net cash provided by operating activities from continuing operations | 318,355 | 383,841 | 368,500 |
Net cash (used in) provided by operating activities from discontinued operations | -1,000 | 868 | 746 |
Net cash provided by operating activities | 317,355 | 384,709 | 369,246 |
Cash flows from investing activities: | |||
Capital expenditures | -144,499 | -112,939 | -115,322 |
Acquisitions, net of cash acquired | 15,336 | 1,057,122 | 65,463 |
Proceeds from divestitures and sales of property and equipment | 424,383 | 13,219 | 9,995 |
Net (deposits) withdrawals of restricted funds and other | 12,225 | -341 | 3,815 |
Net cash provided by (used in) investing activities from continuing operations | 252,323 | -1,156,501 | -174,605 |
Net cash provided by (used in) investing activities from discontinued operations | 4,963 | -292 | -349 |
Net cash provided by (used in) investing activities | 257,286 | -1,156,793 | -174,954 |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 755,000 | 1,055,000 | 227,507 |
Debt issuance costs | -10,500 | -36,064 | -4,500 |
Payments of debt | -230,561 | -90,466 | -607 |
Early extinguishment of debt | -762,764 | -80 | -202,140 |
Principal payments on capital leases | -29,380 | -26,280 | -25,760 |
Proceeds from exercise of stock options | 32,376 | 6,309 | 18,389 |
Excess tax benefits from share based awards | 30,123 | 0 | 0 |
Purchase of Company common stock | -242,874 | -1,708 | -186,766 |
Payments of dividends | 71,517 | 57,229 | 60,296 |
Purchase of noncontrolling interest | -15,000 | -23,333 | -3,000 |
Bank overdrafts and other | 7,130 | 336 | 6,199 |
Net cash (used in) provided by financing activities from continuing operations | -537,967 | 826,485 | -230,974 |
Net cash used in financing activities from discontinued operations | 0 | -1,370 | -538 |
Net cash (used in) provided by financing activities | -537,967 | 825,115 | -231,512 |
Net change in cash of discontinued operations | 1,361 | 785 | 1,049 |
Effect of foreign currency | -2,284 | -1,001 | 1,287 |
Net increase (decrease) in cash and cash equivalents | 35,751 | 52,815 | -34,884 |
Cash and cash equivalents at beginning of period | 141,584 | 88,769 | 123,653 |
Cash and cash equivalents at end of period | $177,335 | $141,584 | $88,769 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Common Stock | Treasury Stock | Capital in Excess of Par Value | Accumulated Deficit(1) | Accumulated Other Comprehensive Income | Noncontrolling Interest | |
Share data in Thousands, unless otherwise specified | ||||||||
Balance at beginning of period at Dec. 31, 2011 | $1,463,262,000 | $224,666,000 | ($1,710,000) | $1,430,330,000 | ($315,977,000) | [1] | $105,852,000 | $20,101,000 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||
Comprehensive income | 161,326,000 | 0 | 0 | 0 | 153,845,000 | [1] | 5,865,000 | 1,616,000 |
Dividends declared on common stock | -49,253,000 | 0 | 0 | -49,253,000 | 0 | [1] | 0 | 0 |
Stock option exercises | 18,389,000 | 2,993,000 | 0 | 15,396,000 | 0 | [1] | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 483,000 | 0 | -483,000 | 0 | [1] | 0 | 0 |
Employee share-based compensation earned | 10,983,000 | 0 | 0 | 10,983,000 | 0 | [1] | 0 | 0 |
Purchase of Company common stock | -186,766,000 | 0 | -15,467,000 | -99,002,000 | -72,297,000 | [1] | 0 | 0 |
Noncontrolling Interest, Increase from Business Combination | -3,000,000 | 0 | 0 | -1,762,000 | 0 | [1] | 0 | -1,238,000 |
Noncontrolling interest payments | -679,000 | 0 | 0 | 0 | 0 | [1] | 0 | -679,000 |
Retirement of treasury shares | 0 | -17,167 | 17,167 | 0 | 0 | [1] | 0 | 0 |
Other | 931,000 | 82,000 | 0 | 849,000 | 0 | [1] | 0 | 0 |
Balance at end of period at Dec. 31, 2012 | 1,415,193,000 | 211,057,000 | -10,000 | 1,307,058,000 | -234,429,000 | [1] | 111,717,000 | 19,800,000 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||
Comprehensive income | 129,296,000 | 0 | 0 | 0 | 147,332,000 | [1] | -23,276,000 | 5,240,000 |
Dividends declared on common stock | -57,229,000 | 0 | 0 | -57,229,000 | 0 | [1] | 0 | 0 |
Stock option exercises | 9,313,000 | 1,087,000 | 0 | 8,226,000 | 0 | [1] | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 378,000 | -3,000 | -375,000 | 0 | [1] | 0 | 0 |
Employee share-based compensation earned | 11,925,000 | 0 | 0 | 11,925,000 | 0 | [1] | 0 | 0 |
Purchase of Company common stock | -4,712,000 | 0 | -275,000 | -1,508,000 | -2,929,000 | [1] | 0 | 0 |
Noncontrolling Interest, Increase from Business Combination | -23,333,000 | 0 | 0 | -10,023,000 | 0 | [1] | 0 | -13,310,000 |
Acquisition | 118,000 | 0 | 0 | 0 | 0 | [1] | 0 | 118,000 |
Noncontrolling interest payments | -1,700,000 | 0 | 0 | 0 | 0 | [1] | 0 | -1,700,000 |
Retirement of treasury shares | 0 | -278 | 278 | 0 | 0 | [1] | 0 | 0 |
Other | 1,357,000 | 83,000 | 0 | 1,274,000 | 0 | [1] | 0 | 0 |
Balance at end of period at Dec. 31, 2013 | 1,480,228,000 | 212,327,000 | -10,000 | 1,259,348,000 | -90,026,000 | [1] | 88,441,000 | 10,148,000 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||
Comprehensive income | 149,824,000 | 0 | 0 | 0 | 172,469,000 | [1] | -29,027,000 | 6,382,000 |
Dividends declared on common stock | -71,517,000 | 0 | 0 | -71,517,000 | 0 | [1] | 0 | 0 |
Stock option exercises | 33,137,000 | 3,642,000 | 0 | 29,495,000 | 0 | [1] | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 352,000 | 0 | -352,000 | 0 | [1] | 0 | 0 |
Employee share-based compensation earned | 13,127,000 | 0 | 0 | 13,127,000 | 0 | [1] | 0 | 0 |
Purchase of Company common stock | -243,635,000 | 0 | -11,537,000 | -67,796,000 | -164,302,000 | [1] | 0 | 0 |
Tax benefits related to stock-based awards | 30,123,000 | 0 | 0 | 30,123,000 | 0 | [1] | 0 | 0 |
Noncontrolling Interest, Increase from Business Combination | -15,000,000 | 0 | 0 | -7,441,000 | 0 | [1] | 0 | -7,559,000 |
Noncontrolling interest payments | -319,000 | 0 | 0 | 0 | 0 | [1] | 0 | -319,000 |
Retirement of treasury shares | 0 | -10,956 | 10,956 | 0 | 0 | [1] | 0 | 0 |
Other | 1,410,000 | 93,000 | 0 | 1,317,000 | 0 | [1] | 0 | 0 |
Balance at end of period at Dec. 31, 2014 | $1,377,378,000 | $205,458,000 | ($591,000) | $1,186,304,000 | ($81,859,000) | [1] | $59,414,000 | $8,652,000 |
[1] | The statement of equity at December 31, 2011 was adjusted to reflect an increase of $51.1 million to the accumulated deficit as a result of the deferred tax revision discussed in Note 2, Summary of Significant Accounting Policies. |
Consolidated_Statement_of_Equi1
Consolidated Statement of Equity (Parentheticals) (USD $) | Dec. 31, 2011 |
In Millions, except Per Share data, unless otherwise specified | |
Statement of Stockholders' Equity [Abstract] | |
Impact of Restatement on Opening Retained Earnings, Net of Tax | $51.10 |
Nature_of_Operations_Level_1_N
Nature of Operations Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Nature of Operations [Abstract] | |
Nature of Operations [Text Block] | Nature of Operations |
We are North America’s largest provider of deathcare products and services, with a network of funeral service locations and cemeteries operating in the United States and Canada. Our funeral service and cemetery operations consist of funeral service locations, cemeteries, funeral service/cemetery combination locations, crematoria, and related businesses. | |
We provide all professional services relating to funerals and cremations, including the use of funeral facilities and motor vehicles and preparation and embalming services. Funeral-related merchandise, including caskets, casket memorialization products, burial vaults, cremation receptacles, cremation memorialization products, flowers, and other ancillary products and services, is sold at funeral service locations. Our cemeteries provide cemetery property interment rights, including developed lots, lawn crypts, mausoleum spaces, cremation niches, and cremation memorialization property and sell cemetery-related merchandise and services, including stone and bronze memorials, markers, merchandise installations, flowers, and burial openings and closings. We also sell preneed funeral and cemetery merchandise and services whereby a customer contractually agrees to the terms of certain merchandise and services to be provided in the future. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies Level 1 (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies | |||||||||||||||
Principles of Consolidation and Basis of Presentation | ||||||||||||||||
Our consolidated financial statements include the accounts of Service Corporation International (SCI) and all subsidiaries in which we hold a controlling financial interest. Our financial statements also include the accounts of the funeral merchandise and service trusts, cemetery merchandise and service trusts, and cemetery perpetual care trusts in which we have a variable interest and are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||||
Reclassifications and Revision of Prior Period Financial Statements | ||||||||||||||||
Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on our previously reported results of operations, consolidated financial position, or cash flows. We sold our German operations and the financial data related to those operations has been reclassified as discontinued operations in all periods. We also retrospectively adjusted the financial statements to reflect measurement period adjustments made throughout 2014 related to our acquisition of Stewart Enterprises (Stewart). For further information on this acquisition and these adjustments, see Note 19. | ||||||||||||||||
Additionally, we have revised our prior period amounts to correct for the following: | ||||||||||||||||
• | $30.0 million from Long-term debt to Current maturities of long-term debt in our consolidated balance sheet at December 31, 2013. The original misclassification, which was identified and disclosed in the first quarter of 2014, relates to amounts payable in 2014 for our Term Loan due July 2018. | |||||||||||||||
• | Misstatements in the determination of certain deferred tax amounts originating in 2013 and prior periods and primarily relating to the 2006 purchase accounting for the acquisition of Alderwoods Group Inc. that were identified during the fourth quarter of 2014. Other adjustments primarily relate to the tax basis of fixed assets, intangibles, and deferred revenue. The correction of these items impacted the consolidated balance sheet as of December 31, 2013 and consolidated statements of operations for the years ended December 31, 2013 and 2012 as presented in the company’s annual report. | |||||||||||||||
We assessed the applicable guidance issued by the Securities and Exchange Commission and Financial Accounting Standards Board (FASB) and concluded that these misstatements were not material to our consolidated financial statements for the aforementioned prior periods; however, we did conclude that correcting these prior misstatements would be material to the full year consolidated statement of operations. As a result of this analysis, all prior period consolidated financial statements have been revised in this Form 10-K filing. Any other changes throughout the remainder of the Form 10-K reflect the changes below. The following is a summary of the consolidated statement of operations, the consolidated balance sheet, and the consolidated statement of cash flows line items impacted by the debt and income tax revisions: | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
As previously reported | Revisions | Reclassifications | As revised | |||||||||||||
(in thousands) | ||||||||||||||||
Provision for income taxes | $ | (96,615 | ) | $ | 3,484 | $ | 107 | $ | (93,024 | ) | ||||||
Net income | $ | 149,104 | $ | 3,484 | $ | — | $ | 152,588 | ||||||||
Net income attributable to common stockholders | $ | 143,848 | $ | 3,484 | $ | — | $ | 147,332 | ||||||||
Net income attributable to common stockholders per share: | ||||||||||||||||
Basic | $ | 0.68 | $ | 0.02 | $ | — | $ | 0.7 | ||||||||
Diluted | $ | 0.67 | $ | 0.01 | $ | — | $ | 0.68 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
As previously reported | Revisions | Reclassifications | As revised | |||||||||||||
(in thousands) | ||||||||||||||||
Provision for income taxes | $ | (91,548 | ) | $ | 1,299 | $ | 138 | $ | (90,111 | ) | ||||||
Net income | $ | 154,135 | $ | 1,299 | $ | — | $ | 155,434 | ||||||||
Net income attributable to common stockholders | $ | 152,546 | $ | 1,299 | $ | — | $ | 153,845 | ||||||||
Net income attributable to common stockholders per share: | ||||||||||||||||
Basic | $ | 0.71 | $ | — | $ | — | $ | 0.71 | ||||||||
Diluted | $ | 0.7 | $ | — | $ | — | $ | 0.7 | ||||||||
Summary of Revised Consolidated Balance Sheet Amounts | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
As previously reported | Revisions | Reclassifications | As revised | |||||||||||||
(in thousands) | ||||||||||||||||
Deferred tax assets | $ | 39,074 | $ | (3,750 | ) | $ | (5,042 | ) | $ | 30,282 | ||||||
Total current assets | $ | 393,747 | $ | (3,750 | ) | $ | (10,901 | ) | $ | 379,096 | ||||||
Goodwill | $ | 1,922,102 | $ | (91,016 | ) | $ | (5,365 | ) | $ | 1,825,721 | ||||||
Total assets | $ | 12,906,070 | $ | (94,766 | ) | $ | 22,296 | $ | 12,833,600 | |||||||
Current maturities of long-term debt | $ | 146,362 | $ | 30,000 | $ | — | $ | 176,362 | ||||||||
Income taxes | $ | 6,391 | $ | (1,202 | ) | $ | 74 | $ | 5,263 | |||||||
Total current liabilities | $ | 642,584 | $ | 28,798 | $ | 2,200 | $ | 673,582 | ||||||||
Long-term debt | $ | 3,155,548 | $ | (30,000 | ) | $ | — | $ | 3,125,548 | |||||||
Deferred tax liabilities | $ | 619,200 | $ | (190,355 | ) | $ | (41,676 | ) | $ | 387,169 | ||||||
Other liabilities | $ | 430,393 | $ | 40,941 | $ | 19,904 | $ | 491,238 | ||||||||
Accumulated deficit | $ | (145,876 | ) | $ | 55,850 | $ | — | $ | (90,026 | ) | ||||||
Total equity | $ | 1,424,378 | $ | 55,850 | $ | — | $ | 1,480,228 | ||||||||
Total liabilities and equity | $ | 12,906,070 | $ | (94,766 | ) | $ | 22,296 | $ | 12,833,600 | |||||||
Summary of Revised Consolidated Statement of Cash Flows(1) Amounts | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
As previously reported | Revisions | Reclassifications | As revised | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Net income | $ | 149,104 | $ | 3,484 | $ | — | $ | 152,588 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Provision for deferred income taxes | $ | 74,100 | $ | (2,282 | ) | $ | (110 | ) | $ | 71,708 | ||||||
Change in assets and liabilities, net of effects from acquisitions and dispositions: | ||||||||||||||||
(Decrease) increase in payables and other liabilities | $ | (284 | ) | $ | (1,202 | ) | $ | (509 | ) | $ | (1,995 | ) | ||||
Summary of Revised Consolidated Statement of Cash Flows(1) Amounts | ||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
As previously reported | Revisions | Reclassifications | As revised | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Net income | $ | 154,135 | $ | 1,299 | $ | — | $ | 155,434 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Provision for deferred income taxes | $ | 72,984 | $ | (1,299 | ) | $ | — | $ | 71,685 | |||||||
Change in assets and liabilities, net of effects from acquisitions and dispositions: | ||||||||||||||||
(Decrease) increase in payables and other liabilities | $ | 25,240 | $ | — | $ | 1,120 | $ | 26,360 | ||||||||
(1) These revisions had no net impact on Net cash provided by operating, investing, or financing activities. | ||||||||||||||||
Use of Estimates in the Preparation of Financial Statements | ||||||||||||||||
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. As a result, actual results could differ from these estimates. | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amounts of our cash and cash equivalents approximate fair value due to the short-term nature of these instruments. | ||||||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | ||||||||||||||||
Our trade receivables primarily consist of amounts due for funeral services already performed. We provide various allowances and cancellation reserves for our funeral and cemetery preneed and atneed receivables as well as for our preneed funeral and preneed cemetery deferred revenues. These allowances are based on an analysis of historical trends of collection and cancellation activity. Atneed funeral and cemetery receivables are considered past due after 30 days. Collections are generally managed by the locations or third party agencies acting on behalf of the locations, until a receivable is 180 days delinquent at which time it is fully reserved and sent to a collection agency. These estimates are impacted by a number of factors, including changes in the economy, relocation, and demographic or competitive changes in our areas of operation. | ||||||||||||||||
Inventories and Cemetery Property | ||||||||||||||||
Funeral and cemetery merchandise are stated at the lower of average cost or market. Cemetery property is recorded at cost. Inventory costs and cemetery property are relieved using specific identification in performance of a contract. Amortization expense for cemetery property was $60.4 million, $48.3 million, and $45.0 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||
Property and Equipment, Net | ||||||||||||||||
Property and equipment are recorded at cost. Maintenance and repairs are charged to expense whereas renewals and major replacements that extend the assets useful lives are capitalized. Depreciation is recognized ratably over the estimated useful lives of the various classes of assets. Buildings are depreciated over a period ranging from seven to forty years, equipment is depreciated over a period from three to eight years, and leasehold improvements are depreciated over the shorter of the lease term or ten years. Depreciation and amortization expense related to property and equipment was $140.0 million, $122.2 million, and $119.9 million for the years ended December 31, 2014, 2013, and 2012, respectively. When property is sold or retired, the cost and related accumulated depreciation are removed from the consolidated balance sheet; resulting gains and losses are included in the consolidated statement of operations in the period of sale or disposal. | ||||||||||||||||
Leases | ||||||||||||||||
We have lease arrangements primarily related to funeral service locations and transportation equipment that were primarily classified as capital leases at December 31, 2014. Lease terms related to funeral home properties generally range from one to 40 years with options to renew at varying terms. Lease terms related to transportation equipment generally range from one to five years with options to renew at varying terms. We calculate operating lease expense ratably over the lease term. We consider reasonably assured renewal options and fixed escalation provisions in our calculation. For more information related to leases, see Note 12. | ||||||||||||||||
Goodwill | ||||||||||||||||
The excess of purchase price over the fair value of identifiable net assets acquired in business combinations is recorded as goodwill. Goodwill is tested annually, during the fourth quarter, for impairment by assessing the fair value of each of our reporting units. | ||||||||||||||||
Our goodwill impairment test involves estimates and management judgment. In the first step of our goodwill impairment test, we compare the fair value of a reporting unit to its carrying amount, including goodwill. We determine fair value of each reporting unit using both a market and income approach. Our methodology considers discounted cash flows and multiples of EBITDA (earnings before interest, taxes, depreciation, and amortization). The discounted cash flow valuation uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions that may differ from actual future cash flows. We do not record an impairment of goodwill in instances where the fair value of a reporting unit exceeds its carrying amount. If the aggregate fair value is less than the related carrying amount for a reporting unit, we compare the implied fair value of goodwill to the carrying amount of goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. | ||||||||||||||||
For our most recent annual impairment test performed in the fourth quarter, we used a 7.0% discount rate, growth rates ranging from 1.9% to 6.3% over a five-year period, plus a terminal value determined using the constant growth method in projecting our future cash flows. Fair value was calculated as the sum of the projected discounted cash flows of our reporting units over the next five years plus terminal value at the end of those five years. Our terminal value was calculated using a long-term growth rate of 2.5% and 2.9% for our funeral and cemetery reporting units, respectively. | ||||||||||||||||
In addition to our annual review, we assess the impairment of goodwill whenever certain events or changes in circumstances indicate that the carrying value may be greater than fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant underperformance relative to historical or projected future operating results and significant negative industry or economic trends. No interim goodwill impairment reviews were required in 2014 or 2013. For more information related to goodwill, see Note 8. | ||||||||||||||||
Other Intangible Assets | ||||||||||||||||
Our intangible assets include customer relationships, trademarks and tradenames, and other intangible assets primarily resulting from acquisitions. Our trademark and tradenames and certain other intangible assets are considered to have an indefinite life and are not subject to amortization. We test for impairment of intangible assets annually during the fourth quarter. | ||||||||||||||||
Our intangible assets impairment tests involve estimates and management judgment. For trademark and tradenames, our test uses the relief from royalty method whereby we determine the fair value of the assets by discounting the cash flows that represent a savings over having to pay a royalty fee for use of the trademark and tradenames. The discounted cash flow valuation uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions that may differ from actual future cash flows. For our most recent annual impairment test performed in the fourth quarter, we estimated that the pre-tax savings would range from 1.0% to 4.0% of the revenues associated with the trademark and tradenames, based primarily on our research of intellectual property valuation and licensing databases. We also assumed a terminal growth rate of 2.5% and 2.9% for our funeral and cemetery segments, respectively, and discounted the cash flows at a 7.2% discount rate based on the relative risk of these assets to our overall business. | ||||||||||||||||
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 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 interim intangible impairment reviews were required in 2014 or 2013. | ||||||||||||||||
Certain of our intangible assets associated with prior acquisitions are relieved using specific identification in performance of a contract. We amortize all other finite-lived intangible assets on a straight-line basis over their estimated useful lives which range from two to forty years. For more information related to intangible assets, see Note 8. | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
We measure the available-for-sale securities held by our funeral merchandise and service, cemetery merchandise and service, and cemetery perpetual care trusts at fair value on a recurring basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We utilize a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | ||||||||||||||||
• | Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; | |||||||||||||||
• | Level 2 — inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and | |||||||||||||||
• | Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |||||||||||||||
An asset’s or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Certain available-for-sale securities held by our funeral merchandise and service, cemetery merchandise and service, and cemetery perpetual care trusts have been classified in Level 3 of the hierarchy due to the significant management judgment required as a result of the absence of quoted market prices, inherent lack of liquidity, or the long-term nature of the securities. For additional disclosures for all of our available-for-sale securities, see Notes 4, 5, and 6. | ||||||||||||||||
Treasury Stock | ||||||||||||||||
We make treasury stock purchases in the open market or through privately negotiated transactions subject to market conditions and normal trading restrictions. We account for the repurchase of our common stock under the par value method. In 2014, we canceled 10.9 million shares of common stock held in our treasury. We canceled 0.3 million and 17.2 million shares of common stock held in our treasury in 2013 and 2012, respectively. These retired treasury shares were changed to authorized but unissued status. | ||||||||||||||||
Foreign Currency Translation | ||||||||||||||||
All assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at exchange rates in effect as of the end of the reporting period. Revenue and expense items are translated at the average exchange rates for the reporting period. The resulting translation adjustments are included in Equity as a component of Accumulated other comprehensive income in the consolidated statement of equity and consolidated balance sheet. | ||||||||||||||||
The functional currency of SCI and its subsidiaries is the respective local currency. The transactional currency gains and losses that arise from transactions denominated in currencies other than the functional currencies of our operations are recorded in Other income (expense), net in the consolidated statement of operations. We do not have an investment in foreign operations considered to be in highly inflationary economies. | ||||||||||||||||
Funeral Operations | ||||||||||||||||
Revenue is recognized when funeral merchandise is delivered or funeral services are performed. We sell price-guaranteed preneed funeral contracts through various programs providing for future funeral services at prices prevailing when the agreements are signed. Revenue associated with sales of preneed funeral contracts is deferred until funeral merchandise is delivered or the funeral services are performed, generally at the time of need. Travel protection insurance and certain memorialization merchandise sold on a preneed basis is delivered to the customer at the time of sale and is recognized at the time delivery has occurred. While these items are sold as part of preneed funeral arrangements they are also offered on a stand-alone basis. The total consideration received for these arrangements is allocated to each item based on relative selling price determined using either vendor specific objective evidence of the selling price or third-party evidence of selling price. Vendor specific objective evidence of the selling price is determined based on the price we sell the items for on a stand-alone basis. Third-party evidence of selling price is based on the price of our largely interchangeable products that are sold in stand-alone sales to similarly situated customers. There is no general right of return for delivered items. | ||||||||||||||||
Pursuant to state or provincial law, all or a portion of the proceeds from funeral merchandise or services sold on a preneed basis may be required to be paid into trust funds. We defer investment earnings related to these merchandise and service trusts until the associated merchandise is delivered or services are performed. Costs related to sales of merchandise and services are charged to expense when merchandise is delivered or services are performed. Sales taxes collected are recognized on a net basis in our consolidated financial statements. See Note 4 for more information regarding preneed funeral activities. | ||||||||||||||||
Cemetery Operations | ||||||||||||||||
Revenue associated with sales of cemetery merchandise and services is recognized when merchandise is delivered or the service is performed. Revenue associated with sales of preneed cemetery property interment rights is deferred until the property is constructed and a minimum of 10% of the sales price is collected. For non-personalized merchandise (such as vaults) and services, we defer the revenues until the merchandise is delivered or the services are performed. For personalized marker merchandise, with the customer’s direction generally obtained at the time of sale, we can choose to order, store, and transfer title to the customer. In situations in which we have no further obligation or involvement related to the merchandise, we recognize revenues and record the cost of sales upon the earlier of vendor storage of these items or delivery in our cemetery. The total consideration received for these arrangements is allocated to each item based on relative selling price determined using vendor specific objective evidence of the selling price. Vendor specific objective evidence of the selling price is determined based on the price we sell the items for on a stand-alone basis. There is no general right of return for delivered items. | ||||||||||||||||
Pursuant to state or provincial law, all or a portion of the proceeds from cemetery merchandise or services sold on a preneed basis may be required to be paid into trust funds. We defer investment earnings related to these merchandise and services trusts until the associated merchandise is delivered or services are performed. | ||||||||||||||||
A portion of the proceeds from the sale of cemetery property interment rights is required by state or provincial law to be paid into perpetual care trust funds. Investment earnings from these trusts are distributed to us regularly, are recognized in current cemetery revenues, and are intended to defray cemetery maintenance costs, which are expensed as incurred. The principal of such perpetual care trust funds generally cannot be withdrawn. | ||||||||||||||||
Costs related to the sale of property interment rights include the property and construction costs specifically identified by project. Property and construction costs are charged to expense when the revenue is recognized by specific identification in the performance of a contract. Costs related to sales of merchandise and services are charged to expense when merchandise is delivered or when services are performed. Sales taxes collected are recognized on a net basis in our consolidated financial statements. See Notes 5 and 6 for more information regarding preneed cemetery and perpetual care activities. | ||||||||||||||||
Preneed Funeral and Cemetery Receivables | ||||||||||||||||
We sell preneed funeral and cemetery contracts whereby the customer enters into arrangements for future merchandise and services prior to the time of need. As these contracts are entered into prior to the delivery of the related merchandise and services, the preneed funeral and cemetery receivables are offset by a comparable deferred revenue amount. These receivables have an interest component for which interest income is recorded when the interest amount is considered collectible and realizable, which typically coincides with cash payment. We do not accrue interest on financing receivables that are not paid in accordance with the contractual payment date given the nature of our merchandise and services, the nature of our contracts with customers, and the timing of the delivery of our services. We do not consider receivables to be past due until the merchandise or services are required to be delivered at which time the preneed receivable is paid or reclassified as a trade receivable with payment terms of less than 30 days. As the preneed funeral and cemetery receivables are offset by comparable deferred revenue amounts, we have no risk of loss related to these receivables. | ||||||||||||||||
If a preneed contract is canceled prior to delivery, state or provincial law determines the amount of the refund owed to the customer, if any, including the amount of the attributed investment earnings. Upon cancellation, we receive the amount of principal deposited to the trust and previously undistributed net investment earnings and, where required, issue a refund to the customer. We retain excess funds, if any, and recognize the attributed investment earnings (net of any investment earnings payable to the customer) as revenue in the consolidated statement of operations. In certain jurisdictions, we may be obligated to fund any shortfall if the amount deposited by the customer exceed the funds in trust. Based on our historical experience, we have provided an allowance for cancellation of these receivables, which is recorded as a reduction in receivables with a corresponding offset to deferred revenue. | ||||||||||||||||
Income Taxes | ||||||||||||||||
We compute income taxes using the liability method. Our ability to realize the benefit of our federal and state deferred tax assets requires us to achieve certain future earnings levels. We have established a valuation allowance against a portion of our deferred tax assets and we could be required to further adjust that valuation allowance if market conditions change materially and future earnings are, or are projected to be, significantly different than our current estimates. | ||||||||||||||||
In July 2013, the Financial Accounting Standards Board (FASB) amended the Income Taxes Topic of the Accounting Standards Codification (ASC) to eliminate a diversity in practice for the presentation of unrecognized tax benefits when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendment requires that the unrecognized tax benefit be presented as a reduction of the deferred tax assets associated with the carryforwards except in certain circumstances when it would be reflected as a liability. We adopted this amendment effective January 1, 2014 with no impact on our consolidated results of operations, consolidated financial position, or cash flows. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Recent Accounting Pronouncements and Accounting Changes |
Discontinued Operations | |
In April 2014, the FASB amended the Presentation of Financial Statements and Property, Plant, and Equipment Topics of the Accounting Standards Codification (ASC) to change the requirement for reporting discontinued operations. Under the new guidance, a disposal of a component of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Fewer disposals are expected to qualify as discontinued operations under the new guidance. It also requires the disclosure of pretax income of disposals that do not qualify as discontinued operations. The new guidance is effective with disposals that occur after January 1, 2015. | |
Revenue Recognition | |
In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in ASC Topic 605, “Revenue Recognition”, and most industry-specific guidance. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Additionally, the ASU requires the deferral of direct incremental selling costs to the period in which the underlying revenue is recognized. The amendments in the ASU will be applied using one of two retrospective methods. The new guidance is effective for us beginning January 1, 2017 and we are still evaluating the impact of adoption on our consolidated results of operations. |
Preneed_Funeral_Activities_Lev
Preneed Funeral Activities Level 1 (Notes) (Funeral [Member]) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Funeral [Member] | ||||||||||||||||||||||||
Preneed Funeral Activities Text Block | Preneed Funeral Activities | |||||||||||||||||||||||
Preneed funeral receivables, net and trust investments | ||||||||||||||||||||||||
Preneed funeral receivables, net and trust investments represent trust investments, including investment earnings, and customer receivables, net of unearned finance charges, related to unperformed, price-guaranteed preneed funeral contracts. Our funeral merchandise and service trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. Our cemetery trust investments detailed in Notes 5 and 6 are also accounted for as variable interest entities. When we receive payments from the customer, we deposit the amount required by law into the trust and reclassify the corresponding amount from Deferred preneed funeral revenues into Deferred preneed funeral and cemetery receipts held in trust. Amounts are withdrawn from the trusts after the contract obligations are performed. Cash flows from preneed funeral contracts are presented as operating cash flows in our consolidated statement of cash flows. | ||||||||||||||||||||||||
Preneed funeral receivables, net and trust investments are reduced by the trust investment earnings (realized and unrealized) that we have been allowed to withdraw in certain states prior to maturity. These earnings are recorded in Deferred preneed funeral revenues until the merchandise is delivered or the service is performed. | ||||||||||||||||||||||||
The table below sets forth certain investment-related activities associated with our preneed funeral merchandise and service trusts for the years ended December 31: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Deposits | $ | 102,553 | $ | 82,168 | $ | 81,601 | ||||||||||||||||||
Withdrawals | $ | 131,352 | $ | 125,914 | $ | 100,635 | ||||||||||||||||||
Purchases of available-for-sale securities(1) | $ | 1,238,257 | $ | 393,169 | $ | 563,628 | ||||||||||||||||||
Sales of available-for-sale securities(1) | $ | 1,318,512 | $ | 435,267 | $ | 555,709 | ||||||||||||||||||
Realized gains from sales of available-for-sale securities(1) | $ | 168,567 | $ | 65,011 | $ | 60,833 | ||||||||||||||||||
Realized losses from sales of available-for-sale securities(1) | $ | (113,748 | ) | $ | (9,732 | ) | $ | (21,454 | ) | |||||||||||||||
(1) The increase in activity in 2014 is the result of changing the legal structure of the trust investments. | ||||||||||||||||||||||||
The components of Preneed funeral receivables, net and trust investments in our consolidated balance sheet at December 31 were as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Trust investments, at market | $ | 1,205,747 | $ | 1,438,326 | ||||||||||||||||||||
Cash and cash equivalents | 162,229 | 128,217 | ||||||||||||||||||||||
Assets associated with businesses held for sale | — | (181,535 | ) | |||||||||||||||||||||
Insurance-backed fixed income securities | 260,899 | 280,969 | ||||||||||||||||||||||
Trust investments | 1,628,875 | 1,665,977 | ||||||||||||||||||||||
Receivables from customers | 262,700 | 259,784 | ||||||||||||||||||||||
Unearned finance charge | (11,054 | ) | (10,179 | ) | ||||||||||||||||||||
1,880,521 | 1,915,582 | |||||||||||||||||||||||
Allowance for cancellation | (37,498 | ) | (45,339 | ) | ||||||||||||||||||||
Preneed funeral receivables and trust investments | $ | 1,843,023 | $ | 1,870,243 | ||||||||||||||||||||
The activity in Preneed funeral receivables, net and trust investments for the years ended December 31 was as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance — Preneed funeral receivables and trust investments | $ | 1,870,243 | $ | 1,536,257 | $ | 1,484,764 | ||||||||||||||||||
Net preneed contract sales | 247,994 | 192,712 | 124,962 | |||||||||||||||||||||
Cash receipts from customers, net of refunds | (211,830 | ) | (170,921 | ) | (125,625 | ) | ||||||||||||||||||
Deposits to trust | 102,553 | 82,168 | 81,601 | |||||||||||||||||||||
(Divestitures) acquisitions of businesses, net | (19,203 | ) | 271,395 | 6,021 | ||||||||||||||||||||
Net undistributed investment earnings (1) | 22,480 | 125,986 | 84,611 | |||||||||||||||||||||
Maturities and distributed earnings | (162,059 | ) | (153,446 | ) | (126,130 | ) | ||||||||||||||||||
Change in cancellation allowance | 7,644 | (3,245 | ) | 934 | ||||||||||||||||||||
Effect of foreign currency and other | (14,799 | ) | (10,663 | ) | 5,119 | |||||||||||||||||||
Ending balance — Preneed funeral receivables and trust investments | $ | 1,843,023 | $ | 1,870,243 | $ | 1,536,257 | ||||||||||||||||||
-1 | Includes both realized and unrealized investment earnings. | |||||||||||||||||||||||
The cost and market values associated with our funeral merchandise and service trust investments recorded at fair value at December 31, 2014 and 2013 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities held by the trusts. | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 85,775 | $ | 468 | $ | (455 | ) | $ | 85,788 | ||||||||||||||
Canadian government | 2 | 90,430 | 449 | (874 | ) | 90,005 | ||||||||||||||||||
Corporate | 2 | 24,765 | 423 | (126 | ) | 25,062 | ||||||||||||||||||
Residential mortgage-backed | 2 | 1,325 | 29 | (12 | ) | 1,342 | ||||||||||||||||||
Asset-backed | 2 | 6 | — | — | 6 | |||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 2,503 | 113 | (113 | ) | 2,503 | ||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 377,441 | 18,533 | (7,405 | ) | 388,569 | ||||||||||||||||||
Canada | 1 | 14,708 | 4,292 | (895 | ) | 18,105 | ||||||||||||||||||
Other international | 1 | 38,035 | 1,175 | (1,560 | ) | 37,650 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 308,548 | 3,332 | (15,901 | ) | 295,979 | ||||||||||||||||||
Fixed income | 1 | 229,414 | 869 | (3,576 | ) | 226,707 | ||||||||||||||||||
Private equity | 3 | 35,094 | 2,649 | (9,418 | ) | 28,325 | ||||||||||||||||||
Other | 3 | 5,084 | 726 | (104 | ) | 5,706 | ||||||||||||||||||
Trust investments | $ | 1,213,128 | $ | 33,058 | $ | (40,439 | ) | $ | 1,205,747 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 111,824 | $ | 1,299 | $ | (5,599 | ) | $ | 107,524 | ||||||||||||||
Canadian government | 2 | 100,263 | 81 | (1,113 | ) | 99,231 | ||||||||||||||||||
Corporate | 2 | 64,579 | 3,515 | (691 | ) | 67,403 | ||||||||||||||||||
Residential mortgage-backed | 2 | 2,438 | 23 | (33 | ) | 2,428 | ||||||||||||||||||
Asset-backed | 2 | 3,407 | — | (10 | ) | 3,397 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 30,485 | 754 | (235 | ) | 31,004 | ||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 370,123 | 77,963 | (2,928 | ) | 445,158 | ||||||||||||||||||
Canada | 1 | 27,710 | 4,346 | (1,217 | ) | 30,839 | ||||||||||||||||||
Other international | 1 | 36,017 | 4,986 | (198 | ) | 40,805 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 260,686 | 22,530 | (2,303 | ) | 280,913 | ||||||||||||||||||
Fixed income | 1 | 317,280 | 3,228 | (19,577 | ) | 300,931 | ||||||||||||||||||
Private equity | 3 | 32,909 | 2,702 | (8,726 | ) | 26,885 | ||||||||||||||||||
Other | 3 | 1,550 | 291 | (33 | ) | 1,808 | ||||||||||||||||||
Trust investments | $ | 1,359,271 | $ | 121,718 | $ | (42,663 | ) | $ | 1,438,326 | |||||||||||||||
Where quoted prices are available in an active market, securities are classified as Level 1 investments pursuant to the three-level valuation hierarchy. | ||||||||||||||||||||||||
Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, rating, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the three-level valuation hierarchy. | ||||||||||||||||||||||||
The valuation of private equity and other alternative investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. The fair value of these investments is estimated based on the value of the underlying real estate and private equity investments. The underlying real estate value is determined using the most recent available appraisals. Private equity instruments are valued based on reported net asset values discounted by 0% to 20% for risk and 0% to 10% for liquidity. A significant increase (decrease) in the discounts results in a directionally opposite change in the fair value of the instruments. Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed by the Investment Committee of the Board of Directors quarterly. These funds are classified as Level 3 investments pursuant to the three-level valuation hierarchy. | ||||||||||||||||||||||||
As of December 31, 2014, our unfunded commitment for our private equity and other investments was $25.4 million which, if called, would be funded by the assets of the trusts. Our private equity and other investments include several funds that invest in limited partnerships, distressed debt, real estate, and mezzanine financing. These investments can never be redeemed by the funds. Instead, the nature of the investments in this category is that the distributions are received through the liquidation of the underlying assets of the funds. We estimate that the underlying assets will be liquidated over the next 2 to 10 years. | ||||||||||||||||||||||||
The change in our market-based funeral merchandise and service trust investments with significant unobservable inputs (Level 3) is as follows for the years ended December 31, 2014, 2013, and 2012 : | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Private Equity | Other | Private Equity | Other | Private Equity | Other | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fair value, beginning balance at January 1, | $ | 26,885 | $ | 1,808 | $ | 17,879 | $ | 744 | $ | 15,986 | $ | 912 | ||||||||||||
Net unrealized gains (losses) included in Accumulated other comprehensive income(1) | 2,242 | 826 | 13,429 | 1,442 | (403 | ) | (159 | ) | ||||||||||||||||
Net realized losses included in Other income (expense), net(2) | (39 | ) | (6 | ) | (43 | ) | (3 | ) | (58 | ) | (2 | ) | ||||||||||||
Purchases | — | 3,214 | 1,188 | — | — | — | ||||||||||||||||||
Sales | — | — | — | — | (9 | ) | — | |||||||||||||||||
Contributions | 6,122 | 4 | 3,229 | — | 4,664 | — | ||||||||||||||||||
Distributions and other | (6,885 | ) | (140 | ) | (9,245 | ) | (393 | ) | (2,301 | ) | (7 | ) | ||||||||||||
Acquisitions | — | — | 448 | 18 | — | — | ||||||||||||||||||
Fair value, ending balance at December 31, | $ | 28,325 | $ | 5,706 | $ | 26,885 | $ | 1,808 | $ | 17,879 | $ | 744 | ||||||||||||
_______________________________________ | ||||||||||||||||||||||||
-1 | All unrealized losses recognized in Accumulated other comprehensive income for our funeral merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||||||||||||||||||||
-2 | All losses recognized in Other income (expense), net for our funeral merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||||||||||||||||||||
Maturity dates of our fixed income securities range from 2015 to 2044. Maturities of fixed income securities at December 31, 2014 are estimated as follows: | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 123,545 | ||||||||||||||||||||||
Due in one to five years | 32,659 | |||||||||||||||||||||||
Due in five to ten years | 29,426 | |||||||||||||||||||||||
Thereafter | 16,573 | |||||||||||||||||||||||
$ | 202,203 | |||||||||||||||||||||||
Earnings from all our funeral merchandise and service trust investments are recognized in funeral revenues when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenues in the period in which they are earned. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract; these amounts are also recognized in current revenues. Recognized earnings (realized and unrealized) related to our funeral merchandise and service trust investments were $62.8 million, $48.5 million, and $38.7 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||
We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other income (expense), net and a decrease to Preneed funeral receivables, net and trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other (expense) income, net, which reduces Deferred preneed funeral receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral receipts held in trust. For the years ended December 31, 2014, 2013, and 2012, we recorded a $41.8 million, a $0.8 million, and a $0.8 million, respectively, impairment charge for other-than-temporary declines in fair value related to unrealized losses on certain investments. | ||||||||||||||||||||||||
We have determined that the remaining unrealized losses in our funeral merchandise and service trust investments are considered temporary in nature, as the unrealized losses were due to temporary fluctuations in interest rates and equity prices. The investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We believe that none of the securities are other-than-temporarily impaired based on our analysis of the investments. Our analysis included a review of the portfolio holdings and discussions with the individual money managers as to the sector exposures, credit ratings, and the severity and duration of the unrealized losses. Our funeral merchandise and service trust investment unrealized losses, their associated fair values, and the duration of unrealized losses for the years ended December 31, 2014 and 2013, are shown in the following tables. | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Market | Losses | Market | Losses | Market | Losses | |||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 32,243 | $ | (412 | ) | $ | 4,978 | $ | (43 | ) | $ | 37,221 | $ | (455 | ) | |||||||||
Canadian government | 2,894 | (52 | ) | 14,904 | (822 | ) | 17,798 | (874 | ) | |||||||||||||||
Corporate | 4,988 | (56 | ) | 2,420 | (70 | ) | 7,408 | (126 | ) | |||||||||||||||
Residential mortgage-backed | 217 | (10 | ) | 106 | (2 | ) | 323 | (12 | ) | |||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 26 | (113 | ) | — | — | 26 | (113 | ) | ||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 126,527 | (7,403 | ) | 438 | (2 | ) | 126,965 | (7,405 | ) | |||||||||||||||
Canada | 1,752 | (379 | ) | 1,085 | (516 | ) | 2,837 | (895 | ) | |||||||||||||||
Other international | 19,593 | (1,557 | ) | 2 | (3 | ) | 19,595 | (1,560 | ) | |||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 233,827 | (13,219 | ) | 23,717 | (2,682 | ) | 257,544 | (15,901 | ) | |||||||||||||||
Fixed income | 112,160 | (3,128 | ) | 11,452 | (448 | ) | 123,612 | (3,576 | ) | |||||||||||||||
Private equity | 203 | (461 | ) | 13,870 | (8,957 | ) | 14,073 | (9,418 | ) | |||||||||||||||
Other | 5 | (11 | ) | 464 | (93 | ) | 469 | (104 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 534,435 | $ | (26,801 | ) | $ | 73,436 | $ | (13,638 | ) | $ | 607,871 | $ | (40,439 | ) | |||||||||
December 31, 2013 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Market | Losses | Market | Losses | Market | Losses | |||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 29,008 | $ | (3,595 | ) | $ | 19,633 | $ | (2,004 | ) | $ | 48,641 | $ | (5,599 | ) | |||||||||
Canadian government | 9,545 | (120 | ) | 18,981 | (993 | ) | 28,526 | (1,113 | ) | |||||||||||||||
Corporate | 21,525 | (346 | ) | 5,665 | (345 | ) | 27,190 | (691 | ) | |||||||||||||||
Residential mortgage-backed | 1,397 | (25 | ) | 174 | (8 | ) | 1,571 | (33 | ) | |||||||||||||||
Asset-backed | 3,311 | (10 | ) | — | — | 3,311 | (10 | ) | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 14,182 | (235 | ) | — | — | 14,182 | (235 | ) | ||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 47,054 | (2,153 | ) | 3,374 | (775 | ) | 50,428 | (2,928 | ) | |||||||||||||||
Canada | 2,439 | (576 | ) | 1,992 | (641 | ) | 4,431 | (1,217 | ) | |||||||||||||||
Other international | 3,433 | (138 | ) | 375 | (60 | ) | 3,808 | (198 | ) | |||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 16,383 | (337 | ) | 12,638 | (1,966 | ) | 29,021 | (2,303 | ) | |||||||||||||||
Fixed income | 145,425 | (4,984 | ) | 38,774 | (14,593 | ) | 184,199 | (19,577 | ) | |||||||||||||||
Private equity | — | — | 13,002 | (8,726 | ) | 13,002 | (8,726 | ) | ||||||||||||||||
Other | — | — | 527 | (33 | ) | $ | 527 | $ | (33 | ) | ||||||||||||||
Total temporarily impaired securities | $ | 293,702 | $ | (12,519 | ) | $ | 115,135 | $ | (30,144 | ) | $ | 408,837 | $ | (42,663 | ) | |||||||||
Deferred Preneed Funeral Revenues | ||||||||||||||||||||||||
At December 31, 2014 and 2013, Deferred preneed funeral revenues, net of allowance for cancellation, represent future funeral revenues, including distributed trust investment earnings associated with unperformed trust-funded preneed funeral contracts that are not held in trust accounts. Deferred preneed funeral revenues are recognized in current funeral revenues when merchandise is delivered or the service is performed. Future funeral revenues and net trust investment earnings that are held in trust accounts are included in Deferred preneed funeral receipts held in trust. | ||||||||||||||||||||||||
The following table summarizes the activity in Deferred preneed funeral revenues for the years ended December 31 were as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance — Deferred preneed funeral revenues, net | $ | 551,948 | $ | 535,136 | $ | 573,477 | ||||||||||||||||||
Net preneed contract sales | 198,195 | 144,202 | 103,341 | |||||||||||||||||||||
(Divestitures) acquisitions of businesses, net | (21,639 | ) | 298,047 | (4,491 | ) | |||||||||||||||||||
Net investment earnings(1) | 24,256 | 126,428 | 83,788 | |||||||||||||||||||||
Recognized deferred preneed revenues | (258,534 | ) | (200,680 | ) | (164,037 | ) | ||||||||||||||||||
Change in cancellation allowance | 21,272 | (5,670 | ) | 1,304 | ||||||||||||||||||||
Change in deferred preneed funeral receipts held in trust | 26,131 | (343,878 | ) | (61,068 | ) | |||||||||||||||||||
Effect of foreign currency and other | (1,465 | ) | (1,637 | ) | 2,822 | |||||||||||||||||||
Ending balance — Deferred preneed funeral revenues, net | $ | 540,164 | $ | 551,948 | $ | 535,136 | ||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | Includes both realized and unrealized investment earnings. | |||||||||||||||||||||||
Insurance-Funded Preneed Funeral Contracts | ||||||||||||||||||||||||
Not included in our consolidated balance sheet are insurance-funded preneed funeral contracts that will be funded by life insurance or annuity contracts issued by third party insurers. Where permitted by state or provincial law, customers may arrange their preneed funeral contract by purchasing a life insurance or annuity policy from third-party insurance companies, for which we earn a commission as general sales agent for the insurance company. These general agency commissions (GA revenues) are based on a percentage per contract sold and are recognized as funeral revenues when the insurance purchase transaction between the customer and third-party insurance provider is completed. GA revenues recognized in 2014, 2013, and 2012 were $123.0 million, $106.5 million, and $94.0 million, respectively. Direct selling costs incurred pursuant to the sale of insurance-funded preneed funeral contracts are expensed as incurred. The policy amount of the insurance contract between the customer and the third-party insurance company generally equals the amount of the preneed funeral contract. We do not reflect the unfulfilled insurance-funded preneed funeral contract amounts in our consolidated balance sheet. The proceeds of the life insurance policies or annuity contracts will be reflected in funeral revenues as these funerals are performed by the Company. |
Preneed_Cemetery_Activities_Le
Preneed Cemetery Activities Level 1 (Notes) (Cemetery [Member]) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Cemetery [Member] | ||||||||||||||||||||||||
Preneed Cemetery Activities Text Block | Preneed Cemetery Activities | |||||||||||||||||||||||
Preneed cemetery receivables, net and trust investments | ||||||||||||||||||||||||
Preneed cemetery receivables, net and trust investments represent trust investments, including investment earnings, and customer receivables, net of unearned finance charges, for contracts sold in advance of when the property interment rights, merchandise, or services are needed. Our cemetery merchandise and service trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The trust investments detailed in Notes 4 and 6 are also accounted for as variable interest entities. When we receive payments from the customer, we deposit the amount required by law into the trust and reclassify the corresponding amount from Deferred preneed cemetery revenues into Deferred preneed funeral and cemetery receipts held in trust. Amounts are withdrawn from the trusts when the contract obligations are performed. Cash flows from preneed cemetery contracts are presented as operating cash flows in our consolidated statement of cash flows. | ||||||||||||||||||||||||
Preneed cemetery receivables, net and trust investments are reduced by the trust investment earnings (realized and unrealized) that we have been allowed to withdraw in certain states prior to maturity. These earnings are recorded in Deferred preneed cemetery revenues until the merchandise is delivered or the service is performed. | ||||||||||||||||||||||||
The table below sets forth certain investment-related activities associated with our preneed cemetery merchandise and service trusts for the years ended December 31: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Deposits | $ | 129,581 | $ | 106,185 | $ | 98,130 | ||||||||||||||||||
Withdrawals | $ | 150,064 | $ | 119,576 | $ | 98,738 | ||||||||||||||||||
Purchases of available-for-sale securities(1) | $ | 1,786,800 | $ | 477,772 | $ | 746,761 | ||||||||||||||||||
Sales of available-for-sale securities(1) | $ | 1,842,417 | $ | 498,852 | $ | 700,091 | ||||||||||||||||||
Realized gains from sales of available-for-sale securities(1) | $ | 271,507 | $ | 101,337 | $ | 87,665 | ||||||||||||||||||
Realized losses from sales of available-for-sale securities(1) | $ | (138,473 | ) | $ | (14,593 | ) | $ | (29,397 | ) | |||||||||||||||
(1) The increase in activity in 2014 is the result of changing the legal structure of the trust investments. | ||||||||||||||||||||||||
The components of Preneed cemetery receivables, net and trust investments in the consolidated balance sheet at December 31 were as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Trust investments, at market | $ | 1,404,298 | $ | 1,549,182 | ||||||||||||||||||||
Cash and cash equivalents | 126,914 | 138,459 | ||||||||||||||||||||||
Assets associated with businesses held for sale | (4,571 | ) | (102,354 | ) | ||||||||||||||||||||
Insurance-backed fixed income securities | 12 | 4 | ||||||||||||||||||||||
Trust investments | 1,526,653 | 1,585,291 | ||||||||||||||||||||||
Receivables from customers | 881,082 | 798,072 | ||||||||||||||||||||||
Unearned finance charges | (31,524 | ) | (29,561 | ) | ||||||||||||||||||||
2,376,211 | 2,353,802 | |||||||||||||||||||||||
Allowance for cancellation | (69,542 | ) | (61,454 | ) | ||||||||||||||||||||
Preneed cemetery receivables and trust investments | $ | 2,306,669 | $ | 2,292,348 | ||||||||||||||||||||
The activity in Preneed cemetery receivables, net and trust investments for the years ended December 31 was as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance — Preneed cemetery receivables and trust investments | $ | 2,292,348 | $ | 1,826,835 | $ | 1,595,940 | ||||||||||||||||||
Net preneed contract sales | 688,336 | 562,433 | 501,654 | |||||||||||||||||||||
(Divestitures) acquisitions of businesses, net | (10,898 | ) | 190,870 | 1,124 | ||||||||||||||||||||
Net undistributed investment (losses) earnings(1) | (18,038 | ) | 203,499 | 133,351 | ||||||||||||||||||||
Cash receipts from customers, net of refunds | (615,489 | ) | (471,710 | ) | (417,965 | ) | ||||||||||||||||||
Deposits to trust | 129,581 | 106,185 | 98,130 | |||||||||||||||||||||
Maturities, deliveries, and associated earnings | (150,064 | ) | (119,576 | ) | (98,738 | ) | ||||||||||||||||||
Change in cancellation allowance | 843 | 3,002 | (3,481 | ) | ||||||||||||||||||||
Effect of foreign currency and other | (9,950 | ) | (9,190 | ) | 16,820 | |||||||||||||||||||
Ending balance — Preneed cemetery receivables and trust investments | $ | 2,306,669 | $ | 2,292,348 | $ | 1,826,835 | ||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | Includes both realized and unrealized investment (losses) earnings. | |||||||||||||||||||||||
The cost and market values associated with our cemetery merchandise and service trust investments recorded at fair value at December 31, 2014 and 2013 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities held by the trusts. | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 63,447 | $ | 257 | $ | (605 | ) | $ | 63,099 | ||||||||||||||
Canadian government | 2 | 21,687 | 261 | (134 | ) | 21,814 | ||||||||||||||||||
Corporate | 2 | 8,725 | 122 | (116 | ) | 8,731 | ||||||||||||||||||
Residential mortgage-backed | 2 | 111 | 3 | (1 | ) | 113 | ||||||||||||||||||
Asset-backed | 2 | 170 | 16 | — | 186 | |||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 10 | 1 | — | 11 | |||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 557,955 | 22,746 | (11,706 | ) | 568,995 | ||||||||||||||||||
Canada | 1 | 10,962 | 5,011 | (841 | ) | 15,132 | ||||||||||||||||||
Other international | 1 | 55,632 | 1,605 | (2,395 | ) | 54,842 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 344,443 | 4,244 | (18,430 | ) | 330,257 | ||||||||||||||||||
Fixed income | 1 | 314,600 | 679 | (4,702 | ) | 310,577 | ||||||||||||||||||
Private equity | 3 | 32,342 | 3,185 | (6,183 | ) | 29,344 | ||||||||||||||||||
Other | 3 | 1,082 | 186 | (71 | ) | 1,197 | ||||||||||||||||||
Trust investments | $ | 1,411,166 | $ | 38,316 | $ | (45,184 | ) | $ | 1,404,298 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 113,293 | $ | 1,714 | $ | (8,876 | ) | $ | 106,131 | ||||||||||||||
Canadian government | 2 | 17,073 | 170 | (261 | ) | 16,982 | ||||||||||||||||||
Corporate | 2 | 48,838 | 5,262 | (646 | ) | 53,454 | ||||||||||||||||||
Residential mortgage-backed | 2 | 406 | 2 | (2 | ) | 406 | ||||||||||||||||||
Asset-backed | 2 | 3,336 | — | (13 | ) | 3,323 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 16,654 | 1,106 | (123 | ) | 17,637 | ||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 423,524 | 147,258 | (3,231 | ) | 567,551 | ||||||||||||||||||
Canada | 1 | 15,361 | 4,063 | (935 | ) | 18,489 | ||||||||||||||||||
Other international | 1 | 44,017 | 10,079 | (200 | ) | 53,896 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 325,927 | 49,428 | (1,704 | ) | 373,651 | ||||||||||||||||||
Fixed income | 1 | 337,986 | 5,236 | (33,649 | ) | 309,573 | ||||||||||||||||||
Private equity | 3 | 28,625 | 3,372 | (5,153 | ) | 26,844 | ||||||||||||||||||
Other | 3 | 1,078 | 200 | (33 | ) | 1,245 | ||||||||||||||||||
Trust investments | $ | 1,376,118 | $ | 227,890 | $ | (54,826 | ) | $ | 1,549,182 | |||||||||||||||
Where quoted prices are available in an active market, securities are classified as Level 1 investments pursuant to the three-level valuation hierarchy. | ||||||||||||||||||||||||
Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, rating, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the three-level valuation hierarchy. | ||||||||||||||||||||||||
The valuation of private equity and other alternative investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. The fair value of these investments is estimated based on the value of the underlying real estate and private equity investments. The underlying real estate value is determined using the most recent available appraisals. Private equity instruments are valued based on reported net asset values discounted by 0% to 20% for risk and 0% to 10% for liquidity. A significant increase (decrease) in the discounts results in a directionally opposite change in the fair value of the instruments. Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed by the Investment Committee of the Board of Directors quarterly. These funds are classified as Level 3 investments pursuant to the three-level valuation hierarchy. | ||||||||||||||||||||||||
As of December 31, 2014, our unfunded commitment for our private equity and other investments was $26.9 million which, if called, would be funded by the assets of the trusts. Our private equity and other investments include several funds that invest in limited partnerships, distressed debt, real estate, and mezzanine financing. These investments can never be redeemed by the funds. Instead, the nature of the investments in this category is that the distributions are received through the liquidation of the underlying assets of the funds. We estimate that the underlying assets will be liquidated over the next 2 to 10 years. | ||||||||||||||||||||||||
The change in our market-based cemetery merchandise and service trust investments with significant unobservable inputs (Level 3) is as follows for the years ended December 31 : | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Private Equity | Other | Private Equity | Other | Private Equity | Other | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fair value, beginning balance at January 1, | $ | 26,844 | $ | 1,245 | $ | 17,687 | $ | 450 | $ | 15,219 | $ | 436 | ||||||||||||
Net unrealized gains (losses) included in Accumulated other comprehensive income(1) | 3,313 | (73 | ) | 15,420 | 1,218 | 100 | 28 | |||||||||||||||||
Net realized losses included in Other income (expense), net(2) | (43 | ) | (7 | ) | (48 | ) | (5 | ) | (64 | ) | (2 | ) | ||||||||||||
Purchases | — | 196 | — | — | — | — | ||||||||||||||||||
Contributions | 6,582 | 4 | 3,430 | — | 4,932 | — | ||||||||||||||||||
Distributions and other | (7,352 | ) | (168 | ) | (9,645 | ) | (418 | ) | (2,500 | ) | (12 | ) | ||||||||||||
Fair value, ending balance at December 31, | $ | 29,344 | $ | 1,197 | $ | 26,844 | $ | 1,245 | $ | 17,687 | $ | 450 | ||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | All unrealized gains (losses) recognized in Accumulated other comprehensive income for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||||||||||||||||||||
-2 | All losses recognized in Other income (expense), net for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||||||||||||||||||||
Maturity dates of our fixed income securities range from 2015 to 2044. Maturities of fixed income securities (excluding mutual funds) at December 31, 2014 are estimated as follows: | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 13,302 | ||||||||||||||||||||||
Due in one to five years | 36,354 | |||||||||||||||||||||||
Due in five to ten years | 21,784 | |||||||||||||||||||||||
Thereafter | 22,503 | |||||||||||||||||||||||
$ | 93,943 | |||||||||||||||||||||||
Earnings from all our cemetery merchandise and service trust investments are recognized in cemetery revenues when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenues in the period in which they are earned. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract; these amounts are also recognized in current revenues. Recognized earnings (realized and unrealized) related to our cemetery merchandise and service trust investments were $48.2 million, $39.0 million, and $27.7 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||
We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other income (expense), net and a decrease to Preneed cemetery receivables, net and trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other income (expense), net, which reduces Deferred preneed cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed cemetery receipts held in trust. For the years ended December 31, 2014, 2013, and 2012, we recorded a $60.0 million, a $1.6 million, and a $0.8 million, respectively, impairment charge for other-than-temporary declines in fair value related to unrealized losses on certain investments. | ||||||||||||||||||||||||
We have determined that the remaining unrealized losses in our cemetery merchandise and service trust investments are considered temporary in nature, as the unrealized losses were due to temporary fluctuations in interest rates and equity prices. The investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We believe that none of the securities are other-than-temporarily impaired based on our analysis of the investments. Our analysis included a review of the portfolio holdings and discussions with the individual money managers as to the sector exposures, credit ratings, and the severity and duration of the unrealized losses. Our cemetery merchandise and service trust investment unrealized losses, their associated fair values, and the duration of unrealized losses for the years ended December 31, 2014 and 2013, are shown in the following tables: | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 45,072 | $ | (605 | ) | $ | — | $ | — | $ | 45,072 | $ | (605 | ) | ||||||||||
Canadian government | — | — | 4,858 | (134 | ) | 4,858 | (134 | ) | ||||||||||||||||
Corporate | 2,017 | (61 | ) | 1,936 | (55 | ) | 3,953 | (116 | ) | |||||||||||||||
Residential mortgage-backed | 33 | (1 | ) | — | — | 33 | (1 | ) | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 192,015 | (11,706 | ) | 585 | — | 192,600 | (11,706 | ) | ||||||||||||||||
Canada | 2,069 | (319 | ) | 778 | (522 | ) | 2,847 | (841 | ) | |||||||||||||||
Other international | 28,308 | (2,395 | ) | — | — | 28,308 | (2,395 | ) | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 303,211 | (18,329 | ) | 1,577 | (101 | ) | 304,788 | (18,430 | ) | |||||||||||||||
Fixed income | 159,572 | (4,106 | ) | 15,113 | (596 | ) | 174,685 | (4,702 | ) | |||||||||||||||
Private equity | 88 | (100 | ) | 7,518 | (6,083 | ) | 7,606 | (6,183 | ) | |||||||||||||||
Other | 2 | (3 | ) | 259 | (68 | ) | 261 | (71 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 732,387 | $ | (37,625 | ) | $ | 32,624 | $ | (7,559 | ) | $ | 765,011 | $ | (45,184 | ) | |||||||||
December 31, 2013 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 44,995 | $ | (6,040 | ) | $ | 24,961 | $ | (2,836 | ) | $ | 69,956 | $ | (8,876 | ) | |||||||||
Canadian government | 9,424 | (120 | ) | 3,066 | (141 | ) | 12,490 | (261 | ) | |||||||||||||||
Corporate | 15,019 | (424 | ) | 3,069 | (222 | ) | 18,088 | (646 | ) | |||||||||||||||
Residential mortgage-backed | 144 | (2 | ) | — | — | 144 | (2 | ) | ||||||||||||||||
Asset-backed | 3,248 | (13 | ) | — | — | 3,248 | (13 | ) | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 5,588 | (123 | ) | — | — | 5,588 | (123 | ) | ||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 46,189 | (2,648 | ) | 3,480 | (583 | ) | 49,669 | (3,231 | ) | |||||||||||||||
Canada | 1,568 | (502 | ) | 1,935 | (433 | ) | 3,503 | (935 | ) | |||||||||||||||
Other international | 4,332 | (124 | ) | 700 | (76 | ) | 5,032 | (200 | ) | |||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 3,847 | (54 | ) | 14,430 | (1,650 | ) | 18,277 | (1,704 | ) | |||||||||||||||
Fixed income | 134,294 | (5,527 | ) | 63,800 | (28,122 | ) | 198,094 | (33,649 | ) | |||||||||||||||
Private equity | — | — | 6,589 | (5,153 | ) | 6,589 | (5,153 | ) | ||||||||||||||||
Other | — | — | 283 | (33 | ) | 283 | (33 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 268,648 | $ | (15,577 | ) | $ | 122,313 | $ | (39,249 | ) | $ | 390,961 | $ | (54,826 | ) | |||||||||
Deferred Preneed Cemetery Revenues | ||||||||||||||||||||||||
At December 31, 2014 and 2013, Deferred preneed cemetery revenues, net of allowance for cancellation, represent future cemetery revenues, including distributed trust investment earnings associated with unperformed trust-funded preneed cemetery contracts that are not held in trust accounts. Deferred preneed cemetery revenues are recognized in current cemetery revenues when merchandise is delivered or the service is performed. Future cemetery revenues and net trust investment earnings that are held in trust accounts are included in Deferred preneed cemetery receipts held in trust. | ||||||||||||||||||||||||
The following table summarizes the activity in Deferred preneed cemetery revenues for the years ended December 31: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance — Deferred preneed cemetery revenues | $ | 1,016,275 | $ | 861,148 | $ | 833,303 | ||||||||||||||||||
Net preneed and atneed deferred sales | 531,768 | 396,264 | 380,887 | |||||||||||||||||||||
(Divestitures) acquisitions of businesses, net | (25,071 | ) | 212,624 | 1,089 | ||||||||||||||||||||
Net investment (losses) earnings(1) | (22,378 | ) | 201,941 | 130,012 | ||||||||||||||||||||
Recognized deferred preneed revenues | (493,739 | ) | (386,632 | ) | (363,072 | ) | ||||||||||||||||||
Change in cancellation allowance | 3,833 | 18,358 | 3,968 | |||||||||||||||||||||
Change in deferred preneed cemetery receipts held in trust | 55,636 | (298,337 | ) | (133,612 | ) | |||||||||||||||||||
Effect of foreign currency and other | (3,943 | ) | 10,909 | 8,573 | ||||||||||||||||||||
Ending balance — Deferred preneed cemetery revenues | $ | 1,062,381 | $ | 1,016,275 | $ | 861,148 | ||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | Includes both realized and unrealized investment (losses) earnings. |
Cemetery_Perpetual_Care_Trusts
Cemetery Perpetual Care Trusts Level 1 (Notes) (Cemetery Perpetual Care [Member]) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Cemetery Perpetual Care [Member] | ||||||||||||||||||||||||
Cemetery Perpetual Care Trusts Text Block | Cemetery Perpetual Care Trusts | |||||||||||||||||||||||
We are required by state and provincial law to pay into cemetery perpetual care trusts a portion of the proceeds from the sale of cemetery property interment rights. Our cemetery perpetual care trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The merchandise and service trust investments detailed in Notes 4 and 5 are also accounted for as variable interest entities. We consolidate our cemetery perpetual care trust investments with a corresponding amount recorded as Care trusts’ corpus. Cash flows from cemetery perpetual care contracts are presented as operating cash flows in our consolidated statement of cash flows. | ||||||||||||||||||||||||
The table below sets forth certain investment-related activities associated with our cemetery perpetual care trusts for the years ended December 31: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Deposits | $ | 42,220 | $ | 26,501 | $ | 24,869 | ||||||||||||||||||
Withdrawals | $ | 46,981 | $ | 33,557 | $ | 33,177 | ||||||||||||||||||
Purchases of available-for-sale securities(1) | $ | 1,306,314 | $ | 139,439 | $ | 252,021 | ||||||||||||||||||
Sales of available-for-sale securities(1) | $ | 1,396,669 | $ | 99,701 | $ | 136,391 | ||||||||||||||||||
Realized gains from sales of available-for-sale securities(1) | $ | 134,259 | $ | 17,916 | $ | 11,463 | ||||||||||||||||||
Realized losses from sales of available-for-sale securities(1) | $ | (51,093 | ) | $ | (2,738 | ) | $ | (6,595 | ) | |||||||||||||||
(1) The increase in activity in 2014 is the result of changing the legal structure of the trust investments. | ||||||||||||||||||||||||
The components of Cemetery perpetual care trust investments in our consolidated balance sheet at December 31 were as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Trust investments, at market | $ | 1,192,966 | $ | 1,352,251 | ||||||||||||||||||||
Cash and cash equivalents | 149,694 | 78,509 | ||||||||||||||||||||||
Assets associated with businesses held for sale | (1,284 | ) | (88,169 | ) | ||||||||||||||||||||
Cemetery perpetual care trust investments | $ | 1,341,376 | $ | 1,342,591 | ||||||||||||||||||||
The cost and market values associated with our cemetery perpetual care trust investments recorded at fair value at December 31, 2014 and 2013 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities or cash held by the trusts. | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 794 | $ | 40 | $ | (4 | ) | $ | 830 | ||||||||||||||
Canadian government | 2 | 31,993 | 442 | (233 | ) | 32,202 | ||||||||||||||||||
Corporate | 2 | 16,762 | 344 | (210 | ) | 16,896 | ||||||||||||||||||
Residential mortgage-backed | 2 | 910 | 15 | (6 | ) | 919 | ||||||||||||||||||
Asset-backed | 2 | 661 | 10 | (4 | ) | 667 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 4,439 | 60 | (12 | ) | 4,487 | ||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 225,129 | 9,340 | (4,881 | ) | 229,588 | ||||||||||||||||||
Canada | 1 | 7,419 | 2,737 | (596 | ) | 9,560 | ||||||||||||||||||
Other international | 1 | 8,102 | 90 | (399 | ) | 7,793 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 17,310 | 3,264 | (93 | ) | 20,481 | ||||||||||||||||||
Fixed income | 1 | 846,230 | 1,580 | (14,263 | ) | 833,547 | ||||||||||||||||||
Private equity | 3 | 34,288 | 408 | (10,788 | ) | 23,908 | ||||||||||||||||||
Other | 3 | 13,526 | 1,094 | (2,532 | ) | 12,088 | ||||||||||||||||||
Cemetery perpetual care trust investments | $ | 1,207,563 | $ | 19,424 | $ | (34,021 | ) | $ | 1,192,966 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 1,588 | $ | 9 | $ | (14 | ) | $ | 1,583 | ||||||||||||||
Canadian government | 2 | 28,487 | 301 | (459 | ) | 28,329 | ||||||||||||||||||
Corporate | 2 | 43,191 | 312 | (263 | ) | 43,240 | ||||||||||||||||||
Residential mortgage-backed | 2 | 4,256 | 14 | (19 | ) | 4,251 | ||||||||||||||||||
Asset-backed | 2 | 3,006 | 5 | (11 | ) | 3,000 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 25,946 | 192 | (252 | ) | 25,886 | ||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 231,093 | 53,782 | (2,087 | ) | 282,788 | ||||||||||||||||||
Canada | 1 | 8,846 | 2,222 | (623 | ) | 10,445 | ||||||||||||||||||
Other international | 1 | 20,671 | 1,319 | (167 | ) | 21,823 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 41,270 | 5,693 | (35 | ) | 46,928 | ||||||||||||||||||
Fixed income | 1 | 819,244 | 35,963 | (2,598 | ) | 852,609 | ||||||||||||||||||
Private equity | 3 | 28,309 | 472 | (9,002 | ) | 19,779 | ||||||||||||||||||
Other | 3 | 10,521 | 1,153 | (84 | ) | 11,590 | ||||||||||||||||||
Cemetery perpetual care trust investments | $ | 1,266,428 | $ | 101,437 | $ | (15,614 | ) | $ | 1,352,251 | |||||||||||||||
Where quoted prices are available in an active market, securities are classified as Level 1 investments pursuant to the three-level valuation hierarchy. | ||||||||||||||||||||||||
Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, rating, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the three-level valuation hierarchy. | ||||||||||||||||||||||||
The valuation of private equity and other alternative investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. The fair value of these investments is estimated based on the value of the underlying real estate and private equity investments. The underlying real estate value is determined using the most recent available appraisals. Private equity instruments are valued based on reported net asset values discounted by 0% to 20% for risk and 0% to 10% for liquidity. A significant increase (decrease) in the discounts results in a directionally opposite change in the fair value of the instruments. Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed by the Investment Committee of the Board of Directors quarterly. These funds are classified as Level 3 investments pursuant to the three-level valuation hierarchy. | ||||||||||||||||||||||||
As of December 31, 2014, our unfunded commitment for our private equity and other investments was $8.9 million which, if called, would be funded by the assets of the trusts. Our private equity and other investments include several funds that invest in limited partnerships, distressed debt, real estate, and mezzanine financing. These investments can never be redeemed by the funds. Instead, the nature of the investments in this category is that the distributions are received through the liquidation of the underlying assets of the funds. We estimate that the underlying assets will be liquidated over the next 2 to 10 years. | ||||||||||||||||||||||||
The change in our market-based cemetery perpetual care trust investments with significant unobservable inputs (Level 3) is as follows for the years ended December 31 : | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Private Equity | Other | Private Equity | Other | Private Equity | Other | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fair value, beginning balance at January 1, | $ | 19,779 | $ | 11,590 | $ | 11,122 | $ | 7,659 | $ | 10,849 | $ | 6,890 | ||||||||||||
Net unrealized gains included in Accumulated other comprehensive income(1) | 1,216 | 2,145 | 6,897 | 4,081 | 1,648 | 1,035 | ||||||||||||||||||
Net realized losses included in Other income (expense), net(2) | (70 | ) | (44 | ) | (142 | ) | (76 | ) | (162 | ) | (43 | ) | ||||||||||||
Sales | — | (17 | ) | — | — | (26 | ) | — | ||||||||||||||||
Contributions | 10,461 | — | 3,706 | — | 4,171 | — | ||||||||||||||||||
Distributions and other | (7,478 | ) | (1,586 | ) | (1,841 | ) | (508 | ) | (5,358 | ) | (223 | ) | ||||||||||||
Acquisitions | — | — | 37 | 434 | — | — | ||||||||||||||||||
Fair value, ending balance at December 31, | $ | 23,908 | $ | 12,088 | $ | 19,779 | $ | 11,590 | $ | 11,122 | $ | 7,659 | ||||||||||||
-1 | All unrealized gains recognized in Accumulated other comprehensive income for our cemetery perpetual care trust investments are offset by a corresponding reclassification in Accumulated other comprehensive income to Care trusts’ corpus. See Note 7 for further information related to our Care trusts’ corpus. | |||||||||||||||||||||||
-2 | All losses recognized in Other income (expense), net for our cemetery perpetual care trust investments are offset by a corresponding reclassification in Other income (expense), net to Care trusts’ corpus. See Note 7 for further information related to our Care trusts’ corpus. | |||||||||||||||||||||||
Maturity dates of our fixed income securities range from 2015 to 2044. Maturities of fixed income securities at December 31, 2014 are estimated as follows: | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 18,602 | ||||||||||||||||||||||
Due in one to five years | 23,463 | |||||||||||||||||||||||
Due in five to ten years | 8,593 | |||||||||||||||||||||||
Thereafter | 856 | |||||||||||||||||||||||
$ | 51,514 | |||||||||||||||||||||||
Distributable earnings from these cemetery perpetual care trust investments are recognized in current cemetery revenues to the extent we incur qualifying cemetery maintenance costs. Fees charged by our wholly-owned registered investment advisor are also included in current revenues in the period in which they are earned. Recognized earnings related to these cemetery perpetual care trust investments were $72.4 million, $44.1 million, and $44.7 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||
We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other (expense) income, net and a decrease to Cemetery perpetual care trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other (expense) income, net, which reduces Care trusts’ corpus. See Note 7 for further information related to our Care trusts’ corpus. For the years ended December 31, 2014, 2013, and 2012, we recorded a $8.1 million, a $0.2 million, and a $0.8 million, respectively, impairment charge for other-than-temporary declines in fair value related to unrealized losses on certain investments. | ||||||||||||||||||||||||
We have determined that the remaining unrealized losses in our cemetery perpetual care trust investments are considered temporary in nature, as the unrealized losses were due to temporary fluctuations in interest rates and equity prices. The investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We believe that none of the securities are other-than-temporarily impaired based on our analysis of the investments. Our analysis included a review of the portfolio holdings, and discussions with the individual money managers as to the sector exposures, credit ratings, and the severity and duration of the unrealized losses. Our cemetery perpetual care trust investment unrealized losses, their associated fair values and the duration of unrealized losses for the years ended December 31, 2014 and 2013, are shown in the following table: | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Market | Losses | Market | Losses | Market | Losses | |||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 497 | $ | (4 | ) | $ | — | $ | — | $ | 497 | $ | (4 | ) | ||||||||||
Canadian government | — | — | 7,825 | (233 | ) | 7,825 | (233 | ) | ||||||||||||||||
Corporate | 4,656 | (108 | ) | 3,198 | (102 | ) | 7,854 | (210 | ) | |||||||||||||||
Residential mortgage-backed | 256 | (5 | ) | 69 | (1 | ) | 325 | (6 | ) | |||||||||||||||
Asset-backed | 373 | (4 | ) | — | — | 373 | (4 | ) | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2,224 | (11 | ) | 49 | (1 | ) | 2,273 | (12 | ) | |||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 100,370 | (4,803 | ) | 419 | (78 | ) | 100,789 | (4,881 | ) | |||||||||||||||
Canada | 2,418 | (244 | ) | 757 | (352 | ) | 3,175 | (596 | ) | |||||||||||||||
Other international | 4,444 | (399 | ) | — | — | 4,444 | (399 | ) | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 2,601 | (85 | ) | 153 | (8 | ) | 2,754 | (93 | ) | |||||||||||||||
Fixed income | 576,890 | (14,177 | ) | 2,581 | (86 | ) | 579,471 | (14,263 | ) | |||||||||||||||
Private equity | 9,213 | (798 | ) | 14,254 | (9,990 | ) | 23,467 | (10,788 | ) | |||||||||||||||
Other | 4,069 | (352 | ) | 6,276 | (2,180 | ) | 10,345 | (2,532 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 708,011 | $ | (20,990 | ) | $ | 35,581 | $ | (13,031 | ) | $ | 743,592 | $ | (34,021 | ) | |||||||||
December 31, 2013 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Market | Losses | Market | Losses | Market | Losses | |||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 1,339 | $ | (14 | ) | $ | 20 | $ | — | $ | 1,359 | $ | (14 | ) | ||||||||||
Canadian government | 15,777 | (214 | ) | 5,131 | (245 | ) | 20,908 | (459 | ) | |||||||||||||||
Corporate | 22,530 | (129 | ) | 3,299 | (134 | ) | 25,829 | (263 | ) | |||||||||||||||
Residential mortgage-backed | 2,959 | (18 | ) | 10 | (1 | ) | 2,969 | (19 | ) | |||||||||||||||
Asset-backed | 2,835 | (10 | ) | 15 | (1 | ) | 2,850 | (11 | ) | |||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 14,647 | (245 | ) | 44 | (7 | ) | 14,691 | (252 | ) | |||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 23,820 | (1,561 | ) | 3,253 | (526 | ) | 27,073 | (2,087 | ) | |||||||||||||||
Canada | 667 | (129 | ) | 1,794 | (494 | ) | 2,461 | (623 | ) | |||||||||||||||
Other international | 1,540 | (54 | ) | 524 | (113 | ) | 2,064 | (167 | ) | |||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 390 | (14 | ) | 163 | (21 | ) | 553 | (35 | ) | |||||||||||||||
Fixed income | 181,662 | (2,090 | ) | 28,494 | (508 | ) | 210,156 | (2,598 | ) | |||||||||||||||
Private equity | — | — | 19,242 | (9,002 | ) | 19,242 | (9,002 | ) | ||||||||||||||||
Other | — | — | 9,739 | (84 | ) | 9,739 | (84 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 268,166 | $ | (4,478 | ) | $ | 71,728 | $ | (11,136 | ) | $ | 339,894 | $ | (15,614 | ) | |||||||||
Deferred_Preneed_Funeral_and_C
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus Level 1 (Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus [Abstract] | ||||||||||||||||||||||||
Deferred Preneed Funeral And Cemetery Receipts Held In Trust And Care Trusts Corpus Text Block | Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts’ Corpus | |||||||||||||||||||||||
Deferred Preneed Funeral and Cemetery Receipts Held in Trust | ||||||||||||||||||||||||
We consolidate the merchandise and service trusts associated with our preneed funeral and cemetery activities as we are the primary beneficiary of the trusts. Although we consolidate the merchandise and service trusts, it does not change the legal relationships among the trusts, us, or our customers. The customers are the legal beneficiaries of these merchandise and service trusts; therefore, their interests in these trusts represent a liability to us. | ||||||||||||||||||||||||
The components of Deferred preneed funeral and cemetery receipts held in trust in our consolidated balance sheet at December 31, 2014 and 2013 are detailed below. | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Preneed | Preneed | Total | Preneed | Preneed | Total | |||||||||||||||||||
Funeral | Cemetery | Funeral | Cemetery | |||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Trust investments | $ | 1,628,875 | $ | 1,526,653 | $ | 3,155,528 | $ | 1,665,977 | $ | 1,585,291 | $ | 3,251,268 | ||||||||||||
Accrued trust operating payables and other | (2,487 | ) | (4,157 | ) | (6,644 | ) | (1,108 | ) | (1,697 | ) | (2,805 | ) | ||||||||||||
Deferred preneed funeral and cemetery receipts held in trust | $ | 1,626,388 | $ | 1,522,496 | $ | 3,148,884 | $ | 1,664,869 | $ | 1,583,594 | $ | 3,248,463 | ||||||||||||
Care Trusts’ Corpus | ||||||||||||||||||||||||
The Care trusts’ corpus reflected in our consolidated balance sheet represents the cemetery perpetual care trusts, including the related accrued expenses. | ||||||||||||||||||||||||
The components of Care trusts’ corpus in our consolidated balance sheet at December 31, 2014 and 2013 are detailed below. | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cemetery perpetual care trust investments | $ | 1,341,376 | $ | 1,342,591 | ||||||||||||||||||||
Accrued trust operating payables and other | (13,718 | ) | (1,661 | ) | ||||||||||||||||||||
Care trusts’ corpus | $ | 1,327,658 | $ | 1,340,930 | ||||||||||||||||||||
Other Income (Expense), Net | ||||||||||||||||||||||||
The components of Other income (expense), net in our consolidated statement of operations for the years ended December 31, 2014, 2013, and 2012 are detailed below. See Notes 4, 5, and 6 for further discussion of the amounts related to our funeral, cemetery, and cemetery perpetual care trusts. | ||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||
Funeral | Cemetery | Cemetery Perpetual | Other, Net | Total | ||||||||||||||||||||
Trusts | Trusts | Care Trusts | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Realized gains | $ | 168,567 | $ | 271,507 | $ | 134,259 | $ | — | $ | 574,333 | ||||||||||||||
Realized losses | (113,748 | ) | (138,473 | ) | (51,093 | ) | — | (303,314 | ) | |||||||||||||||
Impairment charges | (41,846 | ) | (60,040 | ) | (8,072 | ) | — | (109,958 | ) | |||||||||||||||
Interest, dividend, and other ordinary income | 22,668 | 17,597 | 35,464 | — | 75,729 | |||||||||||||||||||
Trust expenses and income taxes | (19,590 | ) | (20,833 | ) | (17,581 | ) | — | (58,004 | ) | |||||||||||||||
Net trust investment income | 16,051 | 69,758 | 92,977 | — | 178,786 | |||||||||||||||||||
Reclassification to deferred preneed funeral and cemetery receipts held in trust and care trusts’ corpus | (16,051 | ) | (69,758 | ) | (92,977 | ) | — | (178,786 | ) | |||||||||||||||
Other income (expense), net | — | — | — | 1,780 | 1,780 | |||||||||||||||||||
Total other income (expense), net | $ | — | $ | — | $ | — | $ | 1,780 | $ | 1,780 | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Funeral | Cemetery | Cemetery Perpetual | Other, Net | Total | ||||||||||||||||||||
Trusts | Trusts | Care Trusts | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Realized gains | $ | 65,011 | $ | 101,337 | $ | 17,916 | $ | — | $ | 184,264 | ||||||||||||||
Realized losses | (9,732 | ) | (14,593 | ) | (2,738 | ) | — | (27,063 | ) | |||||||||||||||
Impairment charges | (829 | ) | (1,575 | ) | (192 | ) | — | (2,596 | ) | |||||||||||||||
Interest, dividend, and other ordinary income | 24,912 | 20,527 | 27,452 | — | 72,891 | |||||||||||||||||||
Trust expenses and income taxes | (11,371 | ) | (14,633 | ) | (2,628 | ) | — | (28,632 | ) | |||||||||||||||
Net trust investment income | 67,991 | 91,063 | 39,810 | — | 198,864 | |||||||||||||||||||
Reclassification to deferred preneed funeral and cemetery receipts held in trust and care trusts’ corpus | (67,991 | ) | (91,063 | ) | (39,810 | ) | — | (198,864 | ) | |||||||||||||||
Other income (expense), net | — | — | — | (558 | ) | (558 | ) | |||||||||||||||||
Total other income (expense), net | $ | — | $ | — | $ | — | $ | (558 | ) | $ | (558 | ) | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Funeral | Cemetery | Cemetery Perpetual | Other, Net | Total | ||||||||||||||||||||
Trusts | Trusts | Care Trusts | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Realized gains | $ | 60,833 | $ | 87,665 | $ | 11,463 | $ | — | $ | 159,961 | ||||||||||||||
Realized losses | (21,454 | ) | (29,397 | ) | (6,595 | ) | — | (57,446 | ) | |||||||||||||||
Impairment charges | (781 | ) | (824 | ) | (760 | ) | — | (2,365 | ) | |||||||||||||||
Interest, dividend, and other ordinary income | 17,017 | 17,244 | 34,032 | — | 68,293 | |||||||||||||||||||
Trust expenses and income taxes | (10,685 | ) | (13,389 | ) | (1,355 | ) | — | (25,429 | ) | |||||||||||||||
Net trust investment income | 44,930 | 61,299 | 36,785 | — | 143,014 | |||||||||||||||||||
Reclassification to deferred preneed funeral and cemetery receipts held in trust and care trusts’ corpus | (44,930 | ) | (61,299 | ) | (36,785 | ) | — | (143,014 | ) | |||||||||||||||
Other (expense) income, net | — | — | — | 3,687 | 3,687 | |||||||||||||||||||
Total other (expense) income, net | $ | — | $ | — | $ | — | $ | 3,687 | $ | 3,687 | ||||||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill Disclosure [Text Block] | Goodwill and Intangible Assets | |||||||||||||||||||||||
The changes in the carrying amounts of goodwill for our funeral and cemetery reporting units are as follows: (in thousands): | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Funeral | Cemetery | Total | Funeral | Cemetery | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance as of January 1, | $ | 1,526,011 | $ | 299,710 | $ | 1,825,721 | $ | 1,248,316 | $ | 43,078 | $ | 1,291,394 | ||||||||||||
Increase in goodwill related to acquisitions | 292 | 3,238 | 3,530 | 318,202 | 258,659 | 576,861 | ||||||||||||||||||
Reduction of goodwill related to divestitures | (5,959 | ) | (2,960 | ) | (8,919 | ) | (31,844 | ) | (2,027 | ) | (33,871 | ) | ||||||||||||
Effect of foreign currency and other | (9,465 | ) | (14 | ) | (9,479 | ) | (8,663 | ) | — | (8,663 | ) | |||||||||||||
Activity | (15,132 | ) | 264 | (14,868 | ) | 277,695 | 256,632 | 534,327 | ||||||||||||||||
Balance as of December 31, | $ | 1,510,879 | $ | 299,974 | $ | 1,810,853 | $ | 1,526,011 | $ | 299,710 | $ | 1,825,721 | ||||||||||||
The components of intangible assets at December 31 were as follows: | ||||||||||||||||||||||||
Useful life | ||||||||||||||||||||||||
Minimum | Maximum | 2014 | 2013 | |||||||||||||||||||||
(Years) | (In thousands) | |||||||||||||||||||||||
Amortizing intangibles: | ||||||||||||||||||||||||
Covenants-not-to-compete | 2 | - | 20 | $ | 209,920 | $ | 217,758 | |||||||||||||||||
Customer relationships | 10 | - | 20 | 148,351 | 151,427 | |||||||||||||||||||
Tradenames | 5 | - | 5 | 12,750 | 12,750 | |||||||||||||||||||
Other | 5 | - | 40 | 11,927 | 17,027 | |||||||||||||||||||
382,948 | 398,962 | |||||||||||||||||||||||
Less: Accumulated amortization | 220,682 | 227,119 | ||||||||||||||||||||||
Amortizing intangibles, net | 162,266 | 171,843 | ||||||||||||||||||||||
Non-amortizing intangibles: | ||||||||||||||||||||||||
Tradenames | Indefinite | 220,875 | 215,135 | |||||||||||||||||||||
Other | Indefinite | 10,640 | 11,640 | |||||||||||||||||||||
Non-amortizing intangibles | 231,515 | 226,775 | ||||||||||||||||||||||
Intangible assets, net | $ | 393,781 | $ | 398,618 | ||||||||||||||||||||
Amortization expense for intangible assets was $36.6 million, $21.9 million, and $23.9 million for the years ended December 31, 2014, 2013, and 2012, respectively. The following is estimated amortization expense, excluding certain intangibles for which we are unable to provide an estimate because they are amortized based on specific identification in the performance of a preneed contract, for the five years subsequent to December 31, 2014 (in thousands): | ||||||||||||||||||||||||
2015 | $ | 9,946 | ||||||||||||||||||||||
2016 | $ | 9,206 | ||||||||||||||||||||||
2017 | $ | 7,484 | ||||||||||||||||||||||
2018 | $ | 6,627 | ||||||||||||||||||||||
2019 | $ | 4,144 | ||||||||||||||||||||||
Income_Taxes_Level_1_Notes
Income Taxes Level 1 (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes | |||||||||||||||
The provision or benefit for income taxes includes U.S. federal income taxes (determined on a consolidated return basis), foreign income taxes, and state income taxes. | ||||||||||||||||
Income from continuing operations before income taxes for the years ended December 31 was composed of the following components: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In thousands) | ||||||||||||||||
United States | $ | 360,800 | $ | 199,374 | $ | 210,830 | ||||||||||
Foreign | 41,800 | 45,832 | 34,453 | |||||||||||||
$ | 402,600 | $ | 245,206 | $ | 245,283 | |||||||||||
Income tax provision (benefit) for the years ended December 31 consisted of the following: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In thousands) | ||||||||||||||||
Current: | ||||||||||||||||
United States | $ | 67,511 | $ | 2,207 | $ | 3,752 | ||||||||||
Foreign | 10,859 | 12,445 | 8,638 | |||||||||||||
State | 17,939 | 6,664 | 6,036 | |||||||||||||
Total current income taxes | 96,309 | 21,316 | 18,426 | |||||||||||||
Deferred: | ||||||||||||||||
United States | $ | 108,514 | $ | 64,355 | $ | 60,699 | ||||||||||
Foreign | (653 | ) | 58 | 118 | ||||||||||||
State | 21,810 | 7,295 | 10,868 | |||||||||||||
Total deferred income taxes | 129,671 | 71,708 | 71,685 | |||||||||||||
Total income taxes | $ | 225,980 | $ | 93,024 | $ | 90,111 | ||||||||||
We made income tax payments of $106.3 million, $26.0 million, and $23.1 million in 2014, 2013, and 2012, respectively, and received refunds of $0.6 million, $0.5 million, and $1.5 million. | ||||||||||||||||
The differences between the U.S. federal statutory income tax rate and our effective tax rate for the years ended December 31 were as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In thousands) | ||||||||||||||||
Computed tax provision at the applicable federal statutory income tax rate | $ | 140,910 | $ | 86,002 | $ | 85,988 | ||||||||||
State and local taxes, net of federal income tax benefits | 25,736 | 8,221 | 11,007 | |||||||||||||
Dividends received deduction and tax exempt interest | (1,612 | ) | (592 | ) | (525 | ) | ||||||||||
Foreign jurisdiction differences | (4,424 | ) | (3,685 | ) | (3,409 | ) | ||||||||||
Permanent differences associated with dispositions | 61,892 | 268 | 602 | |||||||||||||
Changes in uncertain tax positions | 4,624 | 3,710 | (479 | ) | ||||||||||||
Other | (1,146 | ) | (900 | ) | (3,073 | ) | ||||||||||
Provision for income taxes | $ | 225,980 | $ | 93,024 | $ | 90,111 | ||||||||||
Total effective tax rate | 56.1 | % | 37.9 | % | 36.7 | % | ||||||||||
The 2014 consolidated effective tax rate was 56.1%, compared to 37.9% and 36.7% in 2013 and 2012, respectively. The 2014 effective tax rate increased 18.2% over prior year primarily due to non-deductible goodwill resulting from gains on required divestitures associated with the Stewart acquisition and the increase in the unrecognized tax benefits coupled with higher state tax expenses which are partially offset by state legislative changes and foreign earnings taxed at lower rates. | ||||||||||||||||
During 2012, we reached a partial settlement with the Internal Revenue Service ("IRS") in connection with its audit of our affiliate's, SCI Funeral and Cemetery Purchasing Cooperative, 2003 - 2005 federal income tax returns. In connection with this settlement we reduced our 2012 tax expense by $3.1 million for adjustments to our "unrecognized tax benefits" - that is, the aggregate tax effect of differences between tax return positions and the benefits recognized in our financial statements. The lower effective tax rate for the year ended December 31, 2012 includes the benefit associated with the closure of that tax audit. | ||||||||||||||||
Deferred taxes are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates. The tax effects of temporary differences and carry-forwards that give rise to significant portions of deferred tax assets and liabilities as of December 31 consisted of the following: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Inventories and cemetery property | $ | (338,446 | ) | $ | (368,650 | ) | ||||||||||
Property and equipment | (183,332 | ) | (159,734 | ) | ||||||||||||
Intangibles | (309,271 | ) | (323,311 | ) | ||||||||||||
Other | (6,870 | ) | (35,103 | ) | ||||||||||||
Deferred tax liabilities | (837,919 | ) | (886,798 | ) | ||||||||||||
Loss and tax credit carry-forwards | 181,092 | 252,272 | ||||||||||||||
Deferred revenue on preneed funeral and cemetery contracts | 262,202 | 305,504 | ||||||||||||||
Accrued liabilities | 99,908 | 109,103 | ||||||||||||||
Deferred tax assets | 543,202 | 666,879 | ||||||||||||||
Less: Valuation allowance | (134,201 | ) | (114,719 | ) | ||||||||||||
Net deferred income tax liability | $ | (428,918 | ) | $ | (334,638 | ) | ||||||||||
As a result of our acquisition of Stewart, our net deferred tax liability increased by $14.7 million primarily as a result of deferred taxes being recorded as part of the purchase accounting entries recording assets and liabilities at fair value. | ||||||||||||||||
Deferred tax assets and Deferred income tax liabilities are recognized in our consolidated balance sheet at December 31 as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Current deferred tax assets | $ | 1,128 | $ | 30,282 | ||||||||||||
Non-current deferred tax assets | 18,778 | 22,249 | ||||||||||||||
Non-current deferred tax liabilities | (448,824 | ) | (387,169 | ) | ||||||||||||
Net deferred income tax liability | $ | (428,918 | ) | $ | (334,638 | ) | ||||||||||
In addition to the loss and tax credit carry-forward amounts reflected as deferred tax assets in the table above, we have taken certain tax deductions related to the exercised employee stock options and vested restricted shares that are in excess of the stock-based compensation amounts recorded in our consolidated financial statements (“windfall tax benefits”). Such windfall tax benefits are not recognized in our consolidated financial statements unless they reduce income taxes payable. As of December 31, 2014 and 2013 we have windfall tax benefits of $2.7 million and $36.3 million, respectively, which when realized will be recorded as a reduction to current taxes payable and a credit to Capital in excess of par value in our consolidated financial statements. | ||||||||||||||||
At December 31, 2014 and 2013, U.S. income taxes had not been provided on $259.4 million and $241.5 million, respectively, of the remaining undistributed earnings of our Canadian subsidiaries. We intend to permanently reinvest these undistributed foreign earnings in those businesses outside the United States. It is not practicable to determine the amount of federal income taxes, if any, that might become due if such earnings are repatriated. | ||||||||||||||||
The following table summarizes the activity related to our gross unrecognized tax benefits from January 1, 2012 to December 31, 2014 (in thousands): | ||||||||||||||||
Federal, State and Foreign Tax | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at December 31, 2011 | $ | 197,223 | ||||||||||||||
Reductions to tax positions related to the current year | (2,100 | ) | ||||||||||||||
Reductions to tax positions related to prior years | (10,224 | ) | ||||||||||||||
Balance at December 31, 2012 | $ | 184,899 | ||||||||||||||
Additions to tax positions related to the current year | 3,019 | |||||||||||||||
Additions to tax positions related to the acquisition of Stewart, offset to goodwill | 1,556 | |||||||||||||||
Reductions to tax positions related to prior years | (8,800 | ) | ||||||||||||||
Statute expirations | (2,844 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 177,830 | ||||||||||||||
Additions to tax positions related to the current year | 8,721 | |||||||||||||||
Additions to tax positions related to prior years | 10,085 | |||||||||||||||
Reductions to tax positions related to the current year | (1,075 | ) | ||||||||||||||
Reductions to tax positions related to prior years | (2,325 | ) | ||||||||||||||
Reductions to tax positions related to the acquisition of Stewart, offset to goodwill | (1,556 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 191,680 | ||||||||||||||
Our total unrecognized tax benefits that, if recognized, would affect our effective tax rates were $77.3 million, $37.1 million, and $34.9 million as of December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||
During 2014, we recorded an increase of $13.8 million in our liability for unrecognized tax benefits, of which $7.7 million was a net increase to U.S. tax positions taken in the current year, and $7.8 million was a net increase to U.S. tax positions taken in prior years. In addition, we recorded a $1.6 million decrease to U.S. positions related to acquired entities taken in prior years, offset to goodwill. | ||||||||||||||||
Consistent with our historical financial reporting, we include potential accrued interest and penalties related to unrecognized tax benefits within our income tax provision account. We have accrued $47.6 million, $44.5 million, and $41.6 million for the payment of interest, net of tax benefits, and penalties as of December 31, 2014, 2013, and 2012, respectively. We recognized an increase of interest and penalties of $3.1 million and $3.0 million for the years ended December 31, 2014, and 2013, respectively. We recognized a decrease of interest and penalties of $0.2 million for the year ended December 31, 2012. To the extent interest and penalties are not assessed with respect to uncertain tax positions or the uncertainty of deductions in the future, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. | ||||||||||||||||
We file income tax returns, including tax returns for our subsidiaries, with federal, state, local, and foreign jurisdictions. Our tax returns are subject to routine compliance review by the taxing authorities in the jurisdictions in which we file tax returns in the ordinary course of business. We consider the United States to be our most significant tax jurisdiction; however, the taxing authority in Canada is auditing various tax returns. While we have effectively concluded our 2003 - 2005 tax years with respect to our affiliate SCI Funeral and Cemetery Purchasing Cooperative, SCI and subsidiaries' tax years 1999 through 2005 remain under review at the IRS Appeals level. SCI and subsidiaries are under audit for 2006-2007 as a result of carry back claims. Furthermore, SCI and its affiliates are under audit by various state and foreign jurisdictions for years 2010 through 2012. It is reasonably possible that changes to our global unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. | ||||||||||||||||
Various subsidiaries have foreign, federal, and state carry-forwards in the aggregate of $3.3 billion with expiration dates through 2031. Such loss carry-forwards will expire as follows: | ||||||||||||||||
Federal | State | Foreign | Total | |||||||||||||
(In thousands) | ||||||||||||||||
2015 | $ | — | $ | 80,429 | $ | — | $ | 80,429 | ||||||||
2016 | — | 158,616 | — | 158,616 | ||||||||||||
2017 | — | 243,893 | — | 243,893 | ||||||||||||
2018 | — | 105,303 | — | 105,303 | ||||||||||||
Thereafter | 9,736 | 2,728,094 | 470 | 2,738,300 | ||||||||||||
Total | $ | 9,736 | $ | 3,316,335 | $ | 470 | $ | 3,326,541 | ||||||||
In addition to the above loss carry-forwards, we have $59.1 million of foreign losses that have an indefinite expiration. | ||||||||||||||||
A valuation allowance has been established because more-likely-than-not uncertainties exist with respect to our future realization of certain loss carry-forwards. The valuation allowance is primarily attributable to state net operating losses and reflects our expectation that the net operating losses in certain jurisdictions will expire before we generate sufficient taxable income to utilize the losses. In 2014, we recorded a net $21.5 million increase in state valuation allowance related to state estimated net operating losses expected to expire unutilized. We recorded a $2.1 million decrease in international valuation allowances due to fluctuations in the exchange rate between the Euro and the US dollar. | ||||||||||||||||
At December 31, 2014, our loss and tax credit carry-forward deferred tax assets and related valuation allowances by jurisdiction are as follows: | ||||||||||||||||
Federal | State | Foreign | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Loss and tax credit carry-forwards | $ | 3,587 | $ | 155,956 | $ | 21,549 | $ | 181,092 | ||||||||
Valuation allowance | $ | — | $ | 116,923 | $ | 17,278 | $ | 134,201 | ||||||||
_________________________________ | ||||||||||||||||
-1 | Presented net of Federal benefit | |||||||||||||||
Our federal loss and tax credit carryforwards exclude windfall tax benefits, suspended net operating losses and credit carryforwards which, when realized, will reduce current income taxes payable by an additional $2.7 million. |
Debt_Level_1_Notes
Debt Level 1 (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt Disclosure [Text Block] | Debt | |||||||
Debt as of December 31 was as follows: | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
3.125% Senior Convertible Notes due July 2014 | $ | — | $ | 86,416 | ||||
6.75% Senior Notes due April 2015 | — | 136,465 | ||||||
6.75% Senior Notes due April 2016 | 197,377 | 197,377 | ||||||
3.375% Senior Convertible Notes due July 2016 | 134 | 45,119 | ||||||
7.0% Senior Notes due June 2017 | 295,000 | 295,000 | ||||||
7.625% Senior Notes due October 2018 | 250,000 | 250,000 | ||||||
6.5% Senior Notes due April 2019 | — | 200,000 | ||||||
7.0% Senior Notes due May 2019 | — | 250,000 | ||||||
4.5% Senior Notes due November 2020 | 200,000 | 200,000 | ||||||
8.0% Senior Notes due November 2021 | 150,000 | 150,000 | ||||||
5.375% Senior Notes due January 2022 | 425,000 | 425,000 | ||||||
5.375% Senior Notes due May 2024 | 550,000 | — | ||||||
7.5% Senior Notes due April 2027 | 200,000 | 200,000 | ||||||
Term Loan due July 2018 | 370,000 | 600,000 | ||||||
Bank credit facility due July 2018 | 235,000 | 30,000 | ||||||
Obligations under capital leases | 181,002 | 189,697 | ||||||
Mortgage notes and other debt, maturities through 2050 | 4,117 | 4,752 | ||||||
Unamortized (discounts) premiums and other, net | (2,905 | ) | 42,084 | |||||
Total debt | 3,054,725 | 3,301,910 | ||||||
Less: | ||||||||
Current maturities of debt, capital lease obligations, and mortgage notes | (91,584 | ) | (153,738 | ) | ||||
Current maturities of unamortized discounts (premiums) and other, net | 653 | (22,624 | ) | |||||
Total current maturities | (90,931 | ) | (176,362 | ) | ||||
Total long-term debt | $ | 2,963,794 | $ | 3,125,548 | ||||
Current maturities of debt at December 31, 2014 primarily comprise our capital lease obligations and amounts due under our term loan. | ||||||||
Our consolidated debt had a weighted average interest rate of 5.21% and 5.25% at December 31, 2014 and 2013, respectively. Approximately 75% and 76% of our total debt had a fixed interest rate at December 31, 2014 and 2013, respectively. | ||||||||
The aggregate maturities of our debt for the five years subsequent to December 31, 2014 and thereafter (in thousands) are as follows: | ||||||||
Aggregate Maturities of Debt | ||||||||
2015 | $ | 90,931 | ||||||
2016 | 223,449 | |||||||
2017 | 315,414 | |||||||
2018 | 858,277 | |||||||
2019 | 9,003 | |||||||
2020 and thereafter | 1,557,651 | |||||||
$ | 3,054,725 | |||||||
Bank Credit Facility | ||||||||
The Company has a $500.0 million bank credit facility due July 2018 with a syndicate of banks, including a sublimit of $175 million for letters of credit. As of December 31, 2014, we have $235.0 million outstanding borrowings under our bank credit facility and have issued $31.6 million of letters of credit. The bank credit facility provides us with flexibility for working capital, if needed, and is guaranteed by a majority of our domestic subsidiaries. The subsidiary guaranty is a guaranty of payment of the outstanding amount of the total lending commitment, including letters of credit. The bank credit facility contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. As of December 31, 2014 we are in compliance with all covenants. We pay a quarterly fee on the unused commitment, which was 0.35% at December 31, 2014. As of December 31, 2014, we have $233.4 million in borrowing capacity under the facility. | ||||||||
Debt Issuances and Additions | ||||||||
In May 2014, we issued $550.0 million of unsecured 5.375% Senior Notes due May 2024. We used the net proceeds from this offering, along with a $95.0 million draw on our Bank Credit Facility, to repay our 6.75% Senior Notes due April 2015, 6.5% Senior Notes due April 2019, and 7.0% Senior Notes due May 2019 along with associated refinancing costs. The newly issued notes are subject to the provisions of the Company's Senior Indenture dated as of February 1, 1993, as amended, which includes covenants limiting, among other things, the creation of liens securing indebtedness and sale-leaseback transactions. | ||||||||
In February 2014, we drew $110.0 million on our Bank Credit Facility, which we used along with cash on hand to repay our 3.125% Senior Convertible Notes due July 2014 and substantially all of our 3.375% Senior Convertible Notes due July 2016. | ||||||||
In July 2013, the Company issued $425 million in 5.375% Senior Notes due January 2022. In conjunction with the Stewart acquisition, we assumed $200.0 million, $86.4 million, and $46.3 million in aggregate principal amount of 6.5% Senior Notes due 2019, 3.125% Senior Convertible Notes due 2014, and 3.375% Senior Convertible Notes due 2016, respectively. These notes had fair value premiums of $10.0 million, $21.7 million, and $14.2 million, respectively, which are included in unamortized premiums (discounts) and other, net above as of December 31, 2013. | ||||||||
In November 2012, we issued $200.0 million of unsecured 4.5% Senior Notes due November 2020. We used the net proceeds from the offering to repay our 7.375% Senior Notes due October 2014. | ||||||||
Debt Extinguishments and Reductions | ||||||||
During the year ended December 31, 2014, we made debt payments of $993.4 million for scheduled and early extinguishment payments as follows: | ||||||||
• | $250.0 million in aggregate principal of our 7.0% Senior Notes due May 2019; | |||||||
• | $200.0 million in aggregate principal and $9.1 million in unamortized premiums of our 6.5% Senior Notes due April 2019; | |||||||
• | $136.5 million in aggregate principal of our 6.75% Senior Notes due April 2015; | |||||||
• | $230.0 million in aggregate principal of our Term Loan due July 2018. Of this amount our credit agreement required $200.0 million from the proceeds of the Federal Trade Commission (FTC) mandated divestitures under our consent order related to the Stewart acquisition; | |||||||
• | $86.4 million in aggregate principal and $21.7 million in unamortized premiums of our 3.125% Senior Convertible Notes due 2014; | |||||||
• | $45.0 million in aggregate principal and $14.2 million in unamortized premiums of our 3.375% Senior Convertible Notes due 2016; | |||||||
• | $0.5 million in other debt. | |||||||
Certain of the above transactions resulted in the recognition of a loss of $29.2 million recorded in (Losses) gains on early extinguishment of debt in our unaudited condensed consolidated statement of operations. | ||||||||
In addition to repaying $86.6 million of outstanding cash advances on our previous credit facility during 2013, we paid an aggregate of $31.8 million to repay our remaining $4.8 million 7.875% Debenture due February 2013, to retire $26.4 million in capital lease obligations and to extinguish $0.6 million in other debt. Certain of the above transactions resulted in the recognition of a gain $0.5 million recorded in gains on early extinguishment of debt, net in our Consolidated Statement of Operations. As mentioned above, we have paid down a total of $167.0 million in debt including $107.9 million in principal and premiums associated with our 3.125% Senior Convertible Notes due July 2014 and $59.1 million in principal and premiums associated with our 3.375% Senior Convertible Notes due July 2016. We did not incur any gains or losses as a result of these transactions. | ||||||||
During 2012, we paid an aggregate of $206.6 million, to redeem our 7.375% Senior Notes due October 2014 with a principal amount of $180.7 million and to retire $25.8 million in capital lease obligations. Certain of the above transactions resulted in the recognition of a loss of $22.7 million recorded in (Losses) gains on early extinguishment of debt, net in our Consolidated Statement of Operations, which represents the write-off of unamortized deferred loan costs of $1.3 million and $21.4 million in a make-whole provision paid in cash upon retiring our 7.375% Senior Notes due October 2014. This refinancing allowed the Company to replace 7.375% debt due in 2014 with 4.5% debt due in 2020. | ||||||||
Capital Leases | ||||||||
In 2014, 2013, and 2012 we acquired $35.7 million, $40.1 million, and $78.9 million, respectively, of capital leases, primarily related to transportation equipment. We retired $29.4 million and $26.4 million of capital lease obligations for the years ended December 31, 2014, and 2013, respectively. See additional information regarding these leases in Note 12. | ||||||||
Additional Debt Disclosures | ||||||||
At December 31, 2014 and 2013, we have deposits of $7.4 million and $7.6 million, respectively, in restricted, interest-bearing accounts that were pledged as collateral for various credit instruments and commercial commitments and is included in Deferred charges and other assets in our consolidated balance sheet. | ||||||||
We had assets of approximately $1.7 million and $2.1 million pledged as collateral for the mortgage notes and other debt at December 31, 2014 and 2013, respectively. | ||||||||
Cash interest payments for the three years ended December 31 (in thousands) were as follows: | ||||||||
Payments in 2014 | $ | 175,327 | ||||||
Payments in 2013 | $ | 125,022 | ||||||
Payments in 2012 | $ | 131,723 | ||||||
Cash interest payments forecasted as of December 31, 2014 for the five years subsequent to December 31, 2014 and thereafter (in thousands) are as follows: | ||||||||
Payments in 2015 | $ | 154,408 | ||||||
Payments in 2016 | $ | 144,134 | ||||||
Payments in 2017 | $ | 128,986 | ||||||
Payments in 2018 | $ | 114,305 | ||||||
Payments in 2019 | $ | 96,830 | ||||||
Payments in 2020 and thereafter | $ | 324,075 | ||||||
Credit_Risk_and_Fair_Value_of_
Credit Risk and Fair Value of Financial Instruments Level 1 (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Credit Risk and Fair Value of Financial Instruments [Abstract] | ||||||||
Credit Risk and Fair Value of Financial Instruments [Text Block] | Credit Risk and Fair Value of Financial Instruments | |||||||
Fair Value Estimates | ||||||||
The fair value estimates of the following financial instruments have been determined using available market information and appropriate valuation methodologies. 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 carrying values of receivables on preneed funeral and cemetery contracts approximate fair value due to the diverse number of individual contracts with varying terms. | ||||||||
The fair value of our debt instruments at December 31 was as follows: | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
3.125% Senior Convertible Notes due July 2014 | — | 106,939 | ||||||
6.75% Senior Notes due April 2015 | — | 144,653 | ||||||
6.75% Senior Notes due April 2016 | 208,075 | 214,904 | ||||||
3.125% Senior Convertible Notes due July 2016 | 160 | 60,487 | ||||||
7.0% Senior Notes due June 2017 | 320,043 | 333,259 | ||||||
7.625% Senior Notes due October 2018 | 277,538 | 288,875 | ||||||
6.5% Senior Notes due April 2019 | — | 210,000 | ||||||
7.0% Senior Notes due May 2019 | — | 270,000 | ||||||
4.5% Senior Notes due November 2020 | 201,700 | 192,610 | ||||||
8.0% Senior Notes due November 2021 | 174,375 | 173,625 | ||||||
5.375% Senior Notes due January 2022 | 437,750 | 431,588 | ||||||
5.375% Senior Notes due May 2024 | 558,250 | — | ||||||
7.5% Senior Notes due April 2027 | 220,890 | 215,750 | ||||||
Term Loan due July 2018 | 370,000 | 600,000 | ||||||
Bank credit facility due July 2018 | 235,000 | 30,000 | ||||||
Mortgage notes and other debt, maturities through 2047 | 4,117 | 4,752 | ||||||
Total fair value of debt instruments | $ | 3,007,898 | $ | 3,277,442 | ||||
The fair values of our long-term, fixed rate securities were estimated using market prices for those securities, and therefore they are classified within Level 2 of the fair value hierarchy. The term loan, bank credit facility, and the mortgage and other debt are classified within Level 3 of the hierarchy. The fair values of these instruments have been estimated using discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. | ||||||||
Credit Risk Exposure | ||||||||
Our cash deposits, some of which exceed insured limits, are distributed among various market and national banks in the jurisdictions in which we operate. In addition, we regularly invest excess cash in financial instruments which are not insured, such as money-market funds and Eurodollar time deposits, that are offered by a variety of reputable financial institutions and commercial paper that is offered by corporations with quality credit ratings. We believe that the credit risk associated with such instruments is minimal. | ||||||||
We grant credit to customers in the normal course of business. The credit risk associated with our funeral, cemetery, and preneed funeral and preneed cemetery receivables due from customers is generally considered minimal because of the diversification of the customers served. Furthermore, bad debts have not been significant relative to the volume of deferred revenues. Customer payments on preneed funeral or preneed cemetery contracts that are either placed into state-regulated trusts or used to pay premiums on life insurance contracts generally do not subject us to collection risk. Insurance-funded contracts are subject to supervision by state insurance departments and are protected in the majority of states by insurance guaranty acts. |
Commitments_and_Contingencies_
Commitments and Contingencies Level 1 (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies | |||||||||||||||
Leases | ||||||||||||||||
Our leases principally relate to funeral home facilities and transportation equipment. The majority of our lease arrangements contain options to (i) purchase the property at fair value on the exercise date, (ii) purchase the property for a value determined at the inception of the lease, or (iii) renew the lease for the fair rental value at the end of the primary lease term. Rental expense for operating leases was $37.2 million, $28.4 million, and $26.8 million for the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, future minimum lease payments for non-cancelable operating and capital leases exceeding one year were as follows: | ||||||||||||||||
Operating | Capital | |||||||||||||||
(In thousands) | ||||||||||||||||
2015 | $ | 14,049 | $ | 31,377 | ||||||||||||
2016 | 12,219 | 26,366 | ||||||||||||||
2017 | 10,202 | 20,654 | ||||||||||||||
2018 | 8,726 | 63,380 | ||||||||||||||
2019 | 7,308 | 9,125 | ||||||||||||||
2020 and thereafter | 62,468 | 30,100 | ||||||||||||||
Total | $ | 114,972 | 181,002 | |||||||||||||
Less: Interest on capital leases | (18,508 | ) | ||||||||||||||
Total principal payable on capital leases | $ | 162,494 | ||||||||||||||
Employment and Management, Consulting, and Non-Competition Agreements | ||||||||||||||||
We have entered into employment and management, consulting, and non-competition agreements, generally for five to ten years, with certain officers and employees and former owners of businesses that we acquired. At December 31, 2014, the maximum estimated future cash commitments under agreements with remaining commitment terms, and with original terms of more than one year, were as follows: | ||||||||||||||||
Employment and Management | Consulting | Non-Competition | Total | |||||||||||||
(In thousands) | ||||||||||||||||
2015 | $ | 2,236 | $ | 587 | $ | 4,376 | $ | 7,199 | ||||||||
2016 | 938 | 218 | 3,872 | 5,028 | ||||||||||||
2017 | 767 | 103 | 3,622 | 4,492 | ||||||||||||
2018 | 333 | 75 | 3,414 | 3,822 | ||||||||||||
2019 | 126 | 69 | 3,236 | 3,431 | ||||||||||||
2020 and thereafter | 16 | 38 | 4,999 | 5,053 | ||||||||||||
Total | $ | 4,416 | $ | 1,090 | $ | 23,519 | $ | 29,025 | ||||||||
Insurance Loss Reserves | ||||||||||||||||
We purchase comprehensive general liability, morticians and cemetery professional liability, automobile liability, and workers’ compensation insurance coverage structured with high deductibles. The high-deductible insurance program means we are primarily self-insured for claims and associated costs and losses covered by these policies. As of December 31, 2014 and 2013, we have self-insurance reserves of $74.0 million and $78.0 million, respectively. | ||||||||||||||||
Litigation | ||||||||||||||||
We are a party to various litigation matters, investigations, and proceedings. Some of the more frequent ordinary routine litigations incidental to our business are based on burial practices claims and employment related matters, including discrimination, harassment, and wage and hour laws and regulations. For each of our outstanding legal matters, we evaluate the merits of the case, our exposure to the matter, possible legal or settlement strategies, and the likelihood of an unfavorable outcome. We intend to vigorously defend ourselves in the lawsuits described herein; however, if we determine that an unfavorable outcome is probable and can be reasonably estimated, we establish the necessary accruals. We hold certain insurance policies that may reduce cash outflows with respect to an adverse outcome of certain of these litigation matters. We accrue such insurance recoveries when they become probable of being paid and can be reasonably estimated. | ||||||||||||||||
Wage and Hour Claims. We are named a defendant in various lawsuits alleging violations of federal and state laws regulating wage and hour pay, including but not limited to the Sambrosky lawsuit described below. | ||||||||||||||||
Charles Samborsky, et al, individually and on behalf of those persons similarly situated, v. SCI California Funeral Services, Inc., et al ; Case No. BC544180; in the Superior Court of the State of California for the County of Los Angeles, Central District-Central Civil West Courthouse. This lawsuit was filed in April 2014 against an SCI subsidiary and purports to have been brought on behalf of employees who worked as family service counselors in California since April 2010. The plaintiffs allege causes of action for various violations of state laws regulating wage and hour pay. The plaintiffs seek unpaid wages, compensatory and punitive damages, attorneys’ fees and costs, interest, and injunctive relief. We cannot quantify our ultimate liability, if any, in this lawsuit. | ||||||||||||||||
Claims Regarding Acquisition of Stewart Enterprises. We are involved in the following lawsuits. | ||||||||||||||||
Karen Moulton, Individually and on behalf of all others similarly situated v. Stewart Enterprises, Inc., Service Corporation International and others ; Case No. 2013-5636; in the Civil District Court Parish of New Orleans. This case was filed as a class action in June 2013 against SCI and our subsidiary in connection with SCI's proposed acquisition of Stewart Enterprises, Inc. The plaintiffs allege that SCI aided and abetted breaches of fiduciary duties by Stewart Enterprises and its board of directors in negotiating the combination of Stewart Enterprises with a subsidiary of SCI. The plaintiffs seek damages concerning the combination. We filed exceptions to the plaintiffs’ complaint that were granted in June 2014. Thus, subject to appeals, SCI will no longer be party to the suit. The case will continue against our subsidiary Stewart Enterprises and its former individual directors. We cannot quantify our ultimate liability, if any, for the payment of damages. | ||||||||||||||||
S.E. Funeral Homes of California, Inc. v. The Roman Catholic Archbishop of Los Angeles, et al.; Case No. BC559142; in the Superior Court of the State of California for the County of Los Angeles. The plaintiff is a company indirectly owned by Stewart Enterprises, Inc. The plaintiff filed this action in September 2014 to prevent The Roman Catholic Archbishop of Los Angeles (the “Archdiocese”) from terminating six ground leases. In reliance on the leases having 40 year terms beginning at the earliest in 1997, the plaintiff had previously made material investments since 1997 in constructing and operating funeral homes, chapels, mausoleums, and other improvements on the leased premises. In addition, the plaintiff has created a material backlog of deferred preneed revenue that plaintiff expects to receive in the coming years. In September 2014, the Archdiocese delivered notices purporting to terminate the leases and alleging that the leases were breached because the plaintiff did not obtain the Archdiocese’s consent before Stewart Enterprises, Inc. entered into a reverse merger with an affiliate of SCI. The plaintiff disputes this contention and seeks, among other things, a declaratory judgment declaring that the Archdiocese’s purported termination notices are invalid, requiring specific performance of the leases, or, in the alternative, awarding plaintiff compensatory damages and damages for unjust enrichment. We cannot quantify the ultimate outcome in this lawsuit. | ||||||||||||||||
The ultimate outcome of the matters described above cannot be determined at this time. We intend to vigorously defend all of the above lawsuits; however, an adverse decision in one or more of such matters could have a material effect on us, our financial condition, results of operations, and cash flows. |
Equity_Level_1_Notes
Equity Level 1 (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Equity | |||||||||||
(All shares reported in whole numbers) | ||||||||||||
Share Authorization | ||||||||||||
We are authorized to issue 1,000,000 shares of preferred stock, $1 per share par value. No preferred shares were issued as of December 31, 2014 or 2013. At December 31, 2014 and 2013, 500,000,000 common shares of $1 par value were authorized. We had 204,866,770 and 212,316,642 shares issued and outstanding, net of 591,561 and 10,000 shares held in treasury at par at December 31, 2014 and 2013, respectively. | ||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||
Our components of Accumulated other comprehensive income are as follows: | ||||||||||||
Foreign | Unrealized | Accumulated | ||||||||||
Currency | Gains and | Other | ||||||||||
Translation | Losses | Comprehensive | ||||||||||
Adjustment | (Loss) Income | |||||||||||
(In thousands) | ||||||||||||
Balance at December 31, 2011 | $ | 105,852 | $ | — | $ | 105,852 | ||||||
Activity in 2012 | 5,865 | — | 5,865 | |||||||||
Reduction in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | — | 95,686 | 95,686 | |||||||||
Reclassification of net unrealized losses activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus, net of taxes | — | (95,686 | ) | (95,686 | ) | |||||||
Balance at December 31, 2012 | $ | 111,717 | $ | — | $ | 111,717 | ||||||
Activity in 2013 | (23,276 | ) | (23,276 | ) | ||||||||
Increase in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | — | (113,553 | ) | (113,553 | ) | |||||||
Reclassification of net unrealized gains activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus, net of taxes | — | 113,553 | 113,553 | |||||||||
Balance at December 31, 2013 | $ | 88,441 | $ | — | $ | 88,441 | ||||||
Activity in 2014 | (32,141 | ) | — | (32,141 | ) | |||||||
Reclassification of foreign currency translation adjustments to Net income from discontinued operations | 3,114 | — | 3,114 | |||||||||
Increase in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | — | (166,570 | ) | (166,570 | ) | |||||||
Reclassification of net unrealized gains activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus, net of taxes | — | 166,570 | 166,570 | |||||||||
Balance at December 31, 2014 | $ | 59,414 | $ | — | $ | 59,414 | ||||||
The assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. The U.S. dollar amount that arises from such translation, as well as exchange gains and losses on intercompany balances of a long-term investment nature, are included in the cumulative currency translation adjustments in Accumulated other comprehensive income. | ||||||||||||
Share Repurchase Program | ||||||||||||
Subject to market conditions, normal trading restrictions, and limitations in our debt covenants, we may make purchases in the open market or through privately negotiated transactions under our share repurchase program. Under our share repurchase program, during 2014, we repurchased 11,424,446 shares of common stock at an aggregate cost of $241.7 million, which is an average cost per share of $21.15. During 2013, there were no shares repurchased under our share repurchase program. During 2012, we repurchased 15,294,567 shares of common stock at an aggregate cost of $184.9 million, which is an average cost per share of $12.09 under the program. In November 2014, our Board of Directors approved an additional increase in our share repurchase program authorizing the investment of up to an additional $290.0 million to repurchase our common stock, bringing total authorization up to $300.0 million. The remaining dollar value of shares authorized to be purchased under the share repurchase program was $238.8 million at December 31, 2014. | ||||||||||||
Subsequent to December 31, 2014, we repurchased 1,974,053 shares for $45.1 million at an average cost per share of $22.84. | ||||||||||||
Cash Dividends | ||||||||||||
On November 11, 2014, our Board of Directors approved a cash dividend of $0.09 per common share paid on December 31, 2014 to stockholders of record as of December 15, 2014. We paid $71.5 million, $57.2 million, and $60.3 million in cash dividends in 2014, 2013, and 2012, respectively. In 2012, five dividends were paid including the fourth quarter 2012 dividend, which historically would have been paid in the first quarter of 2013. On February 10, 2015 our Board of Directors approved a cash dividend of $0.10 per common share payable on March 31, 2014 to stockholders of record as of March 16, 2014. |
ShareBased_Compensation_Level_
Share-Based Compensation Level 1 (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Share-Based Compensation | ||||||||||||||||
Stock Benefit Plans | |||||||||||||||||
We maintain benefit plans whereby shares of our common stock may be issued pursuant to the exercise of stock options or restricted stock granted to officers and key employees. Our Amended and Restated Incentive Plan reserves 44,000,000 shares of common stock for outstanding and future awards of stock options, restricted stock, and other stock based awards to officers and key employees. | |||||||||||||||||
Our benefit plans allow for options to be granted as either non-qualified or incentive stock options. The options historically have been granted annually, or upon hire, as approved by the Compensation Committee of the Board of Directors. The options are granted with an exercise price equal to the market price of our common stock on the date the grant, as approved by the Compensation Committee of the Board of Directors. The options are generally exercisable at a rate of 331/3% each year unless alternative vesting methods are approved by the Compensation Committee of the Board of Directors. Restricted stock awards are generally expensed to income ratably over the period during which the restrictions lapse. At December 31, 2014 and 2013, 4,916,787 and 6,744,936 shares, respectively, were reserved for future option and restricted stock grants under our stock benefit plans. | |||||||||||||||||
We utilize the Black-Scholes option valuation model for estimating the fair value of our stock options. This model allows the use of a range of assumptions related to volatility, risk-free interest rate, expected holding period, and dividend yield. The expected volatility utilized in the valuation model is based on the historical volatility of our stock price. The dividend yield and expected holding period are based on historical experience and management’s estimate of future events. The risk-free interest rate is derived from the U.S. Treasury yield curve based on the expected life of the option in effect at the time of grant. The fair values of our stock options are calculated using the following weighted average assumptions, based on the methods described above for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
Assumptions | 2014 | 2013 | 2012 | ||||||||||||||
Dividend yield | 1.8 | % | 1.9 | % | 1.8 | % | |||||||||||
Expected volatility | 27.1 | % | 35.2 | % | 40.8 | % | |||||||||||
Risk-free interest rate | 1.1 | % | 0.7 | % | 0.8 | % | |||||||||||
Expected holding period (years) | 4 | 4 | 5 | ||||||||||||||
The following table summarizes certain information with respect to stock option and restricted share compensation for 2014, 2013, and 2012, as included in our consolidated statement of operations for those respective periods: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(In thousands) | |||||||||||||||||
Total pretax employee share-based compensation expense included in net income | $ | 13,127 | $ | 11,925 | $ | 10,983 | |||||||||||
Income tax benefit related to share-based compensation included in net income | $ | 7,368 | $ | 4,689 | $ | 4,092 | |||||||||||
We realized windfall tax deductions of $31.6 million, $7.3 million, and $16.3 million in excess of previously recorded tax benefits, based on the option and restricted share value at the time of grant for the years ended December 31, 2014, 2013, and 2012, respectively. The additional tax benefit associated with the windfall is not recognized until the deduction reduces taxes payable. | |||||||||||||||||
Stock Options | |||||||||||||||||
The following table sets forth stock option activity for the year ended December 31, 2014: | |||||||||||||||||
(Shares reported in whole numbers and not in thousands) | |||||||||||||||||
Options | Weighted-Average | ||||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at December 31, 2013 | 13,319,750 | $ | 9.84 | ||||||||||||||
Granted | 2,495,850 | $ | 17.41 | ||||||||||||||
Exercised | (3,642,126 | ) | $ | 9.1 | |||||||||||||
Forfeited and other | (66,368 | ) | $ | 8.52 | |||||||||||||
Outstanding at December 31, 2014 | 12,107,106 | $ | 11.63 | ||||||||||||||
Exercisable at December 31, 2014 | 7,673,557 | $ | 9.17 | ||||||||||||||
The aggregate intrinsic value for stock options outstanding and exercisable was $134.2 million and $103.8 million, respectively, at December 31, 2014. | |||||||||||||||||
Set forth below is certain information related to stock options outstanding and exercisable at December 31, 2014: | |||||||||||||||||
(Shares reported in whole numbers and not in thousands) | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Number | Weighted- | Weighted- | Number | Weighted- | |||||||||||||
Outstanding at | Average | Average | Exercisable at | Average | |||||||||||||
December 31, | Remaining | December 31, | |||||||||||||||
Range of Exercise Price | 2014 | Contractual Life | Exercise Price | 2014 | Exercise Price | ||||||||||||
$4.01 — 8.00 | 2,784,838 | 2.6 | $ | 6.01 | 2,784,838 | $ | 6.01 | ||||||||||
$8.01 — 12.00 | 4,871,490 | 3.8 | $ | 10.43 | 4,228,505 | $ | 10.32 | ||||||||||
$12.01 — 16.00 | 1,996,328 | 6 | $ | 15.2 | 660,214 | $ | 15.08 | ||||||||||
$16.01 — 20.00 | 2,454,450 | 7.1 | $ | 17.41 | — | $ | — | ||||||||||
$4.01 — 20.00 | 12,107,106 | 4.6 | $ | 11.62 | 7,673,557 | $ | 9.17 | ||||||||||
Other information pertaining to option activity during the years ended December 31 is as follows: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted average grant-date fair value of stock options granted | $ | 3.34 | $ | 3.68 | $ | 3.41 | |||||||||||
Total fair value of stock options vested (in thousands) | $ | 6,814 | $ | 5,997 | $ | 5,088 | |||||||||||
Total intrinsic value of stock options exercised (in thousands) | $ | 42,048 | $ | 8,855 | $ | 20,333 | |||||||||||
For the years ended December 31, 2014, 2013, and 2012, cash received from the exercise of stock options was $32.4 million, $6.3 million, and $18.4 million, respectively. We recognized compensation expense of $7.5 million, $6.7 million, and $6.2 million related to stock options for the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, the unrecognized compensation expense related to stock options of $8.8 million is expected to be recognized over a weighted average period of 1.3 years. | |||||||||||||||||
Restricted Shares | |||||||||||||||||
Restricted share activity was as follows: | |||||||||||||||||
(Shares reported in whole numbers) | |||||||||||||||||
Restricted | Weighted-Average | ||||||||||||||||
Shares | Grant-Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested restricted shares at December 31, 2013 | 1,183,229 | $ | 11.81 | ||||||||||||||
Granted | 351,860 | $ | 17.49 | ||||||||||||||
Vested | (207,659 | ) | $ | 11.26 | |||||||||||||
Forfeited and other | (8,170 | ) | $ | 14.67 | |||||||||||||
Nonvested restricted shares at December 31, 2014 | 1,319,260 | $ | 13.39 | ||||||||||||||
The fair value of our restricted stock, as determined on the grant date, is being amortized and charged to income (with an offsetting credit to Capital in excess of par value) generally over the average period during which the restrictions lapse. At December 31, 2014, unrecognized compensation expense of $6.5 million related to restricted shares, which is recorded in Capital in excess of par value on our balance sheet, is expected to be recognized over a weighted average period of 1.3 years. We recognized compensation expense of $5.7 million, $5.2 million, and $4.9 million during the years ended December 31, 2014, 2013, and 2012, respectively, related to our restricted shares. |
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Retirement Plans | |||||||||||
We currently have a supplemental retirement plan for certain current and former key employees (SERP), a supplemental retirement plan for officers and certain key employees (Senior SERP), a retirement plan for certain non-employee directors (Directors’ Plan), a Retirement Plan for Rose Hills Trustees, a Rose Hills Supplemental Retirement Plan, and a Stewart Supplemental Retirement Plan (collectively, the “Plans”). We also provide a 401(k) employee savings plan. All of our Plans have a measurement date of December 31. | ||||||||||||
The Plans are frozen; therefore, the participants do not earn incremental benefits from additional years of service, and we do not incur any additional service cost since December 31, 2000. | ||||||||||||
Retirement benefits under the SERP are based on years of service and average monthly compensation, reduced by benefits under Social Security. The Senior SERP provides retirement benefits based on years of service and position. The Directors’ Plan provides for an annual benefit to directors following retirement, based on a vesting schedule. | ||||||||||||
The components of the Plans’ net periodic benefit cost for the years ended December 31 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Interest cost on projected benefit obligation | $ | 1,293 | $ | 780 | $ | 1,109 | ||||||
Recognized net actuarial losses (gains) | 2,401 | (1,205 | ) | 1,418 | ||||||||
$ | 3,694 | $ | (425 | ) | $ | 2,527 | ||||||
The Plans’ funded status at December 31 was as follows: | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Change in Benefit Obligation: | ||||||||||||
Benefit obligation at beginning of year | $ | 37,499 | $ | 28,674 | ||||||||
Acquisition of benefit obligation | — | 21,407 | ||||||||||
Interest cost | 1,293 | 780 | ||||||||||
Actuarial gain (loss) | 2,401 | (856 | ) | |||||||||
Benefits paid | (4,273 | ) | (12,506 | ) | ||||||||
Benefit obligation at end of year | $ | 36,920 | $ | 37,499 | ||||||||
Change in Plan Assets: | ||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | ||||||||
Employer contributions | 4,273 | 12,506 | ||||||||||
Benefits paid, including expenses | (4,273 | ) | (12,506 | ) | ||||||||
Fair value of plan assets at end of year | $ | — | $ | — | ||||||||
Funded status of plan | $ | (36,920 | ) | $ | (37,499 | ) | ||||||
Net amount recognized in the Consolidated Balance Sheet | $ | (36,920 | ) | $ | (37,499 | ) | ||||||
Funding Summary: | ||||||||||||
Projected benefit obligations | $ | 36,920 | $ | 37,499 | ||||||||
Accumulated benefit obligation | $ | 36,920 | $ | 37,499 | ||||||||
Amounts Recognized in the Consolidated Balance Sheet: | ||||||||||||
Accrued benefit liability | $ | (36,920 | ) | $ | (37,499 | ) | ||||||
The retirement benefits under the Plans are unfunded obligations of the Company. We have purchased various life insurance policies on the participants in the Plans with the intent to use the proceeds or any cash value buildup from such policies to assist in meeting, at least to the extent of such assets, the Plan’s funding requirements. The face value of these insurance policies at December 31, 2014 and 2013 was $47.8 million and $47.4 million, respectively, and the cash surrender value was $37.0 million and $35.8 million, respectively. The outstanding loans against the policies are minimal and there are no restrictions in the policies regarding loans. | ||||||||||||
The Plans’ weighted-average assumptions used to determine the benefit obligation and net benefit cost are as follows: we base our discount rate used to compute future benefit obligations using an analysis of expected future benefit payments. The reasonableness of our discount rate is verified by comparing the rate to the rate earned on high-quality fixed income investments, such as the Moody’s Aa index, plus 50 basis points. The assumed rate of return on plan assets was not applicable as we pay plan benefits as they come due. As all Plans are curtailed, the assumed rate of compensation increase is zero. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average discount rate used to determine obligations | 3.42 | % | 3.66 | % | 2.9 | % | ||||||
Weighted average discount rate used to determine net periodic pension cost | 3.69 | % | 2.9 | % | 4.05 | % | ||||||
The following benefit payments are expected to be paid in future years related to our Plans (in thousands): | ||||||||||||
2015 | $ | 3,940 | ||||||||||
2016 | $ | 3,768 | ||||||||||
2017 | $ | 3,471 | ||||||||||
2018 | $ | 3,264 | ||||||||||
2019 | $ | 3,195 | ||||||||||
Years 2020 through 2024 | $ | 11,771 | ||||||||||
We have an employee savings plan that qualifies under section 401(k) of the Internal Revenue Code for the exclusive benefit of our United States employees. Under the plan, participating employees may contribute a portion of their pretax and/or after-tax income in accordance with specified guidelines up to a maximum of 50%. | ||||||||||||
During 2014, 2013, and 2012 we matched a percentage of the employee contributions through contributions of cash. For these years, our matching contribution was based upon the following: | ||||||||||||
Years of Vesting Service | Percentage of Deferred Compensation | |||||||||||
0 — 5 years | 75% of the first 6% of deferred compensation | |||||||||||
6 — 10 years | 100% of the first 6% of deferred compensation | |||||||||||
11 or more years | 125% of the first 6% of deferred compensation | |||||||||||
The amount of our matched contributions in 2014, 2013, and 2012 was $26.8 million, $24.3 million, and $23.1 million, respectively. |
Segment_Reporting_Level_1_Note
Segment Reporting Level 1 (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Reporting Disclosure [Text Block] | Segment Reporting | |||||||||||
Our operations are both product based and geographically based, and the reportable operating segments presented below include our funeral and cemetery operations. Our geographic areas include United States and Canada. We conduct both funeral and cemetery operations in the United States and Canada. | ||||||||||||
Our reportable segment information is as follows: | ||||||||||||
Funeral | Cemetery | Reportable | ||||||||||
Segments | ||||||||||||
(In thousands) | ||||||||||||
2014 | ||||||||||||
Revenues from external customers | $ | 1,920,477 | $ | 1,073,535 | $ | 2,994,012 | ||||||
Interest expense | $ | 4,714 | $ | 510 | $ | 5,224 | ||||||
Depreciation and amortization | $ | 101,792 | $ | 28,754 | $ | 130,546 | ||||||
Amortization of intangible assets | $ | 24,841 | $ | 11,700 | $ | 36,541 | ||||||
Gross profit | $ | 403,938 | $ | 271,875 | $ | 675,813 | ||||||
Amortization of cemetery property | $ | — | $ | 60,439 | $ | 60,439 | ||||||
Total assets | $ | 5,209,177 | $ | 6,248,713 | $ | 11,457,890 | ||||||
Capital expenditures | $ | 52,610 | $ | 78,588 | $ | 131,198 | ||||||
2013 | ||||||||||||
Revenues from external customers | $ | 1,698,493 | $ | 851,973 | $ | 2,550,466 | ||||||
Interest expense | $ | 4,736 | $ | 348 | $ | 5,084 | ||||||
Depreciation and amortization | $ | 92,588 | $ | 23,384 | $ | 115,972 | ||||||
Amortization of intangible assets | $ | 17,245 | $ | 4,590 | $ | 21,835 | ||||||
Gross profit | $ | 349,791 | $ | 199,256 | $ | 549,047 | ||||||
Amortization of cemetery property | $ | — | $ | 48,344 | $ | 48,344 | ||||||
Total assets | $ | 5,675,371 | $ | 6,594,300 | $ | 12,269,671 | ||||||
Capital expenditures | $ | 50,304 | $ | 58,315 | $ | 108,619 | ||||||
2012 | ||||||||||||
Revenues from external customers | $ | 1,619,687 | $ | 784,743 | $ | 2,404,430 | ||||||
Interest expense | $ | 4,302 | $ | 384 | $ | 4,686 | ||||||
Depreciation and amortization | $ | 90,707 | $ | 22,736 | $ | 113,443 | ||||||
Amortization of intangible assets | $ | 18,803 | $ | 5,021 | $ | 23,824 | ||||||
Gross profit | $ | 347,359 | $ | 175,413 | $ | 522,772 | ||||||
Amortization of cemetery property | $ | — | $ | 44,976 | $ | 44,976 | ||||||
Total assets | $ | 4,477,259 | $ | 4,777,450 | $ | 9,254,709 | ||||||
Capital expenditures | $ | 43,678 | $ | 58,155 | $ | 101,833 | ||||||
The following table reconciles certain reportable segment amounts to our corresponding consolidated amounts: | ||||||||||||
Reportable | Corporate | Consolidated | ||||||||||
Segments | ||||||||||||
(In thousands) | ||||||||||||
2014 | ||||||||||||
Revenue from external customers | $ | 2,994,012 | $ | — | $ | 2,994,012 | ||||||
Interest expense | $ | 5,224 | $ | 172,347 | $ | 177,571 | ||||||
Depreciation and amortization | $ | 130,546 | $ | 9,456 | $ | 140,002 | ||||||
Amortization of intangible assets | $ | 36,541 | $ | 99 | $ | 36,640 | ||||||
Total assets | $ | 11,457,890 | $ | 465,754 | $ | 11,923,644 | ||||||
Capital expenditures | $ | 131,198 | $ | 13,301 | $ | 144,499 | ||||||
2013 | ||||||||||||
Revenue from external customers | $ | 2,550,466 | $ | — | $ | 2,550,466 | ||||||
Interest expense | $ | 5,084 | $ | 137,276 | $ | 142,360 | ||||||
Depreciation and amortization | $ | 115,972 | $ | 6,263 | $ | 122,235 | ||||||
Amortization of intangible assets | $ | 21,835 | $ | 24 | $ | 21,859 | ||||||
Total assets | $ | 12,269,671 | $ | 563,929 | $ | 12,833,600 | ||||||
Capital expenditures | $ | 108,619 | $ | 4,320 | $ | 112,939 | ||||||
2012 | ||||||||||||
Revenue from external customers | $ | 2,404,430 | $ | — | $ | 2,404,430 | ||||||
Interest expense | $ | 4,686 | $ | 130,382 | $ | 135,068 | ||||||
Depreciation and amortization | $ | 113,443 | $ | 6,419 | $ | 119,862 | ||||||
Amortization of intangible assets | $ | 23,824 | $ | 29 | $ | 23,853 | ||||||
Total assets | $ | 9,254,709 | $ | 333,817 | $ | 9,588,526 | ||||||
Capital expenditures | $ | 101,833 | $ | 13,488 | $ | 115,321 | ||||||
The following table reconciles gross profits from reportable segments shown above to our consolidated income from continuing operations before income taxes: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Gross profit from reportable segments | $ | 675,813 | $ | 549,047 | $ | 522,772 | ||||||
General and administrative expenses | (184,877 | ) | (155,128 | ) | (121,891 | ) | ||||||
Gains (losses) on divestitures and impairment charges, net | 116,613 | (6,263 | ) | (1,511 | ) | |||||||
Operating income | 607,549 | 387,656 | 399,370 | |||||||||
Interest expense | (177,571 | ) | (142,360 | ) | (135,068 | ) | ||||||
(Losses) gains on early extinguishment of debt, net | (29,158 | ) | 468 | (22,706 | ) | |||||||
Other income (expense), net | 1,780 | (558 | ) | 3,687 | ||||||||
Income from continuing operations before income taxes | $ | 402,600 | $ | 245,206 | $ | 245,283 | ||||||
Our geographic area information was as follows: | ||||||||||||
United States | Canada | Total | ||||||||||
(In thousands) | ||||||||||||
2014 | ||||||||||||
Revenues from external customers | $ | 2,792,010 | $ | 202,002 | $ | 2,994,012 | ||||||
Interest expense | $ | 177,245 | $ | 326 | $ | 177,571 | ||||||
Depreciation and amortization | $ | 129,510 | $ | 10,492 | $ | 140,002 | ||||||
Amortization of intangible assets | $ | 35,895 | $ | 745 | $ | 36,640 | ||||||
Amortization of cemetery property | $ | 55,679 | $ | 4,760 | $ | 60,439 | ||||||
Operating income | $ | 557,608 | $ | 49,941 | $ | 607,549 | ||||||
Gains on divestitures and impairment charges, net | $ | 116,046 | $ | 567 | $ | 116,613 | ||||||
Long-lived assets | $ | 5,717,850 | $ | 300,515 | $ | 6,018,365 | ||||||
2013 | ||||||||||||
Revenues from external customers | $ | 2,334,667 | $ | 215,799 | $ | 2,550,466 | ||||||
Interest expense | $ | 141,991 | $ | 369 | $ | 142,360 | ||||||
Depreciation and amortization | $ | 111,210 | $ | 11,025 | $ | 122,235 | ||||||
Amortization of intangible assets | $ | 20,846 | $ | 1,013 | $ | 21,859 | ||||||
Amortization of cemetery property | $ | 42,972 | $ | 5,372 | $ | 48,344 | ||||||
Operating income | $ | 331,143 | $ | 56,513 | $ | 387,656 | ||||||
Losses on divestitures and impairment charges, net | $ | (5,958 | ) | $ | (305 | ) | $ | (6,263 | ) | |||
Long-lived assets | $ | 5,793,719 | $ | 329,785 | $ | 6,123,504 | ||||||
2012 | ||||||||||||
Revenues from external customers | $ | 2,191,532 | $ | 212,898 | $ | 2,404,430 | ||||||
Interest expense | $ | 134,643 | $ | 425 | $ | 135,068 | ||||||
Depreciation and amortization | $ | 108,411 | $ | 11,451 | $ | 119,862 | ||||||
Amortization of intangible assets | $ | 22,433 | $ | 1,420 | $ | 23,853 | ||||||
Amortization of cemetery property | $ | 39,803 | $ | 5,173 | $ | 44,976 | ||||||
Operating income | $ | 346,289 | $ | 53,081 | $ | 399,370 | ||||||
Losses on divestitures and impairment charges, net | $ | (1,502 | ) | $ | (9 | ) | $ | (1,511 | ) | |||
Long-lived assets | $ | 4,484,911 | $ | 359,882 | $ | 4,844,793 | ||||||
Supplementary_Information_Leve
Supplementary Information Level 1 (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplementary Information [Abstract] | ||||||||||||
Additional Financial Information Disclosure [Text Block] | Supplementary Information | |||||||||||
The detail of certain balance sheet accounts is as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Cash and cash equivalents: | ||||||||||||
Cash | $ | 132,743 | $ | 101,952 | ||||||||
Commercial paper and temporary investments | 44,592 | 39,632 | ||||||||||
$ | 177,335 | $ | 141,584 | |||||||||
Receivables, net: | ||||||||||||
Notes receivable | $ | 8,381 | $ | 1,140 | ||||||||
Atneed funeral receivables, net of allowances of $6,200 and $8,895, respectively | 61,306 | 66,671 | ||||||||||
Atneed cemetery receivables, net of allowances of $2,346 and $2,742, respectively | 14,842 | 13,841 | ||||||||||
Other | 24,521 | 19,772 | ||||||||||
$ | 109,050 | $ | 101,424 | |||||||||
Other current assets: | ||||||||||||
Income tax receivable | $ | 22,581 | $ | 2,933 | ||||||||
Prepaid insurance | 5,270 | 8,583 | ||||||||||
Restricted cash | 28,926 | 6,550 | ||||||||||
Bond conversion asset | — | 21,682 | ||||||||||
Deferred debt issuance costs | 9,180 | 9,082 | ||||||||||
Other | 13,644 | 14,916 | ||||||||||
$ | 79,601 | $ | 63,746 | |||||||||
Cemetery property: | ||||||||||||
Undeveloped land | $ | 1,186,325 | $ | 1,192,613 | ||||||||
Developed lots, lawn crypts, mausoleum spaces, cremation niches, and cremation memorialization property | 552,891 | 559,656 | ||||||||||
$ | 1,739,216 | $ | 1,752,269 | |||||||||
Property and equipment: | ||||||||||||
Land | $ | 603,509 | $ | 610,339 | ||||||||
Buildings and improvements | 1,783,171 | 1,779,584 | ||||||||||
Operating equipment | 500,511 | 500,721 | ||||||||||
Leasehold improvements | 50,862 | 25,642 | ||||||||||
Capital leases | 204,991 | 185,875 | ||||||||||
3,143,044 | 3,102,161 | |||||||||||
Less: Accumulated depreciation | (1,163,921 | ) | (1,083,151 | ) | ||||||||
Less: Accumulated amortization of capital leases | (117,720 | ) | (106,496 | ) | ||||||||
$ | 1,861,403 | $ | 1,912,514 | |||||||||
Deferred charges and other assets: | ||||||||||||
Intangible assets, net | 393,781 | 398,618 | ||||||||||
Restricted cash | 16,073 | 2,409 | ||||||||||
Non-current deferred tax assets | 18,778 | 22,249 | ||||||||||
Notes receivable, net of allowances of $11,259 and $10,986, respectively | 4,858 | 11,651 | ||||||||||
Cash surrender value of insurance policies | 102,856 | 90,177 | ||||||||||
Other | 81,200 | 107,896 | ||||||||||
$ | 617,546 | $ | 633,000 | |||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Accounts payable and accrued liabilities: | ||||||||||||
Accounts payable | $ | 137,270 | $ | 143,686 | ||||||||
Accrued compensation | 86,880 | 104,464 | ||||||||||
Accrued interest | 30,133 | 36,583 | ||||||||||
Accrued property taxes | 14,346 | 14,395 | ||||||||||
Self insurance reserves | 73,991 | 77,962 | ||||||||||
Bank overdraft | 27,798 | 5,152 | ||||||||||
Bond conversion liability | — | 18,744 | ||||||||||
Other accrued liabilities | 82,610 | 81,853 | ||||||||||
$ | 453,028 | $ | 482,839 | |||||||||
Other liabilities: | ||||||||||||
Accrued pension | $ | 35,614 | $ | 35,629 | ||||||||
Deferred compensation | 80,580 | 65,605 | ||||||||||
Customer refund obligation reserve | 60,019 | 59,826 | ||||||||||
Tax liability | 239,265 | 222,365 | ||||||||||
Indemnification liability | 236 | 442 | ||||||||||
Payable to perpetual care fund | 64,722 | 56,501 | ||||||||||
Other | 15,129 | 50,870 | ||||||||||
$ | 495,565 | $ | 491,238 | |||||||||
Revenues and Costs and Expenses | ||||||||||||
The detail of certain income statement accounts is as follows for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Merchandise revenues: | ||||||||||||
Funeral | $ | 616,992 | $ | 584,438 | $ | 552,308 | ||||||
Cemetery | 743,765 | 609,142 | 554,516 | |||||||||
Total merchandise revenues | 1,360,757 | 1,193,580 | 1,106,824 | |||||||||
Services revenues: | ||||||||||||
Funeral | 1,167,386 | 989,613 | 965,226 | |||||||||
Cemetery | 295,195 | 212,932 | 203,113 | |||||||||
Total services revenues | 1,462,581 | 1,202,545 | 1,168,339 | |||||||||
Other revenues | 170,674 | 154,341 | 129,267 | |||||||||
Total revenues | $ | 2,994,012 | $ | 2,550,466 | $ | 2,404,430 | ||||||
Merchandise costs and expenses: | ||||||||||||
Funeral | $ | 294,237 | $ | 266,538 | $ | 258,860 | ||||||
Cemetery | 317,690 | 254,065 | 234,031 | |||||||||
Total cost of merchandise | 611,927 | 520,603 | 492,891 | |||||||||
Services costs and expenses: | ||||||||||||
Funeral | 635,096 | 548,554 | 520,243 | |||||||||
Cemetery | 140,402 | 100,865 | 98,809 | |||||||||
Total cost of services | 775,498 | 649,419 | 619,052 | |||||||||
Overhead and other expenses | 930,774 | 831,397 | 769,715 | |||||||||
Total cost and expenses | $ | 2,318,199 | $ | 2,001,419 | $ | 1,881,658 | ||||||
Certain Non-Cash Financing Transactions | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Options exercised by attestation | $ | 761 | $ | 3,004 | $ | — | ||||||
Shares repurchased | (761 | ) | $ | (3,004 | ) | $ | — | |||||
Earnings_Per_Share_Level_1_Not
Earnings Per Share Level 1 (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share [Text Block] | Earnings Per Share | |||||||||||
Basic earnings per common share (EPS) excludes dilution and is computed by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in our earnings. | ||||||||||||
A reconciliation of the numerators and denominators of the basic and diluted EPS for the three years ended December 31 is presented below: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Amounts attributable to common stockholders: | ||||||||||||
Income from continuing operations — basic | $ | 170,283 | $ | 146,926 | $ | 153,583 | ||||||
After tax interest on convertible debt | 51 | 51 | 51 | |||||||||
Income from continuing operations — diluted | $ | 170,334 | $ | 146,977 | $ | 153,634 | ||||||
Income from discontinued operations, net of tax | $ | 2,186 | $ | 406 | $ | 262 | ||||||
Net income — basic | $ | 172,469 | $ | 147,332 | $ | 153,845 | ||||||
After tax interest on convertible debt | 51 | 51 | 51 | |||||||||
Net income — diluted | $ | 172,520 | $ | 147,383 | $ | 153,896 | ||||||
Weighted average shares: | ||||||||||||
Weighted average shares — basic | 210,741 | 211,811 | 215,712 | |||||||||
Stock options | 3,338 | 4,082 | 3,233 | |||||||||
Convertible debt | 121 | 121 | 121 | |||||||||
Weighted average shares — diluted | 214,200 | 216,014 | 219,066 | |||||||||
Amounts attributable to common stockholders: | ||||||||||||
Income from continuing operations per share: | ||||||||||||
Basic | $ | 0.81 | $ | 0.7 | $ | 0.71 | ||||||
Diluted | $ | 0.8 | $ | 0.68 | $ | 0.7 | ||||||
Income from discontinued operations per share: | ||||||||||||
Basic | $ | 0.01 | $ | — | $ | — | ||||||
Diluted | $ | 0.01 | $ | — | $ | — | ||||||
Net income per share: | ||||||||||||
Basic | $ | 0.82 | $ | 0.7 | $ | 0.71 | ||||||
Diluted | $ | 0.81 | $ | 0.68 | $ | 0.7 | ||||||
The computation of diluted earnings per share excludes outstanding stock options and convertible debt in certain periods in which the inclusion of such options and debt would be antidilutive to the periods presented. Total options not currently included in the computation of diluted EPS in shares are 1.5 million, 1.2 million, and 1.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. |
Acquisition_Level_1_Notes
Acquisition Level 1 (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Business Combination Disclosure [Text Block] | Acquisition | |||||||
Stewart | ||||||||
On December 23, 2013, pursuant to a tender offer, we acquired Stewart Enterprises, Inc. (Stewart) for $13.25 per share in cash, resulting in a purchase price of $1.5 billion, which includes the assumption of $331.5 million of Stewart’s debt. | ||||||||
We incurred acquisition costs of $39.7 million of which $28.4 million is included in General and administrative expenses and $11.3 million is included in Interest expense for the year ended December 31, 2013. | ||||||||
The primary reasons for the merger and the principal factors that contributed to the recognition of goodwill in this acquisition were: | ||||||||
• | the acquisition of Stewart enhances our network footprint, enabling us to serve a number of new, complementary areas; | |||||||
• | combining the two companies’ operations provides synergies and related cost savings through the elimination of duplicate home office functions and economies of scale; and | |||||||
• | the acquisition of Stewart’s preneed backlog of deferred revenues enhances our long-term stability. | |||||||
The following table summarizes the adjusted fair values of the assets acquired and liabilities assumed as of December 23, 2013: | ||||||||
(In thousands) | ||||||||
Accounts receivable | $ | 11,119 | ||||||
Other current assets | 190,518 | |||||||
Cemetery property | 287,449 | |||||||
Property and equipment, net | 330,125 | |||||||
Preneed funeral and cemetery receivables and trust investments | 645,440 | |||||||
Finite-lived intangible assets | 75,444 | |||||||
Indefinite-lived intangible assets | 79,400 | |||||||
Acquired assets held for sale | 520,023 | |||||||
Deferred charges and other assets | 278,631 | |||||||
Goodwill | 573,808 | |||||||
Total assets acquired | 2,991,957 | |||||||
Current liabilities | 219,373 | |||||||
Long-term debt | 270,668 | |||||||
Deferred preneed funeral and cemetery revenues and deferred receipts held in trusts | 740,441 | |||||||
Assumed liabilities held for sale | 242,835 | |||||||
Deferred income taxes | 58,493 | |||||||
Other liabilities | 294,674 | |||||||
Total liabilities assumed | 1,826,484 | |||||||
Noncontrolling interest | 118 | |||||||
Net assets acquired | $ | 1,165,355 | ||||||
The gross amount of accounts receivable is $14.0 million, of which $2.9 million is not expected to be collected. Included in preneed funeral and cemetery receivables and trust investments are receivables under preneed contracts with a fair value of $140.0 million. The gross amount due under the contracts is $170.3 million, of which $30.3 million is not expected to be collected. | ||||||||
We have completed our purchase price allocation. During the twelve months of 2014, we made the following adjustments to our estimates of the fair value of assets and liabilities and revised the consolidated balance sheet as of December 31, 2013 included in this filing to reflect these adjustments: | ||||||||
(In thousands) | ||||||||
Decrease in the fair value of accounts receivable and other current assets | $ | (10,900 | ) | |||||
Increase in the fair value of cemetery property | 2,674 | |||||||
Decrease in property and equipment, net | (10,331 | ) | ||||||
Decrease in the fair value of preneed funeral and cemetery receivables and trust investments | (9,570 | ) | ||||||
Decrease in the fair value of finite-lived intangible assets | (30,834 | ) | ||||||
Increase in the fair value of acquired assets held for sale | 85,775 | |||||||
Increase in the fair value of deferred charges and other assets | 311 | |||||||
Decrease in the fair value of deferred preneed funeral and cemetery revenues and deferred receipts held in trust | 42,417 | |||||||
Change in the fair value of acquired assets and liabilities held for sale | (89,198 | ) | ||||||
Decrease in the fair value of deferred income taxes | 41,676 | |||||||
Other | (17,250 | ) | ||||||
Total adjustment to goodwill | $ | 4,770 | ||||||
Goodwill, land, and certain identifiable intangible assets recorded in the acquisition are not subject to amortization; however, the goodwill and intangible assets will be tested periodically for impairment. Of the $573.8 million in goodwill recognized, $258.2 million was allocated to our cemetery segment and $315.6 million was allocated to our funeral segment. As a result of the carryover of Stewart’s tax basis, $3.0 million of this goodwill is deductible for tax purposes. The identified intangible assets comprise the following: | ||||||||
Useful life | ||||||||
Minimum | Maximum | Fair Value | ||||||
(Years) | (In thousands) | |||||||
Preneed customer relationships related to insurance claims | 10 | 20 | $ | 28,500 | ||||
Other preneed customer relationships | 10 | 14 | 20,502 | |||||
Selling and management agreements | 10 | 40 | 5,900 | |||||
Covenants-not-to-compete | 5 | 15 | 5,480 | |||||
Operating leases | 26 | 34 | 5,912 | |||||
Tradenames | 5 | 5 | 9,150 | |||||
Tradenames | Indefinite | 77,900 | ||||||
Licenses and permits | Indefinite | 1,500 | ||||||
Total intangible assets | $ | 154,844 | ||||||
Included in our results of operations for the twelve months ended December 31, 2013 is revenue of $11.4 million and net income of $0.8 million for the period from the acquisition date (December 23, 2013) through December 31, 2013. The following unaudited pro forma summary presents financial information as if the acquisition had occurred on January 1, 2012: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
(unaudited) | ||||||||
Revenue | $ | 2,919,278 | $ | 2,848,451 | ||||
Net income | $ | 203,916 | $ | 135,010 | ||||
SCI Direct | ||||||||
During 2013, we acquired an additional 20% of the outstanding shares of The Neptune Society Inc (Neptune) increasing our ownership from 70% to 90%. During 2014 we acquired the remaining 10% of the outstanding shares. Neptune is the nation's largest direct cremation organization with a network of 30 locations in nine states at the time of our original acquisition. Neptune operates under the brand names Neptune Society, National Cremation Service, and Trident Society. With this acquisition we expanded our footprint into a sector of the market that will continue to grow and that was not targeted through our traditional funeral service and cemetery network. We have completed our evaluation of purchase price allocation. As a result of this acquisition, we recognized $37.6 million of intangible assets and $37.3 million of goodwill. |
Divestiture_Related_Activities
Divestiture Related Activities | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Divestiture-Related Activities [Abstract] | ||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Divestiture-Related Activities | |||||||||||
As divestitures occur in the normal course of business, gains or losses on the sale of such locations are recognized in the income statement line item Gains (losses) on divestitures and impairment charges, net, which consist of the following for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Gains (losses) on divestitures, net | $ | 122,535 | $ | (3,350 | ) | $ | 639 | |||||
Impairment losses | (5,922 | ) | (2,913 | ) | (2,150 | ) | ||||||
$ | 116,613 | $ | (6,263 | ) | $ | (1,511 | ) | |||||
Assets Held for Sale | ||||||||||||
We have identified certain properties that we intended to sell as they do not meet our strategic goals and have classified them as held for sale in our December 31, 2014 consolidated balance sheet. In connection with this revised classification, we have recorded an impairment loss of approximately $3.0 million in our consolidated statement of operations for the year ended December 31, 2014. | ||||||||||||
Additionally, in connection with the acquisition of Stewart, we agreed to a consent order with the staff of the Federal Trade Commission (FTC) that identifies certain properties the FTC required us to divest as a result of the acquisition. The consent order has been approved by the FTC commissioners. As a result, these properties were classified as assets held for sale in our December 31, 2013 consolidated balance sheet. | ||||||||||||
Net assets held for sale at December 31, were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Current assets | $ | 45 | $ | 4,569 | ||||||||
Preneed funeral and cemetery receivables and trust investments | 5,048 | 356,064 | ||||||||||
Cemetery property | 165 | 89,060 | ||||||||||
Property and equipment, net | 43 | 71,618 | ||||||||||
Goodwill | 88 | 190,976 | ||||||||||
Deferred charges and other assets | 74 | 27,440 | ||||||||||
Cemetery perpetual care trust investments | 1,284 | 88,169 | ||||||||||
Total assets | $ | 6,747 | $ | 827,896 | ||||||||
Accounts payable and accrued liabilities | 14 | 4,390 | ||||||||||
Deferred preneed funeral and cemetery revenues and deferred receipts held in trusts | 5,677 | 424,780 | ||||||||||
Care trusts' corpus | 1,284 | 88,262 | ||||||||||
Other long term liabilities | 27 | 4,209 | ||||||||||
Total liabilities | 7,002 | 521,641 | ||||||||||
Net assets held for sale | $ | (255 | ) | $ | 306,255 | |||||||
Discontinued Operations | ||||||||||||
During the twelve months ended December 31, 2014 we sold our operations in Germany for approximately $6.9 million and are presenting the assets and results of operations as discontinued operations. Assets of discontinued operations at December 31, 2013 were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | ||||||||||||
(in thousands) | ||||||||||||
Current assets | $ | 4,750 | ||||||||||
Property and equipment, net | 116 | |||||||||||
Deferred charges and other assets | 2,375 | |||||||||||
Total assets | $ | 7,241 | ||||||||||
Accounts payable and accrued liabilities | 4,728 | |||||||||||
Deferred preneed funeral revenues | 938 | |||||||||||
Other long term liabilities | 30 | |||||||||||
Total liabilities | 5,696 | |||||||||||
Net assets of discontinued operations | $ | 1,545 | ||||||||||
The results of our discontinued operations for the twelve months ended December 31, 2014, 2013, and 2012 were as follows: | ||||||||||||
Twelve Months Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Revenues | $ | 1,613 | $ | 5,907 | $ | 6,051 | ||||||
Costs and expenses | (1,471 | ) | (5,393 | ) | (5,609 | ) | ||||||
Gain on disposition | 2,136 | — | — | |||||||||
Other expense, net | (2 | ) | (1 | ) | (42 | ) | ||||||
Income from discontinued operations before income taxes | 2,276 | 513 | 400 | |||||||||
Provision for income taxes | (90 | ) | (107 | ) | (138 | ) | ||||||
Net income from discontinued operations | $ | 2,186 | $ | 406 | $ | 262 | ||||||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ||||||||||||||||
Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited) | |||||||||||||||
Quarterly financial data for 2014 and 2013 is as follows: | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2014 | ||||||||||||||||
Revenues | $ | 745,509 | $ | 746,746 | $ | 718,314 | $ | 783,443 | ||||||||
Costs and expenses | $ | (579,269 | ) | $ | (590,882 | ) | $ | (570,016 | ) | $ | (578,032 | ) | ||||
Gross profits | $ | 166,240 | $ | 155,864 | $ | 148,298 | $ | 205,411 | ||||||||
Operating income | $ | 107,418 | $ | 144,731 | $ | 135,120 | $ | 220,280 | ||||||||
Income from continuing operations before income taxes(1) | $ | 63,958 | $ | 69,316 | $ | 91,735 | $ | 177,591 | ||||||||
Provision for income taxes | $ | (22,707 | ) | $ | (37,357 | ) | $ | (74,934 | ) | $ | (90,982 | ) | ||||
Net income | $ | 41,391 | $ | 31,781 | $ | 17,685 | $ | 87,949 | ||||||||
Net income attributable to noncontrolling interests | $ | (289 | ) | $ | (5,859 | ) | $ | (34 | ) | $ | (155 | ) | ||||
Net income attributable to common stockholders | $ | 41,102 | $ | 25,922 | $ | 17,651 | $ | 87,794 | ||||||||
Net income attributable to common stockholders per share(2): | ||||||||||||||||
Basic — EPS | $ | 0.19 | $ | 0.12 | $ | 0.08 | $ | 0.42 | ||||||||
Diluted — EPS | $ | 0.19 | $ | 0.12 | $ | 0.08 | $ | 0.42 | ||||||||
2013(3) | ||||||||||||||||
Revenues | $ | 650,418 | $ | 624,231 | $ | 608,589 | $ | 667,228 | ||||||||
Costs and expenses | $ | (491,092 | ) | $ | (498,248 | ) | $ | (492,784 | ) | $ | (519,296 | ) | ||||
Gross profits | $ | 159,326 | $ | 125,983 | $ | 115,805 | $ | 147,932 | ||||||||
Operating income | $ | 127,434 | $ | 89,059 | $ | 83,046 | $ | 88,117 | ||||||||
Income from continuing operations before income taxes(1) | $ | 93,680 | $ | 56,092 | $ | 45,633 | $ | 49,801 | ||||||||
Provision for income taxes | $ | (35,290 | ) | $ | (21,598 | ) | $ | (18,407 | ) | $ | (17,729 | ) | ||||
Net income | $ | 58,722 | $ | 34,435 | $ | 27,394 | $ | 32,037 | ||||||||
Net income attributable to noncontrolling interests | $ | (1,102 | ) | $ | (820 | ) | $ | (615 | ) | $ | (2,719 | ) | ||||
Net income attributable to common stockholders | $ | 57,620 | $ | 33,615 | $ | 26,779 | $ | 29,318 | ||||||||
Net income attributable to common stockholders per share(2): | ||||||||||||||||
Basic — EPS | $ | 0.27 | $ | 0.16 | $ | 0.13 | $ | 0.14 | ||||||||
Diluted — EPS | $ | 0.27 | $ | 0.16 | $ | 0.12 | $ | 0.14 | ||||||||
_________________________________ | ||||||||||||||||
-1 | Includes (Losses) gains on divestitures and impairment charges, net, as described in Note 20. | |||||||||||||||
-2 | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income per share may not equal the total computed for the year. | |||||||||||||||
-3 | See Note 2 for details related to the revision which was recorded for the quarter ended December 31, 2013. The revision reduced the provision for income taxes and increased net income attributable to common stockholders by $3.5 million and increased basic and diluted EPS by $0.02. |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Account | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SERVICE CORPORATION INTERNATIONAL | ||||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
Three Years Ended December 31, 2014 | |||||||||||||||||||||
Description | Balance at | Charged | Charged | Write-Offs(2) | Balance at | ||||||||||||||||
Beginning | (Credited) to | (Credited) to | End of | ||||||||||||||||||
of Period | Costs and | Other | Period | ||||||||||||||||||
Expenses | Accounts(1) | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current provision: | |||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||
Year Ended December 31, 2014 | $ | 11,637 | $ | 7,376 | $ | 55,573 | $ | (66,040 | ) | $ | 8,546 | ||||||||||
Year Ended December 31, 2013 | $ | 8,884 | $ | 7,874 | $ | 54,774 | $ | (59,895 | ) | $ | 11,637 | ||||||||||
Year Ended December 31, 2012 | $ | 9,172 | $ | 9,705 | $ | 38,123 | $ | (48,116 | ) | $ | 8,884 | ||||||||||
Due After One Year: | |||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||
Year Ended December 31, 2014 | $ | 10,986 | $ | — | $ | 273 | $ | — | $ | 11,259 | |||||||||||
Year Ended December 31, 2013 | $ | 1,316 | $ | — | $ | 9,670 | $ | — | $ | 10,986 | |||||||||||
Year Ended December 31, 2012 | $ | 1,665 | $ | — | $ | 1 | $ | (350 | ) | $ | 1,316 | ||||||||||
Preneed Funeral and Preneed Cemetery | |||||||||||||||||||||
Asset allowance for cancellation: | |||||||||||||||||||||
Year Ended December 31, 2014 | $ | 106,793 | $ | 2,950 | $ | (2,703 | ) | $ | — | $ | 107,040 | ||||||||||
Year Ended December 31, 2013 | $ | 83,642 | $ | 4,498 | $ | 18,653 | $ | — | $ | 106,793 | |||||||||||
Year Ended December 31, 2012 | $ | 78,564 | $ | 4,549 | $ | 529 | $ | — | $ | 83,642 | |||||||||||
Deferred Preneed Funeral and Cemetery | |||||||||||||||||||||
Revenue allowance for cancellation: | |||||||||||||||||||||
Year Ended December 31, 2014 | $ | (149,288 | ) | $ | — | $ | 24,258 | $ | — | $ | (125,030 | ) | |||||||||
Year Ended December 31, 2013 | $ | (131,320 | ) | $ | — | $ | (17,968 | ) | $ | — | $ | (149,288 | ) | ||||||||
Year Ended December 31, 2012 | $ | (136,004 | ) | $ | — | $ | 4,684 | $ | — | $ | (131,320 | ) | |||||||||
Deferred tax valuation allowance: | |||||||||||||||||||||
Year Ended December 31, 2014 | $ | 114,719 | $ | 21,285 | $ | (1,803 | ) | $ | — | $ | 134,201 | ||||||||||
Year Ended December 31, 2013 | $ | 71,013 | $ | 6,213 | $ | 37,493 | $ | — | $ | 114,719 | |||||||||||
Year Ended December 31, 2012 | $ | 66,851 | $ | 3,713 | $ | 449 | $ | — | $ | 71,013 | |||||||||||
_________________________________ | |||||||||||||||||||||
-1 | Primarily relates to acquisitions and dispositions of operations. | ||||||||||||||||||||
-2 | Uncollected receivables written off, net of recoveries. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Level 2 (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation | ||
Our consolidated financial statements include the accounts of Service Corporation International (SCI) and all subsidiaries in which we hold a controlling financial interest. Our financial statements also include the accounts of the funeral merchandise and service trusts, cemetery merchandise and service trusts, and cemetery perpetual care trusts in which we have a variable interest and are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. | |||
Reclassifications and Revision of Prior Period Financial Statements | |||
Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on our previously reported results of operations, consolidated financial position, or cash flows. | |||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements | ||
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. As a result, actual results could differ from these estimates. | |||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | ||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying amounts of our cash and cash equivalents approximate fair value due to the short-term nature of these instruments. | |||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts | ||
Our trade receivables primarily consist of amounts due for funeral services already performed. We provide various allowances and cancellation reserves for our funeral and cemetery preneed and atneed receivables as well as for our preneed funeral and preneed cemetery deferred revenues. These allowances are based on an analysis of historical trends of collection and cancellation activity. Atneed funeral and cemetery receivables are considered past due after 30 days. Collections are generally managed by the locations or third party agencies acting on behalf of the locations, until a receivable is 180 days delinquent at which time it is fully reserved and sent to a collection agency. These estimates are impacted by a number of factors, including changes in the economy, relocation, and demographic or competitive changes in our areas of operation. | |||
Inventory, Policy [Policy Text Block] | Inventories and Cemetery Property | ||
Funeral and cemetery merchandise are stated at the lower of average cost or market. Cemetery property is recorded at cost. Inventory costs and cemetery property are relieved using specific identification in performance of a contract. | |||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, Net | ||
Property and equipment are recorded at cost. Maintenance and repairs are charged to expense whereas renewals and major replacements that extend the assets useful lives are capitalized. Depreciation is recognized ratably over the estimated useful lives of the various classes of assets. Buildings are depreciated over a period ranging from seven to forty years, equipment is depreciated over a period from three to eight years, and leasehold improvements are depreciated over the shorter of the lease term or ten years. Depreciation and amortization expense related to property and equipment was $140.0 million, $122.2 million, and $119.9 million for the years ended December 31, 2014, 2013, and 2012, respectively. When property is sold or retired, the cost and related accumulated depreciation are removed from the consolidated balance sheet; resulting gains and losses are included in the consolidated statement of operations in the period of sale or disposal. | |||
Lease, Policy [Policy Text Block] | Leases | ||
We have lease arrangements primarily related to funeral service locations and transportation equipment that were primarily classified as capital leases at December 31, 2014. Lease terms related to funeral home properties generally range from one to 40 years with options to renew at varying terms. Lease terms related to transportation equipment generally range from one to five years with options to renew at varying terms. We calculate operating lease expense ratably over the lease term. We consider reasonably assured renewal options and fixed escalation provisions in our calculation. For more information related to leases, see Note 12. | |||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill | ||
The excess of purchase price over the fair value of identifiable net assets acquired in business combinations is recorded as goodwill. Goodwill is tested annually, during the fourth quarter, for impairment by assessing the fair value of each of our reporting units. | |||
Our goodwill impairment test involves estimates and management judgment. In the first step of our goodwill impairment test, we compare the fair value of a reporting unit to its carrying amount, including goodwill. We determine fair value of each reporting unit using both a market and income approach. Our methodology considers discounted cash flows and multiples of EBITDA (earnings before interest, taxes, depreciation, and amortization). The discounted cash flow valuation uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions that may differ from actual future cash flows. We do not record an impairment of goodwill in instances where the fair value of a reporting unit exceeds its carrying amount. If the aggregate fair value is less than the related carrying amount for a reporting unit, we compare the implied fair value of goodwill to the carrying amount of goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. | |||
For our most recent annual impairment test performed in the fourth quarter, we used a 7.0% discount rate, growth rates ranging from 1.9% to 6.3% over a five-year period, plus a terminal value determined using the constant growth method in projecting our future cash flows. Fair value was calculated as the sum of the projected discounted cash flows of our reporting units over the next five years plus terminal value at the end of those five years. Our terminal value was calculated using a long-term growth rate of 2.5% and 2.9% for our funeral and cemetery reporting units, respectively. | |||
In addition to our annual review, we assess the impairment of goodwill whenever certain events or changes in circumstances indicate that the carrying value may be greater than fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant underperformance relative to historical or projected future operating results and significant negative industry or economic trends. No interim goodwill impairment reviews were required in 2014 or 2013. | |||
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Other Intangible Assets | ||
Our intangible assets include customer relationships, trademarks and tradenames, and other intangible assets primarily resulting from acquisitions. Our trademark and tradenames and certain other intangible assets are considered to have an indefinite life and are not subject to amortization. We test for impairment of intangible assets annually during the fourth quarter. | |||
Our intangible assets impairment tests involve estimates and management judgment. For trademark and tradenames, our test uses the relief from royalty method whereby we determine the fair value of the assets by discounting the cash flows that represent a savings over having to pay a royalty fee for use of the trademark and tradenames. The discounted cash flow valuation uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions that may differ from actual future cash flows. For our most recent annual impairment test performed in the fourth quarter, we estimated that the pre-tax savings would range from 1.0% to 4.0% of the revenues associated with the trademark and tradenames, based primarily on our research of intellectual property valuation and licensing databases. We also assumed a terminal growth rate of 2.5% and 2.9% for our funeral and cemetery segments, respectively, and discounted the cash flows at a 7.2% discount rate based on the relative risk of these assets to our overall business. | |||
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 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 interim intangible impairment reviews were required in 2014 or 2013. | |||
Certain of our intangible assets associated with prior acquisitions are relieved using specific identification in performance of a contract. We amortize all other finite-lived intangible assets on a straight-line basis over their estimated useful lives which range from two to forty years. | |||
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock | ||
We make treasury stock purchases in the open market or through privately negotiated transactions subject to market conditions and normal trading restrictions. We account for the repurchase of our common stock under the par value method. In 2014, we canceled 10.9 million shares of common stock held in our treasury. We canceled 0.3 million and 17.2 million shares of common stock held in our treasury in 2013 and 2012, respectively. These retired treasury shares were changed to authorized but unissued status. | |||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation | ||
All assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at exchange rates in effect as of the end of the reporting period. Revenue and expense items are translated at the average exchange rates for the reporting period. The resulting translation adjustments are included in Equity as a component of Accumulated other comprehensive income in the consolidated statement of equity and consolidated balance sheet. | |||
The functional currency of SCI and its subsidiaries is the respective local currency. The transactional currency gains and losses that arise from transactions denominated in currencies other than the functional currencies of our operations are recorded in Other income (expense), net in the consolidated statement of operations. We do not have an investment in foreign operations considered to be in highly inflationary economies. | |||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements | ||
We measure the available-for-sale securities held by our funeral merchandise and service, cemetery merchandise and service, and cemetery perpetual care trusts at fair value on a recurring basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We utilize a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | |||
• | Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; | ||
• | Level 2 — inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and | ||
• | Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. | ||
An asset’s or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Certain available-for-sale securities held by our funeral merchandise and service, cemetery merchandise and service, and cemetery perpetual care trusts have been classified in Level 3 of the hierarchy due to the significant management judgment required as a result of the absence of quoted market prices, inherent lack of liquidity, or the long-term nature of the securities. | |||
Where quoted prices are available in an active market, securities are classified as Level 1 investments pursuant to the three-level valuation hierarchy. | |||
Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, rating, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the three-level valuation hierarchy. | |||
Where quoted prices are available in an active market, securities are classified as Level 1 investments pursuant to the three-level valuation hierarchy. | |||
Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, rating, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the three-level valuation hierarchy. | |||
Where quoted prices are available in an active market, securities are classified as Level 1 investments pursuant to the three-level valuation hierarchy. | |||
Where quoted market prices are not available for the specific security, fair values are estimated by using either quoted prices of securities with similar characteristics or an income approach fair value model with observable inputs that include a combination of interest rates, yield curves, credit risks, prepayment speeds, rating, and tax-exempt status. These funds are classified as Level 2 investments pursuant to the three-level valuation hierarchy. | |||
The fair values of our long-term, fixed rate securities were estimated using market prices for those securities, and therefore they are classified within Level 2 of the fair value hierarchy. The term loan, bank credit facility, and the mortgage and other debt are classified within Level 3 of the hierarchy. The fair values of these instruments have been estimated using discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. | |||
Revenue Recognition, Policy [Policy Text Block] | Earnings from all our funeral merchandise and service trust investments are recognized in funeral revenues when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenues in the period in which they are earned. In addition, we are entitled to retain, in certain jurisdictions, a portion of collected customer payments when a customer cancels a preneed contract; these amounts are also recognized in current revenues. | ||
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Preneed Funeral and Cemetery Receivables | ||
We sell preneed funeral and cemetery contracts whereby the customer enters into arrangements for future merchandise and services prior to the time of need. As these contracts are entered into prior to the delivery of the related merchandise and services, the preneed funeral and cemetery receivables are offset by a comparable deferred revenue amount. These receivables have an interest component for which interest income is recorded when the interest amount is considered collectible and realizable, which typically coincides with cash payment. We do not accrue interest on financing receivables that are not paid in accordance with the contractual payment date given the nature of our merchandise and services, the nature of our contracts with customers, and the timing of the delivery of our services. We do not consider receivables to be past due until the merchandise or services are required to be delivered at which time the preneed receivable is paid or reclassified as a trade receivable with payment terms of less than 30 days. As the preneed funeral and cemetery receivables are offset by comparable deferred revenue amounts, we have no risk of loss related to these receivables. | |||
If a preneed contract is canceled prior to delivery, state or provincial law determines the amount of the refund owed to the customer, if any, including the amount of the attributed investment earnings. Upon cancellation, we receive the amount of principal deposited to the trust and previously undistributed net investment earnings and, where required, issue a refund to the customer. We retain excess funds, if any, and recognize the attributed investment earnings (net of any investment earnings payable to the customer) as revenue in the consolidated statement of operations. In certain jurisdictions, we may be obligated to fund any shortfall if the amount deposited by the customer exceed the funds in trust. Based on our historical experience, we have provided an allowance for cancellation of these receivables, which is recorded as a reduction in receivables with a corresponding offset to deferred revenue. | |||
Income Tax, Policy [Policy Text Block] | Income Taxes | ||
We compute income taxes using the liability method. Our ability to realize the benefit of our federal and state deferred tax assets requires us to achieve certain future earnings levels. We have established a valuation allowance against a portion of our deferred tax assets and we could be required to further adjust that valuation allowance if market conditions change materially and future earnings are, or are projected to be, significantly different than our current estimates. | |||
In addition to the loss and tax credit carry-forward amounts reflected as deferred tax assets in the table above, we have taken certain tax deductions related to the exercised employee stock options and vested restricted shares that are in excess of the stock-based compensation amounts recorded in our consolidated financial statements (“windfall tax benefits”). Such windfall tax benefits are not recognized in our consolidated financial statements unless they reduce income taxes payable. | |||
The provision or benefit for income taxes includes U.S. federal income taxes (determined on a consolidated return basis), foreign income taxes, and state income taxes. | |||
A valuation allowance has been established because more-likely-than-not uncertainties exist with respect to our future realization of certain loss carry-forwards. The valuation allowance is primarily attributable to state net operating losses and reflects our expectation that the net operating losses in certain jurisdictions will expire before we generate sufficient taxable income to utilize the losses. | |||
Deferred taxes are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates. | |||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Our funeral merchandise and service trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. Our cemetery trust investments detailed in Notes 5 and 6 are also accounted for as variable interest entities. | ||
Our cemetery merchandise and service trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The trust investments detailed in Notes 4 and 6 are also accounted for as variable interest entities. | |||
Our cemetery perpetual care trusts are variable interest entities. We have determined that we are the primary beneficiary of these trusts, as we absorb a majority of the losses and returns associated with these trusts. The merchandise and service trust investments detailed in Notes 4 and 5 are also accounted for as variable interest entities. | |||
Pension and Other Postretirement Plans, Policy [Policy Text Block] | The Plans’ weighted-average assumptions used to determine the benefit obligation and net benefit cost are as follows: we base our discount rate used to compute future benefit obligations using an analysis of expected future benefit payments. The reasonableness of our discount rate is verified by comparing the rate to the rate earned on high-quality fixed income investments, such as the Moody’s Aa index, plus 50 basis points. The assumed rate of return on plan assets was not applicable as we pay plan benefits as they come due. As all Plans are curtailed, the assumed rate of compensation increase is zero. | ||
We currently have a supplemental retirement plan for certain current and former key employees (SERP), a supplemental retirement plan for officers and certain key employees (Senior SERP), a retirement plan for certain non-employee directors (Directors’ Plan), a Retirement Plan for Rose Hills Trustees, a Rose Hills Supplemental Retirement Plan, and a Stewart Supplemental Retirement Plan (collectively, the “Plans”). We also provide a 401(k) employee savings plan. All of our Plans have a measurement date of December 31. | |||
The Plans are frozen; therefore, the participants do not earn incremental benefits from additional years of service, and we do not incur any additional service cost since December 31, 2000. | |||
Retirement benefits under the SERP are based on years of service and average monthly compensation, reduced by benefits under Social Security. The Senior SERP provides retirement benefits based on years of service and position. The Directors’ Plan provides for an annual benefit to directors following retirement, based on a vesting schedule. | |||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | We have an employee savings plan that qualifies under section 401(k) of the Internal Revenue Code for the exclusive benefit of our United States employees. Under the plan, participating employees may contribute a portion of their pretax and/or after-tax income in accordance with specified guidelines up to a maximum of 50%. | ||
During 2014, 2013, and 2012 we matched a percentage of the employee contributions through contributions of cash. For these years, our matching contribution was based upon the following: | |||
Years of Vesting Service | Percentage of Deferred Compensation | ||
0 — 5 years | 75% of the first 6% of deferred compensation | ||
6 — 10 years | 100% of the first 6% of deferred compensation | ||
11 or more years | 125% of the first 6% of deferred compensation | ||
Funeral and Cemetery cash flow [Policy Text Block] | Cash flows from preneed funeral contracts are presented as operating cash flows in our consolidated statement of cash flows. | ||
Cash flows from preneed cemetery contracts are presented as operating cash flows in our consolidated statement of cash flows. | |||
Cash flows from cemetery perpetual care contracts are presented as operating cash flows in our consolidated statement of cash flows. | |||
Revenue Recognition, Deferred Revenue [Policy Text Block] | These earnings are recorded in Deferred preneed funeral revenues until the merchandise is delivered or the service is performed. | ||
These earnings are recorded in Deferred preneed cemetery revenues until the merchandise is delivered | |||
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other income (expense), net and a decrease to Preneed funeral receivables, net and trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other (expense) income, net, which reduces Deferred preneed funeral receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral receipts held in trust. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | We utilize the Black-Scholes option valuation model for estimating the fair value of our stock options. | ||
Income Tax Uncertainties, Policy [Policy Text Block] | Consistent with our historical financial reporting, we include potential accrued interest and penalties related to unrecognized tax benefits within our income tax provision account. | ||
Funeral [Member] | |||
Revenue Recognition, Policy [Policy Text Block] | Funeral Operations | ||
Revenue is recognized when funeral merchandise is delivered or funeral services are performed. We sell price-guaranteed preneed funeral contracts through various programs providing for future funeral services at prices prevailing when the agreements are signed. Revenue associated with sales of preneed funeral contracts is deferred until funeral merchandise is delivered or the funeral services are performed, generally at the time of need. Travel protection insurance and certain memorialization merchandise sold on a preneed basis is delivered to the customer at the time of sale and is recognized at the time delivery has occurred. While these items are sold as part of preneed funeral arrangements they are also offered on a stand-alone basis. The total consideration received for these arrangements is allocated to each item based on relative selling price determined using either vendor specific objective evidence of the selling price or third-party evidence of selling price. Vendor specific objective evidence of the selling price is determined based on the price we sell the items for on a stand-alone basis. Third-party evidence of selling price is based on the price of our largely interchangeable products that are sold in stand-alone sales to similarly situated customers. There is no general right of return for delivered items. | |||
Pursuant to state or provincial law, all or a portion of the proceeds from funeral merchandise or services sold on a preneed basis may be required to be paid into trust funds. We defer investment earnings related to these merchandise and service trusts until the associated merchandise is delivered or services are performed. Costs related to sales of merchandise and services are charged to expense when merchandise is delivered or services are performed. Sales taxes collected are recognized on a net basis in our consolidated financial statements. See Note 4 for more information regarding preneed funeral activities. | |||
Cemetery [Member] | |||
Revenue Recognition, Policy [Policy Text Block] | Cemetery Operations | ||
Revenue associated with sales of cemetery merchandise and services is recognized when merchandise is delivered or the service is performed. Revenue associated with sales of preneed cemetery property interment rights is deferred until the property is constructed and a minimum of 10% of the sales price is collected. For non-personalized merchandise (such as vaults) and services, we defer the revenues until the merchandise is delivered or the services are performed. For personalized marker merchandise, with the customer’s direction generally obtained at the time of sale, we can choose to order, store, and transfer title to the customer. In situations in which we have no further obligation or involvement related to the merchandise, we recognize revenues and record the cost of sales upon the earlier of vendor storage of these items or delivery in our cemetery. The total consideration received for these arrangements is allocated to each item based on relative selling price determined using vendor specific objective evidence of the selling price. Vendor specific objective evidence of the selling price is determined based on the price we sell the items for on a stand-alone basis. There is no general right of return for delivered items. | |||
Pursuant to state or provincial law, all or a portion of the proceeds from cemetery merchandise or services sold on a preneed basis may be required to be paid into trust funds. We defer investment earnings related to these merchandise and services trusts until the associated merchandise is delivered or services are performed. | |||
A portion of the proceeds from the sale of cemetery property interment rights is required by state or provincial law to be paid into perpetual care trust funds. Investment earnings from these trusts are distributed to us regularly, are recognized in current cemetery revenues, and are intended to defray cemetery maintenance costs, which are expensed as incurred. The principal of such perpetual care trust funds generally cannot be withdrawn. | |||
Costs related to the sale of property interment rights include the property and construction costs specifically identified by project. Property and construction costs are charged to expense when the revenue is recognized by specific identification in the performance of a contract. Costs related to sales of merchandise and services are charged to expense when merchandise is delivered or when services are performed. Sales taxes collected are recognized on a net basis in our consolidated financial statements. See Notes 5 and 6 for more information regarding preneed cemetery and perpetual care activities. | |||
Earnings from all our cemetery merchandise and service trust investments are recognized in cemetery revenues when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenues in the period in which they are earned. | |||
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other income (expense), net and a decrease to Preneed cemetery receivables, net and trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other income (expense), net, which reduces Deferred preneed cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed cemetery receipts held in trust. | ||
Cemetery Perpetual Care [Member] | |||
Revenue Recognition, Policy [Policy Text Block] | Distributable earnings from these cemetery perpetual care trust investments are recognized in current cemetery revenues to the extent we incur qualifying cemetery maintenance costs. Fees charged by our wholly-owned registered investment advisor are also included in current revenues in the period in which they are earned. | ||
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | We assess our trust investments for other-than-temporary declines in fair value on a quarterly basis. Impairment charges resulting from this assessment are recognized as investment losses in Other (expense) income, net and a decrease to Cemetery perpetual care trust investments. These investment losses, if any, are offset by the corresponding reclassification in Other (expense) income, net, which reduces Care trusts’ corpus. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies Level 3 (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Schedule of Revisions and Reclassifications - Statement of Operations [Abstract] | ||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | The following is a summary of the consolidated statement of operations, the consolidated balance sheet, and the consolidated statement of cash flows line items impacted by the debt and income tax revisions: | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
As previously reported | Revisions | Reclassifications | As revised | |||||||||||||
(in thousands) | ||||||||||||||||
Provision for income taxes | $ | (96,615 | ) | $ | 3,484 | $ | 107 | $ | (93,024 | ) | ||||||
Net income | $ | 149,104 | $ | 3,484 | $ | — | $ | 152,588 | ||||||||
Net income attributable to common stockholders | $ | 143,848 | $ | 3,484 | $ | — | $ | 147,332 | ||||||||
Net income attributable to common stockholders per share: | ||||||||||||||||
Basic | $ | 0.68 | $ | 0.02 | $ | — | $ | 0.7 | ||||||||
Diluted | $ | 0.67 | $ | 0.01 | $ | — | $ | 0.68 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
As previously reported | Revisions | Reclassifications | As revised | |||||||||||||
(in thousands) | ||||||||||||||||
Provision for income taxes | $ | (91,548 | ) | $ | 1,299 | $ | 138 | $ | (90,111 | ) | ||||||
Net income | $ | 154,135 | $ | 1,299 | $ | — | $ | 155,434 | ||||||||
Net income attributable to common stockholders | $ | 152,546 | $ | 1,299 | $ | — | $ | 153,845 | ||||||||
Net income attributable to common stockholders per share: | ||||||||||||||||
Basic | $ | 0.71 | $ | — | $ | — | $ | 0.71 | ||||||||
Diluted | $ | 0.7 | $ | — | $ | — | $ | 0.7 | ||||||||
Summary of Revised Consolidated Balance Sheet Amounts | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
As previously reported | Revisions | Reclassifications | As revised | |||||||||||||
(in thousands) | ||||||||||||||||
Deferred tax assets | $ | 39,074 | $ | (3,750 | ) | $ | (5,042 | ) | $ | 30,282 | ||||||
Total current assets | $ | 393,747 | $ | (3,750 | ) | $ | (10,901 | ) | $ | 379,096 | ||||||
Goodwill | $ | 1,922,102 | $ | (91,016 | ) | $ | (5,365 | ) | $ | 1,825,721 | ||||||
Total assets | $ | 12,906,070 | $ | (94,766 | ) | $ | 22,296 | $ | 12,833,600 | |||||||
Current maturities of long-term debt | $ | 146,362 | $ | 30,000 | $ | — | $ | 176,362 | ||||||||
Income taxes | $ | 6,391 | $ | (1,202 | ) | $ | 74 | $ | 5,263 | |||||||
Total current liabilities | $ | 642,584 | $ | 28,798 | $ | 2,200 | $ | 673,582 | ||||||||
Long-term debt | $ | 3,155,548 | $ | (30,000 | ) | $ | — | $ | 3,125,548 | |||||||
Deferred tax liabilities | $ | 619,200 | $ | (190,355 | ) | $ | (41,676 | ) | $ | 387,169 | ||||||
Other liabilities | $ | 430,393 | $ | 40,941 | $ | 19,904 | $ | 491,238 | ||||||||
Accumulated deficit | $ | (145,876 | ) | $ | 55,850 | $ | — | $ | (90,026 | ) | ||||||
Total equity | $ | 1,424,378 | $ | 55,850 | $ | — | $ | 1,480,228 | ||||||||
Total liabilities and equity | $ | 12,906,070 | $ | (94,766 | ) | $ | 22,296 | $ | 12,833,600 | |||||||
Summary of Revised Consolidated Statement of Cash Flows(1) Amounts | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
As previously reported | Revisions | Reclassifications | As revised | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Net income | $ | 149,104 | $ | 3,484 | $ | — | $ | 152,588 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Provision for deferred income taxes | $ | 74,100 | $ | (2,282 | ) | $ | (110 | ) | $ | 71,708 | ||||||
Change in assets and liabilities, net of effects from acquisitions and dispositions: | ||||||||||||||||
(Decrease) increase in payables and other liabilities | $ | (284 | ) | $ | (1,202 | ) | $ | (509 | ) | $ | (1,995 | ) | ||||
Summary of Revised Consolidated Statement of Cash Flows(1) Amounts | ||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
As previously reported | Revisions | Reclassifications | As revised | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Net income | $ | 154,135 | $ | 1,299 | $ | — | $ | 155,434 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Provision for deferred income taxes | $ | 72,984 | $ | (1,299 | ) | $ | — | $ | 71,685 | |||||||
Change in assets and liabilities, net of effects from acquisitions and dispositions: | ||||||||||||||||
(Decrease) increase in payables and other liabilities | $ | 25,240 | $ | — | $ | 1,120 | $ | 26,360 | ||||||||
(1) These revisions had no net impact on Net cash provided by operating, investing, or financing activities. |
Preneed_Funeral_Activities_Lev1
Preneed Funeral Activities Level 3 (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Preneed funeral receivables net and trust investments [Line Items] | ||||||||||||||||||||||||
Preneed Funeral Receivables, Net and Trust Investments [Table Text Block] | The activity in Preneed funeral receivables, net and trust investments for the years ended December 31 was as follows: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance — Preneed funeral receivables and trust investments | $ | 1,870,243 | $ | 1,536,257 | $ | 1,484,764 | ||||||||||||||||||
Net preneed contract sales | 247,994 | 192,712 | 124,962 | |||||||||||||||||||||
Cash receipts from customers, net of refunds | (211,830 | ) | (170,921 | ) | (125,625 | ) | ||||||||||||||||||
Deposits to trust | 102,553 | 82,168 | 81,601 | |||||||||||||||||||||
(Divestitures) acquisitions of businesses, net | (19,203 | ) | 271,395 | 6,021 | ||||||||||||||||||||
Net undistributed investment earnings (1) | 22,480 | 125,986 | 84,611 | |||||||||||||||||||||
Maturities and distributed earnings | (162,059 | ) | (153,446 | ) | (126,130 | ) | ||||||||||||||||||
Change in cancellation allowance | 7,644 | (3,245 | ) | 934 | ||||||||||||||||||||
Effect of foreign currency and other | (14,799 | ) | (10,663 | ) | 5,119 | |||||||||||||||||||
Ending balance — Preneed funeral receivables and trust investments | $ | 1,843,023 | $ | 1,870,243 | $ | 1,536,257 | ||||||||||||||||||
-1 | Includes both realized and unrealized investment earnings. | |||||||||||||||||||||||
Deferred Preneed Funeral Revenues [Table Text Block] | The following table summarizes the activity in Deferred preneed funeral revenues for the years ended December 31 were as follows: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance — Deferred preneed funeral revenues, net | $ | 551,948 | $ | 535,136 | $ | 573,477 | ||||||||||||||||||
Net preneed contract sales | 198,195 | 144,202 | 103,341 | |||||||||||||||||||||
(Divestitures) acquisitions of businesses, net | (21,639 | ) | 298,047 | (4,491 | ) | |||||||||||||||||||
Net investment earnings(1) | 24,256 | 126,428 | 83,788 | |||||||||||||||||||||
Recognized deferred preneed revenues | (258,534 | ) | (200,680 | ) | (164,037 | ) | ||||||||||||||||||
Change in cancellation allowance | 21,272 | (5,670 | ) | 1,304 | ||||||||||||||||||||
Change in deferred preneed funeral receipts held in trust | 26,131 | (343,878 | ) | (61,068 | ) | |||||||||||||||||||
Effect of foreign currency and other | (1,465 | ) | (1,637 | ) | 2,822 | |||||||||||||||||||
Ending balance — Deferred preneed funeral revenues, net | $ | 540,164 | $ | 551,948 | $ | 535,136 | ||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | Includes both realized and unrealized investment earnings. | |||||||||||||||||||||||
Funeral [Member] | ||||||||||||||||||||||||
Preneed funeral receivables net and trust investments [Line Items] | ||||||||||||||||||||||||
Investment related activities [Table Text Block] | The table below sets forth certain investment-related activities associated with our preneed funeral merchandise and service trusts for the years ended December 31: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Deposits | $ | 102,553 | $ | 82,168 | $ | 81,601 | ||||||||||||||||||
Withdrawals | $ | 131,352 | $ | 125,914 | $ | 100,635 | ||||||||||||||||||
Purchases of available-for-sale securities(1) | $ | 1,238,257 | $ | 393,169 | $ | 563,628 | ||||||||||||||||||
Sales of available-for-sale securities(1) | $ | 1,318,512 | $ | 435,267 | $ | 555,709 | ||||||||||||||||||
Realized gains from sales of available-for-sale securities(1) | $ | 168,567 | $ | 65,011 | $ | 60,833 | ||||||||||||||||||
Realized losses from sales of available-for-sale securities(1) | $ | (113,748 | ) | $ | (9,732 | ) | $ | (21,454 | ) | |||||||||||||||
Long-term receivable and investment components [Table Text Block] | The components of Preneed funeral receivables, net and trust investments in our consolidated balance sheet at December 31 were as follows: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Trust investments, at market | $ | 1,205,747 | $ | 1,438,326 | ||||||||||||||||||||
Cash and cash equivalents | 162,229 | 128,217 | ||||||||||||||||||||||
Assets associated with businesses held for sale | — | (181,535 | ) | |||||||||||||||||||||
Insurance-backed fixed income securities | 260,899 | 280,969 | ||||||||||||||||||||||
Trust investments | 1,628,875 | 1,665,977 | ||||||||||||||||||||||
Receivables from customers | 262,700 | 259,784 | ||||||||||||||||||||||
Unearned finance charge | (11,054 | ) | (10,179 | ) | ||||||||||||||||||||
1,880,521 | 1,915,582 | |||||||||||||||||||||||
Allowance for cancellation | (37,498 | ) | (45,339 | ) | ||||||||||||||||||||
Preneed funeral receivables and trust investments | $ | 1,843,023 | $ | 1,870,243 | ||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The cost and market values associated with our funeral merchandise and service trust investments recorded at fair value at December 31, 2014 and 2013 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities held by the trusts. | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 85,775 | $ | 468 | $ | (455 | ) | $ | 85,788 | ||||||||||||||
Canadian government | 2 | 90,430 | 449 | (874 | ) | 90,005 | ||||||||||||||||||
Corporate | 2 | 24,765 | 423 | (126 | ) | 25,062 | ||||||||||||||||||
Residential mortgage-backed | 2 | 1,325 | 29 | (12 | ) | 1,342 | ||||||||||||||||||
Asset-backed | 2 | 6 | — | — | 6 | |||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 2,503 | 113 | (113 | ) | 2,503 | ||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 377,441 | 18,533 | (7,405 | ) | 388,569 | ||||||||||||||||||
Canada | 1 | 14,708 | 4,292 | (895 | ) | 18,105 | ||||||||||||||||||
Other international | 1 | 38,035 | 1,175 | (1,560 | ) | 37,650 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 308,548 | 3,332 | (15,901 | ) | 295,979 | ||||||||||||||||||
Fixed income | 1 | 229,414 | 869 | (3,576 | ) | 226,707 | ||||||||||||||||||
Private equity | 3 | 35,094 | 2,649 | (9,418 | ) | 28,325 | ||||||||||||||||||
Other | 3 | 5,084 | 726 | (104 | ) | 5,706 | ||||||||||||||||||
Trust investments | $ | 1,213,128 | $ | 33,058 | $ | (40,439 | ) | $ | 1,205,747 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 111,824 | $ | 1,299 | $ | (5,599 | ) | $ | 107,524 | ||||||||||||||
Canadian government | 2 | 100,263 | 81 | (1,113 | ) | 99,231 | ||||||||||||||||||
Corporate | 2 | 64,579 | 3,515 | (691 | ) | 67,403 | ||||||||||||||||||
Residential mortgage-backed | 2 | 2,438 | 23 | (33 | ) | 2,428 | ||||||||||||||||||
Asset-backed | 2 | 3,407 | — | (10 | ) | 3,397 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 30,485 | 754 | (235 | ) | 31,004 | ||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 370,123 | 77,963 | (2,928 | ) | 445,158 | ||||||||||||||||||
Canada | 1 | 27,710 | 4,346 | (1,217 | ) | 30,839 | ||||||||||||||||||
Other international | 1 | 36,017 | 4,986 | (198 | ) | 40,805 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 260,686 | 22,530 | (2,303 | ) | 280,913 | ||||||||||||||||||
Fixed income | 1 | 317,280 | 3,228 | (19,577 | ) | 300,931 | ||||||||||||||||||
Private equity | 3 | 32,909 | 2,702 | (8,726 | ) | 26,885 | ||||||||||||||||||
Other | 3 | 1,550 | 291 | (33 | ) | 1,808 | ||||||||||||||||||
Trust investments | $ | 1,359,271 | $ | 121,718 | $ | (42,663 | ) | $ | 1,438,326 | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The change in our market-based funeral merchandise and service trust investments with significant unobservable inputs (Level 3) is as follows for the years ended December 31, 2014, 2013, and 2012 : | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Private Equity | Other | Private Equity | Other | Private Equity | Other | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fair value, beginning balance at January 1, | $ | 26,885 | $ | 1,808 | $ | 17,879 | $ | 744 | $ | 15,986 | $ | 912 | ||||||||||||
Net unrealized gains (losses) included in Accumulated other comprehensive income(1) | 2,242 | 826 | 13,429 | 1,442 | (403 | ) | (159 | ) | ||||||||||||||||
Net realized losses included in Other income (expense), net(2) | (39 | ) | (6 | ) | (43 | ) | (3 | ) | (58 | ) | (2 | ) | ||||||||||||
Purchases | — | 3,214 | 1,188 | — | — | — | ||||||||||||||||||
Sales | — | — | — | — | (9 | ) | — | |||||||||||||||||
Contributions | 6,122 | 4 | 3,229 | — | 4,664 | — | ||||||||||||||||||
Distributions and other | (6,885 | ) | (140 | ) | (9,245 | ) | (393 | ) | (2,301 | ) | (7 | ) | ||||||||||||
Acquisitions | — | — | 448 | 18 | — | — | ||||||||||||||||||
Fair value, ending balance at December 31, | $ | 28,325 | $ | 5,706 | $ | 26,885 | $ | 1,808 | $ | 17,879 | $ | 744 | ||||||||||||
_______________________________________ | ||||||||||||||||||||||||
-1 | All unrealized losses recognized in Accumulated other comprehensive income for our funeral merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||||||||||||||||||||
-2 | All losses recognized in Other income (expense), net for our funeral merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturity dates of our fixed income securities range from 2015 to 2044. Maturities of fixed income securities at December 31, 2014 are estimated as follows: | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 123,545 | ||||||||||||||||||||||
Due in one to five years | 32,659 | |||||||||||||||||||||||
Due in five to ten years | 29,426 | |||||||||||||||||||||||
Thereafter | 16,573 | |||||||||||||||||||||||
$ | 202,203 | |||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | Our funeral merchandise and service trust investment unrealized losses, their associated fair values, and the duration of unrealized losses for the years ended December 31, 2014 and 2013, are shown in the following tables. | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Market | Losses | Market | Losses | Market | Losses | |||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 32,243 | $ | (412 | ) | $ | 4,978 | $ | (43 | ) | $ | 37,221 | $ | (455 | ) | |||||||||
Canadian government | 2,894 | (52 | ) | 14,904 | (822 | ) | 17,798 | (874 | ) | |||||||||||||||
Corporate | 4,988 | (56 | ) | 2,420 | (70 | ) | 7,408 | (126 | ) | |||||||||||||||
Residential mortgage-backed | 217 | (10 | ) | 106 | (2 | ) | 323 | (12 | ) | |||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 26 | (113 | ) | — | — | 26 | (113 | ) | ||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 126,527 | (7,403 | ) | 438 | (2 | ) | 126,965 | (7,405 | ) | |||||||||||||||
Canada | 1,752 | (379 | ) | 1,085 | (516 | ) | 2,837 | (895 | ) | |||||||||||||||
Other international | 19,593 | (1,557 | ) | 2 | (3 | ) | 19,595 | (1,560 | ) | |||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 233,827 | (13,219 | ) | 23,717 | (2,682 | ) | 257,544 | (15,901 | ) | |||||||||||||||
Fixed income | 112,160 | (3,128 | ) | 11,452 | (448 | ) | 123,612 | (3,576 | ) | |||||||||||||||
Private equity | 203 | (461 | ) | 13,870 | (8,957 | ) | 14,073 | (9,418 | ) | |||||||||||||||
Other | 5 | (11 | ) | 464 | (93 | ) | 469 | (104 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 534,435 | $ | (26,801 | ) | $ | 73,436 | $ | (13,638 | ) | $ | 607,871 | $ | (40,439 | ) | |||||||||
December 31, 2013 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Market | Losses | Market | Losses | Market | Losses | |||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 29,008 | $ | (3,595 | ) | $ | 19,633 | $ | (2,004 | ) | $ | 48,641 | $ | (5,599 | ) | |||||||||
Canadian government | 9,545 | (120 | ) | 18,981 | (993 | ) | 28,526 | (1,113 | ) | |||||||||||||||
Corporate | 21,525 | (346 | ) | 5,665 | (345 | ) | 27,190 | (691 | ) | |||||||||||||||
Residential mortgage-backed | 1,397 | (25 | ) | 174 | (8 | ) | 1,571 | (33 | ) | |||||||||||||||
Asset-backed | 3,311 | (10 | ) | — | — | 3,311 | (10 | ) | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 14,182 | (235 | ) | — | — | 14,182 | (235 | ) | ||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 47,054 | (2,153 | ) | 3,374 | (775 | ) | 50,428 | (2,928 | ) | |||||||||||||||
Canada | 2,439 | (576 | ) | 1,992 | (641 | ) | 4,431 | (1,217 | ) | |||||||||||||||
Other international | 3,433 | (138 | ) | 375 | (60 | ) | 3,808 | (198 | ) | |||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 16,383 | (337 | ) | 12,638 | (1,966 | ) | 29,021 | (2,303 | ) | |||||||||||||||
Fixed income | 145,425 | (4,984 | ) | 38,774 | (14,593 | ) | 184,199 | (19,577 | ) | |||||||||||||||
Private equity | — | — | 13,002 | (8,726 | ) | 13,002 | (8,726 | ) | ||||||||||||||||
Other | — | — | 527 | (33 | ) | $ | 527 | $ | (33 | ) | ||||||||||||||
Total temporarily impaired securities | $ | 293,702 | $ | (12,519 | ) | $ | 115,135 | $ | (30,144 | ) | $ | 408,837 | $ | (42,663 | ) | |||||||||
Preneed_Cemetery_Activities_Le1
Preneed Cemetery Activities Level 3 (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Preneed Cemetery Receivables, Net and Trust Investments [Line Items] | ||||||||||||||||||||||||
Preneed Cemetery Receivables, Net and Trust Investments [Table Text Block] | The activity in Preneed cemetery receivables, net and trust investments for the years ended December 31 was as follows: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance — Preneed cemetery receivables and trust investments | $ | 2,292,348 | $ | 1,826,835 | $ | 1,595,940 | ||||||||||||||||||
Net preneed contract sales | 688,336 | 562,433 | 501,654 | |||||||||||||||||||||
(Divestitures) acquisitions of businesses, net | (10,898 | ) | 190,870 | 1,124 | ||||||||||||||||||||
Net undistributed investment (losses) earnings(1) | (18,038 | ) | 203,499 | 133,351 | ||||||||||||||||||||
Cash receipts from customers, net of refunds | (615,489 | ) | (471,710 | ) | (417,965 | ) | ||||||||||||||||||
Deposits to trust | 129,581 | 106,185 | 98,130 | |||||||||||||||||||||
Maturities, deliveries, and associated earnings | (150,064 | ) | (119,576 | ) | (98,738 | ) | ||||||||||||||||||
Change in cancellation allowance | 843 | 3,002 | (3,481 | ) | ||||||||||||||||||||
Effect of foreign currency and other | (9,950 | ) | (9,190 | ) | 16,820 | |||||||||||||||||||
Ending balance — Preneed cemetery receivables and trust investments | $ | 2,306,669 | $ | 2,292,348 | $ | 1,826,835 | ||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | Includes both realized and unrealized investment (losses) earnings | |||||||||||||||||||||||
Deferred Preneed Cemetery Revenues [Table Text Block] | The following table summarizes the activity in Deferred preneed cemetery revenues for the years ended December 31: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance — Deferred preneed cemetery revenues | $ | 1,016,275 | $ | 861,148 | $ | 833,303 | ||||||||||||||||||
Net preneed and atneed deferred sales | 531,768 | 396,264 | 380,887 | |||||||||||||||||||||
(Divestitures) acquisitions of businesses, net | (25,071 | ) | 212,624 | 1,089 | ||||||||||||||||||||
Net investment (losses) earnings(1) | (22,378 | ) | 201,941 | 130,012 | ||||||||||||||||||||
Recognized deferred preneed revenues | (493,739 | ) | (386,632 | ) | (363,072 | ) | ||||||||||||||||||
Change in cancellation allowance | 3,833 | 18,358 | 3,968 | |||||||||||||||||||||
Change in deferred preneed cemetery receipts held in trust | 55,636 | (298,337 | ) | (133,612 | ) | |||||||||||||||||||
Effect of foreign currency and other | (3,943 | ) | 10,909 | 8,573 | ||||||||||||||||||||
Ending balance — Deferred preneed cemetery revenues | $ | 1,062,381 | $ | 1,016,275 | $ | 861,148 | ||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | Includes both realized and unrealized investment (losses) earnings. | |||||||||||||||||||||||
Cemetery [Member] | ||||||||||||||||||||||||
Preneed Cemetery Receivables, Net and Trust Investments [Line Items] | ||||||||||||||||||||||||
Investment related activities [Table Text Block] | The table below sets forth certain investment-related activities associated with our preneed cemetery merchandise and service trusts for the years ended December 31: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Deposits | $ | 129,581 | $ | 106,185 | $ | 98,130 | ||||||||||||||||||
Withdrawals | $ | 150,064 | $ | 119,576 | $ | 98,738 | ||||||||||||||||||
Purchases of available-for-sale securities(1) | $ | 1,786,800 | $ | 477,772 | $ | 746,761 | ||||||||||||||||||
Sales of available-for-sale securities(1) | $ | 1,842,417 | $ | 498,852 | $ | 700,091 | ||||||||||||||||||
Realized gains from sales of available-for-sale securities(1) | $ | 271,507 | $ | 101,337 | $ | 87,665 | ||||||||||||||||||
Realized losses from sales of available-for-sale securities(1) | $ | (138,473 | ) | $ | (14,593 | ) | $ | (29,397 | ) | |||||||||||||||
Long-term receivable and investment components [Table Text Block] | The components of Preneed cemetery receivables, net and trust investments in the consolidated balance sheet at December 31 were as follows: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Trust investments, at market | $ | 1,404,298 | $ | 1,549,182 | ||||||||||||||||||||
Cash and cash equivalents | 126,914 | 138,459 | ||||||||||||||||||||||
Assets associated with businesses held for sale | (4,571 | ) | (102,354 | ) | ||||||||||||||||||||
Insurance-backed fixed income securities | 12 | 4 | ||||||||||||||||||||||
Trust investments | 1,526,653 | 1,585,291 | ||||||||||||||||||||||
Receivables from customers | 881,082 | 798,072 | ||||||||||||||||||||||
Unearned finance charges | (31,524 | ) | (29,561 | ) | ||||||||||||||||||||
2,376,211 | 2,353,802 | |||||||||||||||||||||||
Allowance for cancellation | (69,542 | ) | (61,454 | ) | ||||||||||||||||||||
Preneed cemetery receivables and trust investments | $ | 2,306,669 | $ | 2,292,348 | ||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The cost and market values associated with our cemetery merchandise and service trust investments recorded at fair value at December 31, 2014 and 2013 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities held by the trusts. | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 63,447 | $ | 257 | $ | (605 | ) | $ | 63,099 | ||||||||||||||
Canadian government | 2 | 21,687 | 261 | (134 | ) | 21,814 | ||||||||||||||||||
Corporate | 2 | 8,725 | 122 | (116 | ) | 8,731 | ||||||||||||||||||
Residential mortgage-backed | 2 | 111 | 3 | (1 | ) | 113 | ||||||||||||||||||
Asset-backed | 2 | 170 | 16 | — | 186 | |||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 10 | 1 | — | 11 | |||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 557,955 | 22,746 | (11,706 | ) | 568,995 | ||||||||||||||||||
Canada | 1 | 10,962 | 5,011 | (841 | ) | 15,132 | ||||||||||||||||||
Other international | 1 | 55,632 | 1,605 | (2,395 | ) | 54,842 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 344,443 | 4,244 | (18,430 | ) | 330,257 | ||||||||||||||||||
Fixed income | 1 | 314,600 | 679 | (4,702 | ) | 310,577 | ||||||||||||||||||
Private equity | 3 | 32,342 | 3,185 | (6,183 | ) | 29,344 | ||||||||||||||||||
Other | 3 | 1,082 | 186 | (71 | ) | 1,197 | ||||||||||||||||||
Trust investments | $ | 1,411,166 | $ | 38,316 | $ | (45,184 | ) | $ | 1,404,298 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 113,293 | $ | 1,714 | $ | (8,876 | ) | $ | 106,131 | ||||||||||||||
Canadian government | 2 | 17,073 | 170 | (261 | ) | 16,982 | ||||||||||||||||||
Corporate | 2 | 48,838 | 5,262 | (646 | ) | 53,454 | ||||||||||||||||||
Residential mortgage-backed | 2 | 406 | 2 | (2 | ) | 406 | ||||||||||||||||||
Asset-backed | 2 | 3,336 | — | (13 | ) | 3,323 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 16,654 | 1,106 | (123 | ) | 17,637 | ||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 423,524 | 147,258 | (3,231 | ) | 567,551 | ||||||||||||||||||
Canada | 1 | 15,361 | 4,063 | (935 | ) | 18,489 | ||||||||||||||||||
Other international | 1 | 44,017 | 10,079 | (200 | ) | 53,896 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 325,927 | 49,428 | (1,704 | ) | 373,651 | ||||||||||||||||||
Fixed income | 1 | 337,986 | 5,236 | (33,649 | ) | 309,573 | ||||||||||||||||||
Private equity | 3 | 28,625 | 3,372 | (5,153 | ) | 26,844 | ||||||||||||||||||
Other | 3 | 1,078 | 200 | (33 | ) | 1,245 | ||||||||||||||||||
Trust investments | $ | 1,376,118 | $ | 227,890 | $ | (54,826 | ) | $ | 1,549,182 | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The change in our market-based cemetery merchandise and service trust investments with significant unobservable inputs (Level 3) is as follows for the years ended December 31 : | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Private Equity | Other | Private Equity | Other | Private Equity | Other | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fair value, beginning balance at January 1, | $ | 26,844 | $ | 1,245 | $ | 17,687 | $ | 450 | $ | 15,219 | $ | 436 | ||||||||||||
Net unrealized gains (losses) included in Accumulated other comprehensive income(1) | 3,313 | (73 | ) | 15,420 | 1,218 | 100 | 28 | |||||||||||||||||
Net realized losses included in Other income (expense), net(2) | (43 | ) | (7 | ) | (48 | ) | (5 | ) | (64 | ) | (2 | ) | ||||||||||||
Purchases | — | 196 | — | — | — | — | ||||||||||||||||||
Contributions | 6,582 | 4 | 3,430 | — | 4,932 | — | ||||||||||||||||||
Distributions and other | (7,352 | ) | (168 | ) | (9,645 | ) | (418 | ) | (2,500 | ) | (12 | ) | ||||||||||||
Fair value, ending balance at December 31, | $ | 29,344 | $ | 1,197 | $ | 26,844 | $ | 1,245 | $ | 17,687 | $ | 450 | ||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | All unrealized gains (losses) recognized in Accumulated other comprehensive income for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||||||||||||||||||||
-2 | All losses recognized in Other income (expense), net for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturity dates of our fixed income securities range from 2015 to 2044. Maturities of fixed income securities (excluding mutual funds) at December 31, 2014 are estimated as follows: | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 13,302 | ||||||||||||||||||||||
Due in one to five years | 36,354 | |||||||||||||||||||||||
Due in five to ten years | 21,784 | |||||||||||||||||||||||
Thereafter | 22,503 | |||||||||||||||||||||||
$ | 93,943 | |||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | Our cemetery merchandise and service trust investment unrealized losses, their associated fair values, and the duration of unrealized losses for the years ended December 31, 2014 and 2013, are shown in the following tables: | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 45,072 | $ | (605 | ) | $ | — | $ | — | $ | 45,072 | $ | (605 | ) | ||||||||||
Canadian government | — | — | 4,858 | (134 | ) | 4,858 | (134 | ) | ||||||||||||||||
Corporate | 2,017 | (61 | ) | 1,936 | (55 | ) | 3,953 | (116 | ) | |||||||||||||||
Residential mortgage-backed | 33 | (1 | ) | — | — | 33 | (1 | ) | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 192,015 | (11,706 | ) | 585 | — | 192,600 | (11,706 | ) | ||||||||||||||||
Canada | 2,069 | (319 | ) | 778 | (522 | ) | 2,847 | (841 | ) | |||||||||||||||
Other international | 28,308 | (2,395 | ) | — | — | 28,308 | (2,395 | ) | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 303,211 | (18,329 | ) | 1,577 | (101 | ) | 304,788 | (18,430 | ) | |||||||||||||||
Fixed income | 159,572 | (4,106 | ) | 15,113 | (596 | ) | 174,685 | (4,702 | ) | |||||||||||||||
Private equity | 88 | (100 | ) | 7,518 | (6,083 | ) | 7,606 | (6,183 | ) | |||||||||||||||
Other | 2 | (3 | ) | 259 | (68 | ) | 261 | (71 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 732,387 | $ | (37,625 | ) | $ | 32,624 | $ | (7,559 | ) | $ | 765,011 | $ | (45,184 | ) | |||||||||
December 31, 2013 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 44,995 | $ | (6,040 | ) | $ | 24,961 | $ | (2,836 | ) | $ | 69,956 | $ | (8,876 | ) | |||||||||
Canadian government | 9,424 | (120 | ) | 3,066 | (141 | ) | 12,490 | (261 | ) | |||||||||||||||
Corporate | 15,019 | (424 | ) | 3,069 | (222 | ) | 18,088 | (646 | ) | |||||||||||||||
Residential mortgage-backed | 144 | (2 | ) | — | — | 144 | (2 | ) | ||||||||||||||||
Asset-backed | 3,248 | (13 | ) | — | — | 3,248 | (13 | ) | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 5,588 | (123 | ) | — | — | 5,588 | (123 | ) | ||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 46,189 | (2,648 | ) | 3,480 | (583 | ) | 49,669 | (3,231 | ) | |||||||||||||||
Canada | 1,568 | (502 | ) | 1,935 | (433 | ) | 3,503 | (935 | ) | |||||||||||||||
Other international | 4,332 | (124 | ) | 700 | (76 | ) | 5,032 | (200 | ) | |||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 3,847 | (54 | ) | 14,430 | (1,650 | ) | 18,277 | (1,704 | ) | |||||||||||||||
Fixed income | 134,294 | (5,527 | ) | 63,800 | (28,122 | ) | 198,094 | (33,649 | ) | |||||||||||||||
Private equity | — | — | 6,589 | (5,153 | ) | 6,589 | (5,153 | ) | ||||||||||||||||
Other | — | — | 283 | (33 | ) | 283 | (33 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 268,648 | $ | (15,577 | ) | $ | 122,313 | $ | (39,249 | ) | $ | 390,961 | $ | (54,826 | ) | |||||||||
Cemetery_Perpetual_Care_Trusts1
Cemetery Perpetual Care Trusts Level 3 (Tables) (Cemetery Perpetual Care [Member]) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Cemetery Perpetual Care [Member] | ||||||||||||||||||||||||
Cemetery Perpetual Care Trust Investments [Line Items] | ||||||||||||||||||||||||
Investment related activities [Table Text Block] | The table below sets forth certain investment-related activities associated with our cemetery perpetual care trusts for the years ended December 31: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Deposits | $ | 42,220 | $ | 26,501 | $ | 24,869 | ||||||||||||||||||
Withdrawals | $ | 46,981 | $ | 33,557 | $ | 33,177 | ||||||||||||||||||
Purchases of available-for-sale securities(1) | $ | 1,306,314 | $ | 139,439 | $ | 252,021 | ||||||||||||||||||
Sales of available-for-sale securities(1) | $ | 1,396,669 | $ | 99,701 | $ | 136,391 | ||||||||||||||||||
Realized gains from sales of available-for-sale securities(1) | $ | 134,259 | $ | 17,916 | $ | 11,463 | ||||||||||||||||||
Realized losses from sales of available-for-sale securities(1) | $ | (51,093 | ) | $ | (2,738 | ) | $ | (6,595 | ) | |||||||||||||||
Long-term receivable and investment components [Table Text Block] | The components of Cemetery perpetual care trust investments in our consolidated balance sheet at December 31 were as follows: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Trust investments, at market | $ | 1,192,966 | $ | 1,352,251 | ||||||||||||||||||||
Cash and cash equivalents | 149,694 | 78,509 | ||||||||||||||||||||||
Assets associated with businesses held for sale | (1,284 | ) | (88,169 | ) | ||||||||||||||||||||
Cemetery perpetual care trust investments | $ | 1,341,376 | $ | 1,342,591 | ||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The cost and market values associated with our cemetery perpetual care trust investments recorded at fair value at December 31, 2014 and 2013 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities or cash held by the trusts. | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 794 | $ | 40 | $ | (4 | ) | $ | 830 | ||||||||||||||
Canadian government | 2 | 31,993 | 442 | (233 | ) | 32,202 | ||||||||||||||||||
Corporate | 2 | 16,762 | 344 | (210 | ) | 16,896 | ||||||||||||||||||
Residential mortgage-backed | 2 | 910 | 15 | (6 | ) | 919 | ||||||||||||||||||
Asset-backed | 2 | 661 | 10 | (4 | ) | 667 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 4,439 | 60 | (12 | ) | 4,487 | ||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 225,129 | 9,340 | (4,881 | ) | 229,588 | ||||||||||||||||||
Canada | 1 | 7,419 | 2,737 | (596 | ) | 9,560 | ||||||||||||||||||
Other international | 1 | 8,102 | 90 | (399 | ) | 7,793 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 17,310 | 3,264 | (93 | ) | 20,481 | ||||||||||||||||||
Fixed income | 1 | 846,230 | 1,580 | (14,263 | ) | 833,547 | ||||||||||||||||||
Private equity | 3 | 34,288 | 408 | (10,788 | ) | 23,908 | ||||||||||||||||||
Other | 3 | 13,526 | 1,094 | (2,532 | ) | 12,088 | ||||||||||||||||||
Cemetery perpetual care trust investments | $ | 1,207,563 | $ | 19,424 | $ | (34,021 | ) | $ | 1,192,966 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 1,588 | $ | 9 | $ | (14 | ) | $ | 1,583 | ||||||||||||||
Canadian government | 2 | 28,487 | 301 | (459 | ) | 28,329 | ||||||||||||||||||
Corporate | 2 | 43,191 | 312 | (263 | ) | 43,240 | ||||||||||||||||||
Residential mortgage-backed | 2 | 4,256 | 14 | (19 | ) | 4,251 | ||||||||||||||||||
Asset-backed | 2 | 3,006 | 5 | (11 | ) | 3,000 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2 | 25,946 | 192 | (252 | ) | 25,886 | ||||||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 1 | 231,093 | 53,782 | (2,087 | ) | 282,788 | ||||||||||||||||||
Canada | 1 | 8,846 | 2,222 | (623 | ) | 10,445 | ||||||||||||||||||
Other international | 1 | 20,671 | 1,319 | (167 | ) | 21,823 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 41,270 | 5,693 | (35 | ) | 46,928 | ||||||||||||||||||
Fixed income | 1 | 819,244 | 35,963 | (2,598 | ) | 852,609 | ||||||||||||||||||
Private equity | 3 | 28,309 | 472 | (9,002 | ) | 19,779 | ||||||||||||||||||
Other | 3 | 10,521 | 1,153 | (84 | ) | 11,590 | ||||||||||||||||||
Cemetery perpetual care trust investments | $ | 1,266,428 | $ | 101,437 | $ | (15,614 | ) | $ | 1,352,251 | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The change in our market-based cemetery perpetual care trust investments with significant unobservable inputs (Level 3) is as follows for the years ended December 31 : | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Private Equity | Other | Private Equity | Other | Private Equity | Other | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fair value, beginning balance at January 1, | $ | 19,779 | $ | 11,590 | $ | 11,122 | $ | 7,659 | $ | 10,849 | $ | 6,890 | ||||||||||||
Net unrealized gains included in Accumulated other comprehensive income(1) | 1,216 | 2,145 | 6,897 | 4,081 | 1,648 | 1,035 | ||||||||||||||||||
Net realized losses included in Other income (expense), net(2) | (70 | ) | (44 | ) | (142 | ) | (76 | ) | (162 | ) | (43 | ) | ||||||||||||
Sales | — | (17 | ) | — | — | (26 | ) | — | ||||||||||||||||
Contributions | 10,461 | — | 3,706 | — | 4,171 | — | ||||||||||||||||||
Distributions and other | (7,478 | ) | (1,586 | ) | (1,841 | ) | (508 | ) | (5,358 | ) | (223 | ) | ||||||||||||
Acquisitions | — | — | 37 | 434 | — | — | ||||||||||||||||||
Fair value, ending balance at December 31, | $ | 23,908 | $ | 12,088 | $ | 19,779 | $ | 11,590 | $ | 11,122 | $ | 7,659 | ||||||||||||
-1 | All unrealized gains recognized in Accumulated other comprehensive income for our cemetery perpetual care trust investments are offset by a corresponding reclassification in Accumulated other comprehensive income to Care trusts’ corpus. See Note 7 for further information related to our Care trusts’ corpus. | |||||||||||||||||||||||
-2 | All losses recognized in Other income (expense), net for our cemetery perpetual care trust investments are offset by a corresponding reclassification in Other income (expense), net to Care trusts’ corpus. See Note 7 for further information related to our Care trusts’ corpus. | |||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturity dates of our fixed income securities range from 2015 to 2044. Maturities of fixed income securities at December 31, 2014 are estimated as follows: | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 18,602 | ||||||||||||||||||||||
Due in one to five years | 23,463 | |||||||||||||||||||||||
Due in five to ten years | 8,593 | |||||||||||||||||||||||
Thereafter | 856 | |||||||||||||||||||||||
$ | 51,514 | |||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | Our cemetery perpetual care trust investment unrealized losses, their associated fair values and the duration of unrealized losses for the years ended December 31, 2014 and 2013, are shown in the following table: | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Market | Losses | Market | Losses | Market | Losses | |||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 497 | $ | (4 | ) | $ | — | $ | — | $ | 497 | $ | (4 | ) | ||||||||||
Canadian government | — | — | 7,825 | (233 | ) | 7,825 | (233 | ) | ||||||||||||||||
Corporate | 4,656 | (108 | ) | 3,198 | (102 | ) | 7,854 | (210 | ) | |||||||||||||||
Residential mortgage-backed | 256 | (5 | ) | 69 | (1 | ) | 325 | (6 | ) | |||||||||||||||
Asset-backed | 373 | (4 | ) | — | — | 373 | (4 | ) | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 2,224 | (11 | ) | 49 | (1 | ) | 2,273 | (12 | ) | |||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 100,370 | (4,803 | ) | 419 | (78 | ) | 100,789 | (4,881 | ) | |||||||||||||||
Canada | 2,418 | (244 | ) | 757 | (352 | ) | 3,175 | (596 | ) | |||||||||||||||
Other international | 4,444 | (399 | ) | — | — | 4,444 | (399 | ) | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 2,601 | (85 | ) | 153 | (8 | ) | 2,754 | (93 | ) | |||||||||||||||
Fixed income | 576,890 | (14,177 | ) | 2,581 | (86 | ) | 579,471 | (14,263 | ) | |||||||||||||||
Private equity | 9,213 | (798 | ) | 14,254 | (9,990 | ) | 23,467 | (10,788 | ) | |||||||||||||||
Other | 4,069 | (352 | ) | 6,276 | (2,180 | ) | 10,345 | (2,532 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 708,011 | $ | (20,990 | ) | $ | 35,581 | $ | (13,031 | ) | $ | 743,592 | $ | (34,021 | ) | |||||||||
December 31, 2013 | ||||||||||||||||||||||||
In Loss Position | In Loss Position | Total | ||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Market | Losses | Market | Losses | Market | Losses | |||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 1,339 | $ | (14 | ) | $ | 20 | $ | — | $ | 1,359 | $ | (14 | ) | ||||||||||
Canadian government | 15,777 | (214 | ) | 5,131 | (245 | ) | 20,908 | (459 | ) | |||||||||||||||
Corporate | 22,530 | (129 | ) | 3,299 | (134 | ) | 25,829 | (263 | ) | |||||||||||||||
Residential mortgage-backed | 2,959 | (18 | ) | 10 | (1 | ) | 2,969 | (19 | ) | |||||||||||||||
Asset-backed | 2,835 | (10 | ) | 15 | (1 | ) | 2,850 | (11 | ) | |||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Preferred stock | 14,647 | (245 | ) | 44 | (7 | ) | 14,691 | (252 | ) | |||||||||||||||
Common stock: | ||||||||||||||||||||||||
United States | 23,820 | (1,561 | ) | 3,253 | (526 | ) | 27,073 | (2,087 | ) | |||||||||||||||
Canada | 667 | (129 | ) | 1,794 | (494 | ) | 2,461 | (623 | ) | |||||||||||||||
Other international | 1,540 | (54 | ) | 524 | (113 | ) | 2,064 | (167 | ) | |||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 390 | (14 | ) | 163 | (21 | ) | 553 | (35 | ) | |||||||||||||||
Fixed income | 181,662 | (2,090 | ) | 28,494 | (508 | ) | 210,156 | (2,598 | ) | |||||||||||||||
Private equity | — | — | 19,242 | (9,002 | ) | 19,242 | (9,002 | ) | ||||||||||||||||
Other | — | — | 9,739 | (84 | ) | 9,739 | (84 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 268,166 | $ | (4,478 | ) | $ | 71,728 | $ | (11,136 | ) | $ | 339,894 | $ | (15,614 | ) | |||||||||
Deferred_Preneed_Funeral_and_C1
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus Level 3 (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus [Abstract] | ||||||||||||||||||||||||
Schedule of Deferred Preneed Funeral and Cemetery Receitps Held in Trust Components [Table Text Block] | The components of Deferred preneed funeral and cemetery receipts held in trust in our consolidated balance sheet at December 31, 2014 and 2013 are detailed below. | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Preneed | Preneed | Total | Preneed | Preneed | Total | |||||||||||||||||||
Funeral | Cemetery | Funeral | Cemetery | |||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Trust investments | $ | 1,628,875 | $ | 1,526,653 | $ | 3,155,528 | $ | 1,665,977 | $ | 1,585,291 | $ | 3,251,268 | ||||||||||||
Accrued trust operating payables and other | (2,487 | ) | (4,157 | ) | (6,644 | ) | (1,108 | ) | (1,697 | ) | (2,805 | ) | ||||||||||||
Deferred preneed funeral and cemetery receipts held in trust | $ | 1,626,388 | $ | 1,522,496 | $ | 3,148,884 | $ | 1,664,869 | $ | 1,583,594 | $ | 3,248,463 | ||||||||||||
Schedule of Care Trust Corpus' Components [Table Text Block] | The components of Care trusts’ corpus in our consolidated balance sheet at December 31, 2014 and 2013 are detailed below. | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cemetery perpetual care trust investments | $ | 1,341,376 | $ | 1,342,591 | ||||||||||||||||||||
Accrued trust operating payables and other | (13,718 | ) | (1,661 | ) | ||||||||||||||||||||
Care trusts’ corpus | $ | 1,327,658 | $ | 1,340,930 | ||||||||||||||||||||
Schedule of Other Nonoperating Income, by Component [Table Text Block] | The components of Other income (expense), net in our consolidated statement of operations for the years ended December 31, 2014, 2013, and 2012 are detailed below. See Notes 4, 5, and 6 for further discussion of the amounts related to our funeral, cemetery, and cemetery perpetual care trusts. | |||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||
Funeral | Cemetery | Cemetery Perpetual | Other, Net | Total | ||||||||||||||||||||
Trusts | Trusts | Care Trusts | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Realized gains | $ | 168,567 | $ | 271,507 | $ | 134,259 | $ | — | $ | 574,333 | ||||||||||||||
Realized losses | (113,748 | ) | (138,473 | ) | (51,093 | ) | — | (303,314 | ) | |||||||||||||||
Impairment charges | (41,846 | ) | (60,040 | ) | (8,072 | ) | — | (109,958 | ) | |||||||||||||||
Interest, dividend, and other ordinary income | 22,668 | 17,597 | 35,464 | — | 75,729 | |||||||||||||||||||
Trust expenses and income taxes | (19,590 | ) | (20,833 | ) | (17,581 | ) | — | (58,004 | ) | |||||||||||||||
Net trust investment income | 16,051 | 69,758 | 92,977 | — | 178,786 | |||||||||||||||||||
Reclassification to deferred preneed funeral and cemetery receipts held in trust and care trusts’ corpus | (16,051 | ) | (69,758 | ) | (92,977 | ) | — | (178,786 | ) | |||||||||||||||
Other income (expense), net | — | — | — | 1,780 | 1,780 | |||||||||||||||||||
Total other income (expense), net | $ | — | $ | — | $ | — | $ | 1,780 | $ | 1,780 | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Funeral | Cemetery | Cemetery Perpetual | Other, Net | Total | ||||||||||||||||||||
Trusts | Trusts | Care Trusts | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Realized gains | $ | 65,011 | $ | 101,337 | $ | 17,916 | $ | — | $ | 184,264 | ||||||||||||||
Realized losses | (9,732 | ) | (14,593 | ) | (2,738 | ) | — | (27,063 | ) | |||||||||||||||
Impairment charges | (829 | ) | (1,575 | ) | (192 | ) | — | (2,596 | ) | |||||||||||||||
Interest, dividend, and other ordinary income | 24,912 | 20,527 | 27,452 | — | 72,891 | |||||||||||||||||||
Trust expenses and income taxes | (11,371 | ) | (14,633 | ) | (2,628 | ) | — | (28,632 | ) | |||||||||||||||
Net trust investment income | 67,991 | 91,063 | 39,810 | — | 198,864 | |||||||||||||||||||
Reclassification to deferred preneed funeral and cemetery receipts held in trust and care trusts’ corpus | (67,991 | ) | (91,063 | ) | (39,810 | ) | — | (198,864 | ) | |||||||||||||||
Other income (expense), net | — | — | — | (558 | ) | (558 | ) | |||||||||||||||||
Total other income (expense), net | $ | — | $ | — | $ | — | $ | (558 | ) | $ | (558 | ) | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Funeral | Cemetery | Cemetery Perpetual | Other, Net | Total | ||||||||||||||||||||
Trusts | Trusts | Care Trusts | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Realized gains | $ | 60,833 | $ | 87,665 | $ | 11,463 | $ | — | $ | 159,961 | ||||||||||||||
Realized losses | (21,454 | ) | (29,397 | ) | (6,595 | ) | — | (57,446 | ) | |||||||||||||||
Impairment charges | (781 | ) | (824 | ) | (760 | ) | — | (2,365 | ) | |||||||||||||||
Interest, dividend, and other ordinary income | 17,017 | 17,244 | 34,032 | — | 68,293 | |||||||||||||||||||
Trust expenses and income taxes | (10,685 | ) | (13,389 | ) | (1,355 | ) | — | (25,429 | ) | |||||||||||||||
Net trust investment income | 44,930 | 61,299 | 36,785 | — | 143,014 | |||||||||||||||||||
Reclassification to deferred preneed funeral and cemetery receipts held in trust and care trusts’ corpus | (44,930 | ) | (61,299 | ) | (36,785 | ) | — | (143,014 | ) | |||||||||||||||
Other (expense) income, net | — | — | — | 3,687 | 3,687 | |||||||||||||||||||
Total other (expense) income, net | $ | — | $ | — | $ | — | $ | 3,687 | $ | 3,687 | ||||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets Goodwill and Intangible Assets Level 3 (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The changes in the carrying amounts of goodwill for our funeral and cemetery reporting units are as follows: (in thousands): | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Funeral | Cemetery | Total | Funeral | Cemetery | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance as of January 1, | $ | 1,526,011 | $ | 299,710 | $ | 1,825,721 | $ | 1,248,316 | $ | 43,078 | $ | 1,291,394 | ||||||||||||
Increase in goodwill related to acquisitions | 292 | 3,238 | 3,530 | 318,202 | 258,659 | 576,861 | ||||||||||||||||||
Reduction of goodwill related to divestitures | (5,959 | ) | (2,960 | ) | (8,919 | ) | (31,844 | ) | (2,027 | ) | (33,871 | ) | ||||||||||||
Effect of foreign currency and other | (9,465 | ) | (14 | ) | (9,479 | ) | (8,663 | ) | — | (8,663 | ) | |||||||||||||
Activity | (15,132 | ) | 264 | (14,868 | ) | 277,695 | 256,632 | 534,327 | ||||||||||||||||
Balance as of December 31, | $ | 1,510,879 | $ | 299,974 | $ | 1,810,853 | $ | 1,526,011 | $ | 299,710 | $ | 1,825,721 | ||||||||||||
Schedule of Intangible Assets [Table Text Block] | The components of intangible assets at December 31 were as follows: | |||||||||||||||||||||||
Useful life | ||||||||||||||||||||||||
Minimum | Maximum | 2014 | 2013 | |||||||||||||||||||||
(Years) | (In thousands) | |||||||||||||||||||||||
Amortizing intangibles: | ||||||||||||||||||||||||
Covenants-not-to-compete | 2 | - | 20 | $ | 209,920 | $ | 217,758 | |||||||||||||||||
Customer relationships | 10 | - | 20 | 148,351 | 151,427 | |||||||||||||||||||
Tradenames | 5 | - | 5 | 12,750 | 12,750 | |||||||||||||||||||
Other | 5 | - | 40 | 11,927 | 17,027 | |||||||||||||||||||
382,948 | 398,962 | |||||||||||||||||||||||
Less: Accumulated amortization | 220,682 | 227,119 | ||||||||||||||||||||||
Amortizing intangibles, net | 162,266 | 171,843 | ||||||||||||||||||||||
Non-amortizing intangibles: | ||||||||||||||||||||||||
Tradenames | Indefinite | 220,875 | 215,135 | |||||||||||||||||||||
Other | Indefinite | 10,640 | 11,640 | |||||||||||||||||||||
Non-amortizing intangibles | 231,515 | 226,775 | ||||||||||||||||||||||
Intangible assets, net | $ | 393,781 | $ | 398,618 | ||||||||||||||||||||
Schedule of Expected Amortization Expense [Table Text Block] | The following is estimated amortization expense, excluding certain intangibles for which we are unable to provide an estimate because they are amortized based on specific identification in the performance of a preneed contract, for the five years subsequent to December 31, 2014 (in thousands): | |||||||||||||||||||||||
2015 | $ | 9,946 | ||||||||||||||||||||||
2016 | $ | 9,206 | ||||||||||||||||||||||
2017 | $ | 7,484 | ||||||||||||||||||||||
2018 | $ | 6,627 | ||||||||||||||||||||||
2019 | $ | 4,144 | ||||||||||||||||||||||
Income_Taxes_Level_3_Tables
Income Taxes Level 3 (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income from continuing operations before income taxes for the years ended December 31 was composed of the following components: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In thousands) | ||||||||||||||||
United States | $ | 360,800 | $ | 199,374 | $ | 210,830 | ||||||||||
Foreign | 41,800 | 45,832 | 34,453 | |||||||||||||
$ | 402,600 | $ | 245,206 | $ | 245,283 | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax provision (benefit) for the years ended December 31 consisted of the following: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In thousands) | ||||||||||||||||
Current: | ||||||||||||||||
United States | $ | 67,511 | $ | 2,207 | $ | 3,752 | ||||||||||
Foreign | 10,859 | 12,445 | 8,638 | |||||||||||||
State | 17,939 | 6,664 | 6,036 | |||||||||||||
Total current income taxes | 96,309 | 21,316 | 18,426 | |||||||||||||
Deferred: | ||||||||||||||||
United States | $ | 108,514 | $ | 64,355 | $ | 60,699 | ||||||||||
Foreign | (653 | ) | 58 | 118 | ||||||||||||
State | 21,810 | 7,295 | 10,868 | |||||||||||||
Total deferred income taxes | 129,671 | 71,708 | 71,685 | |||||||||||||
Total income taxes | $ | 225,980 | $ | 93,024 | $ | 90,111 | ||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The differences between the U.S. federal statutory income tax rate and our effective tax rate for the years ended December 31 were as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In thousands) | ||||||||||||||||
Computed tax provision at the applicable federal statutory income tax rate | $ | 140,910 | $ | 86,002 | $ | 85,988 | ||||||||||
State and local taxes, net of federal income tax benefits | 25,736 | 8,221 | 11,007 | |||||||||||||
Dividends received deduction and tax exempt interest | (1,612 | ) | (592 | ) | (525 | ) | ||||||||||
Foreign jurisdiction differences | (4,424 | ) | (3,685 | ) | (3,409 | ) | ||||||||||
Permanent differences associated with dispositions | 61,892 | 268 | 602 | |||||||||||||
Changes in uncertain tax positions | 4,624 | 3,710 | (479 | ) | ||||||||||||
Other | (1,146 | ) | (900 | ) | (3,073 | ) | ||||||||||
Provision for income taxes | $ | 225,980 | $ | 93,024 | $ | 90,111 | ||||||||||
Total effective tax rate | 56.1 | % | 37.9 | % | 36.7 | % | ||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences and carry-forwards that give rise to significant portions of deferred tax assets and liabilities as of December 31 consisted of the following: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Inventories and cemetery property | $ | (338,446 | ) | $ | (368,650 | ) | ||||||||||
Property and equipment | (183,332 | ) | (159,734 | ) | ||||||||||||
Intangibles | (309,271 | ) | (323,311 | ) | ||||||||||||
Other | (6,870 | ) | (35,103 | ) | ||||||||||||
Deferred tax liabilities | (837,919 | ) | (886,798 | ) | ||||||||||||
Loss and tax credit carry-forwards | 181,092 | 252,272 | ||||||||||||||
Deferred revenue on preneed funeral and cemetery contracts | 262,202 | 305,504 | ||||||||||||||
Accrued liabilities | 99,908 | 109,103 | ||||||||||||||
Deferred tax assets | 543,202 | 666,879 | ||||||||||||||
Less: Valuation allowance | (134,201 | ) | (114,719 | ) | ||||||||||||
Net deferred income tax liability | $ | (428,918 | ) | $ | (334,638 | ) | ||||||||||
Schedule of Deferred Taxes Classification [Table Text Block] | Deferred tax assets and Deferred income tax liabilities are recognized in our consolidated balance sheet at December 31 as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Current deferred tax assets | $ | 1,128 | $ | 30,282 | ||||||||||||
Non-current deferred tax assets | 18,778 | 22,249 | ||||||||||||||
Non-current deferred tax liabilities | (448,824 | ) | (387,169 | ) | ||||||||||||
Net deferred income tax liability | $ | (428,918 | ) | $ | (334,638 | ) | ||||||||||
Summary of Income Tax Contingencies [Table Text Block] | The following table summarizes the activity related to our gross unrecognized tax benefits from January 1, 2012 to December 31, 2014 (in thousands): | |||||||||||||||
Federal, State and Foreign Tax | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at December 31, 2011 | $ | 197,223 | ||||||||||||||
Reductions to tax positions related to the current year | (2,100 | ) | ||||||||||||||
Reductions to tax positions related to prior years | (10,224 | ) | ||||||||||||||
Balance at December 31, 2012 | $ | 184,899 | ||||||||||||||
Additions to tax positions related to the current year | 3,019 | |||||||||||||||
Additions to tax positions related to the acquisition of Stewart, offset to goodwill | 1,556 | |||||||||||||||
Reductions to tax positions related to prior years | (8,800 | ) | ||||||||||||||
Statute expirations | (2,844 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 177,830 | ||||||||||||||
Additions to tax positions related to the current year | 8,721 | |||||||||||||||
Additions to tax positions related to prior years | 10,085 | |||||||||||||||
Reductions to tax positions related to the current year | (1,075 | ) | ||||||||||||||
Reductions to tax positions related to prior years | (2,325 | ) | ||||||||||||||
Reductions to tax positions related to the acquisition of Stewart, offset to goodwill | (1,556 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 191,680 | ||||||||||||||
Summary of Operating Loss Carryforwards [Table Text Block] | Such loss carry-forwards will expire as follows: | |||||||||||||||
Federal | State | Foreign | Total | |||||||||||||
(In thousands) | ||||||||||||||||
2015 | $ | — | $ | 80,429 | $ | — | $ | 80,429 | ||||||||
2016 | — | 158,616 | — | 158,616 | ||||||||||||
2017 | — | 243,893 | — | 243,893 | ||||||||||||
2018 | — | 105,303 | — | 105,303 | ||||||||||||
Thereafter | 9,736 | 2,728,094 | 470 | 2,738,300 | ||||||||||||
Total | $ | 9,736 | $ | 3,316,335 | $ | 470 | $ | 3,326,541 | ||||||||
Summary of Valuation Allowance [Table Text Block] | At December 31, 2014, our loss and tax credit carry-forward deferred tax assets and related valuation allowances by jurisdiction are as follows: | |||||||||||||||
Federal | State | Foreign | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Loss and tax credit carry-forwards | $ | 3,587 | $ | 155,956 | $ | 21,549 | $ | 181,092 | ||||||||
Valuation allowance | $ | — | $ | 116,923 | $ | 17,278 | $ | 134,201 | ||||||||
_________________________________ | ||||||||||||||||
-1 | Presented net of Federal benefit |
Debt_Level_3_Tables
Debt Level 3 (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Schedule of Debt [Table Text Block] | Debt as of December 31 was as follows: | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
3.125% Senior Convertible Notes due July 2014 | $ | — | $ | 86,416 | ||||||||
6.75% Senior Notes due April 2015 | — | 136,465 | ||||||||||
6.75% Senior Notes due April 2016 | 197,377 | 197,377 | ||||||||||
3.375% Senior Convertible Notes due July 2016 | 134 | 45,119 | ||||||||||
7.0% Senior Notes due June 2017 | 295,000 | 295,000 | ||||||||||
7.625% Senior Notes due October 2018 | 250,000 | 250,000 | ||||||||||
6.5% Senior Notes due April 2019 | — | 200,000 | ||||||||||
7.0% Senior Notes due May 2019 | — | 250,000 | ||||||||||
4.5% Senior Notes due November 2020 | 200,000 | 200,000 | ||||||||||
8.0% Senior Notes due November 2021 | 150,000 | 150,000 | ||||||||||
5.375% Senior Notes due January 2022 | 425,000 | 425,000 | ||||||||||
5.375% Senior Notes due May 2024 | 550,000 | — | ||||||||||
7.5% Senior Notes due April 2027 | 200,000 | 200,000 | ||||||||||
Term Loan due July 2018 | 370,000 | 600,000 | ||||||||||
Bank credit facility due July 2018 | 235,000 | 30,000 | ||||||||||
Obligations under capital leases | 181,002 | 189,697 | ||||||||||
Mortgage notes and other debt, maturities through 2050 | 4,117 | 4,752 | ||||||||||
Unamortized (discounts) premiums and other, net | (2,905 | ) | 42,084 | |||||||||
Total debt | 3,054,725 | 3,301,910 | ||||||||||
Less: | ||||||||||||
Current maturities of debt, capital lease obligations, and mortgage notes | (91,584 | ) | (153,738 | ) | ||||||||
Current maturities of unamortized discounts (premiums) and other, net | 653 | (22,624 | ) | |||||||||
Total current maturities | (90,931 | ) | (176,362 | ) | ||||||||
Total long-term debt | $ | 2,963,794 | $ | 3,125,548 | ||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate maturities of our debt for the five years subsequent to December 31, 2014 and thereafter (in thousands) are as follows: | |||||||||||
Aggregate Maturities of Debt | ||||||||||||
2015 | $ | 90,931 | ||||||||||
2016 | 223,449 | |||||||||||
2017 | 315,414 | |||||||||||
2018 | 858,277 | |||||||||||
2019 | 9,003 | |||||||||||
2020 and thereafter | 1,557,651 | |||||||||||
$ | 3,054,725 | |||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Cash interest payments for the three years ended December 31 (in thousands) were as follows: | |||||||||||
Payments in 2014 | $ | 175,327 | ||||||||||
Payments in 2013 | $ | 125,022 | ||||||||||
Payments in 2012 | $ | 131,723 | ||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Options exercised by attestation | $ | 761 | $ | 3,004 | $ | — | ||||||
Shares repurchased | (761 | ) | $ | (3,004 | ) | $ | — | |||||
Schedule of future cash interest payments [Table Text Block] | Cash interest payments forecasted as of December 31, 2014 for the five years subsequent to December 31, 2014 and thereafter (in thousands) are as follows: | |||||||||||
Payments in 2015 | $ | 154,408 | ||||||||||
Payments in 2016 | $ | 144,134 | ||||||||||
Payments in 2017 | $ | 128,986 | ||||||||||
Payments in 2018 | $ | 114,305 | ||||||||||
Payments in 2019 | $ | 96,830 | ||||||||||
Payments in 2020 and thereafter | $ | 324,075 | ||||||||||
Credit_Risk_and_Fair_Value_of_1
Credit Risk and Fair Value of Financial Instruments Level 3 (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The fair value of our debt instruments at December 31 was as follows: | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
3.125% Senior Convertible Notes due July 2014 | — | 106,939 | ||||||
6.75% Senior Notes due April 2015 | — | 144,653 | ||||||
6.75% Senior Notes due April 2016 | 208,075 | 214,904 | ||||||
3.125% Senior Convertible Notes due July 2016 | 160 | 60,487 | ||||||
7.0% Senior Notes due June 2017 | 320,043 | 333,259 | ||||||
7.625% Senior Notes due October 2018 | 277,538 | 288,875 | ||||||
6.5% Senior Notes due April 2019 | — | 210,000 | ||||||
7.0% Senior Notes due May 2019 | — | 270,000 | ||||||
4.5% Senior Notes due November 2020 | 201,700 | 192,610 | ||||||
8.0% Senior Notes due November 2021 | 174,375 | 173,625 | ||||||
5.375% Senior Notes due January 2022 | 437,750 | 431,588 | ||||||
5.375% Senior Notes due May 2024 | 558,250 | — | ||||||
7.5% Senior Notes due April 2027 | 220,890 | 215,750 | ||||||
Term Loan due July 2018 | 370,000 | 600,000 | ||||||
Bank credit facility due July 2018 | 235,000 | 30,000 | ||||||
Mortgage notes and other debt, maturities through 2047 | 4,117 | 4,752 | ||||||
Total fair value of debt instruments | $ | 3,007,898 | $ | 3,277,442 | ||||
Commitments_and_Contingencies_1
Commitments and Contingencies Level 3 (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2014, future minimum lease payments for non-cancelable operating and capital leases exceeding one year were as follows: | |||||||||||||||
Operating | Capital | |||||||||||||||
(In thousands) | ||||||||||||||||
2015 | $ | 14,049 | $ | 31,377 | ||||||||||||
2016 | 12,219 | 26,366 | ||||||||||||||
2017 | 10,202 | 20,654 | ||||||||||||||
2018 | 8,726 | 63,380 | ||||||||||||||
2019 | 7,308 | 9,125 | ||||||||||||||
2020 and thereafter | 62,468 | 30,100 | ||||||||||||||
Total | $ | 114,972 | 181,002 | |||||||||||||
Less: Interest on capital leases | (18,508 | ) | ||||||||||||||
Total principal payable on capital leases | $ | 162,494 | ||||||||||||||
Long-term Purchase Commitment [Table Text Block] | At December 31, 2014, the maximum estimated future cash commitments under agreements with remaining commitment terms, and with original terms of more than one year, were as follows: | |||||||||||||||
Employment and Management | Consulting | Non-Competition | Total | |||||||||||||
(In thousands) | ||||||||||||||||
2015 | $ | 2,236 | $ | 587 | $ | 4,376 | $ | 7,199 | ||||||||
2016 | 938 | 218 | 3,872 | 5,028 | ||||||||||||
2017 | 767 | 103 | 3,622 | 4,492 | ||||||||||||
2018 | 333 | 75 | 3,414 | 3,822 | ||||||||||||
2019 | 126 | 69 | 3,236 | 3,431 | ||||||||||||
2020 and thereafter | 16 | 38 | 4,999 | 5,053 | ||||||||||||
Total | $ | 4,416 | $ | 1,090 | $ | 23,519 | $ | 29,025 | ||||||||
Equity_Level_3_Tables
Equity Level 3 (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Our components of Accumulated other comprehensive income are as follows: | |||||||||||
Foreign | Unrealized | Accumulated | ||||||||||
Currency | Gains and | Other | ||||||||||
Translation | Losses | Comprehensive | ||||||||||
Adjustment | (Loss) Income | |||||||||||
(In thousands) | ||||||||||||
Balance at December 31, 2011 | $ | 105,852 | $ | — | $ | 105,852 | ||||||
Activity in 2012 | 5,865 | — | 5,865 | |||||||||
Reduction in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | — | 95,686 | 95,686 | |||||||||
Reclassification of net unrealized losses activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus, net of taxes | — | (95,686 | ) | (95,686 | ) | |||||||
Balance at December 31, 2012 | $ | 111,717 | $ | — | $ | 111,717 | ||||||
Activity in 2013 | (23,276 | ) | (23,276 | ) | ||||||||
Increase in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | — | (113,553 | ) | (113,553 | ) | |||||||
Reclassification of net unrealized gains activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus, net of taxes | — | 113,553 | 113,553 | |||||||||
Balance at December 31, 2013 | $ | 88,441 | $ | — | $ | 88,441 | ||||||
Activity in 2014 | (32,141 | ) | — | (32,141 | ) | |||||||
Reclassification of foreign currency translation adjustments to Net income from discontinued operations | 3,114 | — | 3,114 | |||||||||
Increase in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | — | (166,570 | ) | (166,570 | ) | |||||||
Reclassification of net unrealized gains activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus, net of taxes | — | 166,570 | 166,570 | |||||||||
Balance at December 31, 2014 | $ | 59,414 | $ | — | $ | 59,414 | ||||||
ShareBased_Compensation_Level_1
Share-Based Compensation Level 3 (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair values of our stock options are calculated using the following weighted average assumptions, based on the methods described above for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
Assumptions | 2014 | 2013 | 2012 | ||||||||||||||
Dividend yield | 1.8 | % | 1.9 | % | 1.8 | % | |||||||||||
Expected volatility | 27.1 | % | 35.2 | % | 40.8 | % | |||||||||||
Risk-free interest rate | 1.1 | % | 0.7 | % | 0.8 | % | |||||||||||
Expected holding period (years) | 4 | 4 | 5 | ||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes certain information with respect to stock option and restricted share compensation for 2014, 2013, and 2012, as included in our consolidated statement of operations for those respective periods: | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(In thousands) | |||||||||||||||||
Total pretax employee share-based compensation expense included in net income | $ | 13,127 | $ | 11,925 | $ | 10,983 | |||||||||||
Income tax benefit related to share-based compensation included in net income | $ | 7,368 | $ | 4,689 | $ | 4,092 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table sets forth stock option activity for the year ended December 31, 2014: | ||||||||||||||||
(Shares reported in whole numbers and not in thousands) | |||||||||||||||||
Options | Weighted-Average | ||||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at December 31, 2013 | 13,319,750 | $ | 9.84 | ||||||||||||||
Granted | 2,495,850 | $ | 17.41 | ||||||||||||||
Exercised | (3,642,126 | ) | $ | 9.1 | |||||||||||||
Forfeited and other | (66,368 | ) | $ | 8.52 | |||||||||||||
Outstanding at December 31, 2014 | 12,107,106 | $ | 11.63 | ||||||||||||||
Exercisable at December 31, 2014 | 7,673,557 | $ | 9.17 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Set forth below is certain information related to stock options outstanding and exercisable at December 31, 2014: | ||||||||||||||||
(Shares reported in whole numbers and not in thousands) | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Number | Weighted- | Weighted- | Number | Weighted- | |||||||||||||
Outstanding at | Average | Average | Exercisable at | Average | |||||||||||||
December 31, | Remaining | December 31, | |||||||||||||||
Range of Exercise Price | 2014 | Contractual Life | Exercise Price | 2014 | Exercise Price | ||||||||||||
$4.01 — 8.00 | 2,784,838 | 2.6 | $ | 6.01 | 2,784,838 | $ | 6.01 | ||||||||||
$8.01 — 12.00 | 4,871,490 | 3.8 | $ | 10.43 | 4,228,505 | $ | 10.32 | ||||||||||
$12.01 — 16.00 | 1,996,328 | 6 | $ | 15.2 | 660,214 | $ | 15.08 | ||||||||||
$16.01 — 20.00 | 2,454,450 | 7.1 | $ | 17.41 | — | $ | — | ||||||||||
$4.01 — 20.00 | 12,107,106 | 4.6 | $ | 11.62 | 7,673,557 | $ | 9.17 | ||||||||||
Other Information Pertaining to Stock Option Activity [Table Text Block] | Other information pertaining to option activity during the years ended December 31 is as follows: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted average grant-date fair value of stock options granted | $ | 3.34 | $ | 3.68 | $ | 3.41 | |||||||||||
Total fair value of stock options vested (in thousands) | $ | 6,814 | $ | 5,997 | $ | 5,088 | |||||||||||
Total intrinsic value of stock options exercised (in thousands) | $ | 42,048 | $ | 8,855 | $ | 20,333 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted share activity was as follows: | ||||||||||||||||
(Shares reported in whole numbers) | |||||||||||||||||
Restricted | Weighted-Average | ||||||||||||||||
Shares | Grant-Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested restricted shares at December 31, 2013 | 1,183,229 | $ | 11.81 | ||||||||||||||
Granted | 351,860 | $ | 17.49 | ||||||||||||||
Vested | (207,659 | ) | $ | 11.26 | |||||||||||||
Forfeited and other | (8,170 | ) | $ | 14.67 | |||||||||||||
Nonvested restricted shares at December 31, 2014 | 1,319,260 | $ | 13.39 | ||||||||||||||
Retirement_Plans_Retirement_Pl
Retirement Plans Retirement Plans Level 3 (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The components of the Plans’ net periodic benefit cost for the years ended December 31 were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Interest cost on projected benefit obligation | $ | 1,293 | $ | 780 | $ | 1,109 | ||||||
Recognized net actuarial losses (gains) | 2,401 | (1,205 | ) | 1,418 | ||||||||
$ | 3,694 | $ | (425 | ) | $ | 2,527 | ||||||
Schedule of Net Funded Status [Table Text Block] | The Plans’ funded status at December 31 was as follows: | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Change in Benefit Obligation: | ||||||||||||
Benefit obligation at beginning of year | $ | 37,499 | $ | 28,674 | ||||||||
Acquisition of benefit obligation | — | 21,407 | ||||||||||
Interest cost | 1,293 | 780 | ||||||||||
Actuarial gain (loss) | 2,401 | (856 | ) | |||||||||
Benefits paid | (4,273 | ) | (12,506 | ) | ||||||||
Benefit obligation at end of year | $ | 36,920 | $ | 37,499 | ||||||||
Change in Plan Assets: | ||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | ||||||||
Employer contributions | 4,273 | 12,506 | ||||||||||
Benefits paid, including expenses | (4,273 | ) | (12,506 | ) | ||||||||
Fair value of plan assets at end of year | $ | — | $ | — | ||||||||
Funded status of plan | $ | (36,920 | ) | $ | (37,499 | ) | ||||||
Net amount recognized in the Consolidated Balance Sheet | $ | (36,920 | ) | $ | (37,499 | ) | ||||||
Funding Summary: | ||||||||||||
Projected benefit obligations | $ | 36,920 | $ | 37,499 | ||||||||
Accumulated benefit obligation | $ | 36,920 | $ | 37,499 | ||||||||
Amounts Recognized in the Consolidated Balance Sheet: | ||||||||||||
Accrued benefit liability | $ | (36,920 | ) | $ | (37,499 | ) | ||||||
Schedule of Assumptions Used [Table Text Block] | The Plans’ weighted-average assumptions used to determine the benefit obligation and net benefit cost are as follows: we base our discount rate used to compute future benefit obligations using an analysis of expected future benefit payments. The reasonableness of our discount rate is verified by comparing the rate to the rate earned on high-quality fixed income investments, such as the Moody’s Aa index, plus 50 basis points. The assumed rate of return on plan assets was not applicable as we pay plan benefits as they come due. As all Plans are curtailed, the assumed rate of compensation increase is zero. | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average discount rate used to determine obligations | 3.42 | % | 3.66 | % | 2.9 | % | ||||||
Weighted average discount rate used to determine net periodic pension cost | 3.69 | % | 2.9 | % | 4.05 | % | ||||||
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments are expected to be paid in future years related to our Plans (in thousands): | |||||||||||
2015 | $ | 3,940 | ||||||||||
2016 | $ | 3,768 | ||||||||||
2017 | $ | 3,471 | ||||||||||
2018 | $ | 3,264 | ||||||||||
2019 | $ | 3,195 | ||||||||||
Years 2020 through 2024 | $ | 11,771 | ||||||||||
Segment_Reporting_Level_3_Tabl
Segment Reporting Level 3 (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Our reportable segment information is as follows: | |||||||||||
Funeral | Cemetery | Reportable | ||||||||||
Segments | ||||||||||||
(In thousands) | ||||||||||||
2014 | ||||||||||||
Revenues from external customers | $ | 1,920,477 | $ | 1,073,535 | $ | 2,994,012 | ||||||
Interest expense | $ | 4,714 | $ | 510 | $ | 5,224 | ||||||
Depreciation and amortization | $ | 101,792 | $ | 28,754 | $ | 130,546 | ||||||
Amortization of intangible assets | $ | 24,841 | $ | 11,700 | $ | 36,541 | ||||||
Gross profit | $ | 403,938 | $ | 271,875 | $ | 675,813 | ||||||
Amortization of cemetery property | $ | — | $ | 60,439 | $ | 60,439 | ||||||
Total assets | $ | 5,209,177 | $ | 6,248,713 | $ | 11,457,890 | ||||||
Capital expenditures | $ | 52,610 | $ | 78,588 | $ | 131,198 | ||||||
2013 | ||||||||||||
Revenues from external customers | $ | 1,698,493 | $ | 851,973 | $ | 2,550,466 | ||||||
Interest expense | $ | 4,736 | $ | 348 | $ | 5,084 | ||||||
Depreciation and amortization | $ | 92,588 | $ | 23,384 | $ | 115,972 | ||||||
Amortization of intangible assets | $ | 17,245 | $ | 4,590 | $ | 21,835 | ||||||
Gross profit | $ | 349,791 | $ | 199,256 | $ | 549,047 | ||||||
Amortization of cemetery property | $ | — | $ | 48,344 | $ | 48,344 | ||||||
Total assets | $ | 5,675,371 | $ | 6,594,300 | $ | 12,269,671 | ||||||
Capital expenditures | $ | 50,304 | $ | 58,315 | $ | 108,619 | ||||||
2012 | ||||||||||||
Revenues from external customers | $ | 1,619,687 | $ | 784,743 | $ | 2,404,430 | ||||||
Interest expense | $ | 4,302 | $ | 384 | $ | 4,686 | ||||||
Depreciation and amortization | $ | 90,707 | $ | 22,736 | $ | 113,443 | ||||||
Amortization of intangible assets | $ | 18,803 | $ | 5,021 | $ | 23,824 | ||||||
Gross profit | $ | 347,359 | $ | 175,413 | $ | 522,772 | ||||||
Amortization of cemetery property | $ | — | $ | 44,976 | $ | 44,976 | ||||||
Total assets | $ | 4,477,259 | $ | 4,777,450 | $ | 9,254,709 | ||||||
Capital expenditures | $ | 43,678 | $ | 58,155 | $ | 101,833 | ||||||
Schedule of Significant Reportable Items from Segments to Consolidated [Table Text Block] | The following table reconciles certain reportable segment amounts to our corresponding consolidated amounts: | |||||||||||
Reportable | Corporate | Consolidated | ||||||||||
Segments | ||||||||||||
(In thousands) | ||||||||||||
2014 | ||||||||||||
Revenue from external customers | $ | 2,994,012 | $ | — | $ | 2,994,012 | ||||||
Interest expense | $ | 5,224 | $ | 172,347 | $ | 177,571 | ||||||
Depreciation and amortization | $ | 130,546 | $ | 9,456 | $ | 140,002 | ||||||
Amortization of intangible assets | $ | 36,541 | $ | 99 | $ | 36,640 | ||||||
Total assets | $ | 11,457,890 | $ | 465,754 | $ | 11,923,644 | ||||||
Capital expenditures | $ | 131,198 | $ | 13,301 | $ | 144,499 | ||||||
2013 | ||||||||||||
Revenue from external customers | $ | 2,550,466 | $ | — | $ | 2,550,466 | ||||||
Interest expense | $ | 5,084 | $ | 137,276 | $ | 142,360 | ||||||
Depreciation and amortization | $ | 115,972 | $ | 6,263 | $ | 122,235 | ||||||
Amortization of intangible assets | $ | 21,835 | $ | 24 | $ | 21,859 | ||||||
Total assets | $ | 12,269,671 | $ | 563,929 | $ | 12,833,600 | ||||||
Capital expenditures | $ | 108,619 | $ | 4,320 | $ | 112,939 | ||||||
2012 | ||||||||||||
Revenue from external customers | $ | 2,404,430 | $ | — | $ | 2,404,430 | ||||||
Interest expense | $ | 4,686 | $ | 130,382 | $ | 135,068 | ||||||
Depreciation and amortization | $ | 113,443 | $ | 6,419 | $ | 119,862 | ||||||
Amortization of intangible assets | $ | 23,824 | $ | 29 | $ | 23,853 | ||||||
Total assets | $ | 9,254,709 | $ | 333,817 | $ | 9,588,526 | ||||||
Capital expenditures | $ | 101,833 | $ | 13,488 | $ | 115,321 | ||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | The following table reconciles gross profits from reportable segments shown above to our consolidated income from continuing operations before income taxes: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Gross profit from reportable segments | $ | 675,813 | $ | 549,047 | $ | 522,772 | ||||||
General and administrative expenses | (184,877 | ) | (155,128 | ) | (121,891 | ) | ||||||
Gains (losses) on divestitures and impairment charges, net | 116,613 | (6,263 | ) | (1,511 | ) | |||||||
Operating income | 607,549 | 387,656 | 399,370 | |||||||||
Interest expense | (177,571 | ) | (142,360 | ) | (135,068 | ) | ||||||
(Losses) gains on early extinguishment of debt, net | (29,158 | ) | 468 | (22,706 | ) | |||||||
Other income (expense), net | 1,780 | (558 | ) | 3,687 | ||||||||
Income from continuing operations before income taxes | $ | 402,600 | $ | 245,206 | $ | 245,283 | ||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Our geographic area information was as follows: | |||||||||||
United States | Canada | Total | ||||||||||
(In thousands) | ||||||||||||
2014 | ||||||||||||
Revenues from external customers | $ | 2,792,010 | $ | 202,002 | $ | 2,994,012 | ||||||
Interest expense | $ | 177,245 | $ | 326 | $ | 177,571 | ||||||
Depreciation and amortization | $ | 129,510 | $ | 10,492 | $ | 140,002 | ||||||
Amortization of intangible assets | $ | 35,895 | $ | 745 | $ | 36,640 | ||||||
Amortization of cemetery property | $ | 55,679 | $ | 4,760 | $ | 60,439 | ||||||
Operating income | $ | 557,608 | $ | 49,941 | $ | 607,549 | ||||||
Gains on divestitures and impairment charges, net | $ | 116,046 | $ | 567 | $ | 116,613 | ||||||
Long-lived assets | $ | 5,717,850 | $ | 300,515 | $ | 6,018,365 | ||||||
2013 | ||||||||||||
Revenues from external customers | $ | 2,334,667 | $ | 215,799 | $ | 2,550,466 | ||||||
Interest expense | $ | 141,991 | $ | 369 | $ | 142,360 | ||||||
Depreciation and amortization | $ | 111,210 | $ | 11,025 | $ | 122,235 | ||||||
Amortization of intangible assets | $ | 20,846 | $ | 1,013 | $ | 21,859 | ||||||
Amortization of cemetery property | $ | 42,972 | $ | 5,372 | $ | 48,344 | ||||||
Operating income | $ | 331,143 | $ | 56,513 | $ | 387,656 | ||||||
Losses on divestitures and impairment charges, net | $ | (5,958 | ) | $ | (305 | ) | $ | (6,263 | ) | |||
Long-lived assets | $ | 5,793,719 | $ | 329,785 | $ | 6,123,504 | ||||||
2012 | ||||||||||||
Revenues from external customers | $ | 2,191,532 | $ | 212,898 | $ | 2,404,430 | ||||||
Interest expense | $ | 134,643 | $ | 425 | $ | 135,068 | ||||||
Depreciation and amortization | $ | 108,411 | $ | 11,451 | $ | 119,862 | ||||||
Amortization of intangible assets | $ | 22,433 | $ | 1,420 | $ | 23,853 | ||||||
Amortization of cemetery property | $ | 39,803 | $ | 5,173 | $ | 44,976 | ||||||
Operating income | $ | 346,289 | $ | 53,081 | $ | 399,370 | ||||||
Losses on divestitures and impairment charges, net | $ | (1,502 | ) | $ | (9 | ) | $ | (1,511 | ) | |||
Long-lived assets | $ | 4,484,911 | $ | 359,882 | $ | 4,844,793 | ||||||
Supplementary_Information_Leve1
Supplementary Information Level 3 (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplementary Information [Abstract] | ||||||||||||
Schedule of Balance Sheet, Supplemental Disclosures | The detail of certain balance sheet accounts is as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Cash and cash equivalents: | ||||||||||||
Cash | $ | 132,743 | $ | 101,952 | ||||||||
Commercial paper and temporary investments | 44,592 | 39,632 | ||||||||||
$ | 177,335 | $ | 141,584 | |||||||||
Receivables, net: | ||||||||||||
Notes receivable | $ | 8,381 | $ | 1,140 | ||||||||
Atneed funeral receivables, net of allowances of $6,200 and $8,895, respectively | 61,306 | 66,671 | ||||||||||
Atneed cemetery receivables, net of allowances of $2,346 and $2,742, respectively | 14,842 | 13,841 | ||||||||||
Other | 24,521 | 19,772 | ||||||||||
$ | 109,050 | $ | 101,424 | |||||||||
Other current assets: | ||||||||||||
Income tax receivable | $ | 22,581 | $ | 2,933 | ||||||||
Prepaid insurance | 5,270 | 8,583 | ||||||||||
Restricted cash | 28,926 | 6,550 | ||||||||||
Bond conversion asset | — | 21,682 | ||||||||||
Deferred debt issuance costs | 9,180 | 9,082 | ||||||||||
Other | 13,644 | 14,916 | ||||||||||
$ | 79,601 | $ | 63,746 | |||||||||
Cemetery property: | ||||||||||||
Undeveloped land | $ | 1,186,325 | $ | 1,192,613 | ||||||||
Developed lots, lawn crypts, mausoleum spaces, cremation niches, and cremation memorialization property | 552,891 | 559,656 | ||||||||||
$ | 1,739,216 | $ | 1,752,269 | |||||||||
Property and equipment: | ||||||||||||
Land | $ | 603,509 | $ | 610,339 | ||||||||
Buildings and improvements | 1,783,171 | 1,779,584 | ||||||||||
Operating equipment | 500,511 | 500,721 | ||||||||||
Leasehold improvements | 50,862 | 25,642 | ||||||||||
Capital leases | 204,991 | 185,875 | ||||||||||
3,143,044 | 3,102,161 | |||||||||||
Less: Accumulated depreciation | (1,163,921 | ) | (1,083,151 | ) | ||||||||
Less: Accumulated amortization of capital leases | (117,720 | ) | (106,496 | ) | ||||||||
$ | 1,861,403 | $ | 1,912,514 | |||||||||
Deferred charges and other assets: | ||||||||||||
Intangible assets, net | 393,781 | 398,618 | ||||||||||
Restricted cash | 16,073 | 2,409 | ||||||||||
Non-current deferred tax assets | 18,778 | 22,249 | ||||||||||
Notes receivable, net of allowances of $11,259 and $10,986, respectively | 4,858 | 11,651 | ||||||||||
Cash surrender value of insurance policies | 102,856 | 90,177 | ||||||||||
Other | 81,200 | 107,896 | ||||||||||
$ | 617,546 | $ | 633,000 | |||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Accounts payable and accrued liabilities: | ||||||||||||
Accounts payable | $ | 137,270 | $ | 143,686 | ||||||||
Accrued compensation | 86,880 | 104,464 | ||||||||||
Accrued interest | 30,133 | 36,583 | ||||||||||
Accrued property taxes | 14,346 | 14,395 | ||||||||||
Self insurance reserves | 73,991 | 77,962 | ||||||||||
Bank overdraft | 27,798 | 5,152 | ||||||||||
Bond conversion liability | — | 18,744 | ||||||||||
Other accrued liabilities | 82,610 | 81,853 | ||||||||||
$ | 453,028 | $ | 482,839 | |||||||||
Other liabilities: | ||||||||||||
Accrued pension | $ | 35,614 | $ | 35,629 | ||||||||
Deferred compensation | 80,580 | 65,605 | ||||||||||
Customer refund obligation reserve | 60,019 | 59,826 | ||||||||||
Tax liability | 239,265 | 222,365 | ||||||||||
Indemnification liability | 236 | 442 | ||||||||||
Payable to perpetual care fund | 64,722 | 56,501 | ||||||||||
Other | 15,129 | 50,870 | ||||||||||
$ | 495,565 | $ | 491,238 | |||||||||
Schedule of Product Information [Table Text Block] | The detail of certain income statement accounts is as follows for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Merchandise revenues: | ||||||||||||
Funeral | $ | 616,992 | $ | 584,438 | $ | 552,308 | ||||||
Cemetery | 743,765 | 609,142 | 554,516 | |||||||||
Total merchandise revenues | 1,360,757 | 1,193,580 | 1,106,824 | |||||||||
Services revenues: | ||||||||||||
Funeral | 1,167,386 | 989,613 | 965,226 | |||||||||
Cemetery | 295,195 | 212,932 | 203,113 | |||||||||
Total services revenues | 1,462,581 | 1,202,545 | 1,168,339 | |||||||||
Other revenues | 170,674 | 154,341 | 129,267 | |||||||||
Total revenues | $ | 2,994,012 | $ | 2,550,466 | $ | 2,404,430 | ||||||
Merchandise costs and expenses: | ||||||||||||
Funeral | $ | 294,237 | $ | 266,538 | $ | 258,860 | ||||||
Cemetery | 317,690 | 254,065 | 234,031 | |||||||||
Total cost of merchandise | 611,927 | 520,603 | 492,891 | |||||||||
Services costs and expenses: | ||||||||||||
Funeral | 635,096 | 548,554 | 520,243 | |||||||||
Cemetery | 140,402 | 100,865 | 98,809 | |||||||||
Total cost of services | 775,498 | 649,419 | 619,052 | |||||||||
Overhead and other expenses | 930,774 | 831,397 | 769,715 | |||||||||
Total cost and expenses | $ | 2,318,199 | $ | 2,001,419 | $ | 1,881,658 | ||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Cash interest payments for the three years ended December 31 (in thousands) were as follows: | |||||||||||
Payments in 2014 | $ | 175,327 | ||||||||||
Payments in 2013 | $ | 125,022 | ||||||||||
Payments in 2012 | $ | 131,723 | ||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Options exercised by attestation | $ | 761 | $ | 3,004 | $ | — | ||||||
Shares repurchased | (761 | ) | $ | (3,004 | ) | $ | — | |||||
Earnings_Per_Share_Level_3_Tab
Earnings Per Share Level 3 (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the numerators and denominators of the basic and diluted EPS for the three years ended December 31 is presented below: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Amounts attributable to common stockholders: | ||||||||||||
Income from continuing operations — basic | $ | 170,283 | $ | 146,926 | $ | 153,583 | ||||||
After tax interest on convertible debt | 51 | 51 | 51 | |||||||||
Income from continuing operations — diluted | $ | 170,334 | $ | 146,977 | $ | 153,634 | ||||||
Income from discontinued operations, net of tax | $ | 2,186 | $ | 406 | $ | 262 | ||||||
Net income — basic | $ | 172,469 | $ | 147,332 | $ | 153,845 | ||||||
After tax interest on convertible debt | 51 | 51 | 51 | |||||||||
Net income — diluted | $ | 172,520 | $ | 147,383 | $ | 153,896 | ||||||
Weighted average shares: | ||||||||||||
Weighted average shares — basic | 210,741 | 211,811 | 215,712 | |||||||||
Stock options | 3,338 | 4,082 | 3,233 | |||||||||
Convertible debt | 121 | 121 | 121 | |||||||||
Weighted average shares — diluted | 214,200 | 216,014 | 219,066 | |||||||||
Amounts attributable to common stockholders: | ||||||||||||
Income from continuing operations per share: | ||||||||||||
Basic | $ | 0.81 | $ | 0.7 | $ | 0.71 | ||||||
Diluted | $ | 0.8 | $ | 0.68 | $ | 0.7 | ||||||
Income from discontinued operations per share: | ||||||||||||
Basic | $ | 0.01 | $ | — | $ | — | ||||||
Diluted | $ | 0.01 | $ | — | $ | — | ||||||
Net income per share: | ||||||||||||
Basic | $ | 0.82 | $ | 0.7 | $ | 0.71 | ||||||
Diluted | $ | 0.81 | $ | 0.68 | $ | 0.7 | ||||||
Acquisition_Level_3_Tables
Acquisition Level 3 (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Adjustments to Fair Value [Table Text Block] | ||||||||
(In thousands) | ||||||||
Decrease in the fair value of accounts receivable and other current assets | $ | (10,900 | ) | |||||
Increase in the fair value of cemetery property | 2,674 | |||||||
Decrease in property and equipment, net | (10,331 | ) | ||||||
Decrease in the fair value of preneed funeral and cemetery receivables and trust investments | (9,570 | ) | ||||||
Decrease in the fair value of finite-lived intangible assets | (30,834 | ) | ||||||
Increase in the fair value of acquired assets held for sale | 85,775 | |||||||
Increase in the fair value of deferred charges and other assets | 311 | |||||||
Decrease in the fair value of deferred preneed funeral and cemetery revenues and deferred receipts held in trust | 42,417 | |||||||
Change in the fair value of acquired assets and liabilities held for sale | (89,198 | ) | ||||||
Decrease in the fair value of deferred income taxes | 41,676 | |||||||
Other | (17,250 | ) | ||||||
Total adjustment to goodwill | $ | 4,770 | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the adjusted fair values of the assets acquired and liabilities assumed as of December 23, 2013: | |||||||
(In thousands) | ||||||||
Accounts receivable | $ | 11,119 | ||||||
Other current assets | 190,518 | |||||||
Cemetery property | 287,449 | |||||||
Property and equipment, net | 330,125 | |||||||
Preneed funeral and cemetery receivables and trust investments | 645,440 | |||||||
Finite-lived intangible assets | 75,444 | |||||||
Indefinite-lived intangible assets | 79,400 | |||||||
Acquired assets held for sale | 520,023 | |||||||
Deferred charges and other assets | 278,631 | |||||||
Goodwill | 573,808 | |||||||
Total assets acquired | 2,991,957 | |||||||
Current liabilities | 219,373 | |||||||
Long-term debt | 270,668 | |||||||
Deferred preneed funeral and cemetery revenues and deferred receipts held in trusts | 740,441 | |||||||
Assumed liabilities held for sale | 242,835 | |||||||
Deferred income taxes | 58,493 | |||||||
Other liabilities | 294,674 | |||||||
Total liabilities assumed | 1,826,484 | |||||||
Noncontrolling interest | 118 | |||||||
Net assets acquired | $ | 1,165,355 | ||||||
Schedule of Finite and Indefinte-lived Intangible Assets Acquired as Part of a Business Comination [Table Text Block] | The identified intangible assets comprise the following: | |||||||
Useful life | ||||||||
Minimum | Maximum | Fair Value | ||||||
(Years) | (In thousands) | |||||||
Preneed customer relationships related to insurance claims | 10 | 20 | $ | 28,500 | ||||
Other preneed customer relationships | 10 | 14 | 20,502 | |||||
Selling and management agreements | 10 | 40 | 5,900 | |||||
Covenants-not-to-compete | 5 | 15 | 5,480 | |||||
Operating leases | 26 | 34 | 5,912 | |||||
Tradenames | 5 | 5 | 9,150 | |||||
Tradenames | Indefinite | 77,900 | ||||||
Licenses and permits | Indefinite | 1,500 | ||||||
Total intangible assets | $ | 154,844 | ||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma summary presents financial information as if the acquisition had occurred on January 1, 2012: | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
(unaudited) | ||||||||
Revenue | $ | 2,919,278 | $ | 2,848,451 | ||||
Net income | $ | 203,916 | $ | 135,010 | ||||
Divestiture_Related_Activities1
Divestiture Related Activities Divestiture Related Activities Level 3 (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Divestiture-Related Activities [Abstract] | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ||||||||||||
December 31, | ||||||||||||
2013 | ||||||||||||
(in thousands) | ||||||||||||
Current assets | $ | 4,750 | ||||||||||
Property and equipment, net | 116 | |||||||||||
Deferred charges and other assets | 2,375 | |||||||||||
Total assets | $ | 7,241 | ||||||||||
Accounts payable and accrued liabilities | 4,728 | |||||||||||
Deferred preneed funeral revenues | 938 | |||||||||||
Other long term liabilities | 30 | |||||||||||
Total liabilities | 5,696 | |||||||||||
Net assets of discontinued operations | $ | 1,545 | ||||||||||
Held for Sale, Net Assets [Table Text Block] | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Current assets | $ | 45 | $ | 4,569 | ||||||||
Preneed funeral and cemetery receivables and trust investments | 5,048 | 356,064 | ||||||||||
Cemetery property | 165 | 89,060 | ||||||||||
Property and equipment, net | 43 | 71,618 | ||||||||||
Goodwill | 88 | 190,976 | ||||||||||
Deferred charges and other assets | 74 | 27,440 | ||||||||||
Cemetery perpetual care trust investments | 1,284 | 88,169 | ||||||||||
Total assets | $ | 6,747 | $ | 827,896 | ||||||||
Accounts payable and accrued liabilities | 14 | 4,390 | ||||||||||
Deferred preneed funeral and cemetery revenues and deferred receipts held in trusts | 5,677 | 424,780 | ||||||||||
Care trusts' corpus | 1,284 | 88,262 | ||||||||||
Other long term liabilities | 27 | 4,209 | ||||||||||
Total liabilities | 7,002 | 521,641 | ||||||||||
Net assets held for sale | $ | (255 | ) | $ | 306,255 | |||||||
Gains (Losses) on Divestitures and Impairment Charges [Table Text Block] | As divestitures occur in the normal course of business, gains or losses on the sale of such locations are recognized in the income statement line item Gains (losses) on divestitures and impairment charges, net, which consist of the following for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Gains (losses) on divestitures, net | $ | 122,535 | $ | (3,350 | ) | $ | 639 | |||||
Impairment losses | (5,922 | ) | (2,913 | ) | (2,150 | ) | ||||||
$ | 116,613 | $ | (6,263 | ) | $ | (1,511 | ) | |||||
Schedule of Income from Discontinued Operations [Table Text Block] | ||||||||||||
Twelve Months Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Revenues | $ | 1,613 | $ | 5,907 | $ | 6,051 | ||||||
Costs and expenses | (1,471 | ) | (5,393 | ) | (5,609 | ) | ||||||
Gain on disposition | 2,136 | — | — | |||||||||
Other expense, net | (2 | ) | (1 | ) | (42 | ) | ||||||
Income from discontinued operations before income taxes | 2,276 | 513 | 400 | |||||||||
Provision for income taxes | (90 | ) | (107 | ) | (138 | ) | ||||||
Net income from discontinued operations | $ | 2,186 | $ | 406 | $ | 262 | ||||||
Quarterly_Financial_Data_Quart
Quarterly Financial Data Quarterly Financial Data Level 3 (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Quarterly financial data for 2014 and 2013 is as follows: | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2014 | ||||||||||||||||
Revenues | $ | 745,509 | $ | 746,746 | $ | 718,314 | $ | 783,443 | ||||||||
Costs and expenses | $ | (579,269 | ) | $ | (590,882 | ) | $ | (570,016 | ) | $ | (578,032 | ) | ||||
Gross profits | $ | 166,240 | $ | 155,864 | $ | 148,298 | $ | 205,411 | ||||||||
Operating income | $ | 107,418 | $ | 144,731 | $ | 135,120 | $ | 220,280 | ||||||||
Income from continuing operations before income taxes(1) | $ | 63,958 | $ | 69,316 | $ | 91,735 | $ | 177,591 | ||||||||
Provision for income taxes | $ | (22,707 | ) | $ | (37,357 | ) | $ | (74,934 | ) | $ | (90,982 | ) | ||||
Net income | $ | 41,391 | $ | 31,781 | $ | 17,685 | $ | 87,949 | ||||||||
Net income attributable to noncontrolling interests | $ | (289 | ) | $ | (5,859 | ) | $ | (34 | ) | $ | (155 | ) | ||||
Net income attributable to common stockholders | $ | 41,102 | $ | 25,922 | $ | 17,651 | $ | 87,794 | ||||||||
Net income attributable to common stockholders per share(2): | ||||||||||||||||
Basic — EPS | $ | 0.19 | $ | 0.12 | $ | 0.08 | $ | 0.42 | ||||||||
Diluted — EPS | $ | 0.19 | $ | 0.12 | $ | 0.08 | $ | 0.42 | ||||||||
2013(3) | ||||||||||||||||
Revenues | $ | 650,418 | $ | 624,231 | $ | 608,589 | $ | 667,228 | ||||||||
Costs and expenses | $ | (491,092 | ) | $ | (498,248 | ) | $ | (492,784 | ) | $ | (519,296 | ) | ||||
Gross profits | $ | 159,326 | $ | 125,983 | $ | 115,805 | $ | 147,932 | ||||||||
Operating income | $ | 127,434 | $ | 89,059 | $ | 83,046 | $ | 88,117 | ||||||||
Income from continuing operations before income taxes(1) | $ | 93,680 | $ | 56,092 | $ | 45,633 | $ | 49,801 | ||||||||
Provision for income taxes | $ | (35,290 | ) | $ | (21,598 | ) | $ | (18,407 | ) | $ | (17,729 | ) | ||||
Net income | $ | 58,722 | $ | 34,435 | $ | 27,394 | $ | 32,037 | ||||||||
Net income attributable to noncontrolling interests | $ | (1,102 | ) | $ | (820 | ) | $ | (615 | ) | $ | (2,719 | ) | ||||
Net income attributable to common stockholders | $ | 57,620 | $ | 33,615 | $ | 26,779 | $ | 29,318 | ||||||||
Net income attributable to common stockholders per share(2): | ||||||||||||||||
Basic — EPS | $ | 0.27 | $ | 0.16 | $ | 0.13 | $ | 0.14 | ||||||||
Diluted — EPS | $ | 0.27 | $ | 0.16 | $ | 0.12 | $ | 0.14 | ||||||||
_________________________________ | ||||||||||||||||
-1 | Includes (Losses) gains on divestitures and impairment charges, net, as described in Note 20. | |||||||||||||||
-2 | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income per share may not equal the total computed for the year. | |||||||||||||||
-3 | See Note 2 for details related to the revision which was recorded for the quarter ended December 31, 2013. The revision reduced the provision for income taxes and increased net income attributable to common stockholders by $3.5 million and increased basic and diluted EPS by $0.02. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies, Textuals (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification of debt | $30,000,000 | ||
Intangible Fair Value Inputs, Royalty Savings Rate, Low | 0.01 | ||
Required percentage of sales price | 0.00% | ||
Amortization of cemetery property | 60,439,000 | 48,344,000 | 44,976,000 |
Depreciation | 140,002,000 | 122,235,000 | 119,862,000 |
Goodwill Reporting Unit Fair Value Inputs, Growth Rate, Low End of the Range | 1.90% | ||
Goodwill Reporting Unit Fair Value Inputs, Growth Rate, High End of the Range | 6.30% | ||
Goodwill Reporting Unit Fair Value Inputs, Discount Rate | 7.00% | ||
Intangible Fair Value Inputs, Royalty Savings Rate | 0.04 | ||
Intangibles Fair Value Inputs, Discount Rate | 7.20% | ||
Retirement of treasury shares | 0 | 0 | 0 |
Funeral [Member] | |||
Amortization of cemetery property | 0 | 0 | 0 |
Depreciation | 101,792,000 | 92,588,000 | 90,707,000 |
Goodwill Reporting Unit Fair Value Inputs, Terminal Growth Rate | 2.50% | ||
Intangibles Fair Value Inputs, Terminal Growth Rate | 2.50% | ||
Cemetery [Member] | |||
Amortization of cemetery property | 60,439,000 | 48,344,000 | 44,976,000 |
Depreciation | $28,754,000 | $23,384,000 | $22,736,000 |
Goodwill Reporting Unit Fair Value Inputs, Terminal Growth Rate | 2.90% | ||
Intangibles Fair Value Inputs, Terminal Growth Rate | 2.90% | ||
Treasury Stock [Member] | |||
Retirement of treasury shares | 10,956 | 278 | 17,167 |
Minimum [Member] | |||
Funeral home lease life | 1 year | ||
Transportation equipment lease life | 1 year | ||
Finite-Lived Intangible Assets, Useful Life | 2 years | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | P7Y | ||
Minimum [Member] | Equipment [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | P3Y | ||
Maximum [Member] | |||
Funeral home lease life | 40 years | ||
Transportation equipment lease life | 5 years | ||
Finite-Lived Intangible Assets, Useful Life | 40 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | P40Y | ||
Maximum [Member] | Equipment [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | P8Y | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | P10Y | ||
Noncompete Agreements [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets, Useful Life | 2 years | ||
Noncompete Agreements [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets, Useful Life | 20 years | ||
Treasury Stock [Member] | |||
Retirement of treasury shares | 10,914 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Schedule of Revisions and Reclassifications - Statement of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Provision for income taxes | $90,982 | $74,934 | $37,357 | $22,707 | $17,729 | [1] | $18,407 | [1] | $21,598 | [1] | $35,290 | [1] | ($225,980) | ($93,024) | ($90,111) | ||||||
Net income | 87,949 | 17,685 | 31,781 | 41,391 | 32,037 | 27,394 | 34,435 | 58,722 | 178,806 | 152,588 | 155,434 | ||||||||||
Net income attributable to common stockholders | 87,794 | 17,651 | 25,922 | 41,102 | 29,318 | [1] | 26,779 | [1] | 33,615 | [1] | 57,620 | [1] | 172,469 | 147,332 | 153,845 | ||||||
Net income attributable to common stockholders, basic | $0.42 | [2] | $0.08 | [2] | $0.12 | [2] | $0.19 | [2] | $0.14 | [2] | $0.13 | [2] | $0.16 | [2] | $0.27 | [2] | $0.82 | $0.71 | |||
Earnings per share, diluted | $0.42 | [2] | $0.08 | [2] | $0.12 | [2] | $0.19 | [2] | $0.14 | [2] | $0.12 | [2] | $0.16 | [2] | $0.27 | [2] | $0.81 | $0.70 | |||
Financials as previously reported [Member] | |||||||||||||||||||||
Provision for income taxes | -96,615 | -91,548 | |||||||||||||||||||
Net income | 149,104 | [3] | 154,135 | [3] | |||||||||||||||||
Net income attributable to common stockholders | 143,848 | 152,546 | |||||||||||||||||||
Net income attributable to common stockholders, basic | $0.68 | $0.71 | |||||||||||||||||||
Earnings per share, diluted | $0.67 | $0.70 | |||||||||||||||||||
Restatement Adjustment [Member] | |||||||||||||||||||||
Provision for income taxes | 3,484 | 1,299 | |||||||||||||||||||
Net income | 3,484 | [3] | 1,299 | [3] | |||||||||||||||||
Net income attributable to common stockholders | 3,484 | 1,299 | |||||||||||||||||||
Net income attributable to common stockholders, basic | $0.02 | $0 | |||||||||||||||||||
Earnings per share, diluted | $0.01 | $0 | |||||||||||||||||||
Reclassifications for purchase price adjustments and discontinued operations [Member] | |||||||||||||||||||||
Provision for income taxes | 107 | 138 | |||||||||||||||||||
Net income | 0 | [3] | 0 | [3] | |||||||||||||||||
Net income attributable to common stockholders | 0 | 0 | |||||||||||||||||||
Net income attributable to common stockholders, basic | $0 | $0 | |||||||||||||||||||
Earnings per share, diluted | $0 | $0 | |||||||||||||||||||
Financials as adjusted [Domain] | |||||||||||||||||||||
Provision for income taxes | -93,024 | -90,111 | |||||||||||||||||||
Net income | 152,588 | [3] | 155,434 | [3] | |||||||||||||||||
Net income attributable to common stockholders | $147,332 | $153,845 | |||||||||||||||||||
Net income attributable to common stockholders, basic | $0.70 | $0.71 | |||||||||||||||||||
Earnings per share, diluted | $0.68 | $0.70 | |||||||||||||||||||
[1] | See Note 2 for details related to the revision which was recorded for the quarter ended December 31, 2013. The revision reduced the provision for income taxes and increased net income attributable to common stockholders by $3.5 million and increased basic and diluted EPS by $0.02. | ||||||||||||||||||||
[2] | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income per share may not equal the total computed for the year. | ||||||||||||||||||||
[3] | These revisions had no net impact on Net cash provided by operating, investing, or financing activities. |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Schedule of Revisions and Reclassifications - Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Deferred tax assets | $1,128 | $30,282 | ||
Assets, Current | 396,856 | 379,096 | ||
Goodwill | 1,810,853 | 1,825,721 | ||
Total assets | 11,923,644 | 12,833,600 | ||
Current maturities of long-term debt | 90,931 | 176,362 | ||
Income taxes | 8,035 | 5,263 | ||
Liabilities, Current | 552,008 | 673,582 | ||
Long-term Debt and Capital Lease Obligations | 2,963,794 | 3,125,548 | ||
Deferred tax liabilities | 448,824 | 387,169 | ||
Other liabilities | 495,565 | 491,238 | ||
Accumulated deficit | -81,859 | -90,026 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,377,378 | 1,480,228 | 1,415,193 | 1,463,262 |
Liabilities and Equity | 11,923,644 | 12,833,600 | ||
Financials as previously reported [Member] | ||||
Deferred tax assets | 39,074 | |||
Assets, Current | 393,747 | |||
Goodwill | 1,922,102 | |||
Total assets | 12,906,070 | |||
Current maturities of long-term debt | 146,362 | |||
Income taxes | 6,391 | |||
Liabilities, Current | 642,584 | |||
Long-term Debt and Capital Lease Obligations | 3,155,548 | |||
Deferred tax liabilities | 619,200 | |||
Other liabilities | 430,393 | |||
Accumulated deficit | -145,876 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,424,378 | |||
Liabilities and Equity | 12,906,070 | |||
Restatement Adjustment [Member] | ||||
Deferred tax assets | -3,750 | |||
Assets, Current | -3,750 | |||
Goodwill | -91,016 | |||
Total assets | -94,766 | |||
Current maturities of long-term debt | 30,000 | |||
Income taxes | -1,202 | |||
Liabilities, Current | 28,798 | |||
Long-term Debt and Capital Lease Obligations | -30,000 | |||
Deferred tax liabilities | -190,355 | |||
Other liabilities | 40,941 | |||
Accumulated deficit | 55,850 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 55,850 | |||
Liabilities and Equity | -94,766 | |||
Reclassifications for purchase price adjustments and discontinued operations [Member] | ||||
Deferred tax assets | -5,042 | |||
Assets, Current | -10,901 | |||
Goodwill | -5,365 | |||
Total assets | 22,296 | |||
Current maturities of long-term debt | 0 | |||
Income taxes | 74 | |||
Liabilities, Current | 2,200 | |||
Long-term Debt and Capital Lease Obligations | 0 | |||
Deferred tax liabilities | -41,676 | |||
Other liabilities | 19,904 | |||
Accumulated deficit | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |||
Liabilities and Equity | 22,296 | |||
Financials as adjusted [Domain] | ||||
Deferred tax assets | 30,282 | |||
Assets, Current | 379,096 | |||
Goodwill | 1,825,721 | |||
Total assets | 12,833,600 | |||
Current maturities of long-term debt | 176,362 | |||
Income taxes | 5,263 | |||
Liabilities, Current | 673,582 | |||
Long-term Debt and Capital Lease Obligations | 3,125,548 | |||
Deferred tax liabilities | 387,169 | |||
Other liabilities | 491,238 | |||
Accumulated deficit | -90,026 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,480,228 | |||
Liabilities and Equity | $12,833,600 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies Schedule of Revisions and Reclassifications - Cash Flows (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Net income | $87,949 | $17,685 | $31,781 | $41,391 | $32,037 | $27,394 | $34,435 | $58,722 | $178,806 | $152,588 | $155,434 | ||
Provision for deferred income taxes | 129,671 | 71,708 | 71,685 | ||||||||||
(Decrease) increase in payables and other liabilities | -12,038 | -1,995 | 26,360 | ||||||||||
Financials as previously reported [Member] | |||||||||||||
Net income | 149,104 | [1] | 154,135 | [1] | |||||||||
Provision for deferred income taxes | 74,100 | [1] | 72,984 | [1] | |||||||||
(Decrease) increase in payables and other liabilities | -284 | [1] | 25,240 | [1] | |||||||||
Restatement Adjustment [Member] | |||||||||||||
Net income | 3,484 | [1] | 1,299 | [1] | |||||||||
Provision for deferred income taxes | -2,282 | [1] | -1,299 | [1] | |||||||||
(Decrease) increase in payables and other liabilities | -1,202 | [1] | 0 | [1] | |||||||||
Reclassifications for purchase price adjustments and discontinued operations [Member] | |||||||||||||
Net income | 0 | [1] | 0 | [1] | |||||||||
Provision for deferred income taxes | -110 | [1] | 0 | [1] | |||||||||
(Decrease) increase in payables and other liabilities | -509 | [1] | 1,120 | [1] | |||||||||
Financials as adjusted [Domain] | |||||||||||||
Net income | 152,588 | [1] | 155,434 | [1] | |||||||||
Provision for deferred income taxes | 71,708 | [1] | 71,685 | [1] | |||||||||
(Decrease) increase in payables and other liabilities | ($1,995) | [1] | $26,360 | [1] | |||||||||
[1] | These revisions had no net impact on Net cash provided by operating, investing, or financing activities. |
Preneed_Funeral_Activities_Inv
Preneed Funeral Activities Investment Related Activities (Details) (Funeral [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Funeral [Member] | |||
Investment related activities [Line Items] | |||
Deposits to trust | $102,553 | $82,168 | $81,601 |
Withdrawals | 131,352 | 125,914 | 100,635 |
Purchases of available-for-sale securities | 1,238,257 | 393,169 | 563,628 |
Sales of available-for-sale securities | 1,318,512 | 435,267 | 555,709 |
Realized gains from sales of available-for-sale securities | 168,567 | 65,011 | 60,833 |
Realized losses from sales of available-for-sale securities | ($113,748) | ($9,732) | ($21,454) |
Preneed_Funeral_Activities_Lon
Preneed Funeral Activities Long-term Receivable and Investment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Long-term receivable and investment components [Line Items] | ||||
Current assets of discontinued operations | $0 | ($4,750) | ||
Insurance-backed fixed income securities | 102,856 | 90,177 | ||
Preneed funeral receivables, net and trust investments | 1,843,023 | 1,870,243 | ||
Funeral [Member] | ||||
Long-term receivable and investment components [Line Items] | ||||
Trust investments, at market | 1,205,747 | 1,438,326 | ||
Cash and cash equivalents | 162,229 | 128,217 | ||
Current assets of discontinued operations | 0 | -181,535 | ||
Insurance-backed fixed income securities | 260,899 | 280,969 | ||
Trust investments | 1,628,875 | 1,665,977 | ||
Receivables from customers | 262,700 | 259,784 | ||
Unearned finance charge | -11,054 | -10,179 | ||
Preneed funeral receivables, net and trust investments, excluding allowance for cancellation | 1,880,521 | 1,915,582 | ||
Allowance for cancellation | -37,498 | -45,339 | ||
Preneed funeral receivables, net and trust investments | $1,843,023 | $1,870,243 | $1,536,257 | $1,484,764 |
Preneed_Funeral_Activities_Pre
Preneed Funeral Activities Preneed Funeral Activities Receivables Net and Trust Invesments (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Ending balance — Preneed funeral receivables and trust investments | $1,843,023 | $1,870,243 | ||||
Funeral [Member] | ||||||
Beginning balance — Preneed funeral receivables and trust investments | 1,870,243 | 1,536,257 | 1,484,764 | |||
Net preneed contract sales | 247,994 | 192,712 | 124,962 | |||
Cash receipts from customers, net of refunds | -211,830 | -170,921 | -125,625 | |||
Deposits to trust | 102,553 | 82,168 | 81,601 | |||
Acquisitions (dispositions) of businesses, net | -19,203 | 271,395 | 6,021 | |||
Net undistributed investments (losses) earnings | 22,480 | [1] | 125,986 | [1] | 84,611 | [1] |
Maturities and distributed earnings | -162,059 | -153,446 | -126,130 | |||
Change in cancellation allowance | 7,644 | -3,245 | 934 | |||
Effect of foreign currency and other | -14,799 | -10,663 | 5,119 | |||
Ending balance — Preneed funeral receivables and trust investments | $1,843,023 | $1,870,243 | $1,536,257 | |||
[1] | Includes both realized and unrealized investment earnings. |
Preneed_Funeral_Activities_Sch
Preneed Funeral Activities Schedule of Available-for-sale Securities (Details) (Funeral [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $1,213,128 | $1,359,271 |
Available-for-sale Securities, Gross Unrealized Gains | 33,058 | 121,718 |
Available-for-sale Securities, Gross Unrealized Losses | -40,439 | -42,663 |
Available-for-sale Securities, Fair Value | 1,205,747 | 1,438,326 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 85,775 | 111,824 |
Available-for-sale Securities, Gross Unrealized Gains | 468 | 1,299 |
Available-for-sale Securities, Gross Unrealized Losses | -455 | -5,599 |
Available-for-sale Securities, Fair Value | 85,788 | 107,524 |
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 90,430 | 100,263 |
Available-for-sale Securities, Gross Unrealized Gains | 449 | 81 |
Available-for-sale Securities, Gross Unrealized Losses | -874 | -1,113 |
Available-for-sale Securities, Fair Value | 90,005 | 99,231 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 24,765 | 64,579 |
Available-for-sale Securities, Gross Unrealized Gains | 423 | 3,515 |
Available-for-sale Securities, Gross Unrealized Losses | -126 | -691 |
Available-for-sale Securities, Fair Value | 25,062 | 67,403 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,325 | 2,438 |
Available-for-sale Securities, Gross Unrealized Gains | 29 | 23 |
Available-for-sale Securities, Gross Unrealized Losses | -12 | -33 |
Available-for-sale Securities, Fair Value | 1,342 | 2,428 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 6 | 3,407 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | -10 |
Available-for-sale Securities, Fair Value | 6 | 3,397 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 2,503 | 30,485 |
Available-for-sale Securities, Gross Unrealized Gains | 113 | 754 |
Available-for-sale Securities, Gross Unrealized Losses | -113 | -235 |
Available-for-sale Securities, Fair Value | 2,503 | 31,004 |
Fair Value, Inputs, Level 1 [Member] | US Common Stock Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 377,441 | 370,123 |
Available-for-sale Securities, Gross Unrealized Gains | 18,533 | 77,963 |
Available-for-sale Securities, Gross Unrealized Losses | -7,405 | -2,928 |
Available-for-sale Securities, Fair Value | 388,569 | 445,158 |
Fair Value, Inputs, Level 1 [Member] | Canada Common Stock Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 14,708 | 27,710 |
Available-for-sale Securities, Gross Unrealized Gains | 4,292 | 4,346 |
Available-for-sale Securities, Gross Unrealized Losses | -895 | -1,217 |
Available-for-sale Securities, Fair Value | 18,105 | 30,839 |
Fair Value, Inputs, Level 1 [Member] | Other International Common Stock Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 38,035 | 36,017 |
Available-for-sale Securities, Gross Unrealized Gains | 1,175 | 4,986 |
Available-for-sale Securities, Gross Unrealized Losses | -1,560 | -198 |
Available-for-sale Securities, Fair Value | 37,650 | 40,805 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 308,548 | 260,686 |
Available-for-sale Securities, Gross Unrealized Gains | 3,332 | 22,530 |
Available-for-sale Securities, Gross Unrealized Losses | -15,901 | -2,303 |
Available-for-sale Securities, Fair Value | 295,979 | 280,913 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 229,414 | 317,280 |
Available-for-sale Securities, Gross Unrealized Gains | 869 | 3,228 |
Available-for-sale Securities, Gross Unrealized Losses | -3,576 | -19,577 |
Available-for-sale Securities, Fair Value | 226,707 | 300,931 |
Fair Value, Inputs, Level 3 [Member] | Private Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 35,094 | 32,909 |
Available-for-sale Securities, Gross Unrealized Gains | 2,649 | 2,702 |
Available-for-sale Securities, Gross Unrealized Losses | -9,418 | -8,726 |
Available-for-sale Securities, Fair Value | 28,325 | 26,885 |
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 5,084 | 1,550 |
Available-for-sale Securities, Gross Unrealized Gains | 726 | 291 |
Available-for-sale Securities, Gross Unrealized Losses | -104 | -33 |
Available-for-sale Securities, Fair Value | $5,706 | $1,808 |
Preneed_Funeral_Activities_Lev2
Preneed Funeral Activities Level 3 Activities (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Private Equity Funds [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair market value, beginning balance | $17,687 | |||||
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | 15,420 | [1] | ||||
Net realized losses included in Other income, net(2) | -48 | [2] | ||||
Contributions | 3,430 | |||||
Distributions and other | -9,645 | |||||
Fair market value, ending balance | 26,844 | |||||
Private Equity Funds [Member] | Funeral [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair market value, beginning balance | 26,885 | 17,879 | 15,986 | |||
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | 2,242 | [3] | 13,429 | [3] | -403 | [3] |
Net realized losses included in Other income, net(2) | -39 | [4] | -43 | [4] | -58 | [4] |
Purchases | 0 | 1,188 | 0 | |||
Sales | 0 | 0 | 9 | |||
Contributions | 6,122 | 3,229 | 4,664 | |||
Distributions and other | -6,885 | -9,245 | -2,301 | |||
Investments with significant unobservable inputs acquired | 0 | 448 | 0 | |||
Fair market value, ending balance | 28,325 | 26,885 | 17,879 | |||
Other Investments [Member] | Funeral [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair market value, beginning balance | 1,808 | 744 | 912 | |||
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | 826 | [3] | 1,442 | [3] | -159 | [3] |
Net realized losses included in Other income, net(2) | -6 | [4] | -3 | [4] | -2 | [4] |
Purchases | 3,214 | 0 | 0 | |||
Sales | 0 | 0 | 0 | |||
Contributions | 4 | 0 | 0 | |||
Distributions and other | -140 | -393 | -7 | |||
Investments with significant unobservable inputs acquired | 0 | 18 | 0 | |||
Fair market value, ending balance | $5,706 | $1,808 | $744 | |||
[1] | All unrealized gains (losses) recognized in Accumulated other comprehensive income for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||
[2] | All losses recognized in Other income (expense), net for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||
[3] | All unrealized losses recognized in Accumulated other comprehensive income for our funeral merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||
[4] | All losses recognized in Other income (expense), net for our funeral merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. |
Preneed_Funeral_Activities_Inv1
Preneed Funeral Activities Investments Classified by Contractual Maturity Date (Details) (Funeral [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Funeral [Member] | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Due in one year or less | $123,545 |
Due in one to five years | 32,659 |
Due in five to ten years | 29,426 |
Thereafter | 16,573 |
Total | $202,203 |
Preneed_Funeral_Activities_Sch1
Preneed Funeral Activities Schedule of Unrealized Loss on Investments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $534,435 | $293,702 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -26,801 | -12,519 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 73,436 | 115,135 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -13,638 | -30,144 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 607,871 | 408,837 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -40,439 | -42,663 |
US Treasury Securities [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 32,243 | 29,008 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -412 | -3,595 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,978 | 19,633 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -43 | -2,004 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 37,221 | 48,641 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -455 | -5,599 |
Foreign Government Debt Securities [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,894 | 9,545 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -52 | -120 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 14,904 | 18,981 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -822 | -993 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 17,798 | 28,526 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -874 | -1,113 |
Corporate Debt Securities [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,988 | 21,525 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -56 | -346 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,420 | 5,665 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -70 | -345 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,408 | 27,190 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -126 | -691 |
Residential Mortgage Backed Securities [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 217 | 1,397 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -10 | -25 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 106 | 174 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -2 | -8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 323 | 1,571 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -12 | -33 |
Preferred Stock securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,588 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -123 | |
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, Aggregate Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,588 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -123 | |
Preferred Stock securities [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 26 | 14,182 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -113 | -235 |
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, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 26 | 14,182 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -113 | -235 |
US Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 192,015 | 46,189 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -11,706 | -2,648 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 585 | 3,480 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | -583 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 192,600 | 49,669 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -11,706 | -3,231 |
US Common Stock Securities [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 126,527 | 47,054 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -7,403 | -2,153 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 438 | 3,374 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -2 | -775 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 126,965 | 50,428 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -7,405 | -2,928 |
Canada Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,069 | 1,568 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -319 | -502 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 778 | 1,935 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -522 | -433 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,847 | 3,503 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -841 | -935 |
Canada Common Stock Securities [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,752 | 2,439 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -379 | -576 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,085 | 1,992 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -516 | -641 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,837 | 4,431 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -895 | -1,217 |
Other International Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 28,308 | 4,332 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -2,395 | -124 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 700 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | -76 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 28,308 | 5,032 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -2,395 | -200 |
Other International Common Stock Securities [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 19,593 | 3,433 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -1,557 | -138 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2 | 375 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -3 | -60 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 19,595 | 3,808 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -1,560 | -198 |
Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 303,211 | 3,847 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -18,329 | -54 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,577 | 14,430 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -101 | -1,650 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 304,788 | 18,277 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -18,430 | -1,704 |
Equity Funds [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 233,827 | 16,383 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -13,219 | -337 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 23,717 | 12,638 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -2,682 | -1,966 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 257,544 | 29,021 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -15,901 | -2,303 |
Fixed Income Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 159,572 | 134,294 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -4,106 | -5,527 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 15,113 | 63,800 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -596 | -28,122 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 174,685 | 198,094 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -4,702 | -33,649 |
Fixed Income Funds [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 112,160 | 145,425 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -3,128 | -4,984 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11,452 | 38,774 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -448 | -14,593 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 123,612 | 184,199 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -3,576 | -19,577 |
Private Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 88 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -100 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 7,518 | 6,589 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -6,083 | -5,153 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,606 | 6,589 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -6,183 | -5,153 |
Private Equity Funds [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 203 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -461 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13,870 | 13,002 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -8,957 | -8,726 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,073 | 13,002 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -9,418 | -8,726 |
Other Investments [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 259 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -68 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 261 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -71 | |
Other Investments [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -11 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 464 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -93 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 469 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ($104) |
Preneed_Funeral_Activities_Pre1
Preneed Funeral Activities Preneed Funeral Activities Deferred Preneed Funeral Revenues (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Deferred Preneed Revenues [Roll Forward] | ||||||
Ending balance — Deferred preneed funeral revenues, net | $540,164 | $551,948 | ||||
Funeral [Member] | ||||||
Deferred Preneed Revenues [Roll Forward] | ||||||
Beginning balance — Deferred preneed funeral revenues, net | 551,948 | 535,136 | 573,477 | |||
Net preneed contract sales | 198,195 | 144,202 | 103,341 | |||
Acquisitions (dispositions) of businesses, net | -21,639 | 298,047 | -4,491 | |||
Net investment (losses) earnings | 24,256 | [1] | 126,428 | [1] | 83,788 | [1] |
Recognized deferred preneed revenues | -258,534 | -200,680 | -164,037 | |||
Change in cancellation allowance | 21,272 | -5,670 | 1,304 | |||
Change in deferred preneed funeral receipts held in trust | 26,131 | -343,878 | -61,068 | |||
Effect of foreign currency and other | -1,465 | -1,637 | 2,822 | |||
Ending balance — Deferred preneed funeral revenues, net | $540,164 | $551,948 | $535,136 | |||
[1] | Includes both realized and unrealized investment earnings. |
Preneed_Funeral_Activities_Pre2
Preneed Funeral Activities Preneed Funeral Activities, Textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Insurance Commissions and Fees | $123,000,000 | $106,500,000 | $94,000,000 |
Funeral [Member] | |||
Fair Value, Measurement with unobservable inputs, risk discount, low end of the range | 0.00% | ||
Fair Value, Measurement with unobservable inputs, risk discount, high end of the range | 20.00% | ||
Fair Value, Measurement with unobservable inputs, liquidity discount, high end of the range | 0.00% | ||
Fair Value, Measurement with unobservable inputs, liquidity discount, high end of the range | 10.00% | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 25,400,000 | ||
Underlying assets liquidation range, minimum | 2 years | ||
Underlying assets liquidation range, maximum | 10 years | ||
Available-for-sale securities, estimated maturity date, minimum | 2015 | ||
Available-for-sale securities, estimated maturity date, maximum | 2044 | ||
Investment Earnings, Net | 62,800,000 | 48,500,000 | 38,700,000 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $41,846,000 | $829,000 | $781,000 |
Preneed_Cemetery_Activities_In
Preneed Cemetery Activities Investment Related Activities (Details) (Cemetery [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cemetery [Member] | |||
Investment related activities [Line Items] | |||
Deposits to trust | $129,581 | $106,185 | $98,130 |
Withdrawals | 150,064 | 119,576 | 98,738 |
Purchases of available-for-sale securities | 1,786,800 | 477,772 | 746,761 |
Sales of available-for-sale securities | 1,842,417 | 498,852 | 700,091 |
Realized gains from sales of available-for-sale securities | 271,507 | 101,337 | 87,665 |
Realized losses from sales of available-for-sale securities | ($138,473) | ($14,593) | ($29,397) |
Preneed_Cemetery_Activities_Lo
Preneed Cemetery Activities Long-term Receivable and Investment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term receivable and investment components [Line Items] | ||
Current assets of discontinued operations | $0 | $4,750 |
Insurance-backed fixed income securities | 102,856 | 90,177 |
Preneed funeral receivables, net and trust investments | 1,843,023 | 1,870,243 |
Cemetery [Member] | ||
Long-term receivable and investment components [Line Items] | ||
Trust investments, at market | 1,404,298 | 1,549,182 |
Cash and cash equivalents | 126,914 | 138,459 |
Current assets of discontinued operations | -4,571 | -102,354 |
Insurance-backed fixed income securities | 12 | 4 |
Trust investments | 1,526,653 | 1,585,291 |
Receivables from customers | 881,082 | 798,072 |
Unearned finance charge | -31,524 | -29,561 |
Preneed funeral receivables, net and trust investments, excluding allowance for cancellation | 2,376,211 | 2,353,802 |
Allowance for cancellation | -69,542 | -61,454 |
Preneed funeral receivables, net and trust investments | $2,306,669 | $2,292,348 |
Preneed_Cemetery_Activities_Pr
Preneed Cemetery Activities Preneed Cemetary Activities Receivables Net and Trust Investments (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Preneed cemetery receivables, net and trust investments | $2,306,669 | $2,292,348 | ||||
Cemetery [Member] | ||||||
Preneed cemetery receivables, net and trust investments | 2,292,348 | 1,826,835 | 1,595,940 | |||
Net preneed contract sales | 688,336 | 562,433 | 501,654 | |||
Dispositions (acquisitions) of businesses, net | -10,898 | 190,870 | 1,124 | |||
Net undistributed investments (losses) earnings | -18,038 | [1] | 203,499 | [1] | 133,351 | [1] |
Cash receipts from customers, net of refunds | -615,489 | -471,710 | -417,965 | |||
Deposits to trust | 129,581 | 106,185 | 98,130 | |||
Maturities, deliveries, and associated earnings | -150,064 | -119,576 | -98,738 | |||
Change in cancellation allowance | 843 | 3,002 | -3,481 | |||
Effect of foreign currency and other | -9,950 | -9,190 | 16,820 | |||
Preneed cemetery receivables, net and trust investments | $2,306,669 | $2,292,348 | $1,826,835 | |||
[1] | Includes both realized and unrealized investment (losses) earnings |
Preneed_Cemetery_Activities_Sc
Preneed Cemetery Activities Schedule of Available-for-sale Securities (Details) (Cemetery [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $1,411,166 | $1,376,118 |
Available-for-sale Securities, Gross Unrealized Gains | 38,316 | 227,890 |
Available-for-sale Securities, Gross Unrealized Losses | -45,184 | -54,826 |
Available-for-sale Securities, Fair Value | 1,404,298 | 1,549,182 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 63,447 | 113,293 |
Available-for-sale Securities, Gross Unrealized Gains | 257 | 1,714 |
Available-for-sale Securities, Gross Unrealized Losses | -605 | -8,876 |
Available-for-sale Securities, Fair Value | 63,099 | 106,131 |
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 21,687 | 17,073 |
Available-for-sale Securities, Gross Unrealized Gains | 261 | 170 |
Available-for-sale Securities, Gross Unrealized Losses | -134 | -261 |
Available-for-sale Securities, Fair Value | 21,814 | 16,982 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 8,725 | 48,838 |
Available-for-sale Securities, Gross Unrealized Gains | 122 | 5,262 |
Available-for-sale Securities, Gross Unrealized Losses | -116 | -646 |
Available-for-sale Securities, Fair Value | 8,731 | 53,454 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 111 | 406 |
Available-for-sale Securities, Gross Unrealized Gains | 3 | 2 |
Available-for-sale Securities, Gross Unrealized Losses | -1 | -2 |
Available-for-sale Securities, Fair Value | 113 | 406 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 170 | 3,336 |
Available-for-sale Securities, Gross Unrealized Gains | 16 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | -13 |
Available-for-sale Securities, Fair Value | 186 | 3,323 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 10 | 16,654 |
Available-for-sale Securities, Gross Unrealized Gains | 1 | 1,106 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | -123 |
Available-for-sale Securities, Fair Value | 11 | 17,637 |
Fair Value, Inputs, Level 1 [Member] | US Common Stock Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 557,955 | 423,524 |
Available-for-sale Securities, Gross Unrealized Gains | 22,746 | 147,258 |
Available-for-sale Securities, Gross Unrealized Losses | -11,706 | -3,231 |
Available-for-sale Securities, Fair Value | 568,995 | 567,551 |
Fair Value, Inputs, Level 1 [Member] | Canada Common Stock Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 10,962 | 15,361 |
Available-for-sale Securities, Gross Unrealized Gains | 5,011 | 4,063 |
Available-for-sale Securities, Gross Unrealized Losses | -841 | -935 |
Available-for-sale Securities, Fair Value | 15,132 | 18,489 |
Fair Value, Inputs, Level 1 [Member] | Other International Common Stock Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 55,632 | 44,017 |
Available-for-sale Securities, Gross Unrealized Gains | 1,605 | 10,079 |
Available-for-sale Securities, Gross Unrealized Losses | -2,395 | -200 |
Available-for-sale Securities, Fair Value | 54,842 | 53,896 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 344,443 | 325,927 |
Available-for-sale Securities, Gross Unrealized Gains | 4,244 | 49,428 |
Available-for-sale Securities, Gross Unrealized Losses | -18,430 | -1,704 |
Available-for-sale Securities, Fair Value | 330,257 | 373,651 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 314,600 | 337,986 |
Available-for-sale Securities, Gross Unrealized Gains | 679 | 5,236 |
Available-for-sale Securities, Gross Unrealized Losses | -4,702 | -33,649 |
Available-for-sale Securities, Fair Value | 310,577 | 309,573 |
Fair Value, Inputs, Level 3 [Member] | Private Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 32,342 | 28,625 |
Available-for-sale Securities, Gross Unrealized Gains | 3,185 | 3,372 |
Available-for-sale Securities, Gross Unrealized Losses | -6,183 | -5,153 |
Available-for-sale Securities, Fair Value | 29,344 | 26,844 |
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,082 | 1,078 |
Available-for-sale Securities, Gross Unrealized Gains | 186 | 200 |
Available-for-sale Securities, Gross Unrealized Losses | -71 | -33 |
Available-for-sale Securities, Fair Value | $1,197 | $1,245 |
Preneed_Cemetery_Activities_Le2
Preneed Cemetery Activities Level 3 Activities (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Other Investments [Member] | Cemetery [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair market value, beginning balance | $1,245 | $450 | $436 | |||
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | -73 | [1] | 1,218 | [1] | 28 | [1] |
Net realized losses included in Other income, net(2) | -7 | [2] | -5 | [2] | -2 | [2] |
Payments to Acquire Other Investments | 196 | 0 | 0 | |||
Contributions | 4 | 0 | 0 | |||
Distributions and other | -168 | -418 | -12 | |||
Fair market value, ending balance | 1,197 | 1,245 | 450 | |||
Private Equity Funds [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair market value, beginning balance | 17,687 | |||||
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | 15,420 | [1] | ||||
Net realized losses included in Other income, net(2) | -48 | [2] | ||||
Contributions | 3,430 | |||||
Distributions and other | -9,645 | |||||
Fair market value, ending balance | 26,844 | |||||
Private Equity Funds [Member] | Cemetery [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair market value, beginning balance | 26,844 | 17,687 | 15,219 | |||
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | 3,313 | [1] | 100 | [1] | ||
Net realized losses included in Other income, net(2) | -43 | [2] | -64 | [2] | ||
Payments to Acquire Other Investments | 0 | 0 | 0 | |||
Contributions | 6,582 | 4,932 | ||||
Distributions and other | -7,352 | -2,500 | ||||
Fair market value, ending balance | $29,344 | $26,844 | $17,687 | |||
[1] | All unrealized gains (losses) recognized in Accumulated other comprehensive income for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||
[2] | All losses recognized in Other income (expense), net for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. |
Preneed_Cemetery_Activities_In1
Preneed Cemetery Activities Investments Classified by Contractual Maturity Date (Details) (Cemetery [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Cemetery [Member] | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Due in one year or less | $13,302 |
Due in one to five years | 36,354 |
Due in five to ten years | 21,784 |
Thereafter | 22,503 |
Total | $93,943 |
Preneed_Cemetery_Activities_Sc1
Preneed Cemetery Activities Schedule of Unrealized Loss on Investments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $732,387 | $268,648 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -37,625 | -15,577 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 32,624 | 122,313 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -7,559 | -39,249 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 765,011 | 390,961 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -45,184 | -54,826 |
US Treasury Securities [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 45,072 | 44,995 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -605 | -6,040 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 24,961 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | -2,836 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 45,072 | 69,956 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -605 | -8,876 |
Foreign Government Debt Securities [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 9,424 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | -120 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,858 | 3,066 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -134 | -141 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,858 | 12,490 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -134 | -261 |
Corporate Debt Securities [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,017 | 15,019 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -61 | -424 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,936 | 3,069 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -55 | -222 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,953 | 18,088 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -116 | -646 |
Residential Mortgage Backed Securities [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 33 | 144 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -1 | -2 |
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, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 33 | 144 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -1 | -2 |
Asset-backed Securities [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,248 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -13 | |
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, Aggregate Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,248 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -13 | |
Preferred Stock securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,588 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -123 | |
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, Aggregate Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,588 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -123 | |
US Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 192,015 | 46,189 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -11,706 | -2,648 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 585 | 3,480 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | -583 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 192,600 | 49,669 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -11,706 | -3,231 |
Canada Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,069 | 1,568 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -319 | -502 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 778 | 1,935 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -522 | -433 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,847 | 3,503 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -841 | -935 |
Other International Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 28,308 | 4,332 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -2,395 | -124 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 700 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | -76 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 28,308 | 5,032 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -2,395 | -200 |
Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 303,211 | 3,847 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -18,329 | -54 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,577 | 14,430 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -101 | -1,650 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 304,788 | 18,277 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -18,430 | -1,704 |
Fixed Income Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 159,572 | 134,294 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -4,106 | -5,527 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 15,113 | 63,800 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -596 | -28,122 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 174,685 | 198,094 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -4,702 | -33,649 |
Private Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 88 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -100 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 7,518 | 6,589 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -6,083 | -5,153 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,606 | 6,589 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -6,183 | -5,153 |
Other Investments [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 259 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -68 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 261 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -71 | |
Other Investments [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 283 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -33 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 283 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ($33) |
Preneed_Cemetery_Activities_De
Preneed Cemetery Activities Deferred Preneed Cemetery Revenues (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Ending balance — Deferred preneed cemetery revenues | $1,062,381 | $1,016,275 | ||||
Cemetery [Member] | ||||||
Beginning balance — Deferred preneed cemetery revenues | 1,016,275 | 861,148 | 833,303 | |||
Net preneed and atneed deferred sales | 531,768 | 396,264 | 380,887 | |||
(Dispositions) acquisitions of businesses, net | -25,071 | 212,624 | 1,089 | |||
Net investment (losses) earnings | -22,378 | [1] | 201,941 | [1] | 130,012 | [1] |
Recognized deferred preneed revenues | -493,739 | -386,632 | -363,072 | |||
Change in cancellation allowance | 3,833 | 18,358 | 3,968 | |||
Change in deferred preneed cemetary receipts held in trust | 55,636 | -298,337 | -133,612 | |||
Effect of foreign currency and other | -3,943 | 10,909 | 8,573 | |||
Ending balance — Deferred preneed cemetery revenues | $1,062,381 | $1,016,275 | $861,148 | |||
[1] | Includes both realized and unrealized investment (losses) earnings. |
Preneed_Cemetery_Activities_Pr1
Preneed Cemetery Activities Preneed Cemetery Activities, Textuals (Details) (Cemetery [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cemetery [Member] | |||
Fair Value, Measurement with unobservable inputs, risk discount, high end of the range | 0.00% | ||
Fair Value, Measurement with unobservable inputs, risk discount, high end of the range | 20.00% | ||
Fair Value, Measurement with unobservable inputs, liquidity discount, low end of the range | 0.00% | ||
Fair Value, Measurement with unobservable inputs, liquidity discount, high end of the range | 10.00% | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $26,900,000 | ||
Underlying assets liquidation range, minimum | 2 years | ||
Underlying assets liquidation range, maximum | 10 years | ||
Available-for-sale securities, estimated maturity date, minimum | 2015 | ||
Available-for-sale securities, estimated maturity date, maximum | 2044 | ||
Investment Earnings, Net | 48,200,000 | 39,000,000 | 27,700,000 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $60,040,000 | $1,575,000 | $824,000 |
Cemetery_Perpetual_Care_Trusts2
Cemetery Perpetual Care Trusts Investment Related Activities (Details) (Cemetery Perpetual Care [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cemetery Perpetual Care [Member] | |||
Investment related activities [Line Items] | |||
Deposits to trust | $42,220 | $26,501 | $24,869 |
Withdrawals | 46,981 | 33,557 | 33,177 |
Purchases of available-for-sale securities | 1,306,314 | 139,439 | 252,021 |
Sales of available-for-sale securities | 1,396,669 | 99,701 | 136,391 |
Realized gains from sales of available-for-sale securities | 134,259 | 17,916 | 11,463 |
Realized losses from sales of available-for-sale securities | ($51,093) | ($2,738) | ($6,595) |
Cemetery_Perpetual_Care_Trusts3
Cemetery Perpetual Care Trusts Long-term Receivable and Investment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term receivable and investment components [Line Items] | ||
Current assets of discontinued operations | $0 | ($4,750) |
Cemetery perpetual care trust investments | 1,341,376 | 1,342,591 |
Cemetery Perpetual Care [Member] | ||
Long-term receivable and investment components [Line Items] | ||
Trust investments, at market | 1,192,966 | 1,352,251 |
Cash and cash equivalents | 149,694 | 78,509 |
Current assets of discontinued operations | -1,284 | -88,169 |
Cemetery perpetual care trust investments | $1,341,376 | $1,342,591 |
Cemetery_Perpetual_Care_Trusts4
Cemetery Perpetual Care Trusts Schedule of Available-for-sale Securities (Details) (Cemetery Perpetual Care [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $1,207,563 | $1,266,428 |
Available-for-sale Securities, Gross Unrealized Gains | 19,424 | 101,437 |
Available-for-sale Securities, Gross Unrealized Losses | -34,021 | -15,614 |
Available-for-sale Securities, Fair Value | 1,192,966 | 1,352,251 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 794 | 1,588 |
Available-for-sale Securities, Gross Unrealized Gains | 40 | 9 |
Available-for-sale Securities, Gross Unrealized Losses | -4 | -14 |
Available-for-sale Securities, Fair Value | 830 | 1,583 |
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 31,993 | 28,487 |
Available-for-sale Securities, Gross Unrealized Gains | 442 | 301 |
Available-for-sale Securities, Gross Unrealized Losses | -233 | -459 |
Available-for-sale Securities, Fair Value | 32,202 | 28,329 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 16,762 | 43,191 |
Available-for-sale Securities, Gross Unrealized Gains | 344 | 312 |
Available-for-sale Securities, Gross Unrealized Losses | -210 | -263 |
Available-for-sale Securities, Fair Value | 16,896 | 43,240 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 910 | 4,256 |
Available-for-sale Securities, Gross Unrealized Gains | 15 | 14 |
Available-for-sale Securities, Gross Unrealized Losses | -6 | -19 |
Available-for-sale Securities, Fair Value | 919 | 4,251 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 661 | 3,006 |
Available-for-sale Securities, Gross Unrealized Gains | 10 | 5 |
Available-for-sale Securities, Gross Unrealized Losses | -4 | -11 |
Available-for-sale Securities, Fair Value | 667 | 3,000 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 4,439 | 25,946 |
Available-for-sale Securities, Gross Unrealized Gains | 60 | 192 |
Available-for-sale Securities, Gross Unrealized Losses | -12 | -252 |
Available-for-sale Securities, Fair Value | 4,487 | 25,886 |
Fair Value, Inputs, Level 1 [Member] | US Common Stock Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 225,129 | 231,093 |
Available-for-sale Securities, Gross Unrealized Gains | 9,340 | 53,782 |
Available-for-sale Securities, Gross Unrealized Losses | -4,881 | -2,087 |
Available-for-sale Securities, Fair Value | 229,588 | 282,788 |
Fair Value, Inputs, Level 1 [Member] | Canada Common Stock Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 7,419 | 8,846 |
Available-for-sale Securities, Gross Unrealized Gains | 2,737 | 2,222 |
Available-for-sale Securities, Gross Unrealized Losses | -596 | -623 |
Available-for-sale Securities, Fair Value | 9,560 | 10,445 |
Fair Value, Inputs, Level 1 [Member] | Other International Common Stock Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 8,102 | 20,671 |
Available-for-sale Securities, Gross Unrealized Gains | 90 | 1,319 |
Available-for-sale Securities, Gross Unrealized Losses | -399 | -167 |
Available-for-sale Securities, Fair Value | 7,793 | 21,823 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 17,310 | 41,270 |
Available-for-sale Securities, Gross Unrealized Gains | 3,264 | 5,693 |
Available-for-sale Securities, Gross Unrealized Losses | -93 | -35 |
Available-for-sale Securities, Fair Value | 20,481 | 46,928 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 846,230 | 819,244 |
Available-for-sale Securities, Gross Unrealized Gains | 1,580 | 35,963 |
Available-for-sale Securities, Gross Unrealized Losses | -14,263 | -2,598 |
Available-for-sale Securities, Fair Value | 833,547 | 852,609 |
Fair Value, Inputs, Level 3 [Member] | Private Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 34,288 | 28,309 |
Available-for-sale Securities, Gross Unrealized Gains | 408 | 472 |
Available-for-sale Securities, Gross Unrealized Losses | -10,788 | -9,002 |
Available-for-sale Securities, Fair Value | 23,908 | 19,779 |
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 13,526 | 10,521 |
Available-for-sale Securities, Gross Unrealized Gains | 1,094 | 1,153 |
Available-for-sale Securities, Gross Unrealized Losses | -2,532 | -84 |
Available-for-sale Securities, Fair Value | $12,088 | $11,590 |
Cemetery_Perpetual_Care_Trusts5
Cemetery Perpetual Care Trusts Level 3 Activities (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Private Equity Funds [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair market value, beginning balance | $17,687 | |||||
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | 15,420 | [1] | ||||
Net realized losses included in Other income, net(2) | -48 | [2] | ||||
Contributions | 3,430 | |||||
Distributions and other | -9,645 | |||||
Fair market value, ending balance | 26,844 | |||||
Cemetery Perpetual Care [Member] | Private Equity Funds [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair market value, beginning balance | 19,779 | 11,122 | 10,849 | |||
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | 1,216 | [3] | 6,897 | [3] | 1,648 | [3] |
Net realized losses included in Other income, net(2) | -70 | [4] | -142 | [4] | -162 | [4] |
Sales | 0 | 0 | -26 | |||
Contributions | 10,461 | 3,706 | 4,171 | |||
Distributions and other | -7,478 | -1,841 | -5,358 | |||
Investments with significant unobservable inputs acquired | 0 | 37 | 0 | |||
Fair market value, ending balance | 23,908 | 19,779 | 11,122 | |||
Cemetery Perpetual Care [Member] | Other Investments [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair market value, beginning balance | 11,590 | 7,659 | 6,890 | |||
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | 2,145 | [3] | 4,081 | [3] | 1,035 | [3] |
Net realized losses included in Other income, net(2) | -44 | [4] | -76 | [4] | -43 | [4] |
Sales | -17 | 0 | 0 | |||
Contributions | 0 | 0 | 0 | |||
Distributions and other | -1,586 | -508 | -223 | |||
Investments with significant unobservable inputs acquired | 0 | 434 | 0 | |||
Fair market value, ending balance | $12,088 | $11,590 | $7,659 | |||
[1] | All unrealized gains (losses) recognized in Accumulated other comprehensive income for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Accumulated other comprehensive income to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||
[2] | All losses recognized in Other income (expense), net for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other income (expense), net to Deferred preneed funeral and cemetery receipts held in trust. See Note 7 for further information related to our Deferred preneed funeral and cemetery receipts held in trust. | |||||
[3] | All unrealized gains recognized in Accumulated other comprehensive income for our cemetery perpetual care trust investments are offset by a corresponding reclassification in Accumulated other comprehensive income to Care trusts’ corpus. See Note 7 for further information related to our Care trusts’ corpus. | |||||
[4] | All losses recognized in Other income (expense), net for our cemetery perpetual care trust investments are offset by a corresponding reclassification in Other income (expense), net to Care trusts’ corpus. See Note 7 for further information related to our Care trusts’ corpus. |
Cemetery_Perpetual_Care_Trusts6
Cemetery Perpetual Care Trusts Investments Classifed by Contractual Maturity Date (Details) (Cemetery Perpetual Care [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Cemetery Perpetual Care [Member] | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Due in one year or less | $18,602 |
Due in one to five years | 23,463 |
Due in five to ten years | 8,593 |
Thereafter | 856 |
Total | $51,514 |
Cemetery_Perpetual_Care_Trusts7
Cemetery Perpetual Care Trusts Schedule of Unrealized Loss on Investments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $708,011 | $268,166 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -20,990 | -4,478 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 35,581 | 71,728 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -13,031 | -11,136 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 743,592 | 339,894 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -34,021 | -15,614 |
US Treasury Securities [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 497 | 1,339 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -4 | -14 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 20 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 497 | 1,359 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -4 | -14 |
Foreign Government Debt Securities [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 15,777 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | -214 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 7,825 | 5,131 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -233 | -245 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,825 | 20,908 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -233 | -459 |
Corporate Debt Securities [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,656 | 22,530 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -108 | -129 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,198 | 3,299 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -102 | -134 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,854 | 25,829 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -210 | -263 |
Residential Mortgage Backed Securities [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 256 | 2,959 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -5 | -18 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 69 | 10 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -1 | -1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 325 | 2,969 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -6 | -19 |
Asset-backed Securities [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 373 | 2,835 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -4 | -10 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 15 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | -1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 373 | 2,850 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -4 | -11 |
Preferred Stock securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,588 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -123 | |
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, Aggregate Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,588 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -123 | |
Preferred Stock securities [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,224 | 14,647 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -11 | -245 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 49 | 44 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -1 | -7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,273 | 14,691 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -12 | -252 |
US Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 192,015 | 46,189 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -11,706 | -2,648 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 585 | 3,480 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | -583 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 192,600 | 49,669 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -11,706 | -3,231 |
US Common Stock Securities [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 100,370 | 23,820 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -4,803 | -1,561 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 419 | 3,253 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -78 | -526 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 100,789 | 27,073 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -4,881 | -2,087 |
Canada Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,069 | 1,568 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -319 | -502 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 778 | 1,935 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -522 | -433 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,847 | 3,503 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -841 | -935 |
Canada Common Stock Securities [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,418 | 667 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -244 | -129 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 757 | 1,794 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -352 | -494 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,175 | 2,461 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -596 | -623 |
Other International Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 28,308 | 4,332 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -2,395 | -124 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 700 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | -76 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 28,308 | 5,032 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -2,395 | -200 |
Other International Common Stock Securities [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,444 | 1,540 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -399 | -54 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 524 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | -113 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,444 | 2,064 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -399 | -167 |
Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 303,211 | 3,847 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -18,329 | -54 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,577 | 14,430 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -101 | -1,650 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 304,788 | 18,277 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -18,430 | -1,704 |
Equity Funds [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,601 | 390 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -85 | -14 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 153 | 163 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -8 | -21 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,754 | 553 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -93 | -35 |
Fixed Income Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 159,572 | 134,294 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -4,106 | -5,527 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 15,113 | 63,800 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -596 | -28,122 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 174,685 | 198,094 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -4,702 | -33,649 |
Fixed Income Funds [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 576,890 | 181,662 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -14,177 | -2,090 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,581 | 28,494 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -86 | -508 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 579,471 | 210,156 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -14,263 | -2,598 |
Private Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 88 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -100 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 7,518 | 6,589 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -6,083 | -5,153 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,606 | 6,589 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -6,183 | -5,153 |
Private Equity Funds [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,213 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -798 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 14,254 | 19,242 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -9,990 | -9,002 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 23,467 | 19,242 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -10,788 | -9,002 |
Other Investments [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 259 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -68 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 261 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -71 | |
Other Investments [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,069 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -352 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 6,276 | 9,739 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -2,180 | -84 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,345 | 9,739 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ($2,532) | ($84) |
Cemetery_Perpetual_Care_Trusts8
Cemetery Perpetual Care Trusts Cemetry Perpetual Care Trusts, Textuals (Details) (Cemetery Perpetual Care [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cemetery Perpetual Care [Member] | |||
Fair Value, Measurement with unobservable inputs, risk discount, low end of the range | 0.00% | ||
Fair Value, Measurement with unobservable inputs, risk discount, high end of the range | 20.00% | ||
Fair Value, Measurement with unobservable inputs, liquidity discount, low end of the range | 0.00% | ||
Fair Value, Measurement with unobservable inputs, liquidity discount, high end of the range | 10.00% | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $8,900,000 | ||
Underlying assets liquidation range, minimum | 2 years | ||
Underlying assets liquidation range, maximum | 10 years | ||
Available-for-sale securities, estimated maturity date, minimum | 2015 | ||
Available-for-sale securities, estimated maturity date, maximum | 2044 | ||
Investment Earnings, Net | 72,400,000 | 44,100,000 | 44,700,000 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $8,072,000 | $192,000 | $760,000 |
Deferred_Preneed_Funeral_and_C2
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus Level 4 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Other Income, Nonoperating [Line Items] | |||
Deferred preneed funeral and cemetery receipts held in trust, excluding accrued expenses | $3,155,528 | $3,251,268 | |
Accrued trust operating payables and other | -6,644 | -2,805 | |
Deferred preneed funeral and cemetery receipts held in trust | 3,148,884 | 3,248,463 | |
Care trusts’ corpus | 1,327,658 | 1,340,930 | |
Total other income, net | 1,780 | -558 | 3,687 |
Operating Segments [Member] | |||
Components of Other Income, Nonoperating [Line Items] | |||
Realized gains from sales of available-for-sale securities | 574,333 | 184,264 | 159,961 |
Realized losses from sales of available-for-sale securities | -303,314 | -27,063 | -57,446 |
Impairment charges | -109,958 | -2,596 | -2,365 |
Interest, dividend, and other ordinary income | 75,729 | 72,891 | 68,293 |
Trust expenses and income taxes | -58,004 | -28,632 | -25,429 |
Net trust investment income | 178,786 | 198,864 | 143,014 |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | -178,786 | -198,864 | -143,014 |
Other income, net | 1,780 | -558 | 3,687 |
Total other income, net | 1,780 | -558 | 3,687 |
Funeral [Member] | |||
Components of Other Income, Nonoperating [Line Items] | |||
Deferred preneed funeral and cemetery receipts held in trust, excluding accrued expenses | 1,628,875 | 1,665,977 | |
Accrued trust operating payables and other | -2,487 | -1,108 | |
Deferred preneed funeral and cemetery receipts held in trust | 1,626,388 | 1,664,869 | |
Realized gains from sales of available-for-sale securities | 168,567 | 65,011 | 60,833 |
Realized losses from sales of available-for-sale securities | -113,748 | -9,732 | -21,454 |
Impairment charges | -41,846 | -829 | -781 |
Interest, dividend, and other ordinary income | 22,668 | 24,912 | 17,017 |
Trust expenses and income taxes | -19,590 | -11,371 | -10,685 |
Net trust investment income | 16,051 | 67,991 | 44,930 |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | -16,051 | -67,991 | -44,930 |
Other income, net | 0 | 0 | 0 |
Total other income, net | 0 | 0 | 0 |
Cemetery [Member] | |||
Components of Other Income, Nonoperating [Line Items] | |||
Deferred preneed funeral and cemetery receipts held in trust, excluding accrued expenses | 1,526,653 | 1,585,291 | |
Accrued trust operating payables and other | -4,157 | -1,697 | |
Deferred preneed funeral and cemetery receipts held in trust | 1,522,496 | 1,583,594 | |
Realized gains from sales of available-for-sale securities | 271,507 | 101,337 | 87,665 |
Realized losses from sales of available-for-sale securities | -138,473 | -14,593 | -29,397 |
Impairment charges | -60,040 | -1,575 | -824 |
Interest, dividend, and other ordinary income | 17,597 | 20,527 | 17,244 |
Trust expenses and income taxes | -20,833 | -14,633 | -13,389 |
Net trust investment income | 69,758 | 91,063 | 61,299 |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | -69,758 | -91,063 | -61,299 |
Other income, net | 0 | 0 | 0 |
Total other income, net | 0 | 0 | 0 |
Cemetery Perpetual Care [Member] | |||
Components of Other Income, Nonoperating [Line Items] | |||
Accrued trust operating payables and other | -13,718 | -1,661 | |
Care trusts' corpus, excluding accrued expenses | 1,341,376 | 1,342,591 | |
Care trusts’ corpus | 1,327,658 | 1,340,930 | |
Realized gains from sales of available-for-sale securities | 134,259 | 17,916 | 11,463 |
Realized losses from sales of available-for-sale securities | -51,093 | -2,738 | -6,595 |
Impairment charges | -8,072 | -192 | -760 |
Interest, dividend, and other ordinary income | 35,464 | 27,452 | 34,032 |
Trust expenses and income taxes | -17,581 | -2,628 | -1,355 |
Net trust investment income | 92,977 | 39,810 | 36,785 |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | -92,977 | -39,810 | -36,785 |
Other income, net | 0 | 0 | 0 |
Total other income, net | 0 | 0 | 0 |
Corporate Elimination [Member] | |||
Components of Other Income, Nonoperating [Line Items] | |||
Realized gains from sales of available-for-sale securities | 0 | 0 | 0 |
Realized losses from sales of available-for-sale securities | 0 | 0 | 0 |
Impairment charges | 0 | 0 | 0 |
Interest, dividend, and other ordinary income | 0 | 0 | 0 |
Trust expenses and income taxes | 0 | 0 | 0 |
Net trust investment income | 0 | 0 | 0 |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | 0 | 0 | 0 |
Other income, net | 1,780 | -558 | 3,687 |
Total other income, net | $1,780 | ($558) | $3,687 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill and Intangible Assets Level 4 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $1,825,721 | $1,291,394 | |
Goodwill, net, beginning balance | 1,825,721 | ||
Increase in goodwill related to acquisitions | 3,530 | 576,861 | |
Reduction of goodwill related to divestitures | -8,919 | -33,871 | |
Effect of foreign currency and other | -9,479 | -8,663 | |
Goodwill, Period Increase (Decrease) | -14,868 | 534,327 | |
Goodwill, ending balance | 1,825,721 | 1,291,394 | |
Goodwill, net, ending balance | 1,810,853 | 1,825,721 | |
Finite-Lived Intangible Assets, Gross | 382,948 | 398,962 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 220,682 | 227,119 | |
Finite-Lived Intangible Assets, Net | 162,266 | 171,843 | |
Indefinite-Lived Trade Names | 220,875 | 215,135 | |
Other Indefinite-lived Intangible Assets | 10,640 | 11,640 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 231,515 | 226,775 | |
Intangible Assets, Net (Excluding Goodwill) | 393,781 | 398,618 | |
Amortization of intangible assets | 36,640 | 21,859 | 23,853 |
Future Amortization Expense, Year One | 9,946 | ||
Future Amortization Expense, Year Two | 9,206 | ||
Future Amortization Expense, Year Three | 7,484 | ||
Future Amortization Expense, Year Four | 6,627 | ||
Future Amortization Expense, Year Five | 4,144 | ||
Noncompete Agreements [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 209,920 | 217,758 | |
Customer Relationships [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 148,351 | 151,427 | |
Trade Names [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 12,750 | 12,750 | |
Other Intangible Assets [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 11,927 | 17,027 | |
Funeral [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 1,526,011 | 1,248,316 | |
Goodwill, net, beginning balance | 1,526,011 | ||
Increase in goodwill related to acquisitions | 292 | 318,202 | |
Reduction of goodwill related to divestitures | -5,959 | -31,844 | |
Effect of foreign currency and other | -9,465 | -8,663 | |
Goodwill, Period Increase (Decrease) | -15,132 | 277,695 | |
Goodwill, ending balance | 1,526,011 | 1,248,316 | |
Goodwill, net, ending balance | 1,510,879 | 1,526,011 | |
Amortization of intangible assets | 24,841 | 17,245 | 18,803 |
Cemetery [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 299,710 | 43,078 | |
Goodwill, net, beginning balance | 299,710 | ||
Increase in goodwill related to acquisitions | 3,238 | 258,659 | |
Reduction of goodwill related to divestitures | -2,960 | -2,027 | |
Effect of foreign currency and other | -14 | 0 | |
Goodwill, Period Increase (Decrease) | 264 | 256,632 | |
Goodwill, ending balance | 299,710 | 43,078 | |
Goodwill, net, ending balance | 299,974 | 299,710 | |
Amortization of intangible assets | $11,700 | $4,590 | $5,021 |
Minimum [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 2 years | ||
Minimum [Member] | Noncompete Agreements [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 2 years | ||
Minimum [Member] | Customer Relationships [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 10 years | ||
Minimum [Member] | Trade Names [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | ||
Minimum [Member] | Other Intangible Assets [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | ||
Maximum [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 40 years | ||
Maximum [Member] | Noncompete Agreements [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 20 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 20 years | ||
Maximum [Member] | Trade Names [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | ||
Maximum [Member] | Other Intangible Assets [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 40 years |
Income_Taxes_Level_4_Details
Income Taxes Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Proceeds and Excess Tax Benefit from Share-based Compensation | $2,700,000 | $36,300,000 | ||||||||||||||||||
Impact of of certain tax items | 2,700,000 | 2,700,000 | ||||||||||||||||||
United States | 360,800,000 | 199,374,000 | 210,830,000 | |||||||||||||||||
Foreign | 41,800,000 | 45,832,000 | 34,453,000 | |||||||||||||||||
Income from continuing operations before income taxes | 177,591,000 | [1] | 91,735,000 | [1] | 69,316,000 | [1] | 63,958,000 | [1] | 49,801,000 | [1] | 45,633,000 | [1] | 56,092,000 | [1] | 93,680,000 | [1] | 402,600,000 | 245,206,000 | 245,283,000 | |
United States | 67,511,000 | 2,207,000 | 3,752,000 | |||||||||||||||||
Foreign | 10,859,000 | 12,445,000 | 8,638,000 | |||||||||||||||||
State | 17,939,000 | 6,664,000 | 6,036,000 | |||||||||||||||||
Total current income taxes | 96,309,000 | 21,316,000 | 18,426,000 | |||||||||||||||||
United States | 108,514,000 | 64,355,000 | 60,699,000 | |||||||||||||||||
Foreign | -653,000 | 58,000 | 118,000 | |||||||||||||||||
State | 21,810,000 | 7,295,000 | 10,868,000 | |||||||||||||||||
Total deferred income taxes | 129,671,000 | 71,708,000 | 71,685,000 | |||||||||||||||||
Total income taxes | -90,982,000 | -74,934,000 | -37,357,000 | -22,707,000 | -17,729,000 | [2] | -18,407,000 | [2] | -21,598,000 | [2] | -35,290,000 | [2] | 225,980,000 | 93,024,000 | 90,111,000 | |||||
Income Taxes Paid | 106,300,000 | 26,000,000 | 23,100,000 | |||||||||||||||||
Proceeds from Income Tax Refunds | 600,000 | 500,000 | 1,500,000 | |||||||||||||||||
Computed tax provision at the applicable federal statutory income tax rate | 140,910,000 | 86,002,000 | 85,988,000 | |||||||||||||||||
State and local taxes, net of federal income tax benefits | 25,736,000 | 8,221,000 | 11,007,000 | |||||||||||||||||
Dividends received deduction and tax exempt interest | -1,612,000 | -592,000 | -525,000 | |||||||||||||||||
Foreign jurisdiction differences | -4,424,000 | -3,685,000 | -3,409,000 | |||||||||||||||||
Permanent differences associated with dispositions | 61,892,000 | 268,000 | 602,000 | |||||||||||||||||
Changes in uncertain tax positions | 4,624,000 | 3,710,000 | -479,000 | |||||||||||||||||
Other | -1,146,000 | -900,000 | -3,073,000 | |||||||||||||||||
Effective Income Tax Rate, Continuing Operations | 56.10% | 37.90% | 36.70% | |||||||||||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 18.20% | |||||||||||||||||||
Increase (Decrease) in Income Taxes | 3,100,000 | |||||||||||||||||||
Inventories and cemetery property, principally due to purchase accounting adjustments | -338,446,000 | -368,650,000 | -338,446,000 | -368,650,000 | ||||||||||||||||
Property and equipment, principally due to differences in depreciation methods and purchase accounting adjustments | -183,332,000 | -159,734,000 | -183,332,000 | -159,734,000 | ||||||||||||||||
Intangibles | -309,271,000 | -323,311,000 | -309,271,000 | -323,311,000 | ||||||||||||||||
Deferred Tax Liabilities, Payables | -6,870,000 | -35,103,000 | -6,870,000 | -35,103,000 | ||||||||||||||||
Deferred tax liabilities | -837,919,000 | -886,798,000 | -837,919,000 | -886,798,000 | ||||||||||||||||
Deferred Tax Assets, Loss and Tax Credit Carryforwards | 181,092,000 | 252,272,000 | 181,092,000 | 252,272,000 | ||||||||||||||||
Deferred revenue on preneed funeral and cemetery contracts, principally due to earnings from trust funds | 262,202,000 | 305,504,000 | 262,202,000 | 305,504,000 | ||||||||||||||||
Accrued liabilities | 99,908,000 | 109,103,000 | 99,908,000 | 109,103,000 | ||||||||||||||||
Deferred tax assets | 543,202,000 | 666,879,000 | 543,202,000 | 666,879,000 | ||||||||||||||||
Less: Valuation allowance | -134,201,000 | -114,719,000 | -134,201,000 | -114,719,000 | ||||||||||||||||
Net deferred income tax liability | 14,700,000 | |||||||||||||||||||
Deferred tax assets | 1,128,000 | 30,282,000 | 1,128,000 | 30,282,000 | ||||||||||||||||
Non-current deferred tax assets | 18,778,000 | 22,249,000 | 18,778,000 | 22,249,000 | ||||||||||||||||
Non-current deferred tax liabilities | -448,824,000 | -387,169,000 | -448,824,000 | -387,169,000 | ||||||||||||||||
Undistributed Earnings from Foreign Subsidiaries | 259,400,000 | 241,500,000 | ||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||||||||||||||
Beginning Balance | 177,830,000 | 184,899,000 | 177,830,000 | 184,899,000 | 197,223,000 | |||||||||||||||
Additions to tax positions related to the current year | 8,721,000 | 3,019,000 | ||||||||||||||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 10,085,000 | |||||||||||||||||||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 1,556,000 | |||||||||||||||||||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | -1,075,000 | -2,100,000 | ||||||||||||||||||
Additions to tax positions related to prior years | -7,800,000 | |||||||||||||||||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | -2,325,000 | -8,800,000 | -10,224,000 | |||||||||||||||||
Ending Balance | 191,680,000 | 177,830,000 | 191,680,000 | 177,830,000 | 184,899,000 | |||||||||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 77,300,000 | 37,100,000 | 77,300,000 | 37,100,000 | 34,900,000 | |||||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 47,600,000 | 44,500,000 | 47,600,000 | 44,500,000 | 41,600,000 | |||||||||||||||
Unrecognized Tax Benefits, Increases, Net | 13,800,000 | |||||||||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 3,100,000 | 3,000,000 | 200,000 | |||||||||||||||||
Operating Loss Carryforwards | 3,326,541,000 | 3,326,541,000 | ||||||||||||||||||
Loss Carry Forwards, Expirations in Year One | 80,429,000 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Two | 158,616,000 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Three | 243,893,000 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Four | 105,303,000 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Five Years and Thereafter | 2,738,300,000 | |||||||||||||||||||
Loss Carry Forwards, Unexpiring | 59,100,000 | |||||||||||||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 2,100,000 | |||||||||||||||||||
Net deferred income tax liability | -428,918,000 | -334,638,000 | -428,918,000 | -334,638,000 | ||||||||||||||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | -2,844,000 | |||||||||||||||||||
Internal Revenue Service (IRS) [Member] | ||||||||||||||||||||
Deferred Tax Assets, Loss and Tax Credit Carryforwards | 3,587,000 | 3,587,000 | ||||||||||||||||||
Less: Valuation allowance | 0 | 0 | ||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||||||||||||||
Operating Loss Carryforwards | 9,736,000 | 9,736,000 | ||||||||||||||||||
Loss Carry Forwards, Expirations in Year One | 0 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Two | 0 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Three | 0 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Four | 0 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Five Years and Thereafter | 9,736,000 | |||||||||||||||||||
State and Local Jurisdiction [Member] | ||||||||||||||||||||
Deferred Tax Assets, Loss and Tax Credit Carryforwards | 155,956,000 | [3] | 155,956,000 | [3] | ||||||||||||||||
Less: Valuation allowance | -116,923,000 | [3] | -116,923,000 | [3] | ||||||||||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||||||||||||||
Additions to tax positions related to the current year | 7,700,000 | |||||||||||||||||||
Operating Loss Carryforwards | 3,316,335,000 | 3,316,335,000 | ||||||||||||||||||
Loss Carry Forwards, Expirations in Year One | 80,429,000 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Two | 158,616,000 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Three | 243,893,000 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Four | 105,303,000 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Five Years and Thereafter | 2,728,094,000 | |||||||||||||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 21,500,000 | |||||||||||||||||||
Foreign Tax Authority [Member] | ||||||||||||||||||||
Deferred Tax Assets, Loss and Tax Credit Carryforwards | 21,549,000 | 21,549,000 | ||||||||||||||||||
Less: Valuation allowance | -17,278,000 | -17,278,000 | ||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||||||||||||||
Operating Loss Carryforwards | 470,000 | 470,000 | ||||||||||||||||||
Loss Carry Forwards, Expirations in Year One | 0 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Two | 0 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Three | 0 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Year Four | 0 | |||||||||||||||||||
Loss Carry Forwards, Expirations in Five Years and Thereafter | 470,000 | |||||||||||||||||||
Stewart [Domain] | ||||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||||||||||||||
Statute expirations | $1,556,000 | |||||||||||||||||||
[1] | Includes (Losses) gains on divestitures and impairment charges, net, as described in Note 20. | |||||||||||||||||||
[2] | See Note 2 for details related to the revision which was recorded for the quarter ended December 31, 2013. The revision reduced the provision for income taxes and increased net income attributable to common stockholders by $3.5 million and increased basic and diluted EPS by $0.02. | |||||||||||||||||||
[3] | Presented net of Federal benefit |
Debt_Level_4_Details
Debt Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Increase (Decrease), Net | $110,000,000 | $95,000,000 | ||
Repayments of Long-term Capital Lease Obligations | 29,380,000 | 26,280,000 | 25,760,000 | |
Repayments of Debt | 993,400,000 | 31,800,000 | 206,600,000 | |
Repayments of Long-term Debt | 230,561,000 | 90,466,000 | 607,000 | |
Repayments of Other Debt | 500,000 | 600,000 | ||
(Losses) gains on early extinguishment of debt, net | -29,158,000 | 468,000 | -22,706,000 | |
Write off of Deferred Debt Issuance Cost | 1,300,000 | |||
Notes Payable to Bank, Noncurrent | 370,000,000 | 600,000,000 | ||
Bank credit facility due March 2016 | 86,600,000 | |||
Total debt | 3,054,725,000 | 3,301,910,000 | ||
Current maturities of long-term debt | 91,584,000 | 153,738,000 | ||
Debt instrument, unamortized discount (premium), net, current portion | 653,000 | -22,624,000 | ||
Less current maturities | 90,931,000 | 176,362,000 | ||
Total long-term debt | 2,963,794,000 | 3,125,548,000 | ||
Debt, Weighted Average Interest Rate | 5.21% | 5.25% | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 75.00% | 76.00% | ||
2012 | 90,931,000 | |||
2013 | 223,449,000 | |||
2014 | 315,414,000 | |||
2015 | 858,277,000 | |||
2016 | 9,003,000 | |||
2017 and thereafter | 1,557,651,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | |||
Letters of Credit, Maximum Borrowing Capacity | 31,600,000 | 175,000,000 | ||
Interest Paid | 175,327,000 | 125,022,000 | 131,723,000 | |
Payments in 2012 | 154,408,000 | |||
Payments in 2013 | 144,134,000 | |||
Payments in 2014 | 128,986,000 | |||
Payments in 2015 | 114,305,000 | |||
Payments in 2016 | 96,830,000 | |||
Payments in 2017 and thereafter | 324,075,000 | |||
Debt Instrument, Unamortized Premium | 21,400,000 | |||
July 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | 107,900,000 | |||
Repayments of Debt | 86,400,000 | |||
Repayments of Long-term Debt | 21,700,000 | |||
October 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 180,700,000 | |||
April 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 136,500,000 | |||
July 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | 59,100,000 | |||
Repayments of Debt | 45,000,000 | |||
Repayments of Long-term Debt | 14,200,000 | |||
Convertible Debt | 46,279,000 | |||
April 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 200,000,000 | |||
Repayments of Long-term Debt | 9,100,000 | |||
May 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 250,000,000 | |||
July 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 230,000,000 | |||
Discount (premium) [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | 167,000,000 | |||
Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized pricing discounts and other | -2,905,000 | 42,084,000 | ||
Unsecured Debt [Member] | February 2013 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 4,800,000 | |||
Unsecured Debt [Member] | July 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible Debt | 0 | 86,416,000 | ||
Unsecured Debt [Member] | April 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 0 | 136,465,000 | ||
Unsecured Debt [Member] | April 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 197,377,000 | 197,377,000 | ||
Unsecured Debt [Member] | July 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible Debt | 134,000 | 45,119,000 | ||
Unsecured Debt [Member] | June 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 295,000,000 | 295,000,000 | ||
Unsecured Debt [Member] | October 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 250,000,000 | 250,000,000 | ||
Unsecured Debt [Member] | April 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 0 | 200,000,000 | ||
Unsecured Debt [Member] | May 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 0 | 250,000,000 | ||
Unsecured Debt [Member] | November 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 200,000,000 | 200,000,000 | 200,000,000 | |
Unsecured Debt [Member] | November 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 150,000,000 | 150,000,000 | ||
Unsecured Debt [Member] | January 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 425,000,000 | 425,000,000 | ||
Unsecured Debt [Member] | April 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 200,000,000 | 200,000,000 | ||
Unsecured Debt [Member] | May 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 550,000,000 | 0 | ||
Unsecured Debt [Member] | July 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank credit facility due March 2016 | 235,000,000 | 30,000,000 | ||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Obligations under capital leases | 181,002,000 | 189,697,000 | ||
Mortgages [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes and other debt, maturities through 2047 | $4,117,000 | $4,752,000 |
Debt_Debt_Textuals_Details
Debt Debt, Textuals (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jul. 02, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 5.21% | 5.25% | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 75.00% | 76.00% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $500,000,000 | |||
Notes Payable to Bank, Noncurrent | 370,000,000 | 600,000,000 | ||
Proceeds from Issuance of Long-term Debt | 425,000,000 | |||
Proceeds from Divestiture of Businesses | 6,900,000 | |||
Letters of Credit, Maximum Borrowing Capacity | 31,600,000 | 175,000,000 | ||
Line of Credit Facility, Amount Outstanding | 86,600,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||
Line of Credit Facility, Remaining Borrowing Capacity | 233,400,000 | |||
Principal payments on capital leases | -29,380,000 | -26,280,000 | -25,760,000 | |
Repayments of Other Debt | 500,000 | 600,000 | ||
Repayments of Debt | 993,400,000 | 31,800,000 | 206,600,000 | |
(Losses) gains on early extinguishment of debt, net | -29,158,000 | 468,000 | -22,706,000 | |
Write off of Deferred Debt Issuance Cost | 1,300,000 | |||
Debt Instrument, Unamortized Premium | 21,400,000 | |||
Capital Lease Obligations Incurred | 35,700,000 | 40,100,000 | 78,900,000 | |
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | 7,400,000 | 7,600,000 | ||
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position | 1,700,000 | 2,100,000 | ||
Long-term Debt, Fair Value | 3,007,898,000 | 3,277,442,000 | ||
April 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 200,000,000 | |||
July 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | 107,900,000 | |||
Repayments of Debt | 86,400,000 | |||
July 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | 59,100,000 | |||
Repayments of Debt | 45,000,000 | |||
Convertible Debt | 46,279,000 | |||
July 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 230,000,000 | |||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal payments on capital leases | 26,400,000 | |||
October 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 180,700,000 | |||
April 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 136,500,000 | |||
Unsecured Debt [Member] | April 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 0 | 200,000,000 | ||
Long-term Debt, Fair Value | 10,000,000 | |||
Unsecured Debt [Member] | July 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible Debt | 0 | 86,416,000 | ||
Long-term Debt, Fair Value | 21,700,000 | |||
Unsecured Debt [Member] | July 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible Debt | 134,000 | 45,119,000 | ||
Long-term Debt, Fair Value | 14,200,000 | |||
Unsecured Debt [Member] | July 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | 235,000,000 | 30,000,000 | ||
Unsecured Debt [Member] | February 2013 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 4,800,000 | |||
Unsecured Debt [Member] | April 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 0 | 136,465,000 | ||
Unsecured Debt [Member] | April 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 197,377,000 | 197,377,000 | ||
Unsecured Debt [Member] | June 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 295,000,000 | 295,000,000 | ||
Unsecured Debt [Member] | October 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 250,000,000 | 250,000,000 | ||
Unsecured Debt [Member] | May 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 200,000,000 | 200,000,000 | 200,000,000 | |
Unsecured Debt [Member] | November 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 150,000,000 | 150,000,000 | ||
Unsecured Debt [Member] | April 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 200,000,000 | 200,000,000 | ||
Discount (premium) [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | $167,000,000 |
Credit_Risk_and_Fair_Value_of_2
Credit Risk and Fair Value of Financial Instruments Level 4 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility due March 2016 | $86,600 | |
Mortgage notes and other debt, maturities through 2047 | 4,117 | 4,752 |
Long-term Debt, Fair Value | 3,007,898 | 3,277,442 |
May 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 558,250 | 0 |
July 2014 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 106,939 |
April 2015 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 144,653 |
April 2016 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 208,075 | 214,904 |
July 2016 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 160 | 60,487 |
June 2017 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 320,043 | 333,259 |
October 2018 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 277,538 | 288,875 |
April 2019 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 210,000 |
May 2019 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 0 | 270,000 |
November 2020 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 201,700 | 192,610 |
November 2021 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 174,375 | 173,625 |
January 2022 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 437,750 | 431,588 |
April 2027 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 220,890 | 215,750 |
July 2018 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility due March 2016 | 235,000 | 30,000 |
Mortgage notes and other debt, maturities through 2047 | $370,000 | $600,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies Level 4 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loss Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $37,200,000 | $28,400,000 | $26,800,000 |
Operating Leases, Future Minimum Payments Due, Current | 14,049,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 12,219,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 10,202,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 8,726,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 7,308,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 62,468,000 | ||
Operating Leases, Future Minimum Payments Due | 114,972,000 | ||
Capital Leases, Future Minimum Payments Due, Current | 31,377,000 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 26,366,000 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 20,654,000 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 63,380,000 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 9,125,000 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 30,100,000 | ||
Capital Leases, Future Minimum Payments Due | 181,002,000 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | -18,508,000 | ||
Capital Leases, Future Minimum Payments, Net Minimum Payments | 162,494,000 | ||
Agreements, Future Payments, Due in One Year | 7,199,000 | ||
Agreements, Future Payments, Due in Two Years | 5,028,000 | ||
Agreements, Future Payments, Due in Three Years | 4,492,000 | ||
Agreements, Future Payments, Due in Four Years | 3,822,000 | ||
Agreements, Future Payments, Due in Five Years | 3,431,000 | ||
Agreements, Future Payments, Due in Six Years and Thereafter | 5,053,000 | ||
Agreements, Future Payments Due | 29,025,000 | ||
Self Insurance Reserve | 74,000,000 | 78,000,000 | |
Employment Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Agreements, Future Payments, Due in One Year | 2,236,000 | ||
Agreements, Future Payments, Due in Two Years | 938,000 | ||
Agreements, Future Payments, Due in Three Years | 767,000 | ||
Agreements, Future Payments, Due in Four Years | 333,000 | ||
Agreements, Future Payments, Due in Five Years | 126,000 | ||
Agreements, Future Payments, Due in Six Years and Thereafter | 16,000 | ||
Agreements, Future Payments Due | 4,416,000 | ||
Consulting Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Agreements, Future Payments, Due in One Year | 587,000 | ||
Agreements, Future Payments, Due in Two Years | 218,000 | ||
Agreements, Future Payments, Due in Three Years | 103,000 | ||
Agreements, Future Payments, Due in Four Years | 75,000 | ||
Agreements, Future Payments, Due in Five Years | 69,000 | ||
Agreements, Future Payments, Due in Six Years and Thereafter | 38,000 | ||
Agreements, Future Payments Due | 1,090,000 | ||
Noncompete Agreements [Member] | |||
Loss Contingencies [Line Items] | |||
Agreements, Future Payments, Due in One Year | 4,376,000 | ||
Agreements, Future Payments, Due in Two Years | 3,872,000 | ||
Agreements, Future Payments, Due in Three Years | 3,622,000 | ||
Agreements, Future Payments, Due in Four Years | 3,414,000 | ||
Agreements, Future Payments, Due in Five Years | 3,236,000 | ||
Agreements, Future Payments, Due in Six Years and Thereafter | 4,999,000 | ||
Agreements, Future Payments Due | $23,519,000 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Management, consulting and non-compete agreement term | 5 years | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Management, consulting and non-compete agreement term | 10 years |
Equity_Level_4_Details
Equity Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Treasury Stock, Shares, Acquired | 1,974,053 | 11,424,446 | 15,294,567 | |
Common stock, par or stated value per share | $1 | $1 | ||
Preferred Stock, Par or Stated Value Per Share | $1 | |||
Accumulated other comprehensive income [Roll Forward] | ||||
Balance at beginning of period | $59,414,000 | $88,441,000 | ||
Other comprehensive income attributable to parent | -32,096,000 | -23,292,000 | 5,892,000 | |
Reclassification of foreign currency translation adjustments to discontinued operations | 3,114,000 | 0 | 0 | |
Balance at end of period | 59,414,000 | 88,441,000 | ||
Treasury Stock, Value, Acquired, Par Value Method | 45,100,000 | 241,700,000 | 184,900,000 | |
Treasury Stock Acquired, Average Cost Per Share | $22.84 | $21.15 | $12.09 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated other comprehensive income [Roll Forward] | ||||
Balance at beginning of period | 88,441,000 | 111,717,000 | 105,852,000 | |
Other comprehensive income attributable to parent | -32,141,000 | -23,276,000 | 5,865,000 | |
Reclassification of foreign currency translation adjustments to discontinued operations | 3,114,000 | |||
Decrease in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | -166,570,000 | -113,553,000 | 95,686,000 | |
Reclassification of net unrealized loss activity | 166,570,000 | 113,553,000 | -95,686,000 | |
Balance at end of period | 59,414,000 | 88,441,000 | 111,717,000 | |
Foreign Currency Gain (Loss) [Member] | ||||
Accumulated other comprehensive income [Roll Forward] | ||||
Balance at beginning of period | 88,441,000 | 111,717,000 | 105,852,000 | |
Other comprehensive income attributable to parent | -32,141,000 | -23,276,000 | 5,865,000 | |
Decrease in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | 0 | 0 | 0 | |
Reclassification of net unrealized loss activity | 0 | 0 | 0 | |
Balance at end of period | 59,414,000 | 88,441,000 | 111,717,000 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated other comprehensive income [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | |
Other comprehensive income attributable to parent | 0 | 0 | ||
Reclassification of foreign currency translation adjustments to discontinued operations | 0 | |||
Decrease in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | -166,570,000 | -113,553,000 | 95,686,000 | |
Reclassification of net unrealized loss activity | 166,570,000 | 113,553,000 | -95,686,000 | |
Balance at end of period | $0 | $0 | $0 |
Equity_Textuals_Details
Equity Textuals (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||
Common stock, shares outstanding | 204,866,770 | 204,866,770 | 212,316,642 | ||
Treasury Stock, Shares | 591,561 | 591,561 | 10,000 | ||
Treasury Stock, Shares, Acquired | 1,974,053 | 11,424,446 | 15,294,567 | ||
Treasury Stock, Value, Acquired, Par Value Method | $45,100,000 | $241,700,000 | $184,900,000 | ||
Treasury Stock Acquired, Average Cost Per Share | $22.84 | $21.15 | $12.09 | ||
Stock Repurchase Program, Authorization Increase | 290,000,000 | ||||
Stock Repurchase Program, Authorized Amount | 300,000,000 | 300,000,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 238,800,000 | 238,800,000 | |||
Dividends declared per share | $0.10 | $0.09 | $0.34 | $0.27 | $0.23 |
Payments of Dividends, Common Stock | 71,517,000 | 57,229,000 | 60,296,000 | ||
Purchase of noncontrolling interest | $15,000,000 | $23,333,000 | $3,000,000 |
ShareBased_Compensation_Level_2
Share-Based Compensation Level 4 (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pretax employee share-based compensation expense included in net income | $13,127 | $11,925 | $10,983 |
Income tax benefit related to share-based compensation included in net income | 7,368 | 4,689 | 4,092 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Exercised | -761,000,000 | -3,004,000,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 66,368 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 12,107,106 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 6 months 29 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $11.62 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 7,673,557 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $9.17 | ||
Stock Option Plan Exercise Range 1 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $4.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $8 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 2,784,838 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 7 months 4 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $6.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 2,784,838 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $6.01 | ||
Stock Option Plan Exercise Range 2 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $8.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $12 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 4,871,490 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 9 months 28 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $10.43 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 4,228,505 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $10.32 | ||
Stock Option Plan Exercise Range 3 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $12.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $16 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 1,996,328 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 0 months 0 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $15.20 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 660,214 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $15.08 | ||
Stock Option Plan Exercise Range 4 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $16.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $20 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 2,454,450 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 1 month 0 days | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $17.41 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 0 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $0 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.80% | 1.90% | 1.80% |
Expected volatility | 27.10% | 35.20% | 40.80% |
Risk-free interest rate | 1.10% | 0.70% | 0.80% |
Expected holding period | 4 years | 4 years | 5 years |
Total pretax employee share-based compensation expense included in net income | 7,500 | 6,700 | 6,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options outstanding at beginning of period | 13,319,750 | ||
Options outstanding at beginning of period, weighted average exercise price | $9.84 | ||
Granted | 2,495,850 | ||
Granted, Weighted Average Exercise Price | $17.41 | ||
Exercised | -3,642,126 | ||
Exercised, Weighted Average Exercise Price | $9.10 | ||
Cancelled, Weighted Average Exercise Price | $8.52 | ||
Options outstanding at end of period | 12,107,106 | 13,319,750 | |
Options outstanding at end of period, weighted average exercise price | $11.63 | $9.84 | |
Options exercisable at December 31, 2011 | 12,107,106 | 13,319,750 | |
Options exercisable at December 31, 2011, Weighted Average Exercise Price | $11.63 | $9.84 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 7,673,557 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $9.17 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pretax employee share-based compensation expense included in net income | $5,700 | $5,200 | $4,900 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested restricted shares at beginning of period | 1,183,229 | ||
Nonvested restricted shares at beginning of period, weighted average grant date fair value | $11.81 | ||
Granted | 351,860 | ||
Granted, Weighted Average Grant Date Fair Value | $17.49 | ||
Vested | -207,659 | ||
Vested, Weighted Average Grant Date Fair Value | $11.26 | ||
Nonvested restricted shares at end of period | 1,319,260 | 1,183,229 | |
Nonvested restricted shares at end of period, weighted average grant date fair value | $13.39 | $11.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -8,170 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $14.67 |
ShareBased_Compensation_ShareB
Share-Based Compensation Share-Based Compensation, Textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Vesting rate | 33.33% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 44,000,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 4,916,787 | 6,744,936 | |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $31,600,000 | $7,300,000 | $16,300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 66,368 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 134,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 103,800,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $3.34 | $3.68 | $3.41 |
Fair Value of Stock Options Vested | 6,814,000 | 5,997,000 | 5,088,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 42,048,000 | 8,855,000 | 20,333,000 |
Proceeds from exercise of stock options | 32,376,000 | 6,309,000 | 18,389,000 |
Allocated Share-based Compensation Expense | 13,127,000 | 11,925,000 | 10,983,000 |
Stock Options [Member] | |||
Allocated Share-based Compensation Expense | 7,500,000 | 6,700,000 | 6,200,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 8,800,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 30 days | ||
Restricted Stock [Member] | |||
Allocated Share-based Compensation Expense | 5,700,000 | 5,200,000 | 4,900,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $6,500,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 23 days | ||
Stock Option Plan Exercise Range 1 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $4.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $8 | ||
Stock Option Plan Exercise Range 2 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $8.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $12 | ||
Stock Option Plan Exercise Range 3 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $12.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $16 | ||
Stock Option Plan Exercise Range 4 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $16.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $20 |
Retirement_Plans_Retirement_Pl1
Retirement Plans Retirement Plans Level 4 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | $0 | $21,407,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | 0.5 | ||
Defined Benefit Plan, Interest Cost | 1,293,000 | 780,000 | 1,109,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | 2,401,000 | -1,205,000 | 1,418,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 3,694,000 | -425,000 | 2,527,000 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 37,499,000 | 28,674,000 | |
Defined Benefit Plan, Interest Cost | 1,293,000 | 780,000 | 1,109,000 |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 2,401,000 | -856,000 | |
Defined Benefit Plan, Benefits Paid | -4,273,000 | -12,506,000 | |
Defined Benefit Plan, Benefit Obligation | 36,920,000 | 37,499,000 | 28,674,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Defined Benefit Plan, Contributions by Employer | 4,273,000 | 12,506,000 | |
Defined Benefit Plan, Benefits Paid | -4,273,000 | -12,506,000 | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan | -36,920,000 | -37,499,000 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -36,920,000 | -37,499,000 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 36,920,000 | 37,499,000 | |
Defined Benefit Pension Plan, Liabilities | -36,920,000 | -37,499,000 | |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 35,614,000 | 35,629,000 | |
Defined Benefit Plan, Estimated Amount of Plan Participants' Future Benefits Covered by Insurance Contracts Issued by Employer or Related Parties | 47,800,000 | 47,400,000 | |
Cash Surrender Value of Life Insurance, Retirement Plans | 37,000,000 | 35,800,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.42% | 3.66% | 2.90% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.69% | 2.90% | 4.05% |
2012 | 3,940,000 | ||
2013 | 3,768,000 | ||
2014 | 3,471,000 | ||
2015 | 3,264,000 | ||
2016 | 3,195,000 | ||
Years 2017 through 2021 | 11,771,000 | ||
Defined Contribution Plan, Cost Recognized | $26,800,000 | $24,300,000 | $23,100,000 |
Segment_Reporting_Level_4_Deta
Segment Reporting Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | $2,994,012 | $2,550,466 | $2,404,430 | ||||||||||||||||
Interest expense | 177,571 | 142,360 | 135,068 | ||||||||||||||||
Depreciation and amortization | 140,002 | 122,235 | 119,862 | ||||||||||||||||
Depreciation and amortization | 140,002 | 122,235 | 119,862 | ||||||||||||||||
Amortization of intangible assets | 36,640 | 21,859 | 23,853 | ||||||||||||||||
Amortization of cemetery property | 60,439 | 48,344 | 44,976 | ||||||||||||||||
Total assets | 11,923,644 | 12,833,600 | 11,923,644 | 12,833,600 | |||||||||||||||
Capital expenditures | 144,499 | 112,939 | 115,322 | ||||||||||||||||
Gross profits from reportable segments | 205,411 | 148,298 | 155,864 | 166,240 | 147,932 | 115,805 | 125,983 | 159,326 | 675,813 | 549,047 | 522,772 | ||||||||
General and administrative expenses | -184,877 | -155,128 | -121,891 | ||||||||||||||||
Gains (losses) on divestitures and impairment charges, net | 116,613 | -6,263 | -1,511 | ||||||||||||||||
Operating income | 220,280 | 135,120 | 144,731 | 107,418 | 88,117 | 83,046 | 89,059 | 127,434 | 607,549 | 387,656 | 399,370 | ||||||||
(Losses) gains on early extinguishment of debt, net | -29,158 | 468 | -22,706 | ||||||||||||||||
Other income (expense), net | 1,780 | -558 | 3,687 | ||||||||||||||||
Income before income taxes | 177,591 | [1] | 91,735 | [1] | 69,316 | [1] | 63,958 | [1] | 49,801 | [1] | 45,633 | [1] | 56,092 | [1] | 93,680 | [1] | 402,600 | 245,206 | 245,283 |
Long-lived assets | 6018365 | 6123504 | 4844793 | ||||||||||||||||
UNITED STATES | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | 2,792,010 | 2,334,667 | 2,191,532 | ||||||||||||||||
Interest expense | 177,245 | 141,991 | 134,643 | ||||||||||||||||
Depreciation and amortization | 129,510 | 111,210 | 108,411 | ||||||||||||||||
Amortization of intangible assets | 35,895 | 20,846 | 22,433 | ||||||||||||||||
Amortization of cemetery property | 55,679 | 42,972 | 39,803 | ||||||||||||||||
Gains (losses) on divestitures and impairment charges, net | -116,046 | 5,958 | 1,502 | ||||||||||||||||
Operating income | 557,608 | 331,143 | 346,289 | ||||||||||||||||
Long-lived assets | 5717849.77 | 5793719 | 4484911 | ||||||||||||||||
CANADA | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | 202,002 | 215,799 | 212,898 | ||||||||||||||||
Interest expense | 326 | 369 | 425 | ||||||||||||||||
Depreciation and amortization | 10,492 | 11,025 | 11,451 | ||||||||||||||||
Amortization of intangible assets | 745 | 1,013 | 1,420 | ||||||||||||||||
Amortization of cemetery property | 4,760 | 5,372 | 5,173 | ||||||||||||||||
Gains (losses) on divestitures and impairment charges, net | -567 | 305 | 9 | ||||||||||||||||
Operating income | 49,941 | 56,513 | 53,081 | ||||||||||||||||
Long-lived assets | 300514.93 | 329785.08 | 359882 | ||||||||||||||||
Operating Segments [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | 2,994,012 | 2,550,466 | 2,404,430 | ||||||||||||||||
Interest expense | 5,224 | 5,084 | 4,686 | ||||||||||||||||
Depreciation and amortization | 130,546 | 115,972 | 113,443 | ||||||||||||||||
Depreciation and amortization | 130,546 | 115,972 | 113,443 | ||||||||||||||||
Amortization of intangible assets | 36,541 | 21,835 | 23,824 | ||||||||||||||||
Amortization of cemetery property | 60,439 | 48,344 | 44,976 | ||||||||||||||||
Total assets | 11,457,890 | 12,269,671 | 11,457,890 | 12,269,671 | 9,254,709 | ||||||||||||||
Capital expenditures | 131,198 | 108,619 | 101,833 | ||||||||||||||||
Capital expenditures | 131,198 | 108,619 | 101,833 | ||||||||||||||||
Gross profits from reportable segments | 675,813 | 549,047 | 522,772 | ||||||||||||||||
Other income (expense), net | 1,780 | -558 | 3,687 | ||||||||||||||||
Funeral [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | 1,920,477 | 1,698,493 | 1,619,687 | ||||||||||||||||
Interest expense | 4,714 | 4,736 | 4,302 | ||||||||||||||||
Depreciation and amortization | 101,792 | 92,588 | 90,707 | ||||||||||||||||
Amortization of intangible assets | 24,841 | 17,245 | 18,803 | ||||||||||||||||
Amortization of cemetery property | 0 | 0 | 0 | ||||||||||||||||
Total assets | 5,209,177 | 5,675,371 | 5,209,177 | 5,675,371 | 4,477,259 | ||||||||||||||
Capital expenditures | 52,610 | 50,304 | 43,678 | ||||||||||||||||
Gross profits from reportable segments | 403,938 | 349,791 | 347,359 | ||||||||||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||||||||||
Cemetery [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | 1,073,535 | 851,973 | 784,743 | ||||||||||||||||
Interest expense | 510 | 348 | 384 | ||||||||||||||||
Depreciation and amortization | 28,754 | 23,384 | 22,736 | ||||||||||||||||
Amortization of intangible assets | 11,700 | 4,590 | 5,021 | ||||||||||||||||
Amortization of cemetery property | 60,439 | 48,344 | 44,976 | ||||||||||||||||
Total assets | 6,248,713 | 6,594,300 | 6,248,713 | 6,594,300 | 4,777,450 | ||||||||||||||
Capital expenditures | 78,588 | 58,315 | 58,155 | ||||||||||||||||
Gross profits from reportable segments | 271,875 | 199,256 | 175,413 | ||||||||||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||||||||||
Corporate Elimination [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | 0 | 0 | 0 | ||||||||||||||||
Interest expense | 172,347 | 137,276 | 130,382 | ||||||||||||||||
Depreciation and amortization | 9,456 | 6,263 | 6,419 | ||||||||||||||||
Amortization of intangible assets | 99 | 24 | 29 | ||||||||||||||||
Total assets | 465,754 | 563,929 | 465,754 | 563,929 | 333,817 | ||||||||||||||
Capital expenditures | 13,301 | 4,320 | 13,488 | ||||||||||||||||
Other income (expense), net | 1,780 | -558 | 3,687 | ||||||||||||||||
Consolidated Entities [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | 2,994,012 | 2,550,466 | 2,404,430 | ||||||||||||||||
Interest expense | 177,571 | 142,360 | 135,068 | ||||||||||||||||
Depreciation and amortization | 140,002 | 122,235 | 119,862 | ||||||||||||||||
Amortization of intangible assets | 36,640 | 21,859 | 23,853 | ||||||||||||||||
Total assets | 11,923,644 | 12,833,600 | 11,923,644 | 12,833,600 | 9,588,526 | ||||||||||||||
Capital expenditures | $144,499 | $112,939 | $115,321 | ||||||||||||||||
[1] | Includes (Losses) gains on divestitures and impairment charges, net, as described in Note 20. |
Supplementary_Information_Leve2
Supplementary Information Level 4 (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash and cash equivalents: | ||||
Cash | $132,743 | $101,952 | ||
Commercial paper and temporary investments | 44,592 | 39,632 | ||
Cash and cash equivalents | 177,335 | 141,584 | 88,769 | 123,653 |
Receivables, net: | ||||
Notes receivable | 8,381 | 1,140 | ||
Allowance for Doubtful Accounts Receivable, Current | 2,346 | 2,742 | ||
Other | 24,521 | 19,772 | ||
Receivables, net | 109,050 | 101,424 | ||
Other current assets: | ||||
Income tax receivable | 22,581 | 2,933 | ||
Prepaid insurance | 5,270 | 8,583 | ||
Restricted Cash and Cash Equivalents, Current | 28,926 | 6,550 | ||
Bond conversion asset | 0 | 21,682 | ||
Deferred Finance Costs, Current, Net | 9,180 | 9,082 | ||
Other Assets, Current | 13,644 | 14,916 | ||
Other | 79,601 | 63,746 | ||
Cemetery Property, Undeveloped Land | 1,186,325 | 1,192,613 | ||
Cemetery Property, Developed | 552,891 | 559,656 | ||
Cemetery property, at cost | 1,739,216 | 1,752,269 | ||
Land | 603,509 | 610,339 | ||
Buildings and Improvements, Gross | 1,783,171 | 1,779,584 | ||
Machinery and Equipment, Gross | 500,511 | 500,721 | ||
Leasehold Improvements, Gross | 50,862 | 25,642 | ||
Capital Leased Assets, Gross | 204,991 | 185,875 | ||
Property, Plant and Equipment, Gross | 3,143,044 | 3,102,161 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -1,163,921 | -1,083,151 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Property, Plant, and Equipment Other, Accumulated Depreciation | -117,720 | -106,496 | ||
Property and equipment, net | 1,861,403 | 1,912,514 | ||
Intangible Assets, Net (Excluding Goodwill) | 393,781 | 398,618 | ||
Restricted Cash and Cash Equivalents, Noncurrent | 16,073 | 2,409 | ||
Deferred Tax Assets, Net, Noncurrent | 18,778 | 22,249 | ||
Notes, Loans and Financing Receivable, Net, Noncurrent | 4,858 | 11,651 | ||
Allowance for Notes, Loans and Financing Receivable, Noncurrent | 11,259 | 10,986 | ||
Other Liabilities, Noncurrent | 81,200 | 107,896 | ||
Cash Surrender Value of Life Insurance | 102,856 | 90,177 | ||
Accounts payable | 137,270 | 143,686 | ||
Accrued compensation | 86,880 | 104,464 | ||
Interest Payable, Current | 30,133 | 36,583 | ||
Accrual for Taxes Other than Income Taxes, Current | 14,346 | 14,395 | ||
Self Insurance Reserve, Current | 73,991 | 77,962 | ||
Bank Overdrafts | 27,798 | 5,152 | ||
Bond conversion liability | 0 | 18,744 | ||
Other Accrued Liabilities, Current | 82,610 | 81,853 | ||
Accounts payable and accrued liabilities | 453,028 | 482,839 | ||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 35,614 | 35,629 | ||
Deferred Compensation Liability, Classified, Noncurrent | 80,580 | 65,605 | ||
Customer Funds | 60,019 | 59,826 | ||
Tax liability | 239,265 | 222,365 | ||
Indemnification Liability | 236 | 442 | ||
Payable to ECF | 64,722 | 56,501 | ||
Other Assets, Noncurrent | 15,129 | 50,870 | ||
Total merchandise revenues | 1,360,757 | 1,193,580 | 1,106,824 | |
Total services revenues | 1,462,581 | 1,202,545 | 1,168,339 | |
Other revenues | 170,674 | 154,341 | 129,267 | |
Total revenues | 2,994,012 | 2,550,466 | 2,404,430 | |
Total cost of merchandise | 611,927 | 520,603 | 492,891 | |
Total cost of services | 775,498 | 649,419 | 619,052 | |
Overhead and other expenses | 930,774 | 831,397 | 769,715 | |
Total costs and expenses | 2,318,199 | 2,001,419 | 1,881,658 | |
Deferred charges and other assets | 617,546 | 633,000 | ||
Other liabilities | 495,565 | 491,238 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 761,000,000 | 3,004,000,000 | 0 | |
Stock Repurchased During Period, Shares | 761,000,000 | 3,004,000,000 | 0 | |
Funeral [Member] | ||||
Receivables, net: | ||||
Accounts Receivable, Net, Current | 61,306 | 66,671 | ||
Allowance for Doubtful Accounts Receivable, Current | 6,200 | 8,895 | ||
Other current assets: | ||||
Cash Surrender Value of Life Insurance | 260,899 | 280,969 | ||
Total merchandise revenues | 616,992 | 584,438 | 552,308 | |
Total services revenues | 1,167,386 | 989,613 | 965,226 | |
Total revenues | 1,920,477 | 1,698,493 | 1,619,687 | |
Total cost of merchandise | 294,237 | 266,538 | 258,860 | |
Total cost of services | 635,096 | 548,554 | 520,243 | |
Cemetery [Member] | ||||
Receivables, net: | ||||
Accounts Receivable, Net, Current | 14,842 | 13,841 | ||
Other current assets: | ||||
Cash Surrender Value of Life Insurance | 12 | 4 | ||
Total merchandise revenues | 743,765 | 609,142 | 554,516 | |
Total services revenues | 295,195 | 212,932 | 203,113 | |
Total revenues | 1,073,535 | 851,973 | 784,743 | |
Total cost of merchandise | 317,690 | 254,065 | 234,031 | |
Total cost of services | $140,402 | $100,865 | $98,809 |
Earnings_Per_Share_Level_4_Det
Earnings Per Share Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||
Income from discontinued operations per share, diluted | $0.01 | $0 | $0 | ||||||||||||||||
Income from continuing operations attributable to common stockholders, basic | $170,283,000 | $146,926,000 | $153,583,000 | ||||||||||||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||||||||||
Net income attributable to common stockholders | 87,794,000 | 17,651,000 | 25,922,000 | 41,102,000 | 29,318,000 | [1] | 26,779,000 | [1] | 33,615,000 | [1] | 57,620,000 | [1] | 172,469,000 | 147,332,000 | 153,845,000 | ||||
After tax interest on convertible debt | 51,000 | 51,000 | 51,000 | ||||||||||||||||
Income from discontinued operations, net | 2,186,000 | 406,000 | 262,000 | ||||||||||||||||
Net income — diluted | 172,520,000 | 147,383,000 | 153,896,000 | ||||||||||||||||
Weighted average shares (denominator): | |||||||||||||||||||
Weighted average shares — basic | -210,741,000 | -211,811,000 | -215,712,000 | ||||||||||||||||
Stock options | 3,338,000 | 4,082,000 | 3,233,000 | ||||||||||||||||
Convertible debt | 121,000 | 121,000 | 121,000 | ||||||||||||||||
Weighted average shares — diluted | 214,200,000 | 216,014,000 | 219,066,000 | ||||||||||||||||
Net income attributable to common stockholders, basic | $0.42 | [2] | $0.08 | [2] | $0.12 | [2] | $0.19 | [2] | $0.14 | [2] | $0.13 | [2] | $0.16 | [2] | $0.27 | [2] | $0.82 | $0.71 | |
Net income attributable to common stockholders, diluted | $0.42 | [2] | $0.08 | [2] | $0.12 | [2] | $0.19 | [2] | $0.14 | [2] | $0.12 | [2] | $0.16 | [2] | $0.27 | [2] | $0.81 | $0.70 | |
Income from continuing operations attributable to common stockholders, per share, basic | $0.81 | $0.70 | $0.71 | ||||||||||||||||
Income from continuing operations attributable to common stockholders, per share, diluted | $0.80 | $0.68 | $0.70 | ||||||||||||||||
Income from discontinued operations per share, basic | $0.01 | $0 | $0 | ||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,500,000 | 1,200,000 | 1,300,000 | ||||||||||||||||
Scenario, Unspecified [Domain] | |||||||||||||||||||
Weighted average shares (denominator): | |||||||||||||||||||
Net income attributable to common stockholders, basic | $0.70 | ||||||||||||||||||
Net income attributable to common stockholders, diluted | $0.68 | ||||||||||||||||||
[1] | See Note 2 for details related to the revision which was recorded for the quarter ended December 31, 2013. The revision reduced the provision for income taxes and increased net income attributable to common stockholders by $3.5 million and increased basic and diluted EPS by $0.02. | ||||||||||||||||||
[2] | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income per share may not equal the total computed for the year. |
Acquisition_Purchase_Price_All
Acquisition Purchase Price Allocation (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 23, 2013 | Dec. 31, 2012 | |
Purchase Price Allocation [Line Items] | ||||
Indefinite-Lived Trade Names | 220,875,000 | $215,135,000 | ||
Accounts receivable | 11,119,000 | |||
Other current assets | 190,518,000 | |||
Cemetery property | 287,449,000 | |||
Property and equipment, net | 330,125,000 | |||
Preneed funeral and cemetery receivables and trust investments | 645,440,000 | |||
Finite-lived intangible assets | 75,444,000 | |||
Indefinite-lived intangible assets | 79,400,000 | |||
Business combination, assets to be divested | 520,023,000 | |||
Deferred charges and other assets | 278,631,000 | |||
Goodwill | 573,808,000 | 37,300,000 | ||
Total assets acquired | 2,991,957,000 | |||
Current liabilities | 219,373,000 | |||
Long-term debt | 270,668,000 | |||
Deferred preneed funeral and cemetery revenues and deferred receipts held in trusts | 740,441,000 | |||
Business combination, liabilities held for sale | 242,835,000 | |||
Deferred tax liability | 58,493,000 | |||
Other liabilities | 294,674,000 | |||
Total liabilities assumed | 1,826,484,000 | |||
Noncontrolling Interest, Increase from Business Combination | 118,000 | |||
Net assets acquired | 1,165,355,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 154,844,000 | 37,600,000 | ||
Cemetery [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Goodwill | 258,213,600 | |||
Funeral [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Goodwill | 315,594,000 | |||
Minimum [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 2 years | |||
Minimum [Member] | Customer Relationships [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 10 years | |||
Minimum [Member] | Noncompete Agreements [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 2 years | |||
Minimum [Member] | Trade Names [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | |||
Maximum [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 40 years | |||
Maximum [Member] | Customer Relationships [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 20 years | |||
Maximum [Member] | Noncompete Agreements [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 20 years | |||
Maximum [Member] | Trade Names [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | |||
Stewart [Domain] | ||||
Purchase Price Allocation [Line Items] | ||||
Indefinite-Lived Trade Names | 77,900,000 | |||
Finite-Lived License Agreements, Gross | 5,900,000 | |||
Finite-Lived Trade Names, Gross | 9,150,000 | |||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 5,912,000 | |||
Finite-Lived Noncompete Agreements, Gross | 5,480,000 | |||
Finite-Lived Customer Lists, Gross | 20,502,000 | |||
Finite-Lived Customer Relationships, Gross | 28,500,000 | |||
Indefinite-Lived License Agreements | 1,500,000 | |||
Stewart [Domain] | Minimum [Member] | Customer Relationships [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 10 years | |||
Stewart [Domain] | Minimum [Member] | Customer Lists [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 10 years | |||
Stewart [Domain] | Minimum [Member] | Licensing Agreements [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 10 years | |||
Stewart [Domain] | Minimum [Member] | Noncompete Agreements [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | |||
Stewart [Domain] | Minimum [Member] | Leases, Acquired-in-Place, Market Adjustment [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 26 years | |||
Stewart [Domain] | Minimum [Member] | Trade Names [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | |||
Stewart [Domain] | Maximum [Member] | Customer Relationships [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 20 years | |||
Stewart [Domain] | Maximum [Member] | Customer Lists [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 14 years | |||
Stewart [Domain] | Maximum [Member] | Licensing Agreements [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 40 years | |||
Stewart [Domain] | Maximum [Member] | Noncompete Agreements [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 15 years | |||
Stewart [Domain] | Maximum [Member] | Leases, Acquired-in-Place, Market Adjustment [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 34 years | |||
Stewart [Domain] | Maximum [Member] | Trade Names [Member] | ||||
Purchase Price Allocation [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years |
Business_Acquisition_Pro_Forma
Business Acquisition, Pro Forma Information (Details) (Stewart [Domain], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Stewart [Domain] | ||
Business Acquisition [Line Items] | ||
Revenue | $2,919,278 | $2,848,451 |
Net income | $203,916 | $135,010 |
Acquisition_Acquisition_Textua
Acquisition Acquisition, Textuals (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 23, 2013 | Oct. 15, 2013 | Dec. 31, 2012 | Jun. 03, 2011 | |
Change in estimated value of accounts receivable and other current assets | ($10,900,000) | ||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price Per Share | $13.25 | ||||||
Business Combination, Acquisition Related Costs | 39,700,000 | ||||||
Amortization of Acquisition Costs | 28,400,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 573,808,000 | 37,300,000 | |||||
Business Acquisition, Purchase Price Allocation, Noncurrent Assets, Receivables | 140,000,000 | ||||||
Business Acquisition, Purchase Price Allocation, Goodwill, Expected Tax Deductible Amount | 3,000,000 | ||||||
Business Acquisition, Pro Forma Revenue | 11,400,000 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 800,000 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 10.00% | 20.00% | 70.00% | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 90.00% | ||||||
Business Combination, Consideration Transferred | 1,500,000,000 | ||||||
Business Combination, Debt Assumed | 331,500,000 | ||||||
Acquisition costs - period interest | 11,300,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 154,844,000 | 37,600,000 | |||||
Change in estimated valued of acquired cemetery property | 2,674,000 | ||||||
Decrease in property and equipment, net | -10,331,000 | ||||||
Change in estimated value of preneed funeral and cemetery receivables and trust investments | -9,570,000 | ||||||
Change in estimated valued of acquired finite lived intangible assets | -30,834,000 | ||||||
Change in estimated valued of assets held for sale | 85,775,000 | ||||||
Change in value of deferred charges and other assets | 311,000 | ||||||
Change in the estimated fair value of acquired deferred preneed funeral and cemetery revenues and deferred receipts held in trust | 42,417,000 | ||||||
Change in value of acquired assets and liabilities held for sale | -89,198,000 | ||||||
Change in estimated value of deferred income taxes | 41,676,000 | ||||||
Other changes in the estimated fair value of acquired assets and liabilities, net | -17,250,000 | ||||||
Total adjustment to the estimated amount of goodwill in a business combination | 4,770,000 | ||||||
Cemetery [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 258,213,600 | ||||||
Funeral [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 315,594,000 | ||||||
Current [Member] | |||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 14,000,000 | ||||||
Business Combination, Acquired Receivables, Estimated Uncollectible | 2,900,000 | ||||||
Noncurrent [Member] | |||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 170,300,000 | ||||||
Business Combination, Acquired Receivables, Estimated Uncollectible | $30,300,000 |
Divestiture_Related_Activities2
Divestiture Related Activities Divestitiure Related Activities Level 4 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disposal Group, Including Discontinued Operation, Revenue | $1,613,000 | $5,907,000 | $6,051,000 |
Proceeds from Divestiture of Businesses | 6,900,000 | ||
Current assets held for sale | 45,000 | 4,569,000 | |
Current assets of discontinued operations | 0 | 4,750,000 | |
Asset Impairment Charges | 3,000,000 | ||
(Losses) gains on divestitures | 122,535,000 | -3,350,000 | 639,000 |
Impairment losses | -5,922,000 | -2,913,000 | -2,150,000 |
Gains (losses) on divestitures and impairment charges, net | 116,613,000 | -6,263,000 | -1,511,000 |
Preneed funeral and cemetery receivables and trust investments | 5,048,000 | 356,064,000 | |
Cemetery property | 165,000 | 89,060,000 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 43,000 | 71,618,000 | |
Goodwill | 88,000 | 190,976,000 | |
Deferred charges and other assets, held for sale | 74,000 | 27,440,000 | |
Cemetery perpetual care trust investments | 1,284,000 | 88,169,000 | |
Total assets | 6,747,000 | 827,896,000 | |
Current liabilities held for sale | 14,000 | 4,390,000 | |
Deferred preneed funeral and cemetery revenues and deferred receipts held in trusts | 5,677,000 | 424,780,000 | |
Care trusts' corpus | 1,284,000 | 88,262,000 | |
Other long term liabilities | 27,000 | 4,209,000 | |
Total liabilities | 7,002,000 | 521,641,000 | |
Net assets held for sale | -255,000 | 306,255,000 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 116,000 | ||
Deferred charges and other assets, discontinued operations | 2,375,000 | ||
Assets, disposal group, at carrying value | 7,241,000 | ||
Current liabilities of discontinued operations | 0 | 4,728,000 | |
Deferred preneed funeral revenues, discontinued operations | 938,000 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities | 30,000 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 5,696,000 | ||
Net assets of discontinued operations | 1,545,000 | ||
Disposal Group, Including Discontinued Operation, Costs and Expenses | -1,471,000 | -5,393,000 | -5,609,000 |
Gain (Loss) on Disposition of Business | 2,136,000 | 0 | 0 |
Disposal Group, Including Discontinued Operation, Other Expense | -2,000 | -1,000 | -42,000 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 2,276,000 | 513,000 | 400,000 |
Disposal Group, Including Discontinued Operation, Provision for Income Tax | -90,000 | -107,000 | -138,000 |
Income from discontinued operations, net | $2,186,000 | $406,000 | $262,000 |
Quarterly_Financial_Data_Quart1
Quarterly Financial Data Quarterly Financial Data Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||||||||||
Revenues | $783,443 | $718,314 | $746,746 | $745,509 | $667,228 | $608,589 | $624,231 | $650,418 | $2,994,012 | $2,550,466 | $2,404,430 | ||||||||
Costs and expenses | -578,032 | -570,016 | -590,882 | -579,269 | -519,296 | -492,784 | -498,248 | -491,092 | -2,318,199 | -2,001,419 | -1,881,658 | ||||||||
Gross profits | 205,411 | 148,298 | 155,864 | 166,240 | 147,932 | 115,805 | 125,983 | 159,326 | 675,813 | 549,047 | 522,772 | ||||||||
Operating income | 220,280 | 135,120 | 144,731 | 107,418 | 88,117 | 83,046 | 89,059 | 127,434 | 607,549 | 387,656 | 399,370 | ||||||||
Income from continuing operations before income taxes | 177,591 | [1] | 91,735 | [1] | 69,316 | [1] | 63,958 | [1] | 49,801 | [1] | 45,633 | [1] | 56,092 | [1] | 93,680 | [1] | 402,600 | 245,206 | 245,283 |
Provision for income taxes | -90,982 | -74,934 | -37,357 | -22,707 | -17,729 | [2] | -18,407 | [2] | -21,598 | [2] | -35,290 | [2] | 225,980 | 93,024 | 90,111 | ||||
Net income | 87,949 | 17,685 | 31,781 | 41,391 | 32,037 | 27,394 | 34,435 | 58,722 | 178,806 | 152,588 | 155,434 | ||||||||
Net income attributable to noncontrolling interests | -155 | -34 | -5,859 | -289 | -2,719 | -615 | -820 | -1,102 | -6,337 | -5,256 | -1,589 | ||||||||
Net income attributable to common stockholders | $87,794 | $17,651 | $25,922 | $41,102 | $29,318 | [2] | $26,779 | [2] | $33,615 | [2] | $57,620 | [2] | $172,469 | $147,332 | $153,845 | ||||
Basic — EPS | $0.42 | [3] | $0.08 | [3] | $0.12 | [3] | $0.19 | [3] | $0.14 | [3] | $0.13 | [3] | $0.16 | [3] | $0.27 | [3] | $0.82 | $0.71 | |
Earnings per share, diluted | $0.42 | [3] | $0.08 | [3] | $0.12 | [3] | $0.19 | [3] | $0.14 | [3] | $0.12 | [3] | $0.16 | [3] | $0.27 | [3] | $0.81 | $0.70 | |
[1] | Includes (Losses) gains on divestitures and impairment charges, net, as described in Note 20. | ||||||||||||||||||
[2] | See Note 2 for details related to the revision which was recorded for the quarter ended December 31, 2013. The revision reduced the provision for income taxes and increased net income attributable to common stockholders by $3.5 million and increased basic and diluted EPS by $0.02. | ||||||||||||||||||
[3] | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income per share may not equal the total computed for the year. |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Account Schedule II Valuation and Qualifying Account Level 4 (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for Doubtful Accounts, Current [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Beginning Balance | $11,637 | $8,884 | $9,172 | |||
Valuation Allowances and Reserves, Charged (credited) to Cost and Expense | 7,376 | 7,874 | 9,705 | |||
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 55,573 | [1] | 54,774 | [1] | 38,123 | [1] |
Valuation Allowances and Reserves, Write-Offs | -66,040 | [2] | -59,895 | [2] | -48,116 | [2] |
Valuation Allowances and Reserves, Ending Balance CLONE | 8,546 | 11,637 | 8,884 | |||
Allowance for Doubtful Accounts, Noncurrent [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Beginning Balance | 10,986 | 1,316 | 1,665 | |||
Valuation Allowances and Reserves, Charged (credited) to Cost and Expense | 0 | 0 | 0 | |||
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 273 | [1] | 9,670 | [1] | 1 | [1] |
Valuation Allowances and Reserves, Write-Offs | 0 | [2] | 0 | [2] | -350 | [2] |
Valuation Allowances and Reserves, Ending Balance CLONE | 11,259 | 10,986 | 1,316 | |||
Asset Allowance for Cancellation, Preneed Funeral and Preneed Cemetery [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Beginning Balance | 106,793 | 83,642 | 78,564 | |||
Valuation Allowances and Reserves, Charged (credited) to Cost and Expense | 2,950 | 4,498 | 4,549 | |||
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | -2,703 | [1] | 18,653 | [1] | 529 | [1] |
Valuation Allowances and Reserves, Write-Offs | 0 | [2] | 0 | [2] | 0 | [2] |
Valuation Allowances and Reserves, Ending Balance CLONE | 107,040 | 106,793 | 83,642 | |||
Revenue Allowance for Cancellation, Deferred Preneed Funeral and Cemetery [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Beginning Balance | -149,288 | -131,320 | -136,004 | |||
Valuation Allowances and Reserves, Charged (credited) to Cost and Expense | 0 | 0 | 0 | |||
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 24,258 | [1] | -17,968 | [1] | 4,684 | [1] |
Valuation Allowances and Reserves, Write-Offs | 0 | [2] | 0 | [2] | 0 | [2] |
Valuation Allowances and Reserves, Ending Balance CLONE | -125,030 | -149,288 | -131,320 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Beginning Balance | 114,719 | 71,013 | 66,851 | |||
Valuation Allowances and Reserves, Charged (credited) to Cost and Expense | 21,285 | 6,213 | 3,713 | |||
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | -1,803 | [1] | 37,493 | [1] | 449 | [1] |
Valuation Allowances and Reserves, Write-Offs | 0 | [2] | 0 | [2] | 0 | [2] |
Valuation Allowances and Reserves, Ending Balance CLONE | $134,201 | $114,719 | $71,013 | |||
[1] | Primarily relates to acquisitions and dispositions of operations. | |||||
[2] | Uncollected receivables written off, net of recoveries. |