Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 13, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | Service Corp International | ||
Entity Central Index Key | 89,089 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 188,227,807 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 5,043,314,251 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Feb. 13, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Income Statement [Abstract] | ||||||||||||||||||||
Revenue | $ 809,053 | $ 721,467 | $ 751,398 | $ 749,219 | $ 769,280 | $ 714,453 | $ 754,219 | $ 748,089 | $ 3,031,137 | $ 2,986,041 | $ 2,994,011 | |||||||||
Costs and expenses | (598,276) | (580,722) | (589,409) | (586,296) | (581,478) | (572,774) | (587,452) | (569,748) | (2,354,703) | (2,311,452) | (2,318,326) | |||||||||
Gross profit | 210,777 | 140,745 | 161,989 | 162,923 | 187,802 | 141,679 | 166,767 | 178,341 | 676,434 | 674,589 | 675,685 | |||||||||
General and administrative expenses | (137,730) | (130,813) | (184,749) | |||||||||||||||||
(Losses) gains on divestitures and impairment charges, net | (26,819) | 6,522 | 116,613 | |||||||||||||||||
Operating income | 179,329 | 114,386 | 94,498 | 123,672 | 157,055 | 124,548 | 127,580 | 141,115 | 511,885 | 550,298 | 607,549 | |||||||||
Interest expense | (162,093) | (172,897) | (177,571) | |||||||||||||||||
Losses on early extinguishment of debt, net | (22,503) | (6,918) | (29,158) | |||||||||||||||||
Other (expense) income, net | (631) | (132) | 1,780 | |||||||||||||||||
Income from continuing operations before income taxes | 139,289 | [1] | 74,963 | [1] | 32,639 | [1] | 79,767 | [1] | 113,699 | [1] | 74,045 | [1] | 84,489 | [1] | 98,118 | [1] | 326,658 | 370,351 | 402,600 | |
Provision for income taxes | 72,872 | 27,422 | 16,746 | 32,313 | 41,249 | 26,118 | 31,007 | 36,653 | (149,353) | (135,027) | (225,980) | |||||||||
Income from continuing operations | 72,450 | 47,927 | 53,482 | 61,465 | 177,305 | 235,324 | 176,620 | |||||||||||||
Net (loss) income from discontinued operations, net of tax | 0 | 0 | (390) | 0 | 0 | (390) | 2,186 | |||||||||||||
Net income | 66,417 | 47,541 | 15,893 | 47,454 | 72,450 | 47,927 | 53,092 | 61,465 | 177,305 | 234,934 | 178,806 | |||||||||
Net income attributable to noncontrolling interests | (171) | 186 | (273) | (9) | (96) | (479) | (497) | (90) | (267) | (1,162) | (6,337) | |||||||||
Net income attributable to common stockholders | $ 66,246 | $ 47,727 | $ 15,620 | $ 47,445 | $ 72,354 | $ 47,448 | $ 52,595 | $ 61,375 | $ 177,038 | $ 233,772 | $ 172,469 | |||||||||
Basic earnings per share: | ||||||||||||||||||||
Net income attributable to common stockholders, basic | $ 0.35 | [2] | $ 0.25 | [2] | $ 0.08 | [2] | $ 0.24 | [2] | $ 0.37 | [2] | $ 0.24 | [2] | $ 0.26 | [2] | $ 0.30 | [2] | $ 0.92 | $ 1.17 | $ 0.82 | |
Basic weighted average number of shares | 193,086 | 200,356 | 210,741 | |||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Net income attributable to common stockholders, diluted | $ 0.34 | [2] | $ 0.24 | [2] | $ 0.08 | [2] | $ 0.24 | [2] | $ 0.36 | [2] | $ 0.23 | [2] | $ 0.25 | [2] | $ 0.30 | [2] | $ 0.90 | $ 1.14 | $ 0.81 | |
Diluted weighted average number of shares | 196,042 | 204,450 | 214,200 | |||||||||||||||||
Dividends declared per share | $ 0.13 | $ 0.51 | $ 0.44 | $ 0.34 | ||||||||||||||||
[1] | Includes (Losses) gains on divestitures and impairment charges, net, as described in Note 19. | |||||||||||||||||||
[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. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 177,305 | $ 234,934 | $ 178,806 |
Foreign currency translation adjustments | 10,331 | (53,283) | (32,096) |
Reclassification of foreign currency translation adjustments to discontinued operations | 0 | 0 | 3,114 |
Total comprehensive income | 187,636 | 181,651 | 149,824 |
Total comprehensive income attributable to noncontrolling interests | (270) | (1,129) | (6,382) |
Total comprehensive income attributable to common stockholders | $ 187,366 | $ 180,522 | $ 143,442 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 194,986 | $ 134,599 |
Receivables, net | 98,455 | 90,462 |
Inventories | 26,431 | 27,835 |
Other | 34,524 | 47,155 |
Total current assets | 354,396 | 300,051 |
Preneed funeral receivables, net and trust investments | 1,817,445 | 1,760,297 |
Preneed cemetery receivables, net and trust investments | 2,487,720 | 2,318,167 |
Cemetery property | 1,776,935 | 1,753,015 |
Property and equipment, net | 1,827,587 | 1,846,722 |
Goodwill | 1,799,081 | 1,796,340 |
Deferred charges and other assets | 567,520 | 582,378 |
Cemetery perpetual care trust investments | 1,407,465 | 1,319,427 |
Total assets | 12,038,149 | 11,676,397 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 439,936 | 422,816 |
Current maturities of long-term debt | 89,974 | 86,823 |
Income taxes payable | 7,960 | 1,373 |
Total current liabilities | 537,870 | 511,012 |
Long-term debt | 3,196,616 | 3,037,605 |
Deferred preneed funeral revenue | 581,280 | 557,897 |
Deferred preneed cemetery revenue | 1,150,137 | 1,120,001 |
Deferred tax liability | 454,638 | 470,584 |
Other liabilities | 510,322 | 496,947 |
Deferred preneed receipts held in trust | 3,103,796 | 2,973,386 |
Care trusts’ corpus | 1,408,243 | 1,319,564 |
Commitments and contingencies (Note 11) | ||
Equity: | ||
Common stock, $1 per share par value, 500,000,000 shares authorized, 195,403,644 and 200,859,676 shares issued, respectively, and 189,405,244 and 195,772,876 shares outstanding, respectively | 189,405 | 195,773 |
Capital in excess of par value | 990,203 | 1,092,106 |
Accumulated deficit | (103,387) | (109,351) |
Accumulated other comprehensive income | 16,492 | 6,164 |
Total common stockholders’ equity | 1,092,713 | 1,184,692 |
Noncontrolling interests | 2,534 | 4,709 |
Total equity | 1,095,247 | 1,189,401 |
Total liabilities and equity | $ 12,038,149 | $ 11,676,397 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 195,403,644 | 200,859,676 |
Common stock, shares outstanding | 189,405,244 | 195,772,876 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 177,305 | $ 234,934 | $ 178,806 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (income) from discontinued operations, net of tax | 0 | 390 | (2,186) |
Losses on early extinguishment of debt, net | 22,503 | 6,918 | 29,158 |
Premiums paid on early extinguishment of debt | (20,524) | (6,549) | (24,804) |
Depreciation and amortization | 147,233 | 141,456 | 140,002 |
Amortization of intangible assets | 30,956 | 31,459 | 36,640 |
Amortization of cemetery property | 66,745 | 62,407 | 60,439 |
Amortization of loan costs | 5,826 | 9,434 | 8,825 |
Provision for doubtful accounts | 10,776 | 6,083 | 7,376 |
Provision for deferred income taxes | 7,490 | 18,048 | 129,671 |
Losses (gains) on divestitures and impairment charges, net | 26,819 | (6,522) | (116,613) |
Share-based compensation | 14,056 | 13,843 | 13,127 |
Excess tax benefits from share-based awards | (12,685) | (18,123) | (30,123) |
Change in assets and liabilities, net of effects from acquisitions and divestitures: | |||
(Increase) decrease in receivables | 14,198 | 464 | (18,644) |
Decrease (increase) in other assets | (17,855) | 2,457 | (11,013) |
Increase (decrease) in payables and other liabilities | 47,888 | 20,567 | (12,038) |
Effect of preneed funeral production and maturities: | |||
Decrease in preneed funeral receivables, net and trust investments | (17,506) | 24,918 | 30,357 |
Increase (decrease) in deferred preneed funeral revenue | (9,329) | 6,199 | (23,069) |
Decrease in deferred preneed receipts held in trust | 41,607 | (52,946) | (52,869) |
Effect of cemetery production and maturities: | |||
Increase in preneed cemetery receivables, net and trust investments | 90,900 | (73,038) | (43,964) |
Increase in deferred preneed cemetery revenue | (25,446) | 60,960 | 54,049 |
Increase (decrease) in deferred preneed receipts held in trust | (15,776) | (11,173) | (34,664) |
Other | 0 | 0 | (108) |
Net cash provided by operating activities from continuing operations | 463,595 | 472,186 | 318,355 |
Net cash used in operating activities from discontinued operations | 0 | 0 | (1,000) |
Net cash provided by operating activities | 463,595 | 472,186 | 317,355 |
Cash flows from investing activities: | |||
Capital expenditures | (193,446) | (150,986) | (144,499) |
Acquisitions, net of cash acquired | (69,146) | (41,258) | (15,336) |
Proceeds from divestitures and sales of property and equipment | 41,310 | 16,772 | 424,383 |
Net withdrawals (deposits) of restricted funds and other | 5,150 | 8,066 | (12,225) |
Net cash (used in) provided by investing activities from continuing operations | (216,132) | (167,406) | 252,323 |
Net cash provided by investing activities from discontinued operations | 0 | 987 | 4,963 |
Net cash (used in) provided by investing activities | (216,132) | (166,419) | 257,286 |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 1,060,000 | 446,250 | 755,000 |
Debt issuance costs | (5,232) | (6,025) | (10,500) |
Payments of debt | (36,414) | (160,220) | (230,561) |
Early extinguishment of debt | (875,110) | (197,377) | (762,764) |
Principal payments on capital leases | (33,119) | (28,601) | (29,380) |
Proceeds from exercise of stock options | 17,662 | 31,809 | 32,376 |
Excess tax benefits from share-based awards | 12,685 | 18,123 | 30,123 |
Purchase of Company common stock | (227,928) | (345,261) | (242,874) |
Payments of dividends | (98,418) | (87,570) | (71,517) |
Purchase of noncontrolling interest | (1,961) | (2,075) | (15,000) |
Bank overdrafts and other | (1,095) | (7,531) | 7,130 |
Net cash (used in) provided by financing activities | (188,930) | (338,478) | (537,967) |
Change in cash from discontinued operations | 0 | 0 | 1,361 |
Effect of foreign currency | 1,854 | (10,025) | (2,284) |
Net increase (decrease) in cash and cash equivalents | 60,387 | (42,736) | 35,751 |
Cash and cash equivalents at beginning of period | 134,599 | 177,335 | 141,584 |
Cash and cash equivalents at end of period | $ 194,986 | $ 134,599 | $ 177,335 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Capital in Excess of Par Value | Accumulated Deficit(1) | Accumulated Other Comprehensive Income | Noncontrolling Interest |
Balance at beginning of period at Dec. 31, 2013 | $ 1,480,228 | $ 212,327 | $ (10) | $ 1,259,348 | $ (90,026) | $ 88,441 | $ 10,148 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 149,824 | 0 | 0 | 0 | 172,469 | (29,027) | 6,382 |
Dividends declared on common stock | (71,517) | 0 | 0 | (71,517) | 0 | 0 | 0 |
Stock option exercises | 33,137 | 3,642 | 0 | 29,495 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 352 | 0 | (352) | 0 | 0 | 0 |
Employee share-based compensation earned | 13,127 | 0 | |||||
Purchase of Company common stock | (243,635) | 0 | 13,127 | 0 | 0 | 0 | |
Tax benefits related to stock-based awards | 30,123 | 0 | 0 | 30,123 | 0 | 0 | 0 |
Purchase of noncontrolling interest | (15,000) | 0 | (11,537) | (67,796) | (164,302) | 0 | 0 |
Acquisition | 0 | 0 | (7,441) | 0 | 0 | (7,559) | |
Noncontrolling interest payments | $ (319) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (319) |
Retirement of treasury shares | 0 | (10,956) | (10,956) | 0 | 0 | 0 | 0 |
Other | $ 1,410 | $ 93 | $ 0 | $ 1,317 | $ 0 | $ 0 | $ 0 |
Balance at end of period at Dec. 31, 2014 | 1,377,378 | 205,458 | (591) | 1,186,304 | (81,859) | 59,414 | 8,652 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 181,651 | 0 | 0 | 0 | 233,772 | (53,250) | 1,129 |
Dividends declared on common stock | (87,570) | 0 | 0 | (87,570) | 0 | 0 | 0 |
Stock option exercises | 31,931 | 3,054 | 0 | 28,877 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 254 | (9) | (245) | 0 | 0 | 0 |
Employee share-based compensation earned | 13,843 | 0 | 0 | 13,843 | 0 | 0 | 0 |
Purchase of Company common stock | (345,383) | 0 | (12,455) | (71,664) | (261,264) | 0 | 0 |
Tax benefits related to stock-based awards | 18,123 | 0 | 0 | 18,123 | 0 | 0 | 0 |
Purchase of noncontrolling interest | (2,075) | 0 | 0 | 2,775 | 0 | 0 | (4,850) |
Noncontrolling interest payments | $ (222) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (222) |
Retirement of treasury shares | 0 | (7,969) | (7,969) | 0 | 0 | 0 | 0 |
Other | $ 1,725 | $ 62 | $ 0 | $ 1,663 | $ 0 | $ 0 | $ 0 |
Balance at end of period at Dec. 31, 2015 | 1,189,401 | 200,859 | (5,086) | 1,092,106 | (109,351) | 6,164 | 4,709 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 187,636 | 0 | 0 | 0 | 177,038 | 10,328 | 270 |
Dividends declared on common stock | (98,418) | 0 | 0 | (98,418) | 0 | 0 | 0 |
Stock option exercises | 17,662 | 2,108 | 0 | 15,554 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 241 | (1) | (240) | 0 | 0 | 0 |
Employee share-based compensation earned | 14,056 | 0 | 0 | 14,056 | 0 | 0 | 0 |
Purchase of Company common stock | (227,928) | 0 | (8,812) | (48,042) | (171,074) | 0 | 0 |
Tax benefits related to stock-based awards | 12,685 | 0 | 0 | 12,685 | 0 | 0 | 0 |
Purchase of noncontrolling interest | (1,961) | (364) | (2,325) | ||||
Noncontrolling interest payments | $ (120) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 120 |
Retirement of treasury shares | 0 | (7,901) | (7,901) | 0 | 0 | 0 | 0 |
Other | $ 2,234 | $ 96 | $ 0 | $ 2,138 | $ 0 | $ 0 | $ 0 |
Balance at end of period at Dec. 31, 2016 | $ 1,095,247 | $ 195,403 | $ (5,998) | $ 990,203 | $ (103,387) | $ 16,492 | $ 2,534 |
Consolidated Statement of Equi8
Consolidated Statement of Equity (Parentheticals) - $ / shares | 2 Months Ended | 12 Months Ended | ||
Feb. 13, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share | $ 0.13 | $ 0.51 | $ 0.44 | $ 0.34 |
Nature of Operations Level 1 (N
Nature of Operations Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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 other related businesses, which enable us to serve a wide array of customer needs. We sell cemetery property and funeral and cemetery merchandise and services at the time of need and on a preneed basis. Funeral service locations provide all professional services relating to funerals and cremations, including the use of funeral facilities and motor vehicles, arranging and directing services, removal, preparation, embalming, cremations, memorialization, and catering. Funeral merchandise, including burial caskets and related accessories, urns and other cremation receptacles, outer burial containers, flowers, online and video tributes, stationery products, casket and cremation memorialization products, and other ancillary merchandise, is sold at funeral service locations. Our cemeteries provide cemetery property interment rights, including developed lots, lawn crypts, mausoleum spaces, niches, and other cremation memorialization and interment options. Cemetery merchandise and services, including memorial markers and bases, outer burial containers, flowers and floral placement, other ancillary merchandise, graveside services, merchandise installation, travel protection, and burial openings and closings, are sold at our cemeteries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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 to Prior Period Financial Statements and Adjustments 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. For the year 2016, we recorded in General and administrative expenses an out-of-period expense of $5.5 million for previously improperly capitalized acquisition costs. Such amounts are immaterial to both current and prior period financial statements. 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 revenue 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 revenue. 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 $66.7 million , $62.4 million , and $60.4 million for the years ended December 31, 2016 , 2015 , and 2014 , 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 $147.2 million , $141.5 million , and $140.0 million for the years ended December 31, 2016 , 2015 , and 2014 , 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 related to funeral service locations and transportation equipment that were primarily classified as capital leases at December 31, 2016 . Lease terms related to funeral service locations 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 11. 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 6.5% discount rate, growth rates ranging from 1.2% to 5.7% 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 2016 or 2015 . For more information related to goodwill, see Note 7. 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 revenue 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 6.7% 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 2016 or 2015 . 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 7. 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 3, 4, and 5. 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 2016 , we canceled 7.9 million shares of common stock held in our treasury. We canceled 8.0 million and 11.0 million shares of common stock held in our treasury in 2015 and 2014 , 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 (expense) income , 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 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 3 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 revenue 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 revenue 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 revenue, 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 4 and 5 for more information regarding preneed cemetery and perpetual care activities. Preneed Funeral and Cemetery Receivables We sell preneed 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 exceeds 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 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 in the near term if market conditions change materially and future earnings are, or are projected to be, significantly different than our current estimates. An increase in the valuation allowance would result in additional income tax expense in such period. All deferred tax assets and liabilities, along with any related valuation allowances are classified as non-current on our Consolidated Balance Sheet. Recently Issued Accounting Standards Revenue Recognition In May 2014, the FASB issued "Revenue from Contracts with Customers," which replaces most existing revenue recognition guidance. During 2016, the FASB made several amendments to the new standard that clarified guidance on several matters, including principal vs. agent considerations, identifying performance obligations, sales taxes, and licensing. The new standard, as amended, requires that we recognize revenue in the amount to which we expect to be entitled for delivery of promised goods and services to our customers. The new standard will also result in enhanced revenue related disclosures, including any significant judgments and changes in judgments. Additionally, the new standard requires the deferral of incremental selling costs to the period in which the underlying revenue is recognized. The new standard will be effective for us beginning January 1, 2018 and we intend to implement the standard with the modified retrospective approach, which recognizes the cumulative effect of application recognized on that date. We have not fully determined the impact on the new standard on our consolidated results of operations, consolidated financial position, and cash flows. However, we believe the standard primarily impacts the manner in which we recognize certain nonrefundable up-front fees and incremental costs to acquire new preneed funeral trust contracts and preneed and atneed cemetery contracts (i.e., selling costs). The nonrefundable fees will be deferred and recognized as revenue when the underlying goods and services are delivered to the customer. The incremental selling costs will be deferred and amortized by specific identification to the delivery of the underlying goods and services. We will continue to expense costs to acquire new preneed funeral insurance contracts in the period incurred. The insurance contracts are not and will not be reflected in our Consolidated Balance Sheet because they do not represent assets or liabilities as we have no claim to the insurance proceeds until the contract is fulfilled and no obligation under the contract until the benefits are assigned to us after the time of need. Inventory In July 2015, the FASB amended "Inventory" to state that an entity using an inventory method other than last-in, first out ("LIFO") or the retail inventory method should measure inventory at the lower of cost or net realizable value. The new guidance clarifies that net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance was effective for us on January 1, 2017 and adoption did not materially impact our consolidated results of operations, consolidated financial position, and cash flows. Financial Instruments In January 2016, the FASB amended "Financial Instruments" to provide additional guidance on the recognition and measurement of financial assets and liabilities. The amendment requires investments in equity instruments to be measured at fair value with changes in fair value reflected in net income. The new guidance is effective for us on January 1, 2018, and we are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. In June 2016, the FASB amended "Financial Instruments" to provide financial statement users with more decision-useful information about the expected credit losses on debt instruments and other commitments to extend credit held by a reporting entity at each reporting date. This amendment replaces the incurred loss impairment methodology in the current standard with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for us on January 1, 2020, and we are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Leases In February 2016, the FASB amended "Leases" to increase transparency and comparability among organizations. Under the new standard, an entity will be required to recognize lease assets and liabilities on its balance sheet and disclose key information about leasing arrangements. In addition, the new standard offers specific accounting guidance for a lessee, a lessor, and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This new standard will be effective for us on January 1, 2019. We are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Stock Compensation In March 2016, the FASB amended "Stock Compensation" to simplify certain aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for us on January 1, 2017. If we had adopted this amendment for the year ended December 31, 2016 , Net cash provided by operating activities and Net cash used in financing activities would have both increased by $12.7 million and our Provision for income taxes would have decreased by $12.7 million . Cash Flow In August and November 2016, the FASB amended "Statement of Cash Flows" to clarify guidance on the classification of certain cash receipts and cash payments. Additionally, the guidance requires that the statement of cash flows reflect changes in restricted cash in addition to cash and cash equivalents. Amended guidance includes clarification on debt prepayment and extinguishment costs, contingent consideration in business combinations, proceeds from insurance claims, and premium payments on company-owned life insurance. The new guidance is effective for us on January 1, 2018, and we are still evaluating the impact of adoption on our consolidated statement of cash flows. Goodwill In January 2017, the FASB amended "Goodwill" to simplify the subsequent measurement of goodwill. Amended guidance eliminates Step 2 from the goodwill impairment test. Instead, impairment is defined as the amount by which the carrying value of the reporting unit exceeds its fair value, up to the total amount of goodwill. The new guidance is effective for us on January 1, 2020, and we are evaluating the impact on our consolidated results of operations, consolidated financial position, and cash flows. |
Preneed Funeral Activities Leve
Preneed Funeral Activities Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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. 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 revenue into Deferred preneed 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 revenue 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 : 2016 2015 2014 (In thousands) Deposits $ 121,668 $ 121,109 $ 102,553 Withdrawals $ 157,549 $ 160,135 $ 131,352 Purchases of available-for-sale securities (1) $ 377,813 $ 453,092 $ 1,238,257 Sales of available-for-sale securities (1) $ 387,959 $ 458,236 $ 1,318,512 (1) The higher level of activity in 2014 was 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: 2016 2015 (In thousands) Trust investments, at market $ 1,152,752 $ 1,109,394 Cash and cash equivalents 122,517 134,642 Assets associated with businesses held for sale — (39 ) Insurance-backed fixed income securities 271,248 271,116 Trust investments 1,546,517 1,515,113 Receivables from customers 312,556 290,689 Unearned finance charge (12,562 ) (11,235 ) 1,846,511 1,794,567 Allowance for cancellation (29,066 ) (34,270 ) Preneed funeral receivables, net and trust investments $ 1,817,445 $ 1,760,297 The activity in Preneed funeral receivables, net and trust investments for the years ended December 31 was as follows: 2016 2015 2014 (In thousands) Beginning balance — Preneed funeral receivables and trust investments $ 1,760,297 $ 1,843,023 $ 1,870,243 Net preneed contract sales 296,896 283,927 247,994 Cash receipts from customers, net of refunds (246,436 ) (234,413 ) (211,830 ) Deposits to trust 121,668 121,109 102,553 Acquisitions (divestitures) of businesses, net 3,560 1,400 (19,203 ) Net undistributed investment earnings (losses) (1) 65,954 (38,510 ) 22,480 Maturities and distributed earnings (193,604 ) (200,635 ) (162,059 ) Change in cancellation allowance 5,295 2,787 7,644 Effect of foreign currency and other 3,815 (18,391 ) (14,799 ) Ending balance — Preneed funeral receivables and trust investments $ 1,817,445 $ 1,760,297 $ 1,843,023 (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, 2016 and 2015 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, 2016 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 75,245 $ 317 $ (557 ) $ 75,005 Canadian government 2 55,752 272 (42 ) 55,982 Corporate 2 12,702 177 (92 ) 12,787 Residential mortgage-backed 2 29 1 — 30 Asset-backed 2 58 — (3 ) 55 Equity securities: Preferred stock 2 1,428 81 (39 ) 1,470 Common stock: United States 1 334,854 49,785 (11,525 ) 373,114 Canada 1 11,853 2,592 (263 ) 14,182 Other international 1 25,761 1,824 (3,167 ) 24,418 Mutual funds: Equity 1 313,132 7,780 (26,842 ) 294,070 Fixed income 1 92,760 1,344 (7,368 ) 86,736 Other 3 4,079 1,214 (17 ) 5,276 Trust investments, at fair value 927,653 65,387 (49,915 ) 943,125 Fixed income commingled funds 168,959 3,177 (1,167 ) 170,969 Private equity 40,892 2,956 (5,190 ) 38,658 Trust investments, at net asset value 209,851 6,133 (6,357 ) 209,627 Trust investments, at market $ 1,137,504 $ 71,520 $ (56,272 ) $ 1,152,752 December 31, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 64,140 $ 89 $ (1,270 ) $ 62,959 Canadian government 2 56,975 323 (55 ) 57,243 Corporate 2 18,983 235 (284 ) 18,934 Residential mortgage-backed 2 1,299 29 (22 ) 1,306 Asset-backed 2 5 — — 5 Equity securities: Preferred stock 2 1,951 41 (158 ) 1,834 Common stock: United States 1 344,544 30,885 (19,149 ) 356,280 Canada 1 11,882 2,651 (1,077 ) 13,456 Other international 1 32,193 2,636 (3,907 ) 30,922 Mutual funds: Equity 1 324,231 1,263 (43,975 ) 281,519 Fixed income 1 155,893 154 (13,092 ) 142,955 Other 3 3,687 1,069 — 4,756 Trust investments, at fair value 1,015,783 39,375 (82,989 ) 972,169 Fixed income commingled funds 102,063 228 (1,103 ) 101,188 Private equity 38,724 3,780 (6,467 ) 36,037 Trust investments, at net asset value 140,787 4,008 (7,570 ) 137,225 Trust investments, at market $ 1,156,570 $ 43,383 $ (90,559 ) $ 1,109,394 Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed quarterly by the Investment Committee of the Board of Directors. Where quoted prices are available in an active market, securities are classified as Level 1 investments pursuant to the fair value measurements 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 securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. The valuation of other investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. These securities are classified as Level 3 investments pursuant to the fair value measurements hierarchy. Fixed income commingled funds and private equity investments are measured at net asset value. Fixed income commingled funds are redeemable for net asset value with two weeks' notice. Our private equity 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, due to the nature of the investments in this category, 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. As of December 31, 2016 , our unfunded commitment for our private equity and other investments was $31.8 million which, if called, would be funded by the assets of the trusts. 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 : 2016 2015 2014 (In thousands) Fair value, beginning balance at January 1 $ 4,756 $ 4,891 $ 801 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 478 (167 ) 876 Purchases 89 32 3,214 Sales (47 ) — — Fair value, ending balance at December 31 $ 5,276 $ 4,756 $ 4,891 (1) All unrealized gains 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 receipts held in trust . See Note 6 for further information related to our Deferred preneed receipts held in trust . Maturity dates of our fixed income securities range from 2017 to 2041 . Maturities of fixed income securities at December 31, 2016 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 76,744 Due in one to five years 27,298 Due in five to ten years 31,374 Thereafter 8,443 $ 143,859 Earnings from all our funeral merchandise and service trust investments are recognized in funeral revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue 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 revenue. Recognized earnings (realized and unrealized) related to our funeral merchandise and service trust investments were $49.9 million , $52.9 million , and $62.8 million for the years ended December 31, 2016 , 2015 , and 2014 , 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 receipts held in trust . See Note 6 for further information related to our Deferred preneed receipts held in trust . 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, 2016 and 2015 , are shown in the following tables. December 31, 2016 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 25,996 $ (557 ) $ — $ — $ 25,996 $ (557 ) Canadian government 2,847 (30 ) 191 (12 ) 3,038 (42 ) Corporate 1,710 (15 ) 3,560 (77 ) 5,270 (92 ) Asset-backed — — 55 (3 ) 55 (3 ) Equity securities: Preferred stock 125 (17 ) 98 (22 ) 223 (39 ) Common stock: United States 87,059 (8,149 ) 14,939 (3,376 ) 101,998 (11,525 ) Canada 2,832 (254 ) 482 (9 ) 3,314 (263 ) Other international 5,390 (1,301 ) 7,368 (1,866 ) 12,758 (3,167 ) Mutual funds: Equity 108,109 (5,080 ) 127,273 (21,762 ) 235,382 (26,842 ) Fixed income 34,120 (817 ) 31,654 (6,551 ) 65,774 (7,368 ) Other 26 (2 ) 1,160 (15 ) 1,186 (17 ) Trust investments, at fair value 268,214 (16,222 ) 186,780 (33,693 ) 454,994 (49,915 ) Fixed income commingled funds 75,041 (687 ) 17,656 (480 ) 92,697 (1,167 ) Private equity 693 (481 ) 22,812 (4,709 ) 23,505 (5,190 ) Trust investments, at net asset value 75,734 (1,168 ) 40,468 (5,189 ) 116,202 (6,357 ) Total temporarily impaired securities $ 343,948 $ (17,390 ) $ 227,248 $ (38,882 ) $ 571,196 $ (56,272 ) December 31, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 36,113 $ (1,268 ) $ 141 $ (2 ) $ 36,254 $ (1,270 ) Canadian government 209 (7 ) 971 (48 ) 1,180 (55 ) Corporate 4,618 (156 ) 3,880 (128 ) 8,498 (284 ) Residential mortgage-backed 378 (6 ) 132 (16 ) 510 (22 ) Equity securities: Preferred stock 449 (60 ) 42 (98 ) 491 (158 ) Common stock: United States 128,925 (16,448 ) 14,537 (2,701 ) 143,462 (19,149 ) Canada 1,941 (355 ) 1,051 (722 ) 2,992 (1,077 ) Other international 9,473 (1,638 ) 6,154 (2,269 ) 15,627 (3,907 ) Mutual funds: Equity 186,016 (23,385 ) 79,892 (20,590 ) 265,908 (43,975 ) Fixed income 109,154 (5,052 ) 27,061 (8,040 ) 136,215 (13,092 ) Trust investments, at fair value 477,276 (48,375 ) 133,861 (34,614 ) 611,137 (82,989 ) Fixed income commingled funds 70,964 (457 ) 15,243 (646 ) 86,207 (1,103 ) Private equity — — 18,714 (6,467 ) 18,714 (6,467 ) Trust investments, at net asset value 70,964 (457 ) 33,957 (7,113 ) 104,921 (7,570 ) Total temporarily impaired securities $ 548,240 $ (48,832 ) $ 167,818 $ (41,727 ) $ 716,058 $ (90,559 ) Deferred preneed funeral revenue At December 31, 2016 and 2015 , Deferred preneed funeral revenue , net of allowance for cancellation, represents future funeral revenue, including distributed trust investment earnings associated with unperformed trust-funded preneed funeral contracts that are not held in trust accounts. Deferred preneed funeral revenue is recognized in current funeral revenue when merchandise is delivered or the service is performed. Future funeral revenue and net trust investment earnings that are held in trust accounts are included in Deferred preneed receipts held in trust. The following table summarizes the activity in Deferred preneed funeral revenue for the years ended December 31: 2016 2015 2014 (In thousands) Beginning balance — Deferred preneed funeral revenue $ 557,897 $ 540,164 $ 551,948 Net preneed contract sales 251,134 232,628 198,195 Acquisitions (divestitures) of businesses, net 2,170 (2,895 ) (21,639 ) Net investment earnings (losses) (1) 66,656 (37,208 ) 24,256 Recognized deferred preneed revenue (277,248 ) (276,359 ) (258,534 ) Change in cancellation allowance 8,411 11,675 21,272 Change in deferred preneed receipts held in trust (28,506 ) 90,351 26,131 Effect of foreign currency and other 766 (459 ) (1,465 ) Ending balance — Deferred preneed funeral revenue $ 581,280 $ 557,897 $ 540,164 (1) Includes both realized and unrealized investment earnings. Insurance-funded preneed contracts Not included in our Consolidated Balance Sheet are insurance-funded preneed 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 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 revenue) are based on a percentage per contract sold and are recognized as funeral revenue when the insurance purchase transaction between the customer and third-party insurance provider is completed. GA revenue recognized in 2016 , 2015 , and 2014 was $135.8 million , $137.0 million , and $123.0 million , respectively. Direct selling costs incurred pursuant to the sale of insurance-funded preneed 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 contract. We do not reflect the unfulfilled insurance-funded preneed contract amounts in our Consolidated Balance Sheet. The proceeds of the life insurance policies or annuity contracts will be reflected in funeral revenue as we perform these funerals. |
Preneed Cemetery Activities Lev
Preneed Cemetery Activities Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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. 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 revenue into Deferred preneed 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 revenue 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 : 2016 2015 2014 (In thousands) Deposits $ 158,114 $ 153,252 $ 129,581 Withdrawals $ 144,308 $ 163,732 $ 150,064 Purchases of available-for-sale securities (1) $ 656,452 $ 625,648 $ 1,786,800 Sales of available-for-sale securities (1) $ 631,440 $ 628,484 $ 1,842,417 (1) The higher level of activity in 2014 was 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: 2016 2015 (In thousands) Trust investments, at market $ 1,435,083 $ 1,343,916 Cash and cash equivalents 123,146 118,583 Trust investments 1,558,229 1,462,499 Receivables from customers 1,038,592 958,503 Unearned finance charges (33,427 ) (31,332 ) 2,563,394 2,389,670 Allowance for cancellation (75,674 ) (71,503 ) Preneed cemetery receivables, net and trust investments $ 2,487,720 $ 2,318,167 The activity in Preneed cemetery receivables, net and trust investments for the years ended December 31 was as follows: 2016 2015 2014 (In thousands) Beginning balance — Preneed cemetery receivables and trust investments $ 2,318,167 $ 2,306,669 $ 2,292,348 Net preneed contract sales 862,298 799,497 688,336 Cash receipts from customers, net of refunds (784,267 ) (716,686 ) (615,489 ) Deposits to trust 158,114 153,252 129,581 (Divestitures) acquisitions of businesses, net (2,083 ) 4,404 (10,898 ) Net undistributed investment earnings (losses) (1) 79,557 (42,189 ) (18,038 ) Maturities, deliveries, and associated earnings (144,308 ) (163,732 ) (150,064 ) Change in cancellation allowance (1,966 ) (2,046 ) 843 Effect of foreign currency and other 2,208 (21,002 ) (9,950 ) Ending balance — Preneed cemetery receivables and trust investments $ 2,487,720 $ 2,318,167 $ 2,306,669 (1) Includes both realized and unrealized investment earnings. The cost and market values associated with our cemetery merchandise and service trust investments recorded at fair value at December 31, 2016 and 2015 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, 2016 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 70,070 $ 567 $ (281 ) $ 70,356 Canadian government 2 9,109 49 (66 ) 9,092 Corporate 2 1,596 18 (34 ) 1,580 Asset-backed 2 170 13 — 183 Equity securities: Common stock: United States 1 539,445 72,682 (21,680 ) 590,447 Canada 1 9,027 4,807 (84 ) 13,750 Other international 1 42,870 3,023 (5,229 ) 40,664 Mutual funds: Equity 1 356,079 7,812 (29,603 ) 334,288 Fixed income 1 94,383 1,535 (9,854 ) 86,064 Trust investments, at fair value 1,122,749 90,506 (66,831 ) 1,146,424 Fixed income commingled funds 245,813 5,347 (1,681 ) 249,479 Private equity 37,881 4,616 (3,317 ) 39,180 Trust investments, at net asset value 283,694 9,963 (4,998 ) 288,659 Trust investments, at market $ 1,406,443 $ 100,469 $ (71,829 ) $ 1,435,083 December 31, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 69,727 $ 25 $ (1,437 ) $ 68,315 Canadian government 2 9,725 183 (99 ) 9,809 Corporate 2 5,115 26 (118 ) 5,023 Residential mortgage-backed 2 129 3 (3 ) 129 Asset-backed 2 170 15 — 185 Equity securities: Common stock: United States 1 531,885 44,181 (32,037 ) 544,029 Canada 1 8,992 3,858 (891 ) 11,959 Other international 1 50,041 4,207 (5,799 ) 48,449 Mutual funds: Equity 1 356,712 1,620 (49,642 ) 308,690 Fixed income 1 203,932 92 (18,527 ) 185,497 Other 3 1,382 122 — 1,504 Trust investments, at fair value 1,237,810 54,332 (108,553 ) 1,183,589 Fixed income commingled funds 124,103 — (639 ) 123,464 Private equity 35,411 5,954 (4,502 ) 36,863 Trust investments, at net asset value 159,514 5,954 (5,141 ) 160,327 Trust investments, at market $ 1,397,324 $ 60,286 $ (113,694 ) $ 1,343,916 Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed quarterly by the Investment Committee of the Board of Directors. Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements 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, ratings, and tax-exempt status. These securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. The valuation of other investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. These securities are classified as Level 3 investments pursuant to the fair value measurements hierarchy. Fixed income commingled funds and private equity investments are measured at net asset value. Fixed income commingled funds are redeemable for net asset value with two weeks' notice. Our private equity 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, due to the nature of the investments in this category, 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. As of December 31, 2016 , our unfunded commitment for our private equity and other investments was $32.7 million which, if called, would be funded by the assets of the trusts. 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 : 2016 2015 2014 (In thousands) Fair value, beginning balance at January 1 $ 1,504 $ 203 $ — Net unrealized (losses) gains included in Accumulated other comprehensive income (1) — (27 ) 7 Net realized losses included in Other (expense) income, net (2) (212 ) — — Purchases — 1,328 196 Sales (1,292 ) — — Fair value, ending balance at December 31 $ — $ 1,504 $ 203 (1) All unrealized gains 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 receipts held in trust . See Note 6 for further information related to our Deferred preneed receipts held in trust . (2) All losses recognized in Other (expense) income, net for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other (expense) income, net to Deferred preneed receipts held in trust . See Note 6 for further information related to our Deferred preneed receipts held in trust . Maturity dates of our fixed income securities range from 2017 to 2041 . Maturities of fixed income securities (excluding mutual funds) at December 31, 2016 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 7,154 Due in one to five years 26,237 Due in five to ten years 34,244 Thereafter 13,576 $ 81,211 Earnings from all our cemetery merchandise and service trust investments are recognized in cemetery revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue 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 revenue. Recognized earnings (realized and unrealized) related to our cemetery merchandise and service trust investments were $44.5 million , $45.5 million , and $48.2 million for the years ended December 31, 2016 , 2015 , and 2014 , 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 Preneed cemetery 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 receipts held in trust . See Note 6 for further information related to our Deferred preneed receipts held in trust . 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, 2016 and 2015 , are shown in the following tables: December 31, 2016 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 15,413 $ (281 ) $ — $ — $ 15,413 $ (281 ) Canadian government — — 1,192 (66 ) 1,192 (66 ) Corporate — — 736 (34 ) 736 (34 ) Equity securities: Common stock: United States 149,530 (13,680 ) 23,010 (8,000 ) 172,540 (21,680 ) Canada 408 (82 ) 38 (2 ) 446 (84 ) Other international 9,707 (2,330 ) 11,442 (2,899 ) 21,149 (5,229 ) Mutual funds: Equity 125,728 (4,728 ) 146,332 (24,875 ) 272,060 (29,603 ) Fixed income 26,566 (446 ) 45,337 (9,408 ) 71,903 (9,854 ) Trust investments, at fair value 327,352 (21,547 ) 228,087 (45,284 ) 555,439 (66,831 ) Fixed income commingled funds 133,164 (1,681 ) — — 133,164 (1,681 ) Private equity 558 (1 ) 16,769 (3,316 ) 17,327 (3,317 ) Trust investments, at net asset value 133,722 (1,682 ) 16,769 (3,316 ) 150,491 (4,998 ) Total temporarily impaired securities $ 461,074 $ (23,229 ) $ 244,856 $ (48,600 ) $ 705,930 $ (71,829 ) December 31, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 52,509 $ (1,435 ) $ 21 $ (2 ) $ 52,530 $ (1,437 ) Canadian government 1,190 (34 ) 841 (65 ) 2,031 (99 ) Corporate 1,764 (22 ) 2,347 (96 ) 4,111 (118 ) Residential mortgage-backed 42 (1 ) 18 (2 ) 60 (3 ) Equity securities: Common stock: United States 198,755 (26,038 ) 21,355 (5,999 ) 220,110 (32,037 ) Canada 473 (6 ) 1,430 (885 ) 1,903 (891 ) Other international 15,560 (2,507 ) 9,412 (3,292 ) 24,972 (5,799 ) Mutual funds: Equity 207,253 (25,991 ) 86,720 (23,651 ) 293,973 (49,642 ) Fixed income 139,684 (6,323 ) 44,550 (12,204 ) 184,234 (18,527 ) Trust investments, at fair value 617,230 (62,357 ) 166,694 (46,196 ) 783,924 (108,553 ) Fixed income commingled funds 123,464 (639 ) — — 123,464 (639 ) Private equity — — 9,526 (4,502 ) 9,526 (4,502 ) Trust investments, at net asset value 123,464 (639 ) 9,526 (4,502 ) 132,990 (5,141 ) Total temporarily impaired securities $ 740,694 $ (62,996 ) $ 176,220 $ (50,698 ) $ 916,914 $ (113,694 ) Deferred preneed cemetery revenue At December 31, 2016 and 2015 , Deferred preneed cemetery revenue , net of allowance for cancellation, represents future cemetery revenue, including distributed trust investment earnings associated with unperformed trust-funded preneed cemetery contracts that are not held in trust accounts. Deferred preneed cemetery revenue is recognized in current cemetery revenue when merchandise is delivered or the service is performed. Future cemetery revenue and net trust investment earnings that are held in trust accounts are included in Deferred preneed receipts held in trust. The following table summarizes the activity in Deferred preneed cemetery revenue for the years ended December 31 : 2016 2015 2014 (In thousands) Beginning balance — Deferred preneed cemetery revenue $ 1,120,001 $ 1,062,381 $ 1,016,275 Net preneed and atneed deferred sales 596,714 561,899 531,768 (Divestitures) acquisitions of businesses, net (1,977 ) 2,357 (25,071 ) Net investment earnings (losses) (1) 79,447 (42,806 ) (22,378 ) Recognized deferred preneed and atneed revenue (546,071 ) (504,064 ) (493,739 ) Change in cancellation allowance (3,015 ) (8,048 ) 3,833 Change in deferred preneed receipts held in trust (96,417 ) 52,050 55,636 Effect of foreign currency and other 1,455 (3,768 ) (3,943 ) Ending balance — Deferred preneed cemetery revenue $ 1,150,137 $ 1,120,001 $ 1,062,381 (1) Includes both realized and unrealized investment earnings (losses). |
Cemetery Perpetual Care Trusts
Cemetery Perpetual Care Trusts Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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. 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 : 2016 2015 2014 (In thousands) Deposits $ 41,450 $ 38,883 $ 42,220 Withdrawals $ 48,522 $ 40,447 $ 46,981 Purchases of available-for-sale securities (1) $ 428,635 $ 247,658 $ 1,306,314 Sales of available-for-sale securities (1) $ 374,329 $ 175,057 $ 1,396,669 (1) The higher level of activity in 2014 was 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: 2016 2015 (In thousands) Trust investments, at market $ 1,349,073 $ 1,232,592 Cash and cash equivalents 58,392 86,835 Cemetery perpetual care trust investments $ 1,407,465 $ 1,319,427 The cost and market values associated with our cemetery perpetual care trust investments recorded at fair value at December 31, 2016 and 2015 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, 2016 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: Canadian government 2 $ 14,280 $ 88 $ (114 ) $ 14,254 Corporate 2 4,636 100 (101 ) 4,635 Residential mortgage-backed 2 304 — (1 ) 303 Asset-backed 2 220 3 (28 ) 195 Equity securities: Preferred stock 2 1,479 2 (117 ) 1,364 Common stock: United States 1 233,643 28,679 (2,337 ) 259,985 Canada 1 4,828 2,631 (108 ) 7,351 Other international 1 14,607 148 (2,236 ) 12,519 Mutual funds: Equity 1 18,909 4,370 (412 ) 22,867 Fixed income 1 688,472 3,324 (28,997 ) 662,799 Other 3 633 1,254 — 1,887 Trust investments, at fair value 982,011 40,599 (34,451 ) 988,159 Fixed income commingled funds 277,662 — (9,386 ) 268,276 Private equity 97,108 2,240 (6,710 ) 92,638 Trust investments, at net asset value 374,770 2,240 (16,096 ) 360,914 Trust investments, at market $ 1,356,781 $ 42,839 $ (50,547 ) $ 1,349,073 December 31, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 650 $ 20 $ (7 ) $ 663 Canadian government 2 15,412 321 (162 ) 15,571 Corporate 2 12,490 149 (284 ) 12,355 Residential mortgage-backed 2 934 13 (9 ) 938 Asset-backed 2 660 5 (31 ) 634 Equity securities: Preferred stock 2 5,850 55 (159 ) 5,746 Common stock: United States 1 230,854 15,224 (10,898 ) 235,180 Canada 1 5,460 2,112 (606 ) 6,966 Other international 1 14,793 160 (2,390 ) 12,563 Mutual funds: Equity 1 21,783 3,138 (1,850 ) 23,071 Fixed income 1 890,025 530 (63,913 ) 826,642 Other 3 645 1,257 — 1,902 Trust investments, at fair value 1,199,556 22,984 (80,309 ) 1,142,231 Fixed income commingled funds 20,616 — (178 ) 20,438 Private equity 75,613 2,406 (8,096 ) 69,923 Trust investments, at net asset value 96,229 2,406 (8,274 ) 90,361 Trust investments, at market $ 1,295,785 $ 25,390 $ (88,583 ) $ 1,232,592 Valuation policies and procedures are determined by our Trust Services department, which reports to our Chief Financial Officer. Additionally, valuations are reviewed quarterly by the Investment Committee of the Board of Directors. Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements 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, ratings, and tax-exempt status. These securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. The valuation of other investments requires management judgment due to the absence of quoted market prices, inherent lack of liquidity, and the long-term nature of such assets. These securities are classified as Level 3 investments pursuant to the fair value measurements hierarchy. Fixed income commingled funds and private equity investments are measured at net asset value. Fixed income commingled funds are redeemable for net asset value with two weeks' notice. Our private equity 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, due to the nature of the investments in this category, 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. As of December 31, 2016 , our unfunded commitment for our private equity and other investments was $31.0 million which, if called, would be funded by the assets of the trusts. 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 : 2016 2015 2014 (In thousands) Fair value, beginning balance at January 1 $ 1,902 $ 1,556 $ 1,599 Net unrealized (losses) gains included in Accumulated other comprehensive income (1) (15 ) 346 (26 ) Sales — — (17 ) Fair value, ending balance at December 31 $ 1,887 $ 1,902 $ 1,556 (1) All unrealized (losses) 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 6 for further information related to our Care trusts’ corpus . Maturity dates of our fixed income securities range from 2017 to 2040 . Maturities of fixed income securities at December 31, 2016 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 1,834 Due in one to five years 17,283 Due in five to ten years 69 Thereafter 201 $ 19,387 Distributable earnings from these cemetery perpetual care trust investments are recognized in current cemetery revenue to the extent we incur qualifying cemetery maintenance costs. Fees charged by our wholly-owned registered investment advisor are also included in current revenue in the period in which they are earned. Recognized earnings related to these cemetery perpetual care trust investments were $67.6 million , $59.6 million , and $72.4 million for the years ended December 31, 2016 , 2015 , and 2014 , 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 6 for further information related to our Care trusts’ corpus . 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, 2016 and 2015 , are shown in the following table: December 31, 2016 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses (In thousands) Fixed income securities: Canadian government $ 66 $ (1 ) $ 1,961 $ (113 ) $ 2,027 $ (114 ) Corporate 397 (7 ) 1,866 (94 ) 2,263 (101 ) Residential mortgage-backed 303 (1 ) — — 303 (1 ) Asset-backed 28 (22 ) 101 (6 ) 129 (28 ) Equity securities: Preferred stock 846 (36 ) 417 (81 ) 1,263 (117 ) Common stock: United States 34,844 (1,339 ) 12,974 (998 ) 47,818 (2,337 ) Canada 78 (47 ) 558 (61 ) 636 (108 ) Other international 4,177 (508 ) 5,715 (1,728 ) 9,892 (2,236 ) Mutual funds: Equity 877 (17 ) 2,899 (395 ) 3,776 (412 ) Fixed income 263,231 (4,678 ) 348,623 (24,319 ) 611,854 (28,997 ) Trust investments, at fair value 304,847 (6,656 ) 375,114 (27,795 ) 679,961 (34,451 ) Fixed income commingled funds 265,345 (9,346 ) 2,931 (40 ) 268,276 (9,386 ) Private equity 21,426 (268 ) 33,519 (6,442 ) 54,945 (6,710 ) Trust investments, at net asset value 286,771 (9,614 ) 36,450 (6,482 ) 323,221 (16,096 ) Total temporarily impaired securities $ 591,618 $ (16,270 ) $ 411,564 $ (34,277 ) $ 1,003,182 $ (50,547 ) December 31, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 364 $ (6 ) $ 35 $ (1 ) $ 399 $ (7 ) Canadian government 1,569 (60 ) 1,371 (102 ) 2,940 (162 ) Corporate 4,693 (134 ) 4,147 (150 ) 8,840 (284 ) Residential mortgage-backed 303 (3 ) 117 (6 ) 420 (9 ) Asset-backed 146 (12 ) 360 (19 ) 506 (31 ) Equity securities: Preferred stock 4,029 (159 ) — — 4,029 (159 ) Common stock: United States 81,564 (7,793 ) 14,900 (3,105 ) 96,464 (10,898 ) Canada 622 (31 ) 1,026 (575 ) 1,648 (606 ) Other international 8,735 (941 ) 2,347 (1,449 ) 11,082 (2,390 ) Mutual funds: Equity 4,580 (606 ) 1,258 (1,244 ) 5,838 (1,850 ) Fixed income 519,993 (18,205 ) 294,309 (45,708 ) 814,302 (63,913 ) Trust investments, at fair value 626,598 (27,950 ) 319,870 (52,359 ) 946,468 (80,309 ) Fixed income commingled funds 20,438 (178 ) — — 20,438 (178 ) Private equity 13,139 (75 ) 30,438 (8,021 ) 43,577 (8,096 ) Trust investments, at net asset value 33,577 (253 ) 30,438 (8,021 ) 64,015 (8,274 ) Total temporarily impaired securities $ 660,175 $ (28,203 ) $ 350,308 $ (60,380 ) $ 1,010,483 $ (88,583 ) |
Deferred Preneed Funeral and Ce
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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 Receipts Held in Trust and Care Trusts’ Corpus Deferred preneed 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 receipts held in trust in our Consolidated Balance Sheet at December 31, 2016 and 2015 are detailed below. December 31, 2016 December 31, 2015 Preneed Funeral Preneed Cemetery Total Preneed Funeral Preneed Cemetery Total (In thousands) (In thousands) Trust investments $ 1,546,517 $ 1,558,229 $ 3,104,746 $ 1,515,113 $ 1,462,499 $ 2,977,612 Accrued trust operating payables and other (589 ) (361 ) (950 ) (1,381 ) (2,845 ) (4,226 ) Deferred preneed receipts held in trust $ 1,545,928 $ 1,557,868 $ 3,103,796 $ 1,513,732 $ 1,459,654 $ 2,973,386 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 are detailed below. December 31, 2016 December 31, 2015 (In thousands) Cemetery perpetual care trust investments $ 1,407,465 $ 1,319,427 Accrued trust operating payables and other 778 137 Care trusts’ corpus $ 1,408,243 $ 1,319,564 Other (expense) income, net The components of Other (expense) income, net in our Consolidated Statement of Operations for the years ended December 31, 2016 , 2015 , and 2014 are detailed below. See Notes 3, 4, and 5 for further discussion of the amounts related to our funeral, cemetery, and cemetery perpetual care trusts. Year Ended December 31, 2016 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 38,704 $ 53,253 $ 8,327 $ — $ 100,284 Realized losses (46,432 ) (60,795 ) (6,579 ) — (113,806 ) Impairment charges (4,625 ) (5,872 ) (1,360 ) — (11,857 ) Interest, dividend, and other ordinary income 20,299 17,428 56,594 — 94,321 Trust expenses and income taxes (20,190 ) (22,137 ) (22,801 ) — (65,128 ) Net trust investment (losses) income (12,244 ) (18,123 ) 34,181 — 3,814 Reclassification to deferred preneed receipts held in trust and care trusts’ corpus 12,244 18,123 (34,181 ) — (3,814 ) Other expense, net — — — (631 ) (631 ) Total other expense, net $ — $ — $ — $ (631 ) $ (631 ) Year Ended December 31, 2015 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 42,034 $ 51,510 $ 6,933 $ — $ 100,477 Realized losses (31,403 ) (40,092 ) (7,708 ) — (79,203 ) Impairment charges (3,519 ) (4,345 ) (1,812 ) — (9,676 ) Interest, dividend, and other ordinary income 25,952 27,089 56,253 — 109,294 Trust expenses and income taxes (21,852 ) (31,472 ) (32,643 ) — (85,967 ) Net trust investment income 11,212 2,690 21,023 — 34,925 Reclassification to deferred preneed receipts held in trust and care trusts’ corpus (11,212 ) (2,690 ) (21,023 ) — (34,925 ) Other expense, net — — — (132 ) (132 ) Total other expense, net $ — $ — $ — $ (132 ) $ (132 ) Year Ended December 31, 2014 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (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 52,126 — 92,391 Trust expenses and income taxes (19,590 ) (20,833 ) (34,243 ) — (74,666 ) Net trust investment income 16,051 69,758 92,977 — 178,786 Reclassification to deferred preneed receipts held in trust and care trusts’ corpus (16,051 ) (69,758 ) (92,977 ) — (178,786 ) Other income, net — — — 1,780 1,780 Total other income, net $ — $ — $ — $ 1,780 $ 1,780 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
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): 2016 2015 Funeral Cemetery Total Funeral Cemetery Total (In thousands) Balance as of January 1 $ 1,490,502 $ 305,838 $ 1,796,340 $ 1,510,879 $ 299,974 $ 1,810,853 Increase (decrease) in goodwill related to acquisitions 26,809 (151 ) 26,658 6,460 6,201 12,661 Reduction of goodwill related to divestitures (26,554 ) (270 ) (26,824 ) (8,908 ) (262 ) (9,170 ) Effect of foreign currency 2,898 9 2,907 (17,929 ) (75 ) (18,004 ) Activity 3,153 (412 ) 2,741 (20,377 ) 5,864 (14,513 ) Balance as of December 31 $ 1,493,655 $ 305,426 $ 1,799,081 $ 1,490,502 $ 305,838 $ 1,796,340 The components of intangible assets at December 31 were as follows: Useful Life Minimum Maximum 2016 2015 (Years) (In thousands) Amortizing intangibles: Covenants-not-to-compete 2 - 20 $ 211,549 $ 206,822 Customer relationships 10 - 20 146,876 154,364 Tradenames 5 - 5 9,150 12,750 Other 5 - 40 11,927 11,927 379,502 385,863 Less: Accumulated amortization 268,061 257,157 Amortizing intangibles, net 111,441 128,706 Non-amortizing intangibles: Tradenames Indefinite 245,984 230,659 Other Indefinite 10,640 10,640 Non-amortizing intangibles 256,624 241,299 Intangible assets, net $ 368,065 $ 370,005 As part of our annual recoverability-testing process during 2016, we recognized $1.2 million of impairment on four tradenames. Amortization expense for intangible assets was $31.0 million , $31.5 million , and $36.6 million for the years ended December 31, 2016 , 2015 , and 2014 , 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, 2016 (in thousands): 2017 $ 11,718 2018 $ 10,961 2019 $ 7,711 2020 $ 6,613 2021 $ 6,504 |
Income Taxes Level 1 (Notes)
Income Taxes Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 (In thousands) United States $ 287,946 $ 331,622 $ 360,800 Foreign 38,712 38,729 41,800 $ 326,658 $ 370,351 $ 402,600 Income tax provision (benefit) for the years ended December 31 consisted of the following: 2016 2015 2014 (In thousands) Current: United States $ 113,629 $ 94,502 $ 67,511 Foreign 12,084 9,270 10,859 State 16,150 13,207 17,939 Total current income taxes 141,863 116,979 96,309 Deferred: United States $ (19,496 ) $ 15,918 $ 108,514 Foreign 22,708 (878 ) (653 ) State 4,278 3,008 21,810 Total deferred income taxes 7,490 18,048 129,671 Total income taxes $ 149,353 $ 135,027 $ 225,980 We made income tax payments of $115.0 million , $105.4 million , and $106.3 million in 2016 , 2015 , and 2014 , respectively, and received refunds of $2.4 million , $1.9 million , and $0.6 million , respectively. 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: 2016 2015 2014 (In thousands) Computed tax provision at the applicable federal statutory income tax rate $ 114,331 $ 129,623 $ 140,910 State and local taxes, net of federal income tax benefits 13,279 10,542 25,736 Foreign jurisdiction differences (2,557 ) (5,183 ) (4,424 ) Permanent differences associated with divestitures 9,267 2,909 61,892 Changes in uncertain tax positions 5,669 4,046 4,624 Foreign valuation allowance, net of federal income tax benefits 15,850 — — Other (6,486 ) (6,910 ) (2,758 ) Provision for income taxes $ 149,353 $ 135,027 $ 225,980 Total consolidated effective tax rate 45.7 % 36.5 % 56.1 % The higher effective tax rate for the twelve months ended December 31, 2016 was a result of a valuation allowance recorded against foreign net deferred tax assets for which a future net benefit may not be realized, and non-deductible goodwill resulting from gains on divestitures. The higher effective tax rate for the twelve month ended December 31, 2014 was due primarily to the non-deductible goodwill resulting from gains on required divestitures associated with the Stewart acquisition. 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 carryforwards that give rise to significant portions of deferred tax assets and liabilities as of December 31 consisted of the following: 2016 2015 (In thousands) Inventories and cemetery property $ (335,795 ) $ (338,143 ) Property and equipment (149,450 ) (168,265 ) Intangibles (294,251 ) (302,217 ) Other (6,980 ) (12,047 ) Deferred tax liabilities (786,476 ) (820,672 ) Loss and tax credit carryforwards 157,795 171,725 Deferred revenue on preneed funeral and cemetery contracts 223,174 226,483 Accrued liabilities 84,230 102,351 Deferred tax assets 465,199 500,559 Less: Valuation allowance (132,500 ) (126,654 ) Net deferred income tax liability $ (453,777 ) $ (446,767 ) Deferred tax assets and deferred income tax liabilities are recognized in our Consolidated Balance Sheet at December 31 as follows: 2016 2015 (In thousands) Non-current deferred tax assets $ 861 $ 23,817 Non-current deferred tax liabilities (454,638 ) (470,584 ) Net deferred income tax liability $ (453,777 ) $ (446,767 ) In addition to the loss and tax credit carryforward 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 share-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. For the year ended December 31, 2016, restricted share vesting and stock option exercises resulted in windfall tax benefits where the tax deduction exceeded the previously disallowed book expense in the amount of $34.0 million or $12.7 million , net of tax. At December 31, 2016 and 2015 , U.S. income taxes had not been provided on $308.6 million and $259.8 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, 2014 to December 31, 2016 (in thousands): Federal, State and Foreign Tax (In thousands) 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 Additions to tax positions related to the current year 3,235 Reduction to tax positions related to prior years (12,370 ) Balance at December 31, 2015 $ 182,545 Reductions to tax positions related to prior years (4,219 ) Balance at December 31, 2016 $ 178,326 Our total unrecognized tax benefits that, if recognized, would affect our effective tax rates were $161.8 million , $157.2 million , and $154.8 million as of December 31, 2016 , 2015 , and 2014 , respectively. We include potential accrued interest and penalties related to unrecognized tax benefits within our income tax provision account. We have accrued $57.3 million , $51.6 million , and $47.6 million for the payment of interest, net of tax benefits, and penalties as of December 31, 2016 , 2015 , and 2014 , respectively. We recognized an increase of interest and penalties of $5.7 million , $4.0 million , and $3.1 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. 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. We consider the United States to be our most significant jurisdiction; however, all 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 have reached an agreement in principle with the IRS to resolve the issues under audit with respect to tax years 1999 through 2005 which cleared the Joint Committee on Taxation without change on February 7, 2017. Final resolution with the IRS is subject to, among other things, the execution of certain agreements and the closing of the case. There can be no assurance that the resolution will be finalized on the terms currently contemplated, or at all. Additionally, SCI and Subsidiaries received a letter of no change to its federal tax liability for the tax years 2008-2010, and its tax years 2006-2007 remain under audit as a result of carryback claims. Our Canadian affiliate, Service Corporation International Canada ULC, concluded the audit of its Canadian income tax returns during 2016 for the years 2010-2012 with no material impact. Furthermore, we are under audit by various state jurisdictions for years 2000 through 2015. It is reasonably possible that the amount of unrecognized tax benefits could significantly decrease over the next 12 months as a result of the agreement in principle reached with the IRS on the audit with respect to tax years 1999 through 2005. However, due to the uncertainty regarding the timing and amount of the final resolution on this specific audit and possible outcomes on the other outstanding audits, a current estimate of the range of decrease that may occur within the next 12 months cannot be made. Various subsidiaries have state and foreign loss carryforwards in the aggregate of $3.8 billion with expiration dates through 2032 . Such loss carryforwards will expire as follows: Federal State Foreign Total (In thousands) 2017 $ — $ 241,619 $ — $ 241,619 2018 — 111,084 — 111,084 2019 — 143,491 — 143,491 2020 200 183,071 — 183,271 Thereafter 1,900 3,111,526 6,632 3,120,058 Total $ 2,100 $ 3,790,791 $ 6,632 $ 3,799,523 In addition to the above loss carryforwards, we have $52.0 million of foreign losses that have an indefinite expiration. In assessing the usefulness of deferred tax assets, management considers whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The ultimate realization of net deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Upon reviewing the 2016 foreign operational results as of the fourth quarter, management concluded a foreign valuation allowance was necessary as it was not more likely than not that certain foreign net deferred tax assets would be realized based on all available evidence as of December 31, 2016. During 2016, an additional $ 15.9 million foreign valuation allowance has been recorded which was partially offset by changes in the existing foreign valuation allowances due to fluctuations in the currency exchange rate. Also, in 2016, the state valuation allowance decreased by $ 9.6 million due to state net operating loss expirations. These valuation allowances can be affected in future periods by changes in tax laws, changes to statutory tax rates and changes in estimates of future taxable income. At December 31, 2016 , our loss and tax credit carryforward deferred tax assets and related valuation allowances by jurisdiction are as follows (presented net of federal benefit): Federal State Foreign Total (In thousands) Loss and tax credit carryforwards $ 914 $ 136,462 $ 20,419 $ 157,795 Valuation allowance $ — $ 101,417 $ 31,083 $ 132,500 |
Debt Level 1 (Notes)
Debt Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt Debt as of December 31 was as follows: 2016 2015 (In thousands) 7.0% Senior Notes due June 2017 $ — $ 295,000 7.625% Senior Notes due October 2018 250,000 250,000 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 850,000 850,000 7.5% Senior Notes due April 2027 200,000 200,000 Term Loan due July 2018 — 310,000 Bank Credit Facility due July 2018 — 270,000 Term Loan due March 2021 673,750 — Bank Credit Facility due March 2021 350,000 — Obligations under capital leases 208,758 204,246 Mortgage notes and other debt, maturities through 2050 3,753 4,037 Unamortized premiums (discounts) and other, net 8,313 8,636 Unamortized debt issuance costs (32,984 ) (42,491 ) Total debt 3,286,590 3,124,428 Less: Current maturities of long-term debt (89,974 ) (86,823 ) Total long-term debt $ 3,196,616 $ 3,037,605 Current maturities of debt at December 31, 2016 include amounts due under our Term Loan, mortgage notes and other debt, and capital leases within the next year. Our consolidated debt had a weighted average interest rate of 4.68% and 5.18% at December 31, 2016 and 2015 , respectively. Approximately 63% and 76% of our total debt had a fixed interest rate at December 31, 2016 and 2015 , respectively. The following table summarizes the aggregate maturities of our debt for the five years subsequent to December 31, 2016 and thereafter, excluding unamortized premiums (discounts) and debt issuance costs (in thousands): 2017 $ 94,725 2018 350,609 2019 74,169 2020 295,231 2021 647,792 2022 and thereafter 1,848,735 $ 3,311,261 Bank Credit Facility In March 2016, we entered into a new $1.4 billion bank credit agreement due March 2021 with a syndicate of banks. As of December 31, 2016 , we have $350.0 million of outstanding borrowings under our Bank Credit Facility and have issued $32.7 million of letters of credit. The Bank Credit Facility provides us with flexibility for labor, 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, 2016 , we are in compliance with all covenants. We pay a quarterly fee on the unused commitment, which was 0.30% at December 31, 2016 . As of December 31, 2016 , we have $317.3 million in borrowing capacity under the facility. As of December 31, 2015, we had a $500.0 million Bank Credit Facility due July 2018 with a syndicate of financial institutions, including a sublimit of $175.0 million for letters of credit. In March 2016, the new $1.4 billion credit agreement replaced the existing $500.0 million Bank Credit Facility due July 2018 and $600.0 million Term Loan due July 2018 providing for a new $700.0 million Bank Credit Facility and a $700.0 million Term Loan, both maturing in March 2021, including a sublimit of $100.0 million for letters of credit. Debt Issuances and Additions During the year ended December 31, 2016, we borrowed $360.0 million on our Bank Credit Facilities and $700.0 million on our Term Loan due March 2021 to make the 2016 debt payments described below, to fund acquisition activity, and for general corporate purposes. These transactions resulted in an additional $5.2 million of debt issue costs. During the year ended December 31, 2015, we borrowed $135.0 million on our Bank Credit Facility and issued an additional $300.0 million of our existing unsecured 5.375% Senior Notes due May 2024 to make the 2015 debt payments described below and for general corporate purposes. The addition to our 5.375% Senior Notes due May 2024 generated a premium of $11.3 million . Debt Extinguishments and Reductions During the year ended December 31, 2016 , we made debt payments of $ 911.5 million for scheduled and early extinguishment payments including: • $310.0 million in aggregate principal of our Term Loan due to July 2018; • $295.0 million in aggregate principal of our 7.0% Senior Notes due 2017; • $280.0 million in aggregate principal of our Bank Credit Facility due July 2018; and • $26.3 million in aggregate principal of our Term Loan due March 2021. • $0.2 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $22.5 million recorded in Losses on early extinguishment of debt in our Consolidated Statement of Operations. During the year ended December 31, 2015 , we made debt payments of $357.6 million for scheduled and early extinguishment payments including: • $197.4 million in aggregate principal of our 6.75% Senior Notes due April 2016 ; • $100.0 million in aggregate principal of our Bank Credit Facility; • $60.0 million in aggregate principal of our Term Loan due July 2018 ; and • $0.2 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $6.9 million recorded in Losses on early extinguishment of debt in our Consolidated Statement of Operations. Additional Debt Disclosures At December 31, 2016 and 2015 , we had deposits of $4.7 million and $7.0 million , respectively, in restricted, interest-bearing accounts that were pledged as collateral for various credit instruments and commercial commitments. These deposits are included in Deferred charges and other assets in our Consolidated Balance Sheet. We had assets of approximately $1.4 million and $1.5 million pledged as collateral for the mortgage notes and other debt at December 31, 2016 and 2015 , respectively. Cash interest payments for the three years ended December 31 were as follows (in thousands): Payments in 2016 $ 156,950 Payments in 2015 $ 164,748 Payments in 2014 $ 175,327 Expected cash interest payments for the five years subsequent to December 31, 2016 and thereafter are as follows (in thousands): Payments in 2017 $ 152,682 Payments in 2018 $ 147,342 Payments in 2019 $ 132,269 Payments in 2020 $ 130,745 Payments in 2021 $ 99,515 Payments in 2022 and thereafter $ 197,077 |
Credit Risk and Fair Value of F
Credit Risk and Fair Value of Financial Instruments Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 (In thousands) 7.0% Senior Notes due June 2017 $ — $ 314,618 7.625% Senior Notes due October 2018 272,353 279,375 4.5% Senior Notes due November 2020 205,000 201,500 8.0% Senior Notes due November 2021 175,500 176,438 5.375% Senior Notes due January 2022 444,614 445,188 5.375% Senior Notes due May 2024 884,000 884,094 7.5% Senior Notes due April 2027 231,590 216,500 Term Loan due July 2018 — 310,000 Bank Credit Facility due July 2018 — 270,000 Term Loan due March 2021 673,750 — Bank Credit Facility due March 2021 350,000 — Mortgage notes and other debt, maturities through 2050 3,753 4,047 Total fair value of debt instruments $ 3,240,560 $ 3,101,760 The fair values of our long-term, fixed rate loans were estimated using market prices for those loans, and therefore they are classified within Level 2 of the fair value measurements hierarchy. The Term Loan, Bank Credit Facility agreement and the mortgage and other debt are classified within Level 3 of the fair value measurements 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. An increase (decrease) in the inputs results in a directionally opposite change in the fair value of the instruments. 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 that are not insured, such as commercial paper that is offered by corporations with quality credit ratings and money market funds and Eurodollar time deposits that are offered by a variety of reputable financial institutions. 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 revenue. 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 L
Commitments and Contingencies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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 $31.9 million , $33.3 million , and $37.2 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. As of December 31, 2016 , future minimum lease payments for non-cancelable operating and capital leases exceeding one year were as follows: Operating Capital (In thousands) 2017 $ 14,201 $ 59,598 2018 12,122 52,353 2019 10,028 21,533 2020 8,542 29,528 2021 7,564 24,829 2022 and thereafter 67,655 20,917 Total $ 120,112 $ 208,758 Less: Interest on capital leases (16,417 ) Total principal payable on capital leases $ 192,341 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, 2016 , 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) 2017 $ 1,692 $ 185 $ 4,641 $ 6,518 2018 1,035 138 4,436 5,609 2019 818 115 4,203 5,136 2020 375 45 3,017 3,437 2021 107 — 2,022 2,129 2022 and thereafter — — 4,315 4,315 Total $ 4,027 $ 483 $ 22,634 $ 27,144 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, 2016 and 2015 , we have self-insurance reserves of $78.0 million and $76.6 million , respectively. Litigation We are a party to various litigation matters, investigations, and proceedings. Some of the more frequent 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 Samborsky and Vasquez lawsuits 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. The claims have been sent to arbitration. We cannot quantify our ultimate liability, if any, in this lawsuit. Adrian Mercedes Vasquez, an individual and on behalf of others similarly situated, v. California Cemetery and Funeral Services, LLC, et al; Case No. BC58837; in the Superior Court of the State of California for the County of Los Angeles. This lawsuit was filed in July 2015 against SCI subsidiaries and purports to be brought on behalf of current and former non-exempt California employees of defendants during the four years preceding the filing of the complaint. The plaintiff alleges numerous causes of action for alleged wage and hour pay violations. The plaintiff seeks unpaid wages, compensatory and punitive damages, attorneys’ fees and costs, interest, and injunctive relief. The claims have been ordered to arbitration, with the arbitrator to determine whether the claims will proceed as a class or individual claims. In addition, the plaintiff filed an unfair labor practice charge against defendants with the National Labor Relations Board alleging that by enforcing a mandatory arbitration provision, defendants allegedly violated the National Labor Relations Act. 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 has continued against our subsidiary Stewart Enterprises and its former individual directors. However, in October 2016, the court entered a judgment dismissing all of plaintiffs’ claims. Plaintiffs have filed documents indicating that they are appealing the dismissal. 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 the plaintiff compensatory damages. The Archdiocese filed a counterclaim and a separate action for unlawful detainer in October 2014, and all claims and actions of the respective parties have been consolidated into one case for all purposes. In February 2016, the Court entered a ruling on the parties’ cross motions for summary adjudication based on the parties’ opposing interpretations of the relevant lease provisions and adopted the Archdiocese’s interpretation of its right to terminate the leases. On July 27, 2016, the parties executed an agreement to settle the consolidated case. Under the settlement agreement, the Company agreed to sell to the Archdiocese substantially all of the assets used in the operations of the six mortuaries located on cemeteries of the Archdiocese and to terminate its rights under the related ground leases. The closing of the sale occurred on November 30, 2016. As a result of the settlement, the consolidated case between the parties has been dismissed. Operational Claims. We are subject to the following lawsuit. Linda Allard, on behalf of herself and all others similarly situated v. SCI Direct, Inc., Case No 16-1033; In the United States District Court, Middle District of Tennessee. This case was filed in June 2016 as a class action under the Telephone Consumer Protection Act (the “Act”). Plaintiff alleges she received telemarketing telephone calls that were made with a prerecorded voice or made by an automatic telephone dialing system in violation of the Act. Plaintiff seeks actual and statutory damages, as well as attorney’s fees and costs. We cannot quantify our ultimate liability, if any, 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, 2016 | |
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, 2016 or 2015 . At December 31, 2016 and 2015 , 500,000,000 common shares of $1 par value were authorized. We had 195,403,644 and 200,859,676 shares issued and 189,405,244 and 195,772,876 outstanding at par at December 31, 2016 and 2015 , respectively. Accumulated Other Comprehensive Income Our components of Accumulated other comprehensive income are as follows: Foreign Currency Translation Adjustment Unrealized Gains and Losses Accumulated Other Comprehensive (Loss) Income (In thousands) 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 Net unrealized losses associated with available-for- sale securities of the trusts, net of taxes — (166,570 ) (166,570 ) Reclassification of net unrealized losses activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus, net of taxes — 166,570 166,570 Balance at December 31, 2014 $ 59,414 $ — $ 59,414 Activity in 2015 (53,250 ) — (53,250 ) Net unrealized losses associated with available-for- sale securities of the trusts, net of taxes — (85,140 ) (85,140 ) Reclassification of net unrealized losses activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus, net of taxes — 85,140 85,140 Balance at December 31, 2015 $ 6,164 $ — $ 6,164 Activity in 2016 10,328 — 10,328 Net unrealized gains associated with available-for-sale securities of the trusts, net of taxes — 120,573 120,573 Reclassification of net unrealized gains activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus, net of taxes — (120,573 ) (120,573 ) Balance at December 31, 2016 $ 16,492 $ — $ 16,492 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 2016 , we repurchased 8,811,847 shares of common stock at an aggregate cost of $227.9 million , which is an average cost per share of $25.87 . During 2015 , we repurchased 12,455,281 shares of common stock at an aggregate cost of $ 345.3 million , which is an average cost per share of $27.72 under the program. On November 8, 2016 , our Board of Directors increased our share repurchase authorization to $400.0 million . After these repurchases and increase in authorization, the remaining dollar value of shares authorized to be purchased under the share repurchase program was $366.6 million at December 31, 2016 . Subsequent to December 31, 2016 , we repurchased 1,969,289 shares for $57.1 million at an average cost per share of $29.00 . Cash Dividends On February 8, 2017 our Board of Directors approved a cash dividend of $0.13 per common share payable on March 31, 2017 to stockholders of record as of March 15, 2017 . Noncontrolling Interest During 2016 , we purchased an additional 11% of the common stock of our consolidated subsidiary, Wilson Financial Group, Inc. for $ 1.9 million . |
Share-Based Compensation Level
Share-Based Compensation Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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. In May 2016 , our shareholders approved the 2016 Equity Incentive Plan that reserves 13,000,000 shares of common stock for outstanding and future awards of stock options, restricted stock, and other 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 of the grant, as approved by the Compensation Committee of the Board of Directors. The options are generally exercisable at a rate of 33 1 / 3 % each year unless alternative vesting methods are approved by the Compensation Committee of the Board of Directors. Restricted stock awards are generally expensed ratably over the period during which the restrictions lapse. At December 31, 2016 and 2015 , 12,171,075 and 1,531,410 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: Assumptions 2016 2015 2014 Dividend yield 2.0 % 1.8 % 1.8 % Expected volatility 19.7 % 23.3 % 27.1 % Risk-free interest rate 1.0 % 1.3 % 1.1 % Expected holding period (years) 4.0 4.0 4.0 The following table summarizes certain information with respect to stock option and restricted share compensation as included in our Consolidated Statement of Operations for the years ended December 31: 2016 2015 2014 (In thousands) Total pretax employee share-based compensation expense included in net income $ 14,056 $ 13,843 $ 13,127 Income tax benefit related to share-based compensation included in net income $ 6,427 $ 5,068 $ 7,368 We realized windfall tax deductions of $34.0 million , $43.5 million , and $31.6 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, 2016 , 2015 , and 2014 , 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, 2016 : (Shares reported in whole numbers) Options Weighted-Average Exercise Price Outstanding at December 31, 2015 11,047,920 $ 13.98 Granted 1,863,700 $ 22.28 Exercised (2,108,212 ) $ 8.38 Canceled (28,272 ) $ 20.98 Outstanding at December 31, 2016 10,775,136 $ 16.49 Exercisable at December 31, 2016 6,938,591 $ 13.69 The aggregate intrinsic value for stock options outstanding and exercisable was $128.3 million and $102.1 million , respectively, at December 31, 2016 . Set forth below is certain information related to stock options outstanding and exercisable at December 31, 2016 : (Shares reported in whole numbers) Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding at December 31, 2016 Weighted-Average Remaining Contractual Life (in years) Weighted- Average Exercise Price Number Exercisable at December 31, 2016 Weighted- Average Exercise Price $ 5.00 — 10.00 2,032,763 1.7 $ 8.42 2,032,763 $ 8.42 $10.01 — 15.00 1,361,450 3.1 $ 11.18 1,361,450 $ 11.18 $15.01 — 20.00 3,548,915 4.7 $ 16.50 2,801,293 $ 16.26 $20.01 — 25.00 3,832,008 6.6 $ 22.65 743,085 $ 22.97 $ 5.00 — 25.00 10,775,136 4.6 $ 16.49 6,938,591 $ 13.69 Other information pertaining to stock option activity during the years ended December 31 is as follows: 2016 2015 2014 Weighted average grant-date fair value of stock options granted $ 4.01 $ 3.79 $ 3.34 Total fair value of stock options vested (in thousands) $ 7,690 $ 7,973 $ 6,814 Total intrinsic value of stock options exercised (in thousands) $ 37,284 $ 52,513 $ 42,048 For the years ended December 31, 2016 , 2015 , and 2014 , cash received from the exercise of stock options was $ 17.7 million , $ 31.8 million , and $ 32.4 million , respectively. We recognized compensation expense of $7.6 million , $7.9 million , and $7.5 million related to stock options for the years ended December 31, 2016 , 2015 , and 2014 , respectively. As of December 31, 2016 , the unrecognized compensation expense related to stock options of $8.1 million is expected to be recognized over a weighted average period of 1.3 years . Restricted Shares Restricted share award activity was as follows: (Shares reported in whole numbers) Restricted Share Awards Weighted-Average Grant-Date Fair Value Nonvested restricted share awards at December 31, 2015 573,739 $ 19.32 Granted 241,510 $ 22.28 Vested (313,247 ) $ 18.14 Forfeited and other (1,258 ) $ 20.85 Nonvested restricted share awards at December 31, 2016 500,744 $ 21.48 The fair value of our restricted share units, 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, 2016 , unrecognized compensation expense of $5.8 million related to restricted share awards, which is recorded in Capital in excess of par value on our Consolidated Balance Sheet, is expected to be recognized over a weighted average period of 1.7 years. We recognized compensation expense of $5.6 million , $5.9 million , and $5.7 million during the years ended December 31, 2016 , 2015 , and 2014 , respectively, related to our restricted share awards. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
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. 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. We recognize pension related gains and losses in our consolidated statement of operations in the year such gains and losses are incurred. The components of the Plans’ net periodic benefit cost for the years ended December 31 were as follows: 2016 2015 2014 (In thousands) Interest cost on projected benefit obligation $ 1,179 $ 1,198 $ 1,293 Recognized net actuarial losses (gains) 259 (1,327 ) 2,401 Total net periodic benefit cost $ 1,438 $ (129 ) $ 3,694 The Plans’ funded status at December 31 was as follows: 2016 2015 (In thousands) Change in Benefit Obligation: Benefit obligation at beginning of year $ 32,305 $ 36,920 Interest cost 1,179 1,198 Actuarial gain (loss) 259 (1,327 ) Benefits paid (3,665 ) (4,486 ) Benefit obligation at end of year $ 30,078 $ 32,305 Change in Plan Assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 3,665 4,486 Benefits paid, including expenses (3,665 ) (4,486 ) Fair value of plan assets at end of year $ — $ — Funded status of plan $ (30,078 ) $ (32,305 ) Funding Summary: Projected benefit obligations $ 30,078 $ 32,305 Accumulated benefit obligation $ 30,078 $ 32,305 Amounts Recognized in the Consolidated Balance Sheet: Accounts payable and accrued liabilities $ (3,448 ) $ (3,723 ) Accrued pension - included in Other liabilities (26,630 ) (28,582 ) Total accrued benefit liability $ (30,078 ) $ (32,305 ) 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 these policies to assist in meeting, at least to the extent of such assets, the Plans' funding requirements. The face value of these insurance policies at December 31, 2016 and 2015 was $47.5 million and $48.9 million , respectively, and the cash surrender value was $37.0 million and $37.7 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: 2016 2015 2014 Weighted-average discount rate used to determine obligations 3.76 % 3.86 % 3.42 % Weighted-average discount rate used to determine net periodic pension cost 3.96 % 2.47 % 3.69 % 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 . The following benefit payments are expected to be paid in future years related to our Plans (in thousands): 2017 $ 3,448 2018 $ 3,237 2019 $ 3,166 2020 $ 2,739 2021 $ 2,428 Years 2022 through 2026 $ 9,959 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 2016 , 2015 , and 2014 , 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 2016 , 2015 , and 2014 was $32.5 million , $30.8 million , and $26.8 million , respectively. |
Segment Reporting Level 1 (Note
Segment Reporting Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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: Reportable Segments Funeral Cemetery Corporate Consolidated (In thousands) 2016 Revenue from external customers $ 1,868,883 $ 1,162,254 $ — $ 3,031,137 Interest expense $ 3,910 $ 101 $ 158,082 $ 162,093 Depreciation and amortization $ 106,251 $ 31,432 $ 9,550 $ 147,233 Amortization of intangible assets $ 20,442 $ 10,440 $ 74 $ 30,956 Gross profit $ 364,237 $ 312,197 $ — $ 676,434 Amortization of cemetery property $ — $ 66,745 $ — $ 66,745 Capital expenditures $ 68,434 $ 113,395 $ 11,617 $ 193,446 Total assets $ 5,156,144 $ 6,484,317 $ 397,688 $ 12,038,149 2015 Revenue from external customers $ 1,888,828 $ 1,097,213 $ — $ 2,986,041 Interest expense $ 4,230 $ 450 $ 168,217 $ 172,897 Depreciation and amortization $ 102,937 $ 29,783 $ 8,736 $ 141,456 Amortization of intangible assets $ 22,636 $ 8,748 $ 75 $ 31,459 Gross profit $ 393,156 $ 281,433 $ — $ 674,589 Amortization of cemetery property $ — $ 62,407 $ — $ 62,407 Capital expenditures $ 52,880 $ 84,345 $ 13,761 $ 150,986 Total assets $ 5,141,544 $ 6,181,877 $ 352,976 $ 11,676,397 2014 Revenue from external customers $ 1,920,475 $ 1,073,536 $ — $ 2,994,011 Interest expense $ 4,714 $ 510 $ 172,347 $ 177,571 Depreciation and amortization $ 101,801 $ 28,745 $ 9,456 $ 140,002 Amortization of intangible assets $ 24,841 $ 11,700 $ 99 $ 36,640 Gross profit $ 409,701 $ 265,984 $ — $ 675,685 Amortization of cemetery property $ — $ 60,439 $ — $ 60,439 Capital expenditures $ 52,610 $ 78,588 $ 13,301 $ 144,499 The following table reconciles gross profit from reportable segments shown above to our consolidated income from continuing operations before income taxes: 2016 2015 2014 (In thousands) Gross profit from reportable segments $ 676,434 $ 674,589 $ 675,685 General and administrative expenses (137,730 ) (130,813 ) (184,749 ) (Losses) gains on divestitures and impairment charges, net (26,819 ) 6,522 116,613 Operating income 511,885 550,298 607,549 Interest expense (162,093 ) (172,897 ) (177,571 ) Losses on early extinguishment of debt, net (22,503 ) (6,918 ) (29,158 ) Other (expense) income, net (631 ) (132 ) 1,780 Income from continuing operations before income taxes $ 326,658 $ 370,351 $ 402,600 Our geographic area information was as follows: United States Canada Total (In thousands) 2016 Revenue from external customers $ 2,848,876 $ 182,261 $ 3,031,137 Interest expense (income) $ 162,341 $ (248 ) $ 162,093 Depreciation and amortization $ 138,560 $ 8,673 $ 147,233 Amortization of intangible assets $ 30,427 $ 529 $ 30,956 Amortization of cemetery property $ 61,449 $ 5,296 $ 66,745 Operating income $ 460,387 $ 51,498 $ 511,885 (Losses) gains on divestitures and impairment charges, net $ (27,658 ) $ 839 $ (26,819 ) Long-lived assets $ 5,705,070 $ 266,053 $ 5,971,123 2015 Revenue from external customers $ 2,805,407 $ 180,634 $ 2,986,041 Interest expense $ 172,697 $ 200 $ 172,897 Depreciation and amortization $ 132,393 $ 9,063 $ 141,456 Amortization of intangible assets $ 30,856 $ 603 $ 31,459 Amortization of cemetery property $ 58,429 $ 3,978 $ 62,407 Operating income $ 498,634 $ 51,664 $ 550,298 Gains on divestitures and impairment charges, net $ 1,778 $ 4,744 $ 6,522 Long-lived assets $ 5,729,721 $ 248,734 $ 5,978,455 2014 Revenue from external customers $ 2,792,009 $ 202,002 $ 2,994,011 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 |
Supplementary Information Level
Supplementary Information Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Supplementary Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Supplementary Information The detail of certain balance sheet accounts is as follows: December 31, 2016 2015 (In thousands) Cash and cash equivalents: Cash $ 146,684 $ 106,831 Commercial paper and temporary investments 48,302 27,768 $ 194,986 $ 134,599 Receivables, net: Notes receivable $ 1,259 $ 2,056 Atneed funeral receivables, net of allowances of $1,881 and $3,343, respectively 46,917 52,184 Atneed cemetery receivables, net of allowances of $1,514 and $2,153, respectively 17,765 13,585 Other 32,514 22,637 $ 98,455 $ 90,462 Other current assets: Income tax receivable $ 3,609 $ 15,662 Prepaid insurance 4,437 5,398 Restricted cash 11,978 12,587 Other 14,500 13,508 $ 34,524 $ 47,155 Cemetery property: Undeveloped land $ 1,184,710 $ 1,186,861 Developed lots, lawn crypts, mausoleum spaces, cremation niches, and cremation memorialization property 592,225 566,154 $ 1,776,935 $ 1,753,015 Property and equipment: Land $ 595,096 $ 591,407 Buildings and improvements 1,879,553 1,834,403 Operating equipment 549,879 530,195 Leasehold improvements 33,900 52,121 Capital leases 234,411 220,784 3,292,839 3,228,910 Less: Accumulated depreciation (1,328,262 ) (1,253,867 ) Less: Accumulated amortization of capital leases (136,990 ) (128,321 ) $ 1,827,587 $ 1,846,722 Deferred charges and other assets: Intangible assets, net $ 368,065 $ 370,005 Restricted cash 4,542 3,907 Deferred tax assets 861 23,817 Notes receivable, net of allowances of $11,334 9,598 10,229 Cash surrender value of insurance policies 119,819 108,726 Other 64,635 65,694 $ 567,520 $ 582,378 December 31, 2016 2015 (In thousands) Accounts payable and accrued liabilities: Accounts payable $ 155,802 $ 140,019 Accrued benefits 88,392 86,908 Accrued interest 27,991 28,673 Accrued property taxes 12,883 11,594 Self-insurance reserves 77,993 76,611 Bank overdraft 20,927 21,808 Other accrued liabilities 55,948 57,203 $ 439,936 $ 422,816 Other liabilities: Accrued pension $ 26,630 $ 28,582 Deferred compensation 105,013 92,199 Customer refund obligation reserve 52,068 55,153 Tax liability 235,625 234,176 Payable to perpetual care fund 77,148 71,133 Other 13,838 15,704 $ 510,322 $ 496,947 Revenue and Costs and Expenses The detail of certain income statement accounts is as follows for the years ended December 31 : 2016 2015 2014 (In thousands) Property and merchandise revenue: Funeral $ 611,441 $ 608,335 $ 616,992 Cemetery 912,788 849,255 816,980 Total property and merchandise revenue 1,524,229 1,457,590 1,433,972 Services revenue: Funeral 1,126,474 1,146,124 1,167,385 Cemetery 219,044 217,462 222,834 Total services revenue 1,345,518 1,363,586 1,390,219 Other revenue 161,390 164,865 169,820 Total revenue $ 3,031,137 $ 2,986,041 $ 2,994,011 Property and merchandise costs and expenses: Funeral $ 287,272 $ 290,574 $ 292,031 Cemetery 489,326 458,023 485,291 Total cost of property and merchandise 776,598 748,597 777,322 Services costs and expenses: Funeral 627,099 624,294 630,357 Cemetery 104,570 103,197 70,439 Total cost of services 731,669 727,491 700,796 Overhead and other expenses 846,436 835,364 840,208 Total cost and expenses $ 2,354,703 $ 2,311,452 $ 2,318,326 Certain Non-Cash Investing and Financing Transactions Years Ended December 31, 2016 2015 2014 (In thousands) Net change in capital expenditure accrual $ (1,435 ) $ 5,571 $ 1,022 Options exercised by attestation $ — $ 122 $ 761 Shares repurchased $ — $ (122 ) $ (761 ) Non-cash acquisition of capital leases $ 41,609 $ 55,941 $ 35,422 |
Earnings Per Share Level 1 (Not
Earnings Per Share Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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 basic and diluted EPS for the three years ended December 31 is presented below: 2016 2015 2014 (In thousands, except per share amounts) Amounts attributable to common stockholders: Income from continuing operations — basic $ 177,038 $ 234,162 $ 170,283 After tax interest on convertible debt 43 50 51 Income from continuing operations — diluted $ 177,081 $ 234,212 $ 170,334 (Loss) income from discontinued operations, net of tax $ — $ (390 ) $ 2,186 Net income — basic $ 177,038 $ 233,772 $ 172,469 After tax interest on convertible debt 43 50 51 Net income — diluted $ 177,081 $ 233,822 $ 172,520 Weighted average shares: Weighted average shares — basic 193,086 200,356 210,741 Stock options 2,823 3,973 3,338 Restricted share units 12 — — Convertible debt 121 121 121 Weighted average shares — diluted 196,042 204,450 214,200 Amounts attributable to common stockholders: Income from continuing operations per share: Basic $ 0.92 $ 1.17 $ 0.81 Diluted $ 0.90 $ 1.14 $ 0.80 Income from discontinued operations per share: Basic $ — $ — $ 0.01 Diluted $ — $ — $ 0.01 Net income per share: Basic $ 0.92 $ 1.17 $ 0.82 Diluted $ 0.90 $ 1.14 $ 0.81 The computation of diluted earnings per share excludes outstanding stock options in certain periods in which the inclusion of such options would be antidilutive to the periods presented. Total options not currently included in the computation of dilutive EPS |
Acquisition Level 1 (Notes)
Acquisition Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions We spent $72.9 million , $68.9 million , and $25.7 million for several smaller, tuck-in acquisitions for the three years ended December 31, 2016, 2015, and 2014, respectively. These amounts include the use of $3.7 million , $27.7 million , and $10.4 million in 1031 exchange funds for each year, respectively. SCI Direct During 2014, we acquired the remaining 10% of the outstanding shares of The Neptune Society Inc. (Neptune) increasing our ownership from 90% to 100% . |
Divestiture Related Activities
Divestiture Related Activities | 12 Months Ended |
Dec. 31, 2016 | |
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 (Losses) gains on divestitures and impairment charges, net, which consist of the following for the years ended December 31 : 2016 2015 2014 (In thousands) Gains on divestitures, net $ 7,829 $ 13,363 $ 122,535 Impairment losses (34,648 ) (6,841 ) (5,922 ) (Losses) gains on divestitures and impairment charges, net $ (26,819 ) $ 6,522 $ 116,613 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited) Quarterly financial data for 2016 and 2015 is as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share amounts) 2016 Revenue $ 749,219 $ 751,398 $ 721,467 $ 809,053 Costs and expenses $ (586,296 ) $ (589,409 ) $ (580,722 ) $ (598,276 ) Gross profit $ 162,923 $ 161,989 $ 140,745 $ 210,777 Operating income $ 123,672 $ 94,498 $ 114,386 $ 179,329 Income from continuing operations before income taxes (1) $ 79,767 $ 32,639 $ 74,963 $ 139,289 Provision for income taxes $ (32,313 ) $ (16,746 ) $ (27,422 ) $ (72,872 ) Net income $ 47,454 $ 15,893 $ 47,541 $ 66,417 Net (income) loss attributable to noncontrolling interests $ (9 ) $ (273 ) $ 186 $ (171 ) Net income attributable to common stockholders $ 47,445 $ 15,620 $ 47,727 $ 66,246 Net income attributable to common stockholders per share (2) : Basic — EPS $ 0.24 $ 0.08 $ 0.25 $ 0.35 Diluted — EPS $ 0.24 $ 0.08 $ 0.24 $ 0.34 2015 Revenue $ 748,089 $ 754,219 $ 714,453 $ 769,280 Costs and expenses $ (569,748 ) $ (587,452 ) $ (572,774 ) $ (581,478 ) Gross profit $ 178,341 $ 166,767 $ 141,679 $ 187,802 Operating income $ 141,115 $ 127,580 $ 124,548 $ 157,055 Income from continuing operations before income taxes (1) $ 98,118 $ 84,489 $ 74,045 $ 113,699 Provision for income taxes $ (36,653 ) $ (31,007 ) $ (26,118 ) $ (41,249 ) Net income from continuing operations $ 61,465 $ 53,482 $ 47,927 $ 72,450 Net loss from discontinued operations, net of tax $ — $ (390 ) $ — $ — Net income $ 61,465 $ 53,092 $ 47,927 $ 72,450 Net income attributable to noncontrolling interests $ (90 ) $ (497 ) $ (479 ) $ (96 ) Net income attributable to common stockholders $ 61,375 $ 52,595 $ 47,448 $ 72,354 Net income attributable to common stockholders per share (2) : Basic — EPS $ 0.30 $ 0.26 $ 0.24 $ 0.37 Diluted — EPS $ 0.30 $ 0.25 $ 0.23 $ 0.36 (1) Includes (Losses) gains on divestitures and impairment charges, net , as described in Note 19. (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. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Account | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Description Balance at Beginning of Period Charged (Credited) to Costs and Expenses Charged (Credited) to Other Accounts(1) Write-Offs(2) Balance at End of Period (In thousands) Current provision: Allowance for doubtful accounts: Year Ended December 31, 2016 $ 5,496 $ 10,776 $ 66,808 $ (79,685 ) $ 3,395 Year Ended December 31, 2015 $ 8,546 $ 6,083 $ 63,964 $ (73,097 ) $ 5,496 Year Ended December 31, 2014 $ 11,637 $ 7,376 $ 55,573 $ (66,040 ) $ 8,546 Due After One Year: Allowance for doubtful accounts: Year Ended December 31, 2016 $ 11,334 $ — $ — $ — $ 11,334 Year Ended December 31, 2015 $ 11,259 $ — $ 75 $ — $ 11,334 Year Ended December 31, 2014 $ 10,986 $ — $ 273 $ — $ 11,259 Preneed Funeral and Preneed Cemetery Asset allowance for cancellation: Year Ended December 31, 2016 $ 105,773 $ 1,411 $ 6,216 $ (8,660 ) $ 104,740 Year Ended December 31, 2015 $ 107,040 $ 5,016 $ (6,283 ) $ — $ 105,773 Year Ended December 31, 2014 $ 106,793 $ 2,950 $ (2,703 ) $ — $ 107,040 Deferred Preneed Funeral and Cemetery Revenue allowance for cancellation: Year Ended December 31, 2016 $ (121,548 ) $ — $ 4,635 $ — $ (116,913 ) Year Ended December 31, 2015 $ (125,030 ) $ — $ 3,482 $ — $ (121,548 ) Year Ended December 31, 2014 $ (149,288 ) $ — $ 24,258 $ — $ (125,030 ) Deferred tax valuation allowance: Year Ended December 31, 2016 $ 126,654 $ 6,336 $ (490 ) $ — $ 132,500 Year Ended December 31, 2015 $ 134,201 $ (5,988 ) $ (1,559 ) $ — $ 126,654 Year Ended December 31, 2014 $ 114,719 $ 21,285 $ (1,803 ) $ — $ 134,201 (1) Primarily relates to acquisitions and dispositions of operations. (2) Uncollected receivables written off, net of recoveries. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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. |
Reclassification, Policy [Policy Text Block] | |
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 revenue 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 revenue. 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 $147.2 million , $141.5 million , and $140.0 million for the years ended December 31, 2016 , 2015 , and 2014 , 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 related to funeral service locations and transportation equipment that were primarily classified as capital leases at December 31, 2016 . Lease terms related to funeral service locations 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 11. |
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 6.5% discount rate, growth rates ranging from 1.2% to 5.7% 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 2016 or 2015 . |
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 revenue 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 6.7% 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 2016 or 2015 . 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 2016 , we canceled 7.9 million shares of common stock held in our treasury. We canceled 8.0 million and 11.0 million shares of common stock held in our treasury in 2015 and 2014 , 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 (expense) income , 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 fair value measurements 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 securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements 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, ratings, and tax-exempt status. These securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. Where quoted prices are available in an active market, securities held by the trusts are classified as Level 1 investments pursuant to the fair value measurements 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, ratings, and tax-exempt status. These securities are classified as Level 2 investments pursuant to the fair value measurements hierarchy. The fair values of our long-term, fixed rate loans were estimated using market prices for those loans, and therefore they are classified within Level 2 of the fair value measurements hierarchy. The Term Loan, Bank Credit Facility agreement and the mortgage and other debt are classified within Level 3 of the fair value measurements 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 revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue 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 revenue. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Preneed Funeral and Cemetery Receivables We sell preneed 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 exceeds 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 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 in the near term if market conditions change materially and future earnings are, or are projected to be, significantly different than our current estimates. An increase in the valuation allowance would result in additional income tax expense in such period. n addition to the loss and tax credit carryforward 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 share-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. For the year ended December 31, 2016, restricted share vesting and stock option exercises resulted in windfall tax benefits where the tax deduction exceeded the previously disallowed book expense in the amount of $34.0 million or $12.7 million , net of tax. In addition to the above loss carryforwards, we have $52.0 million of foreign losses that have an indefinite expiration. In assessing the usefulness of deferred tax assets, management considers whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The ultimate realization of net deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Upon reviewing the 2016 foreign operational results as of the fourth quarter, management concluded a foreign valuation allowance was necessary as it was not more likely than not that certain foreign net deferred tax assets would be realized based on all available evidence as of December 31, 2016. During 2016, an additional $ 15.9 million foreign valuation allowance has been recorded which was partially offset by changes in the existing foreign valuation allowances due to fluctuations in the currency exchange rate. Also, in 2016, the state valuation allowance decreased by $ 9.6 million due to state net operating loss expirations. These valuation allowances can be affected in future periods by changes in tax laws, changes to statutory tax rates and changes in estimates of future taxable income. 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 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. |
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 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 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. |
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 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. 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 2016 , 2015 , and 2014 , 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 revenue until the merchandise is delivered or the service is performed. These earnings are recorded in Deferred preneed cemetery revenue 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 receipts held in trust . See Note 6 for further information related to our Deferred preneed 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] | e include potential accrued interest and penalties related to unrecognized tax benefits within our income tax provision account. |
New Accounting Pronouncements, Policy [Policy Text Block] | , and cash flows. Financial Instruments In January 2016, the FASB amended "Financial Instruments" to provide additional guidance on the recognition and measurement of financial assets and liabilities. The amendment requires investments in equity instruments to be measured at fair value with changes in fair value reflected in net income. The new guidance is effective for us on January 1, 2018, and we are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. In June 2016, the FASB amended "Financial Instruments" to provide financial statement users with more decision-useful information about the expected credit losses on debt instruments and other commitments to extend credit held by a reporting entity at each reporting date. This amendment replaces the incurred loss impairment methodology in the current standard with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for us on January 1, 2020, and we are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Leases In February 2016, the FASB amended "Leases" to increase transparency and comparability among organizations. Under the new standard, an entity will be required to recognize lease assets and liabilities on its balance sheet and disclose key information about leasing arrangements. In addition, the new standard offers specific accounting guidance for a lessee, a lessor, and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This new standard will be effective for us on January 1, 2019. We are still evaluating the impact of adoption on our consolidated results of operations, consolidated financial position, and cash flows. Stock Compensation In March 2016, the FASB amended "Stock Compensation" to simplify certain aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for us on January 1, 2017. If we had adopted this amendment for the year ended December 31, 2016 , Net cash provided by operating activities and Net cash used in financing activities would have both increased by $12.7 million and our Provision for income taxes would have decreased by $12.7 million . Cash Flow In August and November 2016, the FASB amended "Statement of Cash Flows" to clarify guidance on the classification of certain cash receipts and cash payments. Additionally, the guidance requires that the statement of cash flows reflect changes in restricted cash in addition to cash and cash equivalents. Amended guidance includes clarification on debt prepayment and extinguishment costs, contingent consideration in business combinations, proceeds from insurance claims, and premium payments on company-owned life insurance. The new guidance is effective for us on January 1, 2018, and we are still evaluating the impact of adoption on our consolidated statement of cash flows. Goodwill In January 2017, the FASB amended "Goodwill" to simplify the subsequent measurement of goodwill. Amended guidance eliminates Step 2 from the goodwill impairment test. Instead, impairment is defined as the amount by which the carrying value of the reporting unit exceeds its fair value, up to the total amount of goodwill. The new guidance is effective for us on January 1, 2020, and we are evaluating the impact on our consolidated results of operations, consolidated financial position, and cash flows. |
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 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 3 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 revenue 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 revenue 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 revenue, 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 4 and 5 for more information regarding preneed cemetery and perpetual care activities. Earnings from all our cemetery merchandise and service trust investments are recognized in cemetery revenue when merchandise is delivered or a service is performed. Fees charged by our wholly-owned registered investment advisor are also included in current revenue 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 Preneed cemetery 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 receipts held in trust . See Note 6 for further information related to our Deferred preneed 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 revenue to the extent we incur qualifying cemetery maintenance costs. Fees charged by our wholly-owned registered investment advisor are also included in current revenue 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 . |
Preneed Funeral Activities Le31
Preneed Funeral Activities Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 (In thousands) Beginning balance — Preneed funeral receivables and trust investments $ 1,760,297 $ 1,843,023 $ 1,870,243 Net preneed contract sales 296,896 283,927 247,994 Cash receipts from customers, net of refunds (246,436 ) (234,413 ) (211,830 ) Deposits to trust 121,668 121,109 102,553 Acquisitions (divestitures) of businesses, net 3,560 1,400 (19,203 ) Net undistributed investment earnings (losses) (1) 65,954 (38,510 ) 22,480 Maturities and distributed earnings (193,604 ) (200,635 ) (162,059 ) Change in cancellation allowance 5,295 2,787 7,644 Effect of foreign currency and other 3,815 (18,391 ) (14,799 ) Ending balance — Preneed funeral receivables and trust investments $ 1,817,445 $ 1,760,297 $ 1,843,023 (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 revenue for the years ended December 31: 2016 2015 2014 (In thousands) Beginning balance — Deferred preneed funeral revenue $ 557,897 $ 540,164 $ 551,948 Net preneed contract sales 251,134 232,628 198,195 Acquisitions (divestitures) of businesses, net 2,170 (2,895 ) (21,639 ) Net investment earnings (losses) (1) 66,656 (37,208 ) 24,256 Recognized deferred preneed revenue (277,248 ) (276,359 ) (258,534 ) Change in cancellation allowance 8,411 11,675 21,272 Change in deferred preneed receipts held in trust (28,506 ) 90,351 26,131 Effect of foreign currency and other 766 (459 ) (1,465 ) Ending balance — Deferred preneed funeral revenue $ 581,280 $ 557,897 $ 540,164 (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 : 2016 2015 2014 (In thousands) Deposits $ 121,668 $ 121,109 $ 102,553 Withdrawals $ 157,549 $ 160,135 $ 131,352 Purchases of available-for-sale securities (1) $ 377,813 $ 453,092 $ 1,238,257 Sales of available-for-sale securities (1) $ 387,959 $ 458,236 $ 1,318,512 (1) The higher level of activity in 2014 was the result of changing the legal structure of the trust investments. |
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: 2016 2015 (In thousands) Trust investments, at market $ 1,152,752 $ 1,109,394 Cash and cash equivalents 122,517 134,642 Assets associated with businesses held for sale — (39 ) Insurance-backed fixed income securities 271,248 271,116 Trust investments 1,546,517 1,515,113 Receivables from customers 312,556 290,689 Unearned finance charge (12,562 ) (11,235 ) 1,846,511 1,794,567 Allowance for cancellation (29,066 ) (34,270 ) Preneed funeral receivables, net and trust investments $ 1,817,445 $ 1,760,297 |
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, 2016 and 2015 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, 2016 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 75,245 $ 317 $ (557 ) $ 75,005 Canadian government 2 55,752 272 (42 ) 55,982 Corporate 2 12,702 177 (92 ) 12,787 Residential mortgage-backed 2 29 1 — 30 Asset-backed 2 58 — (3 ) 55 Equity securities: Preferred stock 2 1,428 81 (39 ) 1,470 Common stock: United States 1 334,854 49,785 (11,525 ) 373,114 Canada 1 11,853 2,592 (263 ) 14,182 Other international 1 25,761 1,824 (3,167 ) 24,418 Mutual funds: Equity 1 313,132 7,780 (26,842 ) 294,070 Fixed income 1 92,760 1,344 (7,368 ) 86,736 Other 3 4,079 1,214 (17 ) 5,276 Trust investments, at fair value 927,653 65,387 (49,915 ) 943,125 Fixed income commingled funds 168,959 3,177 (1,167 ) 170,969 Private equity 40,892 2,956 (5,190 ) 38,658 Trust investments, at net asset value 209,851 6,133 (6,357 ) 209,627 Trust investments, at market $ 1,137,504 $ 71,520 $ (56,272 ) $ 1,152,752 December 31, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 64,140 $ 89 $ (1,270 ) $ 62,959 Canadian government 2 56,975 323 (55 ) 57,243 Corporate 2 18,983 235 (284 ) 18,934 Residential mortgage-backed 2 1,299 29 (22 ) 1,306 Asset-backed 2 5 — — 5 Equity securities: Preferred stock 2 1,951 41 (158 ) 1,834 Common stock: United States 1 344,544 30,885 (19,149 ) 356,280 Canada 1 11,882 2,651 (1,077 ) 13,456 Other international 1 32,193 2,636 (3,907 ) 30,922 Mutual funds: Equity 1 324,231 1,263 (43,975 ) 281,519 Fixed income 1 155,893 154 (13,092 ) 142,955 Other 3 3,687 1,069 — 4,756 Trust investments, at fair value 1,015,783 39,375 (82,989 ) 972,169 Fixed income commingled funds 102,063 228 (1,103 ) 101,188 Private equity 38,724 3,780 (6,467 ) 36,037 Trust investments, at net asset value 140,787 4,008 (7,570 ) 137,225 Trust investments, at market $ 1,156,570 $ 43,383 $ (90,559 ) $ 1,109,394 |
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 : 2016 2015 2014 (In thousands) Fair value, beginning balance at January 1 $ 4,756 $ 4,891 $ 801 Net unrealized gains (losses) included in Accumulated other comprehensive income (1) 478 (167 ) 876 Purchases 89 32 3,214 Sales (47 ) — — Fair value, ending balance at December 31 $ 5,276 $ 4,756 $ 4,891 (1) All unrealized gains 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 receipts held in trust . See Note 6 for further information related to our Deferred preneed receipts held in trust . |
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturity dates of our fixed income securities range from 2017 to 2041 . Maturities of fixed income securities at December 31, 2016 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 76,744 Due in one to five years 27,298 Due in five to ten years 31,374 Thereafter 8,443 $ 143,859 |
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, 2016 and 2015 , are shown in the following tables. December 31, 2016 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 25,996 $ (557 ) $ — $ — $ 25,996 $ (557 ) Canadian government 2,847 (30 ) 191 (12 ) 3,038 (42 ) Corporate 1,710 (15 ) 3,560 (77 ) 5,270 (92 ) Asset-backed — — 55 (3 ) 55 (3 ) Equity securities: Preferred stock 125 (17 ) 98 (22 ) 223 (39 ) Common stock: United States 87,059 (8,149 ) 14,939 (3,376 ) 101,998 (11,525 ) Canada 2,832 (254 ) 482 (9 ) 3,314 (263 ) Other international 5,390 (1,301 ) 7,368 (1,866 ) 12,758 (3,167 ) Mutual funds: Equity 108,109 (5,080 ) 127,273 (21,762 ) 235,382 (26,842 ) Fixed income 34,120 (817 ) 31,654 (6,551 ) 65,774 (7,368 ) Other 26 (2 ) 1,160 (15 ) 1,186 (17 ) Trust investments, at fair value 268,214 (16,222 ) 186,780 (33,693 ) 454,994 (49,915 ) Fixed income commingled funds 75,041 (687 ) 17,656 (480 ) 92,697 (1,167 ) Private equity 693 (481 ) 22,812 (4,709 ) 23,505 (5,190 ) Trust investments, at net asset value 75,734 (1,168 ) 40,468 (5,189 ) 116,202 (6,357 ) Total temporarily impaired securities $ 343,948 $ (17,390 ) $ 227,248 $ (38,882 ) $ 571,196 $ (56,272 ) December 31, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 36,113 $ (1,268 ) $ 141 $ (2 ) $ 36,254 $ (1,270 ) Canadian government 209 (7 ) 971 (48 ) 1,180 (55 ) Corporate 4,618 (156 ) 3,880 (128 ) 8,498 (284 ) Residential mortgage-backed 378 (6 ) 132 (16 ) 510 (22 ) Equity securities: Preferred stock 449 (60 ) 42 (98 ) 491 (158 ) Common stock: United States 128,925 (16,448 ) 14,537 (2,701 ) 143,462 (19,149 ) Canada 1,941 (355 ) 1,051 (722 ) 2,992 (1,077 ) Other international 9,473 (1,638 ) 6,154 (2,269 ) 15,627 (3,907 ) Mutual funds: Equity 186,016 (23,385 ) 79,892 (20,590 ) 265,908 (43,975 ) Fixed income 109,154 (5,052 ) 27,061 (8,040 ) 136,215 (13,092 ) Trust investments, at fair value 477,276 (48,375 ) 133,861 (34,614 ) 611,137 (82,989 ) Fixed income commingled funds 70,964 (457 ) 15,243 (646 ) 86,207 (1,103 ) Private equity — — 18,714 (6,467 ) 18,714 (6,467 ) Trust investments, at net asset value 70,964 (457 ) 33,957 (7,113 ) 104,921 (7,570 ) Total temporarily impaired securities $ 548,240 $ (48,832 ) $ 167,818 $ (41,727 ) $ 716,058 $ (90,559 ) |
Preneed Cemetery Activities L32
Preneed Cemetery Activities Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 (In thousands) Beginning balance — Preneed cemetery receivables and trust investments $ 2,318,167 $ 2,306,669 $ 2,292,348 Net preneed contract sales 862,298 799,497 688,336 Cash receipts from customers, net of refunds (784,267 ) (716,686 ) (615,489 ) Deposits to trust 158,114 153,252 129,581 (Divestitures) acquisitions of businesses, net (2,083 ) 4,404 (10,898 ) Net undistributed investment earnings (losses) (1) 79,557 (42,189 ) (18,038 ) Maturities, deliveries, and associated earnings (144,308 ) (163,732 ) (150,064 ) Change in cancellation allowance (1,966 ) (2,046 ) 843 Effect of foreign currency and other 2,208 (21,002 ) (9,950 ) Ending balance — Preneed cemetery receivables and trust investments $ 2,487,720 $ 2,318,167 $ 2,306,669 (1) Includes both realized and unrealized investment earnings |
Deferred Preneed Cemetery Revenues [Table Text Block] | The following table summarizes the activity in Deferred preneed cemetery revenue for the years ended December 31 : 2016 2015 2014 (In thousands) Beginning balance — Deferred preneed cemetery revenue $ 1,120,001 $ 1,062,381 $ 1,016,275 Net preneed and atneed deferred sales 596,714 561,899 531,768 (Divestitures) acquisitions of businesses, net (1,977 ) 2,357 (25,071 ) Net investment earnings (losses) (1) 79,447 (42,806 ) (22,378 ) Recognized deferred preneed and atneed revenue (546,071 ) (504,064 ) (493,739 ) Change in cancellation allowance (3,015 ) (8,048 ) 3,833 Change in deferred preneed receipts held in trust (96,417 ) 52,050 55,636 Effect of foreign currency and other 1,455 (3,768 ) (3,943 ) Ending balance — Deferred preneed cemetery revenue $ 1,150,137 $ 1,120,001 $ 1,062,381 (1) Includes both realized and unrealized investment earnings (losses). |
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 : 2016 2015 2014 (In thousands) Deposits $ 158,114 $ 153,252 $ 129,581 Withdrawals $ 144,308 $ 163,732 $ 150,064 Purchases of available-for-sale securities (1) $ 656,452 $ 625,648 $ 1,786,800 Sales of available-for-sale securities (1) $ 631,440 $ 628,484 $ 1,842,417 |
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: 2016 2015 (In thousands) Trust investments, at market $ 1,435,083 $ 1,343,916 Cash and cash equivalents 123,146 118,583 Trust investments 1,558,229 1,462,499 Receivables from customers 1,038,592 958,503 Unearned finance charges (33,427 ) (31,332 ) 2,563,394 2,389,670 Allowance for cancellation (75,674 ) (71,503 ) Preneed cemetery receivables, net and trust investments $ 2,487,720 $ 2,318,167 |
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, 2016 and 2015 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, 2016 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 70,070 $ 567 $ (281 ) $ 70,356 Canadian government 2 9,109 49 (66 ) 9,092 Corporate 2 1,596 18 (34 ) 1,580 Asset-backed 2 170 13 — 183 Equity securities: Common stock: United States 1 539,445 72,682 (21,680 ) 590,447 Canada 1 9,027 4,807 (84 ) 13,750 Other international 1 42,870 3,023 (5,229 ) 40,664 Mutual funds: Equity 1 356,079 7,812 (29,603 ) 334,288 Fixed income 1 94,383 1,535 (9,854 ) 86,064 Trust investments, at fair value 1,122,749 90,506 (66,831 ) 1,146,424 Fixed income commingled funds 245,813 5,347 (1,681 ) 249,479 Private equity 37,881 4,616 (3,317 ) 39,180 Trust investments, at net asset value 283,694 9,963 (4,998 ) 288,659 Trust investments, at market $ 1,406,443 $ 100,469 $ (71,829 ) $ 1,435,083 December 31, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 69,727 $ 25 $ (1,437 ) $ 68,315 Canadian government 2 9,725 183 (99 ) 9,809 Corporate 2 5,115 26 (118 ) 5,023 Residential mortgage-backed 2 129 3 (3 ) 129 Asset-backed 2 170 15 — 185 Equity securities: Common stock: United States 1 531,885 44,181 (32,037 ) 544,029 Canada 1 8,992 3,858 (891 ) 11,959 Other international 1 50,041 4,207 (5,799 ) 48,449 Mutual funds: Equity 1 356,712 1,620 (49,642 ) 308,690 Fixed income 1 203,932 92 (18,527 ) 185,497 Other 3 1,382 122 — 1,504 Trust investments, at fair value 1,237,810 54,332 (108,553 ) 1,183,589 Fixed income commingled funds 124,103 — (639 ) 123,464 Private equity 35,411 5,954 (4,502 ) 36,863 Trust investments, at net asset value 159,514 5,954 (5,141 ) 160,327 Trust investments, at market $ 1,397,324 $ 60,286 $ (113,694 ) $ 1,343,916 |
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 : 2016 2015 2014 (In thousands) Fair value, beginning balance at January 1 $ 1,504 $ 203 $ — Net unrealized (losses) gains included in Accumulated other comprehensive income (1) — (27 ) 7 Net realized losses included in Other (expense) income, net (2) (212 ) — — Purchases — 1,328 196 Sales (1,292 ) — — Fair value, ending balance at December 31 $ — $ 1,504 $ 203 (1) All unrealized gains 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 receipts held in trust . See Note 6 for further information related to our Deferred preneed receipts held in trust . (2) All losses recognized in Other (expense) income, net for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other (expense) income, net to Deferred preneed receipts held in trust . See Note 6 for further information related to our Deferred preneed receipts held in trust . |
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturity dates of our fixed income securities range from 2017 to 2041 . Maturities of fixed income securities (excluding mutual funds) at December 31, 2016 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 7,154 Due in one to five years 26,237 Due in five to ten years 34,244 Thereafter 13,576 $ 81,211 |
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, 2016 and 2015 , are shown in the following tables: December 31, 2016 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 15,413 $ (281 ) $ — $ — $ 15,413 $ (281 ) Canadian government — — 1,192 (66 ) 1,192 (66 ) Corporate — — 736 (34 ) 736 (34 ) Equity securities: Common stock: United States 149,530 (13,680 ) 23,010 (8,000 ) 172,540 (21,680 ) Canada 408 (82 ) 38 (2 ) 446 (84 ) Other international 9,707 (2,330 ) 11,442 (2,899 ) 21,149 (5,229 ) Mutual funds: Equity 125,728 (4,728 ) 146,332 (24,875 ) 272,060 (29,603 ) Fixed income 26,566 (446 ) 45,337 (9,408 ) 71,903 (9,854 ) Trust investments, at fair value 327,352 (21,547 ) 228,087 (45,284 ) 555,439 (66,831 ) Fixed income commingled funds 133,164 (1,681 ) — — 133,164 (1,681 ) Private equity 558 (1 ) 16,769 (3,316 ) 17,327 (3,317 ) Trust investments, at net asset value 133,722 (1,682 ) 16,769 (3,316 ) 150,491 (4,998 ) Total temporarily impaired securities $ 461,074 $ (23,229 ) $ 244,856 $ (48,600 ) $ 705,930 $ (71,829 ) December 31, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 52,509 $ (1,435 ) $ 21 $ (2 ) $ 52,530 $ (1,437 ) Canadian government 1,190 (34 ) 841 (65 ) 2,031 (99 ) Corporate 1,764 (22 ) 2,347 (96 ) 4,111 (118 ) Residential mortgage-backed 42 (1 ) 18 (2 ) 60 (3 ) Equity securities: Common stock: United States 198,755 (26,038 ) 21,355 (5,999 ) 220,110 (32,037 ) Canada 473 (6 ) 1,430 (885 ) 1,903 (891 ) Other international 15,560 (2,507 ) 9,412 (3,292 ) 24,972 (5,799 ) Mutual funds: Equity 207,253 (25,991 ) 86,720 (23,651 ) 293,973 (49,642 ) Fixed income 139,684 (6,323 ) 44,550 (12,204 ) 184,234 (18,527 ) Trust investments, at fair value 617,230 (62,357 ) 166,694 (46,196 ) 783,924 (108,553 ) Fixed income commingled funds 123,464 (639 ) — — 123,464 (639 ) Private equity — — 9,526 (4,502 ) 9,526 (4,502 ) Trust investments, at net asset value 123,464 (639 ) 9,526 (4,502 ) 132,990 (5,141 ) Total temporarily impaired securities $ 740,694 $ (62,996 ) $ 176,220 $ (50,698 ) $ 916,914 $ (113,694 ) |
Cemetery Perpetual Care Trust33
Cemetery Perpetual Care Trusts Level 3 (Tables) - Cemetery Perpetual Care [Member] | 12 Months Ended |
Dec. 31, 2016 | |
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 : 2016 2015 2014 (In thousands) Deposits $ 41,450 $ 38,883 $ 42,220 Withdrawals $ 48,522 $ 40,447 $ 46,981 Purchases of available-for-sale securities (1) $ 428,635 $ 247,658 $ 1,306,314 Sales of available-for-sale securities (1) $ 374,329 $ 175,057 $ 1,396,669 |
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: 2016 2015 (In thousands) Trust investments, at market $ 1,349,073 $ 1,232,592 Cash and cash equivalents 58,392 86,835 Cemetery perpetual care trust investments $ 1,407,465 $ 1,319,427 |
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, 2016 and 2015 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, 2016 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: Canadian government 2 $ 14,280 $ 88 $ (114 ) $ 14,254 Corporate 2 4,636 100 (101 ) 4,635 Residential mortgage-backed 2 304 — (1 ) 303 Asset-backed 2 220 3 (28 ) 195 Equity securities: Preferred stock 2 1,479 2 (117 ) 1,364 Common stock: United States 1 233,643 28,679 (2,337 ) 259,985 Canada 1 4,828 2,631 (108 ) 7,351 Other international 1 14,607 148 (2,236 ) 12,519 Mutual funds: Equity 1 18,909 4,370 (412 ) 22,867 Fixed income 1 688,472 3,324 (28,997 ) 662,799 Other 3 633 1,254 — 1,887 Trust investments, at fair value 982,011 40,599 (34,451 ) 988,159 Fixed income commingled funds 277,662 — (9,386 ) 268,276 Private equity 97,108 2,240 (6,710 ) 92,638 Trust investments, at net asset value 374,770 2,240 (16,096 ) 360,914 Trust investments, at market $ 1,356,781 $ 42,839 $ (50,547 ) $ 1,349,073 December 31, 2015 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Fair Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 650 $ 20 $ (7 ) $ 663 Canadian government 2 15,412 321 (162 ) 15,571 Corporate 2 12,490 149 (284 ) 12,355 Residential mortgage-backed 2 934 13 (9 ) 938 Asset-backed 2 660 5 (31 ) 634 Equity securities: Preferred stock 2 5,850 55 (159 ) 5,746 Common stock: United States 1 230,854 15,224 (10,898 ) 235,180 Canada 1 5,460 2,112 (606 ) 6,966 Other international 1 14,793 160 (2,390 ) 12,563 Mutual funds: Equity 1 21,783 3,138 (1,850 ) 23,071 Fixed income 1 890,025 530 (63,913 ) 826,642 Other 3 645 1,257 — 1,902 Trust investments, at fair value 1,199,556 22,984 (80,309 ) 1,142,231 Fixed income commingled funds 20,616 — (178 ) 20,438 Private equity 75,613 2,406 (8,096 ) 69,923 Trust investments, at net asset value 96,229 2,406 (8,274 ) 90,361 Trust investments, at market $ 1,295,785 $ 25,390 $ (88,583 ) $ 1,232,592 |
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 : 2016 2015 2014 (In thousands) Fair value, beginning balance at January 1 $ 1,902 $ 1,556 $ 1,599 Net unrealized (losses) gains included in Accumulated other comprehensive income (1) (15 ) 346 (26 ) Sales — — (17 ) Fair value, ending balance at December 31 $ 1,887 $ 1,902 $ 1,556 (1) All unrealized (losses) 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 6 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 2017 to 2040 . Maturities of fixed income securities at December 31, 2016 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 1,834 Due in one to five years 17,283 Due in five to ten years 69 Thereafter 201 $ 19,387 |
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, 2016 and 2015 , are shown in the following table: December 31, 2016 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses (In thousands) Fixed income securities: Canadian government $ 66 $ (1 ) $ 1,961 $ (113 ) $ 2,027 $ (114 ) Corporate 397 (7 ) 1,866 (94 ) 2,263 (101 ) Residential mortgage-backed 303 (1 ) — — 303 (1 ) Asset-backed 28 (22 ) 101 (6 ) 129 (28 ) Equity securities: Preferred stock 846 (36 ) 417 (81 ) 1,263 (117 ) Common stock: United States 34,844 (1,339 ) 12,974 (998 ) 47,818 (2,337 ) Canada 78 (47 ) 558 (61 ) 636 (108 ) Other international 4,177 (508 ) 5,715 (1,728 ) 9,892 (2,236 ) Mutual funds: Equity 877 (17 ) 2,899 (395 ) 3,776 (412 ) Fixed income 263,231 (4,678 ) 348,623 (24,319 ) 611,854 (28,997 ) Trust investments, at fair value 304,847 (6,656 ) 375,114 (27,795 ) 679,961 (34,451 ) Fixed income commingled funds 265,345 (9,346 ) 2,931 (40 ) 268,276 (9,386 ) Private equity 21,426 (268 ) 33,519 (6,442 ) 54,945 (6,710 ) Trust investments, at net asset value 286,771 (9,614 ) 36,450 (6,482 ) 323,221 (16,096 ) Total temporarily impaired securities $ 591,618 $ (16,270 ) $ 411,564 $ (34,277 ) $ 1,003,182 $ (50,547 ) December 31, 2015 In Loss Position Less Than 12 Months In Loss Position Greater Than 12 Months Total Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses Fair Market Value Unrealized Losses (In thousands) Fixed income securities: U.S. Treasury $ 364 $ (6 ) $ 35 $ (1 ) $ 399 $ (7 ) Canadian government 1,569 (60 ) 1,371 (102 ) 2,940 (162 ) Corporate 4,693 (134 ) 4,147 (150 ) 8,840 (284 ) Residential mortgage-backed 303 (3 ) 117 (6 ) 420 (9 ) Asset-backed 146 (12 ) 360 (19 ) 506 (31 ) Equity securities: Preferred stock 4,029 (159 ) — — 4,029 (159 ) Common stock: United States 81,564 (7,793 ) 14,900 (3,105 ) 96,464 (10,898 ) Canada 622 (31 ) 1,026 (575 ) 1,648 (606 ) Other international 8,735 (941 ) 2,347 (1,449 ) 11,082 (2,390 ) Mutual funds: Equity 4,580 (606 ) 1,258 (1,244 ) 5,838 (1,850 ) Fixed income 519,993 (18,205 ) 294,309 (45,708 ) 814,302 (63,913 ) Trust investments, at fair value 626,598 (27,950 ) 319,870 (52,359 ) 946,468 (80,309 ) Fixed income commingled funds 20,438 (178 ) — — 20,438 (178 ) Private equity 13,139 (75 ) 30,438 (8,021 ) 43,577 (8,096 ) Trust investments, at net asset value 33,577 (253 ) 30,438 (8,021 ) 64,015 (8,274 ) Total temporarily impaired securities $ 660,175 $ (28,203 ) $ 350,308 $ (60,380 ) $ 1,010,483 $ (88,583 ) |
Deferred Preneed Funeral and 34
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 receipts held in trust in our Consolidated Balance Sheet at December 31, 2016 and 2015 are detailed below. December 31, 2016 December 31, 2015 Preneed Funeral Preneed Cemetery Total Preneed Funeral Preneed Cemetery Total (In thousands) (In thousands) Trust investments $ 1,546,517 $ 1,558,229 $ 3,104,746 $ 1,515,113 $ 1,462,499 $ 2,977,612 Accrued trust operating payables and other (589 ) (361 ) (950 ) (1,381 ) (2,845 ) (4,226 ) Deferred preneed receipts held in trust $ 1,545,928 $ 1,557,868 $ 3,103,796 $ 1,513,732 $ 1,459,654 $ 2,973,386 |
Schedule of Care Trust Corpus' Components [Table Text Block] | The components of Care trusts’ corpus in our Consolidated Balance Sheet are detailed below. December 31, 2016 December 31, 2015 (In thousands) Cemetery perpetual care trust investments $ 1,407,465 $ 1,319,427 Accrued trust operating payables and other 778 137 Care trusts’ corpus $ 1,408,243 $ 1,319,564 |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | The components of Other (expense) income, net in our Consolidated Statement of Operations for the years ended December 31, 2016 , 2015 , and 2014 are detailed below. See Notes 3, 4, and 5 for further discussion of the amounts related to our funeral, cemetery, and cemetery perpetual care trusts. Year Ended December 31, 2016 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 38,704 $ 53,253 $ 8,327 $ — $ 100,284 Realized losses (46,432 ) (60,795 ) (6,579 ) — (113,806 ) Impairment charges (4,625 ) (5,872 ) (1,360 ) — (11,857 ) Interest, dividend, and other ordinary income 20,299 17,428 56,594 — 94,321 Trust expenses and income taxes (20,190 ) (22,137 ) (22,801 ) — (65,128 ) Net trust investment (losses) income (12,244 ) (18,123 ) 34,181 — 3,814 Reclassification to deferred preneed receipts held in trust and care trusts’ corpus 12,244 18,123 (34,181 ) — (3,814 ) Other expense, net — — — (631 ) (631 ) Total other expense, net $ — $ — $ — $ (631 ) $ (631 ) Year Ended December 31, 2015 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (In thousands) Realized gains $ 42,034 $ 51,510 $ 6,933 $ — $ 100,477 Realized losses (31,403 ) (40,092 ) (7,708 ) — (79,203 ) Impairment charges (3,519 ) (4,345 ) (1,812 ) — (9,676 ) Interest, dividend, and other ordinary income 25,952 27,089 56,253 — 109,294 Trust expenses and income taxes (21,852 ) (31,472 ) (32,643 ) — (85,967 ) Net trust investment income 11,212 2,690 21,023 — 34,925 Reclassification to deferred preneed receipts held in trust and care trusts’ corpus (11,212 ) (2,690 ) (21,023 ) — (34,925 ) Other expense, net — — — (132 ) (132 ) Total other expense, net $ — $ — $ — $ (132 ) $ (132 ) Year Ended December 31, 2014 Funeral Trusts Cemetery Trusts Cemetery Perpetual Care Trusts Other, Net Total (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 52,126 — 92,391 Trust expenses and income taxes (19,590 ) (20,833 ) (34,243 ) — (74,666 ) Net trust investment income 16,051 69,758 92,977 — 178,786 Reclassification to deferred preneed receipts held in trust and care trusts’ corpus (16,051 ) (69,758 ) (92,977 ) — (178,786 ) Other income, net — — — 1,780 1,780 Total other income, net $ — $ — $ — $ 1,780 $ 1,780 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets Goodwill and Intangible Assets Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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): 2016 2015 Funeral Cemetery Total Funeral Cemetery Total (In thousands) Balance as of January 1 $ 1,490,502 $ 305,838 $ 1,796,340 $ 1,510,879 $ 299,974 $ 1,810,853 Increase (decrease) in goodwill related to acquisitions 26,809 (151 ) 26,658 6,460 6,201 12,661 Reduction of goodwill related to divestitures (26,554 ) (270 ) (26,824 ) (8,908 ) (262 ) (9,170 ) Effect of foreign currency 2,898 9 2,907 (17,929 ) (75 ) (18,004 ) Activity 3,153 (412 ) 2,741 (20,377 ) 5,864 (14,513 ) Balance as of December 31 $ 1,493,655 $ 305,426 $ 1,799,081 $ 1,490,502 $ 305,838 $ 1,796,340 |
Schedule of Intangible Assets [Table Text Block] | The components of intangible assets at December 31 were as follows: Useful Life Minimum Maximum 2016 2015 (Years) (In thousands) Amortizing intangibles: Covenants-not-to-compete 2 - 20 $ 211,549 $ 206,822 Customer relationships 10 - 20 146,876 154,364 Tradenames 5 - 5 9,150 12,750 Other 5 - 40 11,927 11,927 379,502 385,863 Less: Accumulated amortization 268,061 257,157 Amortizing intangibles, net 111,441 128,706 Non-amortizing intangibles: Tradenames Indefinite 245,984 230,659 Other Indefinite 10,640 10,640 Non-amortizing intangibles 256,624 241,299 Intangible assets, net $ 368,065 $ 370,005 |
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, 2016 (in thousands): 2017 $ 11,718 2018 $ 10,961 2019 $ 7,711 2020 $ 6,613 2021 $ 6,504 |
Income Taxes Level 3 (Tables)
Income Taxes Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 (In thousands) United States $ 287,946 $ 331,622 $ 360,800 Foreign 38,712 38,729 41,800 $ 326,658 $ 370,351 $ 402,600 |
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: 2016 2015 2014 (In thousands) Current: United States $ 113,629 $ 94,502 $ 67,511 Foreign 12,084 9,270 10,859 State 16,150 13,207 17,939 Total current income taxes 141,863 116,979 96,309 Deferred: United States $ (19,496 ) $ 15,918 $ 108,514 Foreign 22,708 (878 ) (653 ) State 4,278 3,008 21,810 Total deferred income taxes 7,490 18,048 129,671 Total income taxes $ 149,353 $ 135,027 $ 225,980 |
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: 2016 2015 2014 (In thousands) Computed tax provision at the applicable federal statutory income tax rate $ 114,331 $ 129,623 $ 140,910 State and local taxes, net of federal income tax benefits 13,279 10,542 25,736 Foreign jurisdiction differences (2,557 ) (5,183 ) (4,424 ) Permanent differences associated with divestitures 9,267 2,909 61,892 Changes in uncertain tax positions 5,669 4,046 4,624 Foreign valuation allowance, net of federal income tax benefits 15,850 — — Other (6,486 ) (6,910 ) (2,758 ) Provision for income taxes $ 149,353 $ 135,027 $ 225,980 Total consolidated effective tax rate 45.7 % 36.5 % 56.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities as of December 31 consisted of the following: 2016 2015 (In thousands) Inventories and cemetery property $ (335,795 ) $ (338,143 ) Property and equipment (149,450 ) (168,265 ) Intangibles (294,251 ) (302,217 ) Other (6,980 ) (12,047 ) Deferred tax liabilities (786,476 ) (820,672 ) Loss and tax credit carryforwards 157,795 171,725 Deferred revenue on preneed funeral and cemetery contracts 223,174 226,483 Accrued liabilities 84,230 102,351 Deferred tax assets 465,199 500,559 Less: Valuation allowance (132,500 ) (126,654 ) Net deferred income tax liability $ (453,777 ) $ (446,767 ) |
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: 2016 2015 (In thousands) Non-current deferred tax assets $ 861 $ 23,817 Non-current deferred tax liabilities (454,638 ) (470,584 ) Net deferred income tax liability $ (453,777 ) $ (446,767 ) |
Summary of Income Tax Contingencies [Table Text Block] | The following table summarizes the activity related to our gross unrecognized tax benefits from January 1, 2014 to December 31, 2016 (in thousands): Federal, State and Foreign Tax (In thousands) 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 Additions to tax positions related to the current year 3,235 Reduction to tax positions related to prior years (12,370 ) Balance at December 31, 2015 $ 182,545 Reductions to tax positions related to prior years (4,219 ) Balance at December 31, 2016 $ 178,326 |
Summary of Operating Loss Carryforwards [Table Text Block] | Such loss carryforwards will expire as follows: Federal State Foreign Total (In thousands) 2017 $ — $ 241,619 $ — $ 241,619 2018 — 111,084 — 111,084 2019 — 143,491 — 143,491 2020 200 183,071 — 183,271 Thereafter 1,900 3,111,526 6,632 3,120,058 Total $ 2,100 $ 3,790,791 $ 6,632 $ 3,799,523 |
Summary of Valuation Allowance [Table Text Block] | At December 31, 2016 , our loss and tax credit carryforward deferred tax assets and related valuation allowances by jurisdiction are as follows (presented net of federal benefit): Federal State Foreign Total (In thousands) Loss and tax credit carryforwards $ 914 $ 136,462 $ 20,419 $ 157,795 Valuation allowance $ — $ 101,417 $ 31,083 $ 132,500 |
Debt Level 3 (Tables)
Debt Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | Debt as of December 31 was as follows: 2016 2015 (In thousands) 7.0% Senior Notes due June 2017 $ — $ 295,000 7.625% Senior Notes due October 2018 250,000 250,000 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 850,000 850,000 7.5% Senior Notes due April 2027 200,000 200,000 Term Loan due July 2018 — 310,000 Bank Credit Facility due July 2018 — 270,000 Term Loan due March 2021 673,750 — Bank Credit Facility due March 2021 350,000 — Obligations under capital leases 208,758 204,246 Mortgage notes and other debt, maturities through 2050 3,753 4,037 Unamortized premiums (discounts) and other, net 8,313 8,636 Unamortized debt issuance costs (32,984 ) (42,491 ) Total debt 3,286,590 3,124,428 Less: Current maturities of long-term debt (89,974 ) (86,823 ) Total long-term debt $ 3,196,616 $ 3,037,605 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes the aggregate maturities of our debt for the five years subsequent to December 31, 2016 and thereafter, excluding unamortized premiums (discounts) and debt issuance costs (in thousands): 2017 $ 94,725 2018 350,609 2019 74,169 2020 295,231 2021 647,792 2022 and thereafter 1,848,735 $ 3,311,261 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Cash interest payments for the three years ended December 31 were as follows (in thousands): Payments in 2016 $ 156,950 Payments in 2015 $ 164,748 Payments in 2014 $ 175,327 Years Ended December 31, 2016 2015 2014 (In thousands) Net change in capital expenditure accrual $ (1,435 ) $ 5,571 $ 1,022 Options exercised by attestation $ — $ 122 $ 761 Shares repurchased $ — $ (122 ) $ (761 ) Non-cash acquisition of capital leases $ 41,609 $ 55,941 $ 35,422 |
Schedule of future cash interest payments [Table Text Block] | ash interest payments for the five years subsequent to December 31, 2016 and thereafter are as follows (in thousands): Payments in 2017 $ 152,682 Payments in 2018 $ 147,342 Payments in 2019 $ 132,269 Payments in 2020 $ 130,745 Payments in 2021 $ 99,515 Payments in 2022 and thereafter $ 197,077 |
Credit Risk and Fair Value of38
Credit Risk and Fair Value of Financial Instruments Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Credit Risk and Fair Value of Financial Instruments [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The fair value of our debt instruments at December 31 was as follows: 2016 2015 (In thousands) 7.0% Senior Notes due June 2017 $ — $ 314,618 7.625% Senior Notes due October 2018 272,353 279,375 4.5% Senior Notes due November 2020 205,000 201,500 8.0% Senior Notes due November 2021 175,500 176,438 5.375% Senior Notes due January 2022 444,614 445,188 5.375% Senior Notes due May 2024 884,000 884,094 7.5% Senior Notes due April 2027 231,590 216,500 Term Loan due July 2018 — 310,000 Bank Credit Facility due July 2018 — 270,000 Term Loan due March 2021 673,750 — Bank Credit Facility due March 2021 350,000 — Mortgage notes and other debt, maturities through 2050 3,753 4,047 Total fair value of debt instruments $ 3,240,560 $ 3,101,760 |
Commitments and Contingencies39
Commitments and Contingencies Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2016 , future minimum lease payments for non-cancelable operating and capital leases exceeding one year were as follows: Operating Capital (In thousands) 2017 $ 14,201 $ 59,598 2018 12,122 52,353 2019 10,028 21,533 2020 8,542 29,528 2021 7,564 24,829 2022 and thereafter 67,655 20,917 Total $ 120,112 $ 208,758 Less: Interest on capital leases (16,417 ) Total principal payable on capital leases $ 192,341 |
Long-term Purchase Commitment [Table Text Block] | At December 31, 2016 , 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) 2017 $ 1,692 $ 185 $ 4,641 $ 6,518 2018 1,035 138 4,436 5,609 2019 818 115 4,203 5,136 2020 375 45 3,017 3,437 2021 107 — 2,022 2,129 2022 and thereafter — — 4,315 4,315 Total $ 4,027 $ 483 $ 22,634 $ 27,144 |
Equity Level 3 (Tables)
Equity Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Our components of Accumulated other comprehensive income are as follows: Foreign Currency Translation Adjustment Unrealized Gains and Losses Accumulated Other Comprehensive (Loss) Income (In thousands) 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 Net unrealized losses associated with available-for- sale securities of the trusts, net of taxes — (166,570 ) (166,570 ) Reclassification of net unrealized losses activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus, net of taxes — 166,570 166,570 Balance at December 31, 2014 $ 59,414 $ — $ 59,414 Activity in 2015 (53,250 ) — (53,250 ) Net unrealized losses associated with available-for- sale securities of the trusts, net of taxes — (85,140 ) (85,140 ) Reclassification of net unrealized losses activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus, net of taxes — 85,140 85,140 Balance at December 31, 2015 $ 6,164 $ — $ 6,164 Activity in 2016 10,328 — 10,328 Net unrealized gains associated with available-for-sale securities of the trusts, net of taxes — 120,573 120,573 Reclassification of net unrealized gains activity attributable to the Deferred preneed receipts held in trust and Care trusts’ corpus, net of taxes — (120,573 ) (120,573 ) Balance at December 31, 2016 $ 16,492 $ — $ 16,492 |
Share-Based Compensation Leve41
Share-Based Compensation Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: Assumptions 2016 2015 2014 Dividend yield 2.0 % 1.8 % 1.8 % Expected volatility 19.7 % 23.3 % 27.1 % Risk-free interest rate 1.0 % 1.3 % 1.1 % Expected holding period (years) 4.0 4.0 4.0 |
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 as included in our Consolidated Statement of Operations for the years ended December 31: 2016 2015 2014 (In thousands) Total pretax employee share-based compensation expense included in net income $ 14,056 $ 13,843 $ 13,127 Income tax benefit related to share-based compensation included in net income $ 6,427 $ 5,068 $ 7,368 |
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, 2016 : (Shares reported in whole numbers) Options Weighted-Average Exercise Price Outstanding at December 31, 2015 11,047,920 $ 13.98 Granted 1,863,700 $ 22.28 Exercised (2,108,212 ) $ 8.38 Canceled (28,272 ) $ 20.98 Outstanding at December 31, 2016 10,775,136 $ 16.49 Exercisable at December 31, 2016 6,938,591 $ 13.69 |
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, 2016 : (Shares reported in whole numbers) Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding at December 31, 2016 Weighted-Average Remaining Contractual Life (in years) Weighted- Average Exercise Price Number Exercisable at December 31, 2016 Weighted- Average Exercise Price $ 5.00 — 10.00 2,032,763 1.7 $ 8.42 2,032,763 $ 8.42 $10.01 — 15.00 1,361,450 3.1 $ 11.18 1,361,450 $ 11.18 $15.01 — 20.00 3,548,915 4.7 $ 16.50 2,801,293 $ 16.26 $20.01 — 25.00 3,832,008 6.6 $ 22.65 743,085 $ 22.97 $ 5.00 — 25.00 10,775,136 4.6 $ 16.49 6,938,591 $ 13.69 |
Other Information Pertaining to Stock Option Activity [Table Text Block] | Other information pertaining to stock option activity during the years ended December 31 is as follows: 2016 2015 2014 Weighted average grant-date fair value of stock options granted $ 4.01 $ 3.79 $ 3.34 Total fair value of stock options vested (in thousands) $ 7,690 $ 7,973 $ 6,814 Total intrinsic value of stock options exercised (in thousands) $ 37,284 $ 52,513 $ 42,048 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Restricted share award activity was as follows: (Shares reported in whole numbers) Restricted Share Awards Weighted-Average Grant-Date Fair Value Nonvested restricted share awards at December 31, 2015 573,739 $ 19.32 Granted 241,510 $ 22.28 Vested (313,247 ) $ 18.14 Forfeited and other (1,258 ) $ 20.85 Nonvested restricted share awards at December 31, 2016 500,744 $ 21.48 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted Share Units Weighted-Average Grant-Date Fair Value Nonvested restricted share units at December 31, 2015 — $ — Granted 130,660 $ 25.72 Vested (1,950 ) $ 25.72 Forfeited and other (5,200 ) $ 25.72 Nonvested restricted share units at December 31, 2016 123,510 $ 25.72 |
Retirement Plans Retirement Pla
Retirement Plans Retirement Plans Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 (In thousands) Interest cost on projected benefit obligation $ 1,179 $ 1,198 $ 1,293 Recognized net actuarial losses (gains) 259 (1,327 ) 2,401 Total net periodic benefit cost $ 1,438 $ (129 ) $ 3,694 |
Schedule of Net Funded Status [Table Text Block] | The Plans’ funded status at December 31 was as follows: 2016 2015 (In thousands) Change in Benefit Obligation: Benefit obligation at beginning of year $ 32,305 $ 36,920 Interest cost 1,179 1,198 Actuarial gain (loss) 259 (1,327 ) Benefits paid (3,665 ) (4,486 ) Benefit obligation at end of year $ 30,078 $ 32,305 Change in Plan Assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 3,665 4,486 Benefits paid, including expenses (3,665 ) (4,486 ) Fair value of plan assets at end of year $ — $ — Funded status of plan $ (30,078 ) $ (32,305 ) Funding Summary: Projected benefit obligations $ 30,078 $ 32,305 Accumulated benefit obligation $ 30,078 $ 32,305 Amounts Recognized in the Consolidated Balance Sheet: Accounts payable and accrued liabilities $ (3,448 ) $ (3,723 ) Accrued pension - included in Other liabilities (26,630 ) (28,582 ) Total accrued benefit liability $ (30,078 ) $ (32,305 ) |
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: 2016 2015 2014 Weighted-average discount rate used to determine obligations 3.76 % 3.86 % 3.42 % Weighted-average discount rate used to determine net periodic pension cost 3.96 % 2.47 % 3.69 % |
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): 2017 $ 3,448 2018 $ 3,237 2019 $ 3,166 2020 $ 2,739 2021 $ 2,428 Years 2022 through 2026 $ 9,959 |
Segment Reporting Level 3 (Tabl
Segment Reporting Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: Reportable Segments Funeral Cemetery Corporate Consolidated (In thousands) 2016 Revenue from external customers $ 1,868,883 $ 1,162,254 $ — $ 3,031,137 Interest expense $ 3,910 $ 101 $ 158,082 $ 162,093 Depreciation and amortization $ 106,251 $ 31,432 $ 9,550 $ 147,233 Amortization of intangible assets $ 20,442 $ 10,440 $ 74 $ 30,956 Gross profit $ 364,237 $ 312,197 $ — $ 676,434 Amortization of cemetery property $ — $ 66,745 $ — $ 66,745 Capital expenditures $ 68,434 $ 113,395 $ 11,617 $ 193,446 Total assets $ 5,156,144 $ 6,484,317 $ 397,688 $ 12,038,149 2015 Revenue from external customers $ 1,888,828 $ 1,097,213 $ — $ 2,986,041 Interest expense $ 4,230 $ 450 $ 168,217 $ 172,897 Depreciation and amortization $ 102,937 $ 29,783 $ 8,736 $ 141,456 Amortization of intangible assets $ 22,636 $ 8,748 $ 75 $ 31,459 Gross profit $ 393,156 $ 281,433 $ — $ 674,589 Amortization of cemetery property $ — $ 62,407 $ — $ 62,407 Capital expenditures $ 52,880 $ 84,345 $ 13,761 $ 150,986 Total assets $ 5,141,544 $ 6,181,877 $ 352,976 $ 11,676,397 2014 Revenue from external customers $ 1,920,475 $ 1,073,536 $ — $ 2,994,011 Interest expense $ 4,714 $ 510 $ 172,347 $ 177,571 Depreciation and amortization $ 101,801 $ 28,745 $ 9,456 $ 140,002 Amortization of intangible assets $ 24,841 $ 11,700 $ 99 $ 36,640 Gross profit $ 409,701 $ 265,984 $ — $ 675,685 Amortization of cemetery property $ — $ 60,439 $ — $ 60,439 Capital expenditures $ 52,610 $ 78,588 $ 13,301 $ 144,499 |
Schedule of Significant Reportable Items from Segments to Consolidated [Table Text Block] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | The following table reconciles gross profit from reportable segments shown above to our consolidated income from continuing operations before income taxes: 2016 2015 2014 (In thousands) Gross profit from reportable segments $ 676,434 $ 674,589 $ 675,685 General and administrative expenses (137,730 ) (130,813 ) (184,749 ) (Losses) gains on divestitures and impairment charges, net (26,819 ) 6,522 116,613 Operating income 511,885 550,298 607,549 Interest expense (162,093 ) (172,897 ) (177,571 ) Losses on early extinguishment of debt, net (22,503 ) (6,918 ) (29,158 ) Other (expense) income, net (631 ) (132 ) 1,780 Income from continuing operations before income taxes $ 326,658 $ 370,351 $ 402,600 |
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) 2016 Revenue from external customers $ 2,848,876 $ 182,261 $ 3,031,137 Interest expense (income) $ 162,341 $ (248 ) $ 162,093 Depreciation and amortization $ 138,560 $ 8,673 $ 147,233 Amortization of intangible assets $ 30,427 $ 529 $ 30,956 Amortization of cemetery property $ 61,449 $ 5,296 $ 66,745 Operating income $ 460,387 $ 51,498 $ 511,885 (Losses) gains on divestitures and impairment charges, net $ (27,658 ) $ 839 $ (26,819 ) Long-lived assets $ 5,705,070 $ 266,053 $ 5,971,123 2015 Revenue from external customers $ 2,805,407 $ 180,634 $ 2,986,041 Interest expense $ 172,697 $ 200 $ 172,897 Depreciation and amortization $ 132,393 $ 9,063 $ 141,456 Amortization of intangible assets $ 30,856 $ 603 $ 31,459 Amortization of cemetery property $ 58,429 $ 3,978 $ 62,407 Operating income $ 498,634 $ 51,664 $ 550,298 Gains on divestitures and impairment charges, net $ 1,778 $ 4,744 $ 6,522 Long-lived assets $ 5,729,721 $ 248,734 $ 5,978,455 2014 Revenue from external customers $ 2,792,009 $ 202,002 $ 2,994,011 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 |
Supplementary Information Lev44
Supplementary Information Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplementary Information [Abstract] | |
Schedule of Balance Sheet, Supplemental Disclosures | The detail of certain balance sheet accounts is as follows: December 31, 2016 2015 (In thousands) Cash and cash equivalents: Cash $ 146,684 $ 106,831 Commercial paper and temporary investments 48,302 27,768 $ 194,986 $ 134,599 Receivables, net: Notes receivable $ 1,259 $ 2,056 Atneed funeral receivables, net of allowances of $1,881 and $3,343, respectively 46,917 52,184 Atneed cemetery receivables, net of allowances of $1,514 and $2,153, respectively 17,765 13,585 Other 32,514 22,637 $ 98,455 $ 90,462 Other current assets: Income tax receivable $ 3,609 $ 15,662 Prepaid insurance 4,437 5,398 Restricted cash 11,978 12,587 Other 14,500 13,508 $ 34,524 $ 47,155 Cemetery property: Undeveloped land $ 1,184,710 $ 1,186,861 Developed lots, lawn crypts, mausoleum spaces, cremation niches, and cremation memorialization property 592,225 566,154 $ 1,776,935 $ 1,753,015 Property and equipment: Land $ 595,096 $ 591,407 Buildings and improvements 1,879,553 1,834,403 Operating equipment 549,879 530,195 Leasehold improvements 33,900 52,121 Capital leases 234,411 220,784 3,292,839 3,228,910 Less: Accumulated depreciation (1,328,262 ) (1,253,867 ) Less: Accumulated amortization of capital leases (136,990 ) (128,321 ) $ 1,827,587 $ 1,846,722 Deferred charges and other assets: Intangible assets, net $ 368,065 $ 370,005 Restricted cash 4,542 3,907 Deferred tax assets 861 23,817 Notes receivable, net of allowances of $11,334 9,598 10,229 Cash surrender value of insurance policies 119,819 108,726 Other 64,635 65,694 $ 567,520 $ 582,378 December 31, 2016 2015 (In thousands) Accounts payable and accrued liabilities: Accounts payable $ 155,802 $ 140,019 Accrued benefits 88,392 86,908 Accrued interest 27,991 28,673 Accrued property taxes 12,883 11,594 Self-insurance reserves 77,993 76,611 Bank overdraft 20,927 21,808 Other accrued liabilities 55,948 57,203 $ 439,936 $ 422,816 Other liabilities: Accrued pension $ 26,630 $ 28,582 Deferred compensation 105,013 92,199 Customer refund obligation reserve 52,068 55,153 Tax liability 235,625 234,176 Payable to perpetual care fund 77,148 71,133 Other 13,838 15,704 $ 510,322 $ 496,947 |
Schedule of Product Information [Table Text Block] | The detail of certain income statement accounts is as follows for the years ended December 31 : 2016 2015 2014 (In thousands) Property and merchandise revenue: Funeral $ 611,441 $ 608,335 $ 616,992 Cemetery 912,788 849,255 816,980 Total property and merchandise revenue 1,524,229 1,457,590 1,433,972 Services revenue: Funeral 1,126,474 1,146,124 1,167,385 Cemetery 219,044 217,462 222,834 Total services revenue 1,345,518 1,363,586 1,390,219 Other revenue 161,390 164,865 169,820 Total revenue $ 3,031,137 $ 2,986,041 $ 2,994,011 Property and merchandise costs and expenses: Funeral $ 287,272 $ 290,574 $ 292,031 Cemetery 489,326 458,023 485,291 Total cost of property and merchandise 776,598 748,597 777,322 Services costs and expenses: Funeral 627,099 624,294 630,357 Cemetery 104,570 103,197 70,439 Total cost of services 731,669 727,491 700,796 Overhead and other expenses 846,436 835,364 840,208 Total cost and expenses $ 2,354,703 $ 2,311,452 $ 2,318,326 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Cash interest payments for the three years ended December 31 were as follows (in thousands): Payments in 2016 $ 156,950 Payments in 2015 $ 164,748 Payments in 2014 $ 175,327 Years Ended December 31, 2016 2015 2014 (In thousands) Net change in capital expenditure accrual $ (1,435 ) $ 5,571 $ 1,022 Options exercised by attestation $ — $ 122 $ 761 Shares repurchased $ — $ (122 ) $ (761 ) Non-cash acquisition of capital leases $ 41,609 $ 55,941 $ 35,422 |
Earnings Per Share Level 3 (Tab
Earnings Per Share Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 basic and diluted EPS for the three years ended December 31 is presented below: 2016 2015 2014 (In thousands, except per share amounts) Amounts attributable to common stockholders: Income from continuing operations — basic $ 177,038 $ 234,162 $ 170,283 After tax interest on convertible debt 43 50 51 Income from continuing operations — diluted $ 177,081 $ 234,212 $ 170,334 (Loss) income from discontinued operations, net of tax $ — $ (390 ) $ 2,186 Net income — basic $ 177,038 $ 233,772 $ 172,469 After tax interest on convertible debt 43 50 51 Net income — diluted $ 177,081 $ 233,822 $ 172,520 Weighted average shares: Weighted average shares — basic 193,086 200,356 210,741 Stock options 2,823 3,973 3,338 Restricted share units 12 — — Convertible debt 121 121 121 Weighted average shares — diluted 196,042 204,450 214,200 Amounts attributable to common stockholders: Income from continuing operations per share: Basic $ 0.92 $ 1.17 $ 0.81 Diluted $ 0.90 $ 1.14 $ 0.80 Income from discontinued operations per share: Basic $ — $ — $ 0.01 Diluted $ — $ — $ 0.01 Net income per share: Basic $ 0.92 $ 1.17 $ 0.82 Diluted $ 0.90 $ 1.14 $ 0.81 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2016 2015 2014 (In thousands) Antidilutive options 982 3 1,491 |
Acquisition Level 3 (Tables)
Acquisition Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] |
Divestiture Related Activities
Divestiture Related Activities Divestiture Related Activities Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Divestiture-Related Activities [Abstract] | |
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 (Losses) gains on divestitures and impairment charges, net, which consist of the following for the years ended December 31 : 2016 2015 2014 (In thousands) Gains on divestitures, net $ 7,829 $ 13,363 $ 122,535 Impairment losses (34,648 ) (6,841 ) (5,922 ) (Losses) gains on divestitures and impairment charges, net $ (26,819 ) $ 6,522 $ 116,613 |
Schedule of Income from Discontinued Operations [Table Text Block] | 2016 2015 2014 (In thousands) Gains on divestitures, net $ 7,829 $ 13,363 $ 122,535 Impairment losses (34,648 ) (6,841 ) (5,922 ) (Losses) gains on divestitures and impairment charges, net $ (26,819 ) $ 6,522 $ 116,613 |
Quarterly Financial Data Quarte
Quarterly Financial Data Quarterly Financial Data Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarterly financial data for 2016 and 2015 is as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share amounts) 2016 Revenue $ 749,219 $ 751,398 $ 721,467 $ 809,053 Costs and expenses $ (586,296 ) $ (589,409 ) $ (580,722 ) $ (598,276 ) Gross profit $ 162,923 $ 161,989 $ 140,745 $ 210,777 Operating income $ 123,672 $ 94,498 $ 114,386 $ 179,329 Income from continuing operations before income taxes (1) $ 79,767 $ 32,639 $ 74,963 $ 139,289 Provision for income taxes $ (32,313 ) $ (16,746 ) $ (27,422 ) $ (72,872 ) Net income $ 47,454 $ 15,893 $ 47,541 $ 66,417 Net (income) loss attributable to noncontrolling interests $ (9 ) $ (273 ) $ 186 $ (171 ) Net income attributable to common stockholders $ 47,445 $ 15,620 $ 47,727 $ 66,246 Net income attributable to common stockholders per share (2) : Basic — EPS $ 0.24 $ 0.08 $ 0.25 $ 0.35 Diluted — EPS $ 0.24 $ 0.08 $ 0.24 $ 0.34 2015 Revenue $ 748,089 $ 754,219 $ 714,453 $ 769,280 Costs and expenses $ (569,748 ) $ (587,452 ) $ (572,774 ) $ (581,478 ) Gross profit $ 178,341 $ 166,767 $ 141,679 $ 187,802 Operating income $ 141,115 $ 127,580 $ 124,548 $ 157,055 Income from continuing operations before income taxes (1) $ 98,118 $ 84,489 $ 74,045 $ 113,699 Provision for income taxes $ (36,653 ) $ (31,007 ) $ (26,118 ) $ (41,249 ) Net income from continuing operations $ 61,465 $ 53,482 $ 47,927 $ 72,450 Net loss from discontinued operations, net of tax $ — $ (390 ) $ — $ — Net income $ 61,465 $ 53,092 $ 47,927 $ 72,450 Net income attributable to noncontrolling interests $ (90 ) $ (497 ) $ (479 ) $ (96 ) Net income attributable to common stockholders $ 61,375 $ 52,595 $ 47,448 $ 72,354 Net income attributable to common stockholders per share (2) : Basic — EPS $ 0.30 $ 0.26 $ 0.24 $ 0.37 Diluted — EPS $ 0.30 $ 0.25 $ 0.23 $ 0.36 (1) Includes (Losses) gains on divestitures and impairment charges, net , as described in Note 19. (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. |
Summary of Significant Accoun49
Summary of Significant Accounting Policies, Textuals (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Prior Period Reclassification Adjustment | $ 5,500 | ||
Intangible Fair Value Inputs, Royalty Savings Rate, Low | 0.010 | ||
Required percentage of sales price | 10.00% | ||
Amortization of cemetery property | $ 66,745 | $ 62,407 | $ 60,439 |
Depreciation | $ 147,233 | $ 141,456 | $ 140,002 |
Goodwill Reporting Unit Fair Value Inputs, Growth Rate, Low End of the Range | 1.20% | ||
Goodwill Reporting Unit Fair Value Inputs, Growth Rate, High End of the Range | 5.70% | ||
Goodwill Reporting Unit Fair Value Inputs, Discount Rate | 6.50% | ||
Intangible Fair Value Inputs, Royalty Savings Rate | 0.040 | ||
Intangibles Fair Value Inputs, Discount Rate | 6.70% | ||
Retirement of treasury shares | 0 | 0 | 0 |
Funeral [Member] | |||
Amortization of cemetery property | $ 0 | $ 0 | $ 0 |
Depreciation | $ 106,251 | 102,937 | 101,801 |
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 | $ 66,745 | 62,407 | 60,439 |
Depreciation | $ 31,432 | $ 29,783 | $ 28,745 |
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 | 7,901 | 7,969 | 10,956 |
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 |
Preneed Funeral Activities Inve
Preneed Funeral Activities Investment Related Activities (Details) - Funeral [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Investment related activities [Line Items] | ||||
Deposits to trust | $ 121,668 | $ 121,109 | $ 102,553 | |
Withdrawals | 157,549 | 160,135 | 131,352 | |
Purchases of available-for-sale securities | 377,813 | 453,092 | [1] | 1,238,257 |
Sales of available-for-sale securities | 387,959 | 458,236 | [1] | 1,318,512 |
Realized gains from sales of available-for-sale securities | 38,704 | 42,034 | 168,567 | |
Realized losses from sales of available-for-sale securities | $ (46,432) | $ (31,403) | $ (113,748) | |
[1] | (1)The higher level of activity in 2014 was the result of changing the legal structure of the trust investments. |
Preneed Funeral Activities Long
Preneed Funeral Activities Long-term Receivable and Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Long-term receivable and investment components [Line Items] | ||||
Insurance-backed fixed income securities | $ 119,819 | $ 108,726 | ||
Preneed funeral receivables, net and trust investments | 1,817,445 | 1,760,297 | ||
Funeral [Member] | ||||
Long-term receivable and investment components [Line Items] | ||||
Trust investments, at market | 1,152,752 | 1,109,394 | ||
Cash and cash equivalents | 122,517 | 134,642 | ||
Current assets of discontinued operations | 0 | (39) | ||
Insurance-backed fixed income securities | 271,248 | 271,116 | ||
Trust investments | 1,546,517 | 1,515,113 | ||
Receivables from customers | 312,556 | 290,689 | ||
Unearned finance charge | (12,562) | (11,235) | ||
Preneed funeral receivables, net and trust investments, excluding allowance for cancellation | 1,846,511 | 1,794,567 | ||
Allowance for cancellation | (29,066) | (34,270) | ||
Preneed funeral receivables, net and trust investments | $ 1,817,445 | $ 1,760,297 | $ 1,843,023 | $ 1,870,243 |
Preneed Funeral Activities Pren
Preneed Funeral Activities Preneed Funeral Activities Receivables Net and Trust Invesments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Beginning balance — Preneed funeral receivables and trust investments | $ 1,760,297 | |||
Ending balance — Preneed funeral receivables and trust investments | 1,817,445 | $ 1,760,297 | ||
Funeral [Member] | ||||
Beginning balance — Preneed funeral receivables and trust investments | 1,760,297 | 1,843,023 | $ 1,870,243 | |
Net preneed contract sales | 296,896 | 283,927 | 247,994 | |
Cash receipts from customers, net of refunds | (246,436) | (234,413) | (211,830) | |
Deposits to trust | 121,668 | 121,109 | 102,553 | |
Acquisitions (dispositions) of businesses, net | 3,560 | 1,400 | (19,203) | |
Net undistributed investments (losses) earnings | [1] | 65,954 | (38,510) | 22,480 |
Maturities and distributed earnings | (193,604) | (200,635) | (162,059) | |
Change in cancellation allowance | 5,295 | 2,787 | 7,644 | |
Effect of foreign currency and other | 3,815 | (18,391) | (14,799) | |
Ending balance — Preneed funeral receivables and trust investments | $ 1,817,445 | $ 1,760,297 | $ 1,843,023 | |
[1] | Includes both realized and unrealized investment earnings. |
Preneed Funeral Activities Sche
Preneed Funeral Activities Schedule of Available-for-sale Securities (Details) - Funeral [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 1,137,504 | $ 1,156,570 |
Available-for-sale Securities, Gross Unrealized Gains | 71,520 | 43,383 |
Available-for-sale Securities, Gross Unrealized Losses | (56,272) | (90,559) |
Available-for-sale Securities, Fair Value | 1,152,752 | 1,109,394 |
Commingled Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 168,959 | 102,063 |
Available-for-sale Securities, Gross Unrealized Gains | 3,177 | 228 |
Available-for-sale Securities, Gross Unrealized Losses | (1,167) | (1,103) |
Available-for-sale Securities, Fair Value | 170,969 | 101,188 |
Private Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 40,892 | 38,724 |
Available-for-sale Securities, Gross Unrealized Gains | 2,956 | 3,780 |
Available-for-sale Securities, Gross Unrealized Losses | (5,190) | (6,467) |
Available-for-sale Securities, Fair Value | 38,658 | 36,037 |
Estimate of Fair Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 927,653 | 1,015,783 |
Available-for-sale Securities, Gross Unrealized Gains | 65,387 | 39,375 |
Available-for-sale Securities, Gross Unrealized Losses | (49,915) | (82,989) |
Available-for-sale Securities, Fair Value | 943,125 | 972,169 |
Reported At Net Asset Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 209,851 | 140,787 |
Available-for-sale Securities, Gross Unrealized Gains | 6,133 | 4,008 |
Available-for-sale Securities, Gross Unrealized Losses | 6,357 | 7,570 |
Available-for-sale Securities, Fair Value | 209,627 | 137,225 |
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 | 75,245 | 64,140 |
Available-for-sale Securities, Gross Unrealized Gains | 317 | 89 |
Available-for-sale Securities, Gross Unrealized Losses | (557) | (1,270) |
Available-for-sale Securities, Fair Value | 75,005 | 62,959 |
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 | 55,752 | 56,975 |
Available-for-sale Securities, Gross Unrealized Gains | 272 | 323 |
Available-for-sale Securities, Gross Unrealized Losses | (42) | (55) |
Available-for-sale Securities, Fair Value | 55,982 | 57,243 |
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 | 12,702 | 18,983 |
Available-for-sale Securities, Gross Unrealized Gains | 177 | 235 |
Available-for-sale Securities, Gross Unrealized Losses | (92) | (284) |
Available-for-sale Securities, Fair Value | 12,787 | 18,934 |
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 | 29 | 1,299 |
Available-for-sale Securities, Gross Unrealized Gains | 1 | 29 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | (22) |
Available-for-sale Securities, Fair Value | 30 | 1,306 |
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 | 58 | 5 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | (3) | 0 |
Available-for-sale Securities, Fair Value | 55 | 5 |
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 | 1,428 | 1,951 |
Available-for-sale Securities, Gross Unrealized Gains | 81 | 41 |
Available-for-sale Securities, Gross Unrealized Losses | (39) | (158) |
Available-for-sale Securities, Fair Value | 1,470 | 1,834 |
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 | 334,854 | 344,544 |
Available-for-sale Securities, Gross Unrealized Gains | 49,785 | 30,885 |
Available-for-sale Securities, Gross Unrealized Losses | (11,525) | (19,149) |
Available-for-sale Securities, Fair Value | 373,114 | 356,280 |
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 | 11,853 | 11,882 |
Available-for-sale Securities, Gross Unrealized Gains | 2,592 | 2,651 |
Available-for-sale Securities, Gross Unrealized Losses | (263) | (1,077) |
Available-for-sale Securities, Fair Value | 14,182 | 13,456 |
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 | 25,761 | 32,193 |
Available-for-sale Securities, Gross Unrealized Gains | 1,824 | 2,636 |
Available-for-sale Securities, Gross Unrealized Losses | (3,167) | (3,907) |
Available-for-sale Securities, Fair Value | 24,418 | 30,922 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 313,132 | 324,231 |
Available-for-sale Securities, Gross Unrealized Gains | 7,780 | 1,263 |
Available-for-sale Securities, Gross Unrealized Losses | (26,842) | (43,975) |
Available-for-sale Securities, Fair Value | 294,070 | 281,519 |
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 | 92,760 | 155,893 |
Available-for-sale Securities, Gross Unrealized Gains | 1,344 | 154 |
Available-for-sale Securities, Gross Unrealized Losses | (7,368) | (13,092) |
Available-for-sale Securities, Fair Value | 86,736 | 142,955 |
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 4,079 | 3,687 |
Available-for-sale Securities, Gross Unrealized Gains | 1,214 | 1,069 |
Available-for-sale Securities, Gross Unrealized Losses | (17) | 0 |
Available-for-sale Securities, Fair Value | $ 5,276 | $ 4,756 |
Preneed Funeral Activities Le54
Preneed Funeral Activities Level 3 Activities (Details) - Other Investments [Member] - Funeral [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair market value, beginning balance | $ 4,756 | $ 4,891 | $ 801 | |
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | [1] | 478 | (167) | 876 |
Purchases | 89 | 32 | 3,214 | |
Sales | (47) | 0 | 0 | |
Fair market value, ending balance | $ 5,276 | $ 4,756 | $ 4,891 | |
[1] | All unrealized gains 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 receipts held in trust. See Note 6 for further information related to our Deferred preneed receipts held in trust. |
Preneed Funeral Activities In55
Preneed Funeral Activities Investments Classified by Contractual Maturity Date (Details) - Funeral [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Investments Classified By Contractual Maturity Date [Line Items] | |
Due in one year or less | $ 76,744 |
Due in one to five years | 27,298 |
Due in five to ten years | 31,374 |
Thereafter | 8,443 |
Total | $ 143,859 |
Preneed Funeral Activities Sc56
Preneed Funeral Activities Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 343,948 | $ 548,240 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (17,390) | (48,832) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 227,248 | 167,818 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (38,882) | (41,727) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 571,196 | 716,058 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (56,272) | (90,559) |
US Treasury Securities [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 25,996 | 36,113 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (557) | (1,268) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 141 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | (2) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 25,996 | 36,254 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (557) | (1,270) |
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 12 Months, Fair Value | 2,847 | 209 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (30) | (7) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 191 | 971 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (12) | (48) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,038 | 1,180 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (42) | (55) |
Corporate Debt Securities [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 1,710 | 4,618 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (15) | (156) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 3,560 | 3,880 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (77) | (128) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,270 | 8,498 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (92) | (284) |
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 12 Months, Fair Value | 378 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (6) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 132 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (16) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 510 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (22) | |
Preferred Stock securities [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 125 | 449 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (17) | (60) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 98 | 42 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (22) | (98) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 223 | 491 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (39) | (158) |
US Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 198,755 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (26,038) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 21,355 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (5,999) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 220,110 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (32,037) | |
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 12 Months, Fair Value | 87,059 | 128,925 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (8,149) | (16,448) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 14,939 | 14,537 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (3,376) | (2,701) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 101,998 | 143,462 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (11,525) | (19,149) |
Canada Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 473 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (6) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,430 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (885) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,903 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (891) | |
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 12 Months, Fair Value | 2,832 | 1,941 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (254) | (355) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 482 | 1,051 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (9) | (722) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,314 | 2,992 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (263) | (1,077) |
Other International Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 15,560 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (2,507) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 9,412 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (3,292) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 24,972 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (5,799) | |
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 12 Months, Fair Value | 5,390 | 9,473 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (1,301) | (1,638) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 7,368 | 6,154 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (1,866) | (2,269) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,758 | 15,627 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (3,167) | (3,907) |
Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 207,253 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (25,991) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 86,720 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (23,651) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 293,973 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (49,642) | |
Equity Funds [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 108,109 | 186,016 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (5,080) | (23,385) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 127,273 | 79,892 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (21,762) | (20,590) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 235,382 | 265,908 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (26,842) | (43,975) |
Fixed Income Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 139,684 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (6,323) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 44,550 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (12,204) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 184,234 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (18,527) | |
Fixed Income Funds [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 34,120 | 109,154 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (817) | (5,052) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 31,654 | 27,061 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (6,551) | (8,040) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 65,774 | 136,215 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (7,368) | (13,092) |
Commingled Funds [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 75,041 | 70,964 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (687) | (457) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 17,656 | 15,243 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (480) | (646) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 92,697 | 86,207 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (1,167) | (1,103) |
Private Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 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, 12 Months or Longer, Fair Value | 9,526 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (4,502) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,526 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (4,502) | |
Private Equity Funds [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 693 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (481) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 22,812 | 18,714 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (4,709) | (6,467) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 23,505 | 18,714 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (5,190) | (6,467) |
Other Investments [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 26 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (2) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,160 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (15) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,186 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (17) | |
Estimate of Fair Value Measurement [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 268,214 | 477,276 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (16,222) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (48,375) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 186,780 | 133,861 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (33,693) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (34,614) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 454,994 | 611,137 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (49,915) | (82,989) |
Reported At Net Asset Value [Member] | Funeral [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 75,734 | 70,964 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 1,168 | 457 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 40,468 | 33,957 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 5,189 | 7,113 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 116,202 | 104,921 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 6,357 | $ 7,570 |
Preneed Funeral Activities Pr57
Preneed Funeral Activities Preneed Funeral Activities Deferred Preneed Funeral Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Deferred Preneed Revenues [Roll Forward] | ||||
Beginning balance — Deferred preneed funeral revenues, net | $ 557,897 | |||
Ending balance — Deferred preneed funeral revenues, net | 581,280 | $ 557,897 | ||
Funeral [Member] | ||||
Deferred Preneed Revenues [Roll Forward] | ||||
Beginning balance — Deferred preneed funeral revenues, net | 557,897 | 540,164 | $ 551,948 | |
Net preneed contract sales | 251,134 | 232,628 | 198,195 | |
Acquisitions (dispositions) of businesses, net | 2,170 | (2,895) | (21,639) | |
Net investment (losses) earnings | [1] | 66,656 | (37,208) | 24,256 |
Recognized deferred preneed revenues | (277,248) | (276,359) | (258,534) | |
Change in cancellation allowance | 8,411 | 11,675 | 21,272 | |
Change in deferred preneed funeral receipts held in trust | (28,506) | 90,351 | 26,131 | |
Effect of foreign currency and other | 766 | (459) | (1,465) | |
Ending balance — Deferred preneed funeral revenues, net | $ 581,280 | $ 557,897 | $ 540,164 | |
[1] | Includes both realized and unrealized investment earnings. |
Preneed Funeral Activities Pr58
Preneed Funeral Activities Preneed Funeral Activities, Textuals (Details) - Funeral [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 31,800 | ||
Available-for-sale securities, estimated maturity date, minimum | 2,017 | ||
Available-for-sale securities, estimated maturity date, maximum | 2,041 | ||
Investment Earnings, Net | $ 49,900 | $ 52,900 | $ 62,800 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 4,625 | 3,519 | 41,846 |
Insurance Commissions and Fees | $ 135,800 | $ 137,000 | $ 123,000 |
Preneed Cemetery Activities Inv
Preneed Cemetery Activities Investment Related Activities (Details) - Cemetery [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment related activities [Line Items] | |||
Deposits to trust | $ 158,114 | $ 153,252 | $ 129,581 |
Withdrawals | 144,308 | 163,732 | 150,064 |
Purchases of available-for-sale securities | 656,452 | 625,648 | 1,786,800 |
Sales of available-for-sale securities | 631,440 | 628,484 | 1,842,417 |
Realized gains from sales of available-for-sale securities | 53,253 | 51,510 | 271,507 |
Realized losses from sales of available-for-sale securities | $ (60,795) | $ (40,092) | $ (138,473) |
Preneed Cemetery Activities Lon
Preneed Cemetery Activities Long-term Receivable and Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term receivable and investment components [Line Items] | ||
Insurance-backed fixed income securities | $ 119,819 | $ 108,726 |
Preneed funeral receivables, net and trust investments | 1,817,445 | 1,760,297 |
Cemetery [Member] | ||
Long-term receivable and investment components [Line Items] | ||
Trust investments, at market | 1,435,083 | 1,343,916 |
Cash and cash equivalents | 123,146 | 118,583 |
Trust investments | 1,558,229 | 1,462,499 |
Receivables from customers | 1,038,592 | 958,503 |
Unearned finance charge | (33,427) | (31,332) |
Preneed funeral receivables, net and trust investments, excluding allowance for cancellation | 2,563,394 | 2,389,670 |
Allowance for cancellation | (75,674) | (71,503) |
Preneed funeral receivables, net and trust investments | $ 2,487,720 | $ 2,318,167 |
Preneed Cemetery Activities Pre
Preneed Cemetery Activities Preneed Cemetary Activities Receivables Net and Trust Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Preneed cemetery receivables, net and trust investments | $ 2,318,167 | |||
Preneed cemetery receivables, net and trust investments | 2,487,720 | $ 2,318,167 | ||
Cemetery [Member] | ||||
Preneed cemetery receivables, net and trust investments | 2,318,167 | 2,306,669 | $ 2,292,348 | |
Net preneed contract sales | 862,298 | 799,497 | 688,336 | |
Dispositions (acquisitions) of businesses, net | (2,083) | 4,404 | (10,898) | |
Net undistributed investments (losses) earnings | [1] | 79,557 | (42,189) | (18,038) |
Cash receipts from customers, net of refunds | (784,267) | (716,686) | (615,489) | |
Deposits to trust | 158,114 | 153,252 | 129,581 | |
Maturities, deliveries, and associated earnings | (144,308) | (163,732) | (150,064) | |
Change in cancellation allowance | (1,966) | (2,046) | 843 | |
Effect of foreign currency and other | 2,208 | (21,002) | (9,950) | |
Preneed cemetery receivables, net and trust investments | $ 2,487,720 | $ 2,318,167 | $ 2,306,669 | |
[1] | Includes both realized and unrealized investment earnings |
Preneed Cemetery Activities Sch
Preneed Cemetery Activities Schedule of Available-for-sale Securities (Details) - Cemetery [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 1,406,443 | $ 1,397,324 |
Available-for-sale Securities, Gross Unrealized Gains | 100,469 | 60,286 |
Available-for-sale Securities, Gross Unrealized Losses | (71,829) | (113,694) |
Available-for-sale Securities, Fair Value | 1,435,083 | 1,343,916 |
Commingled Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 245,813 | 124,103 |
Available-for-sale Securities, Gross Unrealized Gains | 5,347 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | (1,681) | (639) |
Available-for-sale Securities, Fair Value | 249,479 | 123,464 |
Private Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 37,881 | 35,411 |
Available-for-sale Securities, Gross Unrealized Gains | 4,616 | 5,954 |
Available-for-sale Securities, Gross Unrealized Losses | (3,317) | (4,502) |
Available-for-sale Securities, Fair Value | 39,180 | 36,863 |
Estimate of Fair Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,122,749 | 1,237,810 |
Available-for-sale Securities, Gross Unrealized Gains | 90,506 | 54,332 |
Available-for-sale Securities, Gross Unrealized Losses | (66,831) | (108,553) |
Available-for-sale Securities, Fair Value | 1,146,424 | 1,183,589 |
Reported At Net Asset Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 283,694 | 159,514 |
Available-for-sale Securities, Gross Unrealized Gains | 9,963 | 5,954 |
Available-for-sale Securities, Gross Unrealized Losses | 4,998 | (5,141) |
Available-for-sale Securities, Fair Value | 288,659 | 160,327 |
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 | 70,070 | 69,727 |
Available-for-sale Securities, Gross Unrealized Gains | 567 | 25 |
Available-for-sale Securities, Gross Unrealized Losses | (281) | (1,437) |
Available-for-sale Securities, Fair Value | 70,356 | 68,315 |
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 | 9,109 | 9,725 |
Available-for-sale Securities, Gross Unrealized Gains | 49 | 183 |
Available-for-sale Securities, Gross Unrealized Losses | (66) | (99) |
Available-for-sale Securities, Fair Value | 9,092 | 9,809 |
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 | 1,596 | 5,115 |
Available-for-sale Securities, Gross Unrealized Gains | 18 | 26 |
Available-for-sale Securities, Gross Unrealized Losses | (34) | (118) |
Available-for-sale Securities, Fair Value | 1,580 | 5,023 |
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 | 129 | |
Available-for-sale Securities, Gross Unrealized Gains | 3 | |
Available-for-sale Securities, Gross Unrealized Losses | (3) | |
Available-for-sale Securities, Fair Value | 129 | |
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 | 170 |
Available-for-sale Securities, Gross Unrealized Gains | 13 | 15 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value | 183 | 185 |
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 | 539,445 | 531,885 |
Available-for-sale Securities, Gross Unrealized Gains | 72,682 | 44,181 |
Available-for-sale Securities, Gross Unrealized Losses | (21,680) | (32,037) |
Available-for-sale Securities, Fair Value | 590,447 | 544,029 |
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 | 9,027 | 8,992 |
Available-for-sale Securities, Gross Unrealized Gains | 4,807 | 3,858 |
Available-for-sale Securities, Gross Unrealized Losses | (84) | (891) |
Available-for-sale Securities, Fair Value | 13,750 | 11,959 |
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 | 42,870 | 50,041 |
Available-for-sale Securities, Gross Unrealized Gains | 3,023 | 4,207 |
Available-for-sale Securities, Gross Unrealized Losses | (5,229) | (5,799) |
Available-for-sale Securities, Fair Value | 40,664 | 48,449 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 356,079 | 356,712 |
Available-for-sale Securities, Gross Unrealized Gains | 7,812 | 1,620 |
Available-for-sale Securities, Gross Unrealized Losses | (29,603) | (49,642) |
Available-for-sale Securities, Fair Value | 334,288 | 308,690 |
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 | 94,383 | 203,932 |
Available-for-sale Securities, Gross Unrealized Gains | 1,535 | 92 |
Available-for-sale Securities, Gross Unrealized Losses | (9,854) | (18,527) |
Available-for-sale Securities, Fair Value | $ 86,064 | 185,497 |
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,382 | |
Available-for-sale Securities, Gross Unrealized Gains | 122 | |
Available-for-sale Securities, Gross Unrealized Losses | 0 | |
Available-for-sale Securities, Fair Value | $ 1,504 |
Preneed Cemetery Activities L63
Preneed Cemetery Activities Level 3 Activities (Details) - Other Investments [Member] - Cemetery [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair market value, beginning balance | $ 1,504 | $ 203 | $ 0 | |
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | [1] | 0 | (27) | 7 |
Net realized losses included in Other income, net(2) | [2] | (212) | 0 | 0 |
Payments to Acquire Other Investments | 0 | 1,328 | 196 | |
Sales | (1,292) | 0 | 0 | |
Fair market value, ending balance | $ 0 | $ 1,504 | $ 203 | |
[1] | All unrealized gains 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 receipts held in trust. See Note 6 for further information related to our Deferred preneed receipts held in trust. | |||
[2] | All losses recognized in Other (expense) income, net for our cemetery merchandise and service trust investments are attributable to our preneed customers and are offset by a corresponding reclassification in Other (expense) income, net to Deferred preneed receipts held in trust. See Note 6 for further information related to our Deferred preneed receipts held in trust. |
Preneed Cemetery Activities I64
Preneed Cemetery Activities Investments Classified by Contractual Maturity Date (Details) - Cemetery [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Investments Classified By Contractual Maturity Date [Line Items] | |
Due in one year or less | $ 7,154 |
Due in one to five years | 26,237 |
Due in five to ten years | 34,244 |
Thereafter | 13,576 |
Total | $ 81,211 |
Preneed Cemetery Activities S65
Preneed Cemetery Activities Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 461,074 | $ 740,694 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (23,229) | (62,996) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 244,856 | 176,220 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (48,600) | (50,698) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 705,930 | 916,914 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 71,829 | 113,694 |
US Treasury Securities [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 15,413 | 52,509 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (281) | (1,435) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 21 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | (2) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 15,413 | 52,530 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 281 | 1,437 |
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 12 Months, Fair Value | 0 | 1,190 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | (34) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,192 | 841 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (66) | (65) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,192 | 2,031 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 66 | 99 |
Corporate Debt Securities [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 1,764 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | (22) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 736 | 2,347 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (34) | (96) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 736 | 4,111 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 34 | 118 |
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 12 Months, Fair Value | 42 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (1) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 18 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (2) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 60 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 3 | |
US Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 198,755 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (26,038) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 21,355 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (5,999) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 220,110 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 32,037 | |
US Common Stock Securities [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 149,530 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (13,680) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 23,010 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (8,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 172,540 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 21,680 | |
Canada Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 473 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (6) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,430 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (885) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,903 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 891 | |
Canada Common Stock Securities [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 408 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (82) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 38 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (2) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 446 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 84 | |
Other International Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 15,560 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (2,507) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 9,412 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (3,292) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 24,972 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 5,799 | |
Other International Common Stock Securities [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 9,707 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (2,330) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 11,442 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (2,899) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 21,149 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 5,229 | |
Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 207,253 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (25,991) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 86,720 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (23,651) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 293,973 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 49,642 | |
Equity Funds [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 125,728 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (4,728) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 146,332 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (24,875) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 272,060 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 29,603 | |
Fixed Income Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 139,684 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (6,323) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 44,550 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (12,204) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 184,234 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 18,527 | |
Fixed Income Funds [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 26,566 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (446) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 45,337 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (9,408) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 71,903 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 9,854 | |
Commingled Funds [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 133,164 | 123,464 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (1,681) | 639 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 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 | 133,164 | 123,464 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,681 | (639) |
Private Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 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, 12 Months or Longer, Fair Value | 9,526 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (4,502) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,526 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 4,502 | |
Private Equity Funds [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 558 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (1) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 16,769 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (3,316) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 17,327 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 3,317 | |
Estimate of Fair Value Measurement [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 327,352 | 617,230 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 21,547 | 62,357 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 228,087 | 166,694 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 45,284 | 46,196 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 555,439 | 783,924 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (66,831) | (108,553) |
Reported At Net Asset Value [Member] | Cemetery [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 133,722 | 123,464 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 1,682 | 639 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 16,769 | 9,526 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 3,316 | 4,502 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 150,491 | 132,990 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (4,998) | $ (5,141) |
Preneed Cemetery Activities Def
Preneed Cemetery Activities Deferred Preneed Cemetery Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Beginning balance — Deferred preneed cemetery revenues | $ 1,120,001 | |||
Ending balance — Deferred preneed cemetery revenues | 1,150,137 | $ 1,120,001 | ||
Cemetery [Member] | ||||
Beginning balance — Deferred preneed cemetery revenues | 1,120,001 | 1,062,381 | $ 1,016,275 | |
Net preneed and atneed deferred sales | 596,714 | 561,899 | 531,768 | |
(Dispositions) acquisitions of businesses, net | (1,977) | 2,357 | (25,071) | |
Net investment (losses) earnings | [1] | 79,447 | (42,806) | (22,378) |
Recognized deferred preneed revenues | (546,071) | (504,064) | (493,739) | |
Change in cancellation allowance | (3,015) | (8,048) | 3,833 | |
Change in deferred preneed cemetary receipts held in trust | (96,417) | 52,050 | 55,636 | |
Effect of foreign currency and other | 1,455 | (3,768) | (3,943) | |
Ending balance — Deferred preneed cemetery revenues | $ 1,150,137 | $ 1,120,001 | $ 1,062,381 | |
[1] | Includes both realized and unrealized investment earnings (losses). |
Preneed Cemetery Activities P67
Preneed Cemetery Activities Preneed Cemetery Activities, Textuals (Details) - Cemetery [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 32,700 | ||
Available-for-sale securities, estimated maturity date, maximum | 2,041 | ||
Investment Earnings, Net | $ 44,500 | $ 45,500 | $ 48,200 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 5,872 | $ 4,345 | $ 60,040 |
Cemetery Perpetual Care Trust68
Cemetery Perpetual Care Trusts Investment Related Activities (Details) - Cemetery Perpetual Care [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Investment related activities [Line Items] | ||||
Deposits to trust | $ 41,450 | $ 38,883 | $ 42,220 | |
Withdrawals | 48,522 | 40,447 | 46,981 | |
Purchases of available-for-sale securities | 428,635 | 247,658 | [1] | 1,306,314 |
Sales of available-for-sale securities | 374,329 | 175,057 | [1] | 1,396,669 |
Realized gains from sales of available-for-sale securities | 8,327 | 6,933 | 134,259 | |
Realized losses from sales of available-for-sale securities | $ (6,579) | $ (7,708) | $ (51,093) | |
[1] | (1)The higher level of activity in 2014 was the result of changing the legal structure of the trust investments. |
Cemetery Perpetual Care Trust69
Cemetery Perpetual Care Trusts Long-term Receivable and Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term receivable and investment components [Line Items] | ||
Cemetery perpetual care trust investments | $ 1,407,465 | $ 1,319,427 |
Cemetery Perpetual Care [Member] | ||
Long-term receivable and investment components [Line Items] | ||
Trust investments, at market | 1,349,073 | 1,232,592 |
Cash and cash equivalents | 58,392 | 86,835 |
Cemetery perpetual care trust investments | $ 1,407,465 | $ 1,319,427 |
Cemetery Perpetual Care Trust70
Cemetery Perpetual Care Trusts Schedule of Available-for-sale Securities (Details) - Cemetery Perpetual Care [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 1,356,781 | $ 1,295,785 |
Available-for-sale Securities, Gross Unrealized Gains | 42,839 | 25,390 |
Available-for-sale Securities, Gross Unrealized Losses | (50,547) | (88,583) |
Available-for-sale Securities, Fair Value | 1,349,073 | 1,232,592 |
Private Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 97,108 | 75,613 |
Available-for-sale Securities, Gross Unrealized Gains | 2,240 | 2,406 |
Available-for-sale Securities, Gross Unrealized Losses | (6,710) | (8,096) |
Available-for-sale Securities, Fair Value | 92,638 | 69,923 |
Fixed Income Commingled funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 277,662 | 20,616 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 9,386 | 178 |
Available-for-sale Securities, Fair Value | 268,276 | 20,438 |
Estimate of Fair Value Measurement [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 982,011 | 1,199,556 |
Available-for-sale Securities, Gross Unrealized Gains | 40,599 | 22,984 |
Available-for-sale Securities, Gross Unrealized Losses | 34,451 | 80,309 |
Available-for-sale Securities, Fair Value | 988,159 | 1,142,231 |
Reported At Net Asset Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 96,229 | |
Available-for-sale Securities, Gross Unrealized Gains | 2,406 | |
Available-for-sale Securities, Gross Unrealized Losses | 8,274 | |
Available-for-sale Securities, Fair Value | 90,361 | |
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 | 650 | |
Available-for-sale Securities, Gross Unrealized Gains | 20 | |
Available-for-sale Securities, Gross Unrealized Losses | (7) | |
Available-for-sale Securities, Fair Value | 663 | |
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 | 14,280 | 15,412 |
Available-for-sale Securities, Gross Unrealized Gains | 88 | 321 |
Available-for-sale Securities, Gross Unrealized Losses | (114) | (162) |
Available-for-sale Securities, Fair Value | 14,254 | 15,571 |
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 | 4,636 | 12,490 |
Available-for-sale Securities, Gross Unrealized Gains | 100 | 149 |
Available-for-sale Securities, Gross Unrealized Losses | (101) | (284) |
Available-for-sale Securities, Fair Value | 4,635 | 12,355 |
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 | 304 | 934 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 13 |
Available-for-sale Securities, Gross Unrealized Losses | (1) | (9) |
Available-for-sale Securities, Fair Value | 303 | 938 |
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 | 220 | 660 |
Available-for-sale Securities, Gross Unrealized Gains | 3 | 5 |
Available-for-sale Securities, Gross Unrealized Losses | (28) | (31) |
Available-for-sale Securities, Fair Value | 195 | 634 |
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 | 1,479 | 5,850 |
Available-for-sale Securities, Gross Unrealized Gains | 2 | 55 |
Available-for-sale Securities, Gross Unrealized Losses | (117) | (159) |
Available-for-sale Securities, Fair Value | 1,364 | 5,746 |
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 | 233,643 | 230,854 |
Available-for-sale Securities, Gross Unrealized Gains | 28,679 | 15,224 |
Available-for-sale Securities, Gross Unrealized Losses | (2,337) | (10,898) |
Available-for-sale Securities, Fair Value | 259,985 | 235,180 |
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 | 4,828 | 5,460 |
Available-for-sale Securities, Gross Unrealized Gains | 2,631 | 2,112 |
Available-for-sale Securities, Gross Unrealized Losses | (108) | (606) |
Available-for-sale Securities, Fair Value | 7,351 | 6,966 |
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 | 14,607 | 14,793 |
Available-for-sale Securities, Gross Unrealized Gains | 148 | 160 |
Available-for-sale Securities, Gross Unrealized Losses | (2,236) | (2,390) |
Available-for-sale Securities, Fair Value | 12,519 | 12,563 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 18,909 | 21,783 |
Available-for-sale Securities, Gross Unrealized Gains | 4,370 | 3,138 |
Available-for-sale Securities, Gross Unrealized Losses | (412) | (1,850) |
Available-for-sale Securities, Fair Value | 22,867 | 23,071 |
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 | 688,472 | 890,025 |
Available-for-sale Securities, Gross Unrealized Gains | 3,324 | 530 |
Available-for-sale Securities, Gross Unrealized Losses | (28,997) | (63,913) |
Available-for-sale Securities, Fair Value | 662,799 | 826,642 |
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 633 | 645 |
Available-for-sale Securities, Gross Unrealized Gains | 1,254 | 1,257 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value | 1,887 | $ 1,902 |
Fair Value, Inputs, Level 3 [Member] | Reported At Net Asset Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 374,770 | |
Available-for-sale Securities, Gross Unrealized Gains | 2,240 | |
Available-for-sale Securities, Gross Unrealized Losses | 16,096 | |
Available-for-sale Securities, Fair Value | $ 360,914 |
Cemetery Perpetual Care Trust71
Cemetery Perpetual Care Trusts Level 3 Activities (Details) - Cemetery Perpetual Care [Member] - Other Investments [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair market value, beginning balance | $ 1,902 | $ 1,556 | $ 1,599 | |
Net unrealized (losses) gains included in Accumulated other comprehensive income(1) | [1] | (15) | 346 | (26) |
Sales | 0 | 0 | (17) | |
Fair market value, ending balance | $ 1,887 | $ 1,902 | $ 1,556 | |
[1] | All unrealized (losses) 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 6 for further information related to our Care trusts’ corpus. |
Cemetery Perpetual Care Trust72
Cemetery Perpetual Care Trusts Investments Classifed by Contractual Maturity Date (Details) - Cemetery Perpetual Care [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Investments Classified By Contractual Maturity Date [Line Items] | |
Due in one year or less | $ 1,834 |
Due in one to five years | 17,283 |
Due in five to ten years | 69 |
Thereafter | 201 |
Total | $ 19,387 |
Cemetery Perpetual Care Trust73
Cemetery Perpetual Care Trusts Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 591,618 | $ 660,175 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (16,270) | (28,203) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 411,564 | 350,308 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (34,277) | (60,380) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,003,182 | 1,010,483 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (50,547) | (88,583) |
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 12 Months, Fair Value | 364 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (6) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 35 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (1) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 399 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (7) | |
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 12 Months, Fair Value | 66 | 1,569 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (1) | (60) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,961 | 1,371 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (113) | (102) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,027 | 2,940 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (114) | (162) |
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 12 Months, Fair Value | 397 | 4,693 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (7) | (134) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,866 | 4,147 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (94) | (150) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,263 | 8,840 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (101) | (284) |
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 12 Months, Fair Value | 303 | 303 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (1) | (3) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 117 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | (6) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 303 | 420 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (1) | (9) |
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 12 Months, Fair Value | 28 | 146 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (22) | (12) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 101 | 360 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (6) | (19) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 129 | 506 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (28) | (31) |
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 12 Months, Fair Value | 846 | 4,029 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (36) | (159) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 417 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (81) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,263 | 4,029 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (117) | (159) |
US Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 198,755 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (26,038) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 21,355 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (5,999) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 220,110 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (32,037) | |
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 12 Months, Fair Value | 34,844 | 81,564 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (1,339) | (7,793) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 12,974 | 14,900 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (998) | (3,105) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 47,818 | 96,464 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (2,337) | (10,898) |
Canada Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 473 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (6) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,430 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (885) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,903 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (891) | |
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 12 Months, Fair Value | 78 | 622 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (47) | (31) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 558 | 1,026 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (61) | (575) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 636 | 1,648 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (108) | (606) |
Other International Common Stock Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 15,560 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (2,507) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 9,412 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (3,292) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 24,972 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (5,799) | |
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 12 Months, Fair Value | 4,177 | 8,735 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (508) | (941) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 5,715 | 2,347 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (1,728) | (1,449) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,892 | 11,082 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (2,236) | (2,390) |
Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 207,253 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (25,991) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 86,720 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (23,651) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 293,973 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (49,642) | |
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 12 Months, Fair Value | 877 | 4,580 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (17) | (606) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,899 | 1,258 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (395) | (1,244) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,776 | 5,838 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (412) | (1,850) |
Fixed Income Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 139,684 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (6,323) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 44,550 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (12,204) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 184,234 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (18,527) | |
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 12 Months, Fair Value | 263,231 | 519,993 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (4,678) | (18,205) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 348,623 | 294,309 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (24,319) | (45,708) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 611,854 | 814,302 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (28,997) | (63,913) |
Private Equity Funds [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 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, 12 Months or Longer, Fair Value | 9,526 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (4,502) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,526 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (4,502) | |
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 12 Months, Fair Value | 21,426 | 13,139 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (268) | (75) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 33,519 | 30,438 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (6,442) | (8,021) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 54,945 | 43,577 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (6,710) | (8,096) |
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 12 Months, Fair Value | 33,577 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 253 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 30,438 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 8,021 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 64,015 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 8,274 | |
Fixed Income Commingled funds [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 265,345 | 20,438 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 9,346 | 178 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,931 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 40 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 268,276 | 20,438 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 9,386 | 178 |
Estimate of Fair Value Measurement [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 304,847 | 626,598 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 6,656 | 27,950 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 375,114 | 319,870 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 27,795 | 52,359 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 679,961 | 946,468 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 34,451 | $ 80,309 |
Reported At Net Asset Value [Member] | Cemetery Perpetual Care [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 286,771 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 9,614 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 36,450 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 6,482 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 323,221 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 16,096 |
Cemetery Perpetual Care Trust74
Cemetery Perpetual Care Trusts Cemetry Perpetual Care Trusts, Textuals (Details) - Cemetery Perpetual Care [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 31,000 | ||
Available-for-sale securities, estimated maturity date, maximum | 2,040 | ||
Investment Earnings, Net | $ 67,600 | $ 59,600 | $ 72,400 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 1,360 | $ 1,812 | $ 8,072 |
Deferred Preneed Funeral and 75
Deferred Preneed Funeral and Cemetery Receipts Held in Trust and Care Trusts' Corpus Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of Other Income, Nonoperating [Line Items] | |||
Deferred preneed funeral and cemetery receipts held in trust, excluding accrued expenses | $ 3,104,746 | $ 2,977,612 | |
Accrued trust operating payables and other | (950) | (4,226) | |
Deferred preneed receipts held in trust | 3,103,796 | 2,973,386 | |
Care trusts’ corpus | 1,408,243 | 1,319,564 | |
Total other income, net | (631) | (132) | $ 1,780 |
Operating Segments [Member] | |||
Components of Other Income, Nonoperating [Line Items] | |||
Realized gains from sales of available-for-sale securities | 100,284 | 100,477 | 574,333 |
Realized losses from sales of available-for-sale securities | (113,806) | (79,203) | (303,314) |
Impairment charges | (11,857) | (9,676) | (109,958) |
Interest, dividend, and other ordinary income | 94,321 | 109,294 | 92,391 |
Trust expenses and income taxes | (65,128) | (85,967) | (74,666) |
Net trust investment income | 3,814 | 34,925 | 178,786 |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | (3,814) | (34,925) | (178,786) |
Other income, net | (631) | (132) | 1,780 |
Total other income, net | (631) | (132) | 1,780 |
Funeral [Member] | |||
Components of Other Income, Nonoperating [Line Items] | |||
Deferred preneed funeral and cemetery receipts held in trust, excluding accrued expenses | 1,546,517 | 1,515,113 | |
Accrued trust operating payables and other | (589) | (1,381) | |
Deferred preneed receipts held in trust | 1,545,928 | 1,513,732 | |
Realized gains from sales of available-for-sale securities | 38,704 | 42,034 | 168,567 |
Realized losses from sales of available-for-sale securities | (46,432) | (31,403) | (113,748) |
Impairment charges | (4,625) | (3,519) | (41,846) |
Interest, dividend, and other ordinary income | 20,299 | 25,952 | 22,668 |
Trust expenses and income taxes | (20,190) | (21,852) | (19,590) |
Net trust investment income | (12,244) | 11,212 | 16,051 |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | 12,244 | (11,212) | (16,051) |
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 | 1,558,229 | 1,462,499 | |
Accrued trust operating payables and other | (361) | (2,845) | |
Deferred preneed receipts held in trust | 1,557,868 | 1,459,654 | |
Realized gains from sales of available-for-sale securities | 53,253 | 51,510 | 271,507 |
Realized losses from sales of available-for-sale securities | (60,795) | (40,092) | (138,473) |
Impairment charges | (5,872) | (4,345) | (60,040) |
Interest, dividend, and other ordinary income | 17,428 | 27,089 | 17,597 |
Trust expenses and income taxes | (22,137) | (31,472) | (20,833) |
Net trust investment income | (18,123) | 2,690 | 69,758 |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | 18,123 | (2,690) | (69,758) |
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 | 778 | 137 | |
Care trusts' corpus, excluding accrued expenses | 1,407,465 | 1,319,427 | |
Care trusts’ corpus | 1,408,243 | 1,319,564 | |
Realized gains from sales of available-for-sale securities | 8,327 | 6,933 | 134,259 |
Realized losses from sales of available-for-sale securities | (6,579) | (7,708) | (51,093) |
Impairment charges | (1,360) | (1,812) | (8,072) |
Interest, dividend, and other ordinary income | 56,594 | 56,253 | 52,126 |
Trust expenses and income taxes | (22,801) | (32,643) | (34,243) |
Net trust investment income | 34,181 | 21,023 | 92,977 |
Investment Income, Nonoperating, Effect on Deferred Preneed Receipts Held in Trust and Care Trust Corpus' | (34,181) | (21,023) | (92,977) |
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 | (631) | (132) | 1,780 |
Total other income, net | $ (631) | $ (132) | $ 1,780 |
Goodwill and Intangible Asset76
Goodwill and Intangible Assets Goodwill and Intangible Assets Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 1,796,340 | $ 1,810,853 | |
Goodwill, net, beginning balance | 1,796,340 | ||
Increase in goodwill related to acquisitions | 26,658 | 12,661 | |
Reduction of goodwill related to divestitures | (26,824) | (9,170) | |
Effect of foreign currency and other | 2,907 | (18,004) | |
Goodwill, Period Increase (Decrease) | 2,741 | (14,513) | |
Goodwill, ending balance | 1,796,340 | $ 1,810,853 | |
Goodwill, net, ending balance | 1,799,081 | 1,796,340 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 1,200 | ||
Finite-Lived Intangible Assets, Gross | 379,502 | 385,863 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 268,061 | 257,157 | |
Finite-Lived Intangible Assets, Net | 111,441 | 128,706 | |
Indefinite-Lived Trade Names | 245,984 | 230,659 | |
Other Indefinite-lived Intangible Assets | 10,640 | 10,640 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 256,624 | 241,299 | |
Intangible Assets, Net (Excluding Goodwill) | 368,065 | 370,005 | |
Amortization of intangible assets | 30,956 | 31,459 | 36,640 |
Future Amortization Expense, Year One | 11,718 | ||
Future Amortization Expense, Year Two | 10,961 | ||
Future Amortization Expense, Year Three | 7,711 | ||
Future Amortization Expense, Year Four | 6,613 | ||
Future Amortization Expense, Year Five | 6,504 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 1,200 | ||
Noncompete Agreements [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 211,549 | 206,822 | |
Customer Relationships [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 146,876 | 154,364 | |
Trade Names [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 9,150 | 12,750 | |
Other Intangible Assets [Member] | |||
Goodwill [Roll Forward] | |||
Finite-Lived Intangible Assets, Gross | 11,927 | 11,927 | |
Funeral [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 1,490,502 | 1,510,879 | |
Goodwill, net, beginning balance | 1,490,502 | ||
Increase in goodwill related to acquisitions | 26,809 | 6,460 | |
Reduction of goodwill related to divestitures | (26,554) | (8,908) | |
Effect of foreign currency and other | 2,898 | (17,929) | |
Goodwill, Period Increase (Decrease) | 3,153 | (20,377) | |
Goodwill, ending balance | 1,490,502 | 1,510,879 | |
Goodwill, net, ending balance | 1,493,655 | 1,490,502 | |
Amortization of intangible assets | 20,442 | 22,636 | 24,841 |
Cemetery [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 305,838 | 299,974 | |
Goodwill, net, beginning balance | 305,838 | ||
Increase in goodwill related to acquisitions | (151) | 6,201 | |
Reduction of goodwill related to divestitures | (270) | (262) | |
Effect of foreign currency and other | 9 | (75) | |
Goodwill, Period Increase (Decrease) | (412) | 5,864 | |
Goodwill, ending balance | 305,838 | 299,974 | |
Goodwill, net, ending balance | 305,426 | 305,838 | |
Amortization of intangible assets | $ 10,440 | $ 8,748 | $ 11,700 |
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 Income Taxes Detai
Income Taxes Income Taxes Details 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||||||||||
United States | $ 287,946 | $ 331,622 | $ 360,800 | ||||||||||||||||
Foreign | 38,712 | 38,729 | 41,800 | ||||||||||||||||
Income from continuing operations before income taxes | $ 139,289 | $ 74,963 | $ 32,639 | $ 79,767 | $ 113,699 | $ 74,045 | $ 84,489 | $ 98,118 | $ 326,658 | $ 370,351 | $ 402,600 | ||||||||
[1] | Includes (Losses) gains on divestitures and impairment charges, net, as described in Note 19. |
Income Taxes Income Taxes Det78
Income Taxes Income Taxes Details 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
Current: United States | $ 113,629 | $ 94,502 | $ 67,511 | ||||||||
Current: Foreign | 12,084 | 9,270 | 10,859 | ||||||||
Current: State | 16,150 | 13,207 | 17,939 | ||||||||
Total current income taxes | 141,863 | 116,979 | 96,309 | ||||||||
Deferred: United States | (19,496) | 15,918 | 108,514 | ||||||||
Deferred: Foreign | 22,708 | (878) | (653) | ||||||||
Deferred: State | 4,278 | 3,008 | 21,810 | ||||||||
Provision for deferred income taxes | 7,490 | 18,048 | 129,671 | ||||||||
Provision for income taxes | $ (72,872) | $ (27,422) | $ (16,746) | $ (32,313) | $ (41,249) | $ (26,118) | $ (31,007) | $ (36,653) | 149,353 | 135,027 | 225,980 |
Income Taxes Paid | 115,000 | 105,400 | 106,300 | ||||||||
Proceeds from Income Tax Refunds | $ 2,400 | $ 1,900 | $ 600 |
Income Taxes Income Taxes Det79
Income Taxes Income Taxes Details 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
Computed tax provision at the applicable federal statutory income tax rate | $ 114,331 | $ 129,623 | $ 140,910 | ||||||||
State and local taxes, net of federal income tax benefits | 13,279 | 10,542 | 25,736 | ||||||||
Foreign jurisdiction differences | (2,557) | (5,183) | (4,424) | ||||||||
Permanent differences associated with dispositions | 9,267 | 2,909 | 61,892 | ||||||||
Changes in uncertain tax positions | 5,669 | 4,046 | 4,624 | ||||||||
Foreign Valuation Allowance, Amount | 15,850 | 0 | 0 | ||||||||
Other | (6,486) | (6,910) | (2,758) | ||||||||
Provision for income taxes | $ (72,872) | $ (27,422) | $ (16,746) | $ (32,313) | $ (41,249) | $ (26,118) | $ (31,007) | $ (36,653) | $ 149,353 | $ 135,027 | $ 225,980 |
Total effective tax rate | 45.70% | 36.50% | 56.10% |
Income Taxes Income Taxes Det80
Income Taxes Income Taxes Details 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Inventories and cemetery property | $ (335,795) | $ (338,143) |
Property and equipment | (149,450) | (168,265) |
Intangibles | (294,251) | (302,217) |
Other | (6,980) | (12,047) |
Deferred tax liabilities | (786,476) | (820,672) |
Loss and tax credit carry-forwards | 157,795 | 171,725 |
Deferred revenue on preneed funeral and cemetery contracts | 223,174 | 226,483 |
Accrued liabilities | 84,230 | 102,351 |
Deferred tax assets | 465,199 | 500,559 |
Less: Valuation allowance | (132,500) | (126,654) |
Net deferred income tax liability | $ (453,777) | $ (446,767) |
Income Taxes Income Taxes Det81
Income Taxes Income Taxes Details 5 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | ||
Non-current deferred tax assets | $ 861 | $ 23,817 |
Non-current deferred tax liabilities | (454,638) | (470,584) |
Net deferred income tax liability | (453,777) | (446,767) |
Impact of of certain tax items | 34,000 | 12,700 |
Undistributed Earnings from Foreign Subsidiaries | $ 308,600 | $ 259,800 |
Income Taxes Income Taxes Det82
Income Taxes Income Taxes Details 6 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $ 182,545 | $ 191,680 | $ 177,830 |
Reductions to tax positions related to the current year | (1,075) | ||
Additions to tax positions related to prior years | 10,085 | ||
Reductions to tax positions related to prior years | (2,325) | ||
Reductions to tax positions related to the acquisition offset to goodwill | (1,556) | ||
Additions to tax positions related to the current year | 3,235 | 8,721 | |
Reductions to tax positions related to prior years | (4,219) | (12,370) | |
Ending Balance | 178,326 | 182,545 | 191,680 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 161,800 | 157,200 | 154,800 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 57,300 | 51,600 | 47,600 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 5,700 | $ 4,000 | $ 3,100 |
Income Taxes Income Taxes Det83
Income Taxes Income Taxes Details 7 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | ||
Year One | $ 241,619 | |
Year Two | 111,084 | |
Year Three | 143,491 | |
Year Four | 183,271 | |
Thereafter | 3,120,058 | |
Operating Loss Carryforwards | 3,799,523 | |
Loss Carry Forwards, Unexpiring | 52,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 15,900 | |
Loss and tax credit carry-forwards | 157,795 | $ 171,725 |
Valuation allowance | 132,500 | $ 126,654 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Year One | 0 | |
Year Two | 0 | |
Year Three | 0 | |
Year Four | 200 | |
Thereafter | 1,900 | |
Operating Loss Carryforwards | 2,100 | |
Loss and tax credit carry-forwards | 914 | |
Valuation allowance | 0 | |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Year One | 241,619 | |
Year Two | 111,084 | |
Year Three | 143,491 | |
Year Four | 183,071 | |
Thereafter | 3,111,526 | |
Operating Loss Carryforwards | 3,790,791 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 9,600 | |
Loss and tax credit carry-forwards | 136,462 | |
Valuation allowance | 101,417 | |
Foreign | ||
Operating Loss Carryforwards [Line Items] | ||
Year One | 0 | |
Year Two | 0 | |
Year Three | 0 | |
Year Four | 0 | |
Thereafter | 6,632 | |
Operating Loss Carryforwards | 6,632 | |
Loss and tax credit carry-forwards | 20,419 | |
Valuation allowance | $ 31,083 |
Debt Level 4 (Details)
Debt Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Increase (Decrease), Net | $ 135,000 | |||
Repayments of Long-term Capital Lease Obligations | 33,119 | $ 28,601 | $ 29,380 | |
Repayments of Debt | 357,600 | |||
Repayments of Long-term Debt | 36,414 | 160,220 | 230,561 | |
Repayments of Other Debt | 200 | 200 | ||
Losses on early extinguishment of debt, net | (22,503) | (6,918) | (29,158) | |
Notes Payable to Bank, Noncurrent | 0 | 310,000 | ||
Bank credit facility | 500,000 | $ 500,000 | ||
Total debt | 3,286,590 | 3,124,428 | ||
Current maturities of long-term debt | (89,974) | (86,823) | ||
Less current maturities | 89,974 | 86,823 | ||
Total long-term debt | $ 3,196,616 | $ 3,037,605 | ||
Debt, Weighted Average Interest Rate | 4.68% | 5.18% | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 63.00% | 76.00% | ||
Next Twelve Months | $ 94,725 | |||
Year Two | 350,609 | |||
Year Three | 74,169 | |||
Year Four | 295,231 | |||
Year Five | 647,792 | |||
After Year Five | 1,848,735 | |||
Long-term Debt, Gross | 3,311,261 | |||
Letters of Credit, Maximum Borrowing Capacity | 32,700 | $ 175,000 | 100,000 | |
Interest Paid | 156,950 | 164,748 | $ 175,327 | |
Payments in 2017 | 152,682 | |||
Payments in 2018 | 147,342 | |||
Payments in 2019 | 132,269 | |||
Payments in 2020 | 130,745 | |||
Payments in 2021 | 99,515 | |||
Payments in 2022 and thereafter | 197,077 | |||
Debt Instrument, Unamortized Premium | 11,300 | |||
Unamortized Debt Issuance Expense | (32,984) | (42,491) | ||
April 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 197,400 | |||
June 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 295,000 | |||
July 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 310,000 | 60,000 | ||
Bank credit facility | 0 | 270,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 280,000 | 100,000 | ||
Bank Credit Facility due March 2021 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Bank credit facility | 350,000 | 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 700,000 | |||
Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized pricing discounts and other | 8,313 | 8,636 | ||
Unsecured Debt [Member] | June 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 0 | 295,000 | ||
Unsecured Debt [Member] | October 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 250,000 | 250,000 | ||
Unsecured Debt [Member] | November 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 200,000 | 200,000 | ||
Unsecured Debt [Member] | November 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 150,000 | 150,000 | ||
Unsecured Debt [Member] | January 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 425,000 | 425,000 | ||
Unsecured Debt [Member] | April 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 200,000 | 200,000 | ||
Unsecured Debt [Member] | May 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 850,000 | 850,000 | ||
Unsecured Debt [Member] | July 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank credit facility | 0 | 270,000 | ||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Obligations under capital leases | 208,758 | 204,246 | ||
Mortgages [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes and other debt, maturities through 2047 | $ 3,753 | $ 4,037 |
Debt Debt, Textuals (Details)
Debt Debt, Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 4.68% | 5.18% | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 63.00% | 76.00% | ||
Notes Payable to Bank, Noncurrent | $ 0 | $ 310,000 | ||
Proceeds from Issuance of Long-term Debt | $ 300,000 | |||
Line of Credit Facility, Amount Outstanding | 500,000 | $ 500,000 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||
Letters of Credit, Maximum Borrowing Capacity | $ 32,700 | 175,000 | 100,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 317,300 | |||
Principal payments on capital leases | 33,119 | 28,601 | $ 29,380 | |
Repayments of Other Debt | 200 | 200 | ||
Repayments of Debt | 357,600 | |||
Losses on early extinguishment of debt, net | (22,503) | (6,918) | (29,158) | |
Debt Instrument, Unamortized Premium | 11,300 | |||
Capital Lease Obligations Incurred | 41,609 | 55,941 | $ 35,422 | |
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | 4,700 | 7,000 | ||
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position | 1,400 | 1,500 | ||
Long-term Debt, Fair Value | 3,240,560 | 3,101,760 | ||
Bank Credit Agreement | 1,400,000 | |||
Term Loan, Maximum Borrowing Capacity | 600,000 | |||
Debt Issuance Costs, Line of Credit Arrangements, Net | 5,200 | |||
July 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | 0 | 270,000 | ||
Repayments of Debt | 310,000 | 60,000 | ||
April 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 197,400 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 280,000 | 100,000 | ||
June 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 295,000 | |||
March 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable to Bank, Noncurrent | 673,750 | 0 | ||
Proceeds from Issuance of Long-term Debt | 700,000 | |||
Line of Credit Facility, Amount Outstanding | 350,000 | 0 | ||
Repayments of Debt | 26,300 | |||
Bank Credit Facility due March 2021 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 700,000 | |||
Proceeds from Issuance of Long-term Debt | 360,000 | |||
Line of Credit Facility, Amount Outstanding | 350,000 | 0 | ||
Unsecured Debt [Member] | July 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | 0 | 270,000 | ||
Unsecured Debt [Member] | June 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 0 | 295,000 | ||
Unsecured Debt [Member] | October 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 250,000 | 250,000 | ||
Unsecured Debt [Member] | May 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 200,000 | 200,000 | ||
Unsecured Debt [Member] | November 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 150,000 | 150,000 | ||
Unsecured Debt [Member] | April 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 200,000 | $ 200,000 |
Credit Risk and Fair Value of86
Credit Risk and Fair Value of Financial Instruments Level 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Bank credit facility | $ 500,000 | $ 500,000 | |
Notes Payable | $ 3,753 | 4,047 | |
Long-term Debt, Fair Value | 3,240,560 | 3,101,760 | |
May 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 884,000 | 884,094 | |
June 2017 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 0 | 314,618 | |
October 2018 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 272,353 | 279,375 | |
November 2020 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 205,000 | 201,500 | |
November 2021 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 175,500 | 176,438 | |
January 2022 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 444,614 | 445,188 | |
April 2027 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 231,590 | 216,500 | |
July 2018 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Bank credit facility | 0 | 270,000 | |
Term Loan | 0 | 310,000 | |
March 2021 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Bank credit facility | 350,000 | 0 | |
Term Loan | $ 673,750 | $ 0 |
Commitments and Contingencies87
Commitments and Contingencies Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $ 31,900 | $ 33,300 | $ 37,200 |
Operating Leases, Future Minimum Payments Due, Current | 14,201 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 12,122 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 10,028 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 8,542 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 7,564 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 67,655 | ||
Operating Leases, Future Minimum Payments Due | 120,112 | ||
Capital Leases, Future Minimum Payments Due, Current | 59,598 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 52,353 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 21,533 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 29,528 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 24,829 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 20,917 | ||
Capital Leases, Future Minimum Payments Due | 208,758 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | (16,417) | ||
Capital Leases, Future Minimum Payments, Net Minimum Payments | 192,341 | ||
Agreements, Future Payments, Due in One Year | 6,518 | ||
Agreements, Future Payments, Due in Two Years | 5,609 | ||
Agreements, Future Payments, Due in Three Years | 5,136 | ||
Agreements, Future Payments, Due in Four Years | 3,437 | ||
Agreements, Future Payments, Due in Five Years | 2,129 | ||
Agreements, Future Payments, Due in Six Years and Thereafter | 4,315 | ||
Agreements, Future Payments Due | 27,144 | ||
Self Insurance Reserve | 78,000 | $ 76,600 | |
Employment Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Agreements, Future Payments, Due in One Year | 1,692 | ||
Agreements, Future Payments, Due in Two Years | 1,035 | ||
Agreements, Future Payments, Due in Three Years | 818 | ||
Agreements, Future Payments, Due in Four Years | 375 | ||
Agreements, Future Payments, Due in Five Years | 107 | ||
Agreements, Future Payments, Due in Six Years and Thereafter | 0 | ||
Agreements, Future Payments Due | 4,027 | ||
Consulting Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Agreements, Future Payments, Due in One Year | 185 | ||
Agreements, Future Payments, Due in Two Years | 138 | ||
Agreements, Future Payments, Due in Three Years | 115 | ||
Agreements, Future Payments, Due in Four Years | 45 | ||
Agreements, Future Payments, Due in Five Years | 0 | ||
Agreements, Future Payments, Due in Six Years and Thereafter | 0 | ||
Agreements, Future Payments Due | 483 | ||
Noncompete Agreements [Member] | |||
Loss Contingencies [Line Items] | |||
Agreements, Future Payments, Due in One Year | 4,641 | ||
Agreements, Future Payments, Due in Two Years | 4,436 | ||
Agreements, Future Payments, Due in Three Years | 4,203 | ||
Agreements, Future Payments, Due in Four Years | 3,017 | ||
Agreements, Future Payments, Due in Five Years | 2,022 | ||
Agreements, Future Payments, Due in Six Years and Thereafter | 4,315 | ||
Agreements, Future Payments Due | $ 22,634 | ||
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 ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Feb. 13, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Treasury Stock, Shares, Acquired | 1,969,289 | 8,811,847 | 12,455,281 | |
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 | $ 16,492 | $ 6,164 | ||
Other comprehensive income attributable to parent | 10,331 | $ (53,283) | $ (32,096) | |
Reclassification of foreign currency translation adjustments to discontinued operations | 0 | 0 | (3,114) | |
Balance at end of period | 16,492 | 6,164 | ||
Treasury Stock, Value, Acquired, Par Value Method | $ 57,100 | $ 227,900 | $ 345,300 | |
Treasury Stock Acquired, Average Cost Per Share | $ 29 | $ 25.87 | $ 27.72 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated other comprehensive income [Roll Forward] | ||||
Balance at beginning of period | $ 16,492 | $ 6,164 | $ 59,414 | 88,441 |
Other comprehensive income attributable to parent | 10,328 | (53,250) | (32,141) | |
Reclassification of foreign currency translation adjustments to discontinued operations | 3,114 | |||
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 | 16,492 | 6,164 | 59,414 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated other comprehensive income [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Other comprehensive income attributable to parent | 0 | 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 | 120,573,000 | (85,140) | (166,570) | |
Reclassification of net unrealized loss activity | (120,573,000) | 85,140 | 166,570 | |
Balance at end of period | 0 | 0 | 0 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated other comprehensive income [Roll Forward] | ||||
Balance at beginning of period | $ 16,492 | 6,164 | 59,414 | 88,441 |
Other comprehensive income attributable to parent | 10,328 | (53,250) | (32,141) | |
Reclassification of foreign currency translation adjustments to discontinued operations | 3,114 | |||
Decrease in net unrealized gains associated with available-for-sale securities of the trusts, net of taxes | 120,573,000 | (85,140) | (166,570) | |
Reclassification of net unrealized loss activity | (120,573,000) | 85,140 | 166,570 | |
Balance at end of period | $ 16,492 | $ 6,164 | $ 59,414 |
Equity Textuals (Details)
Equity Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Feb. 13, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Purchase of noncontrolling interest | $ 1,961 | $ 2,075 | $ 15,000 | ||
Preferred Stock, Shares Authorized | 1,000,000 | ||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||
Common stock, shares, issued | 195,403,644 | 200,859,676 | |||
Common stock, shares outstanding | 189,405,244 | 195,772,876 | |||
Treasury Stock, Shares, Acquired | 1,969,289 | 8,811,847 | 12,455,281 | ||
Treasury Stock, Value, Acquired, Par Value Method | $ 57,100 | $ 227,900 | $ 345,300 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 29 | $ 25.87 | $ 27.72 | ||
Stock Repurchase Program, Authorized Amount | $ 400,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 366,600 | ||||
Dividends declared per share | $ 0.13 | $ 0.51 | $ 0.44 | $ 0.34 | |
Payments of Dividends, Common Stock | $ 98,418 | $ 87,570 | $ 71,517 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 11.00% | 10.00% | |||
Wilson Financial Group [Member] | |||||
Purchase of noncontrolling interest | $ 1,918 |
Share-Based Compensation Leve90
Share-Based Compensation Level 4 (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total pretax employee share-based compensation expense included in net income | $ 14,056 | $ 13,843 | $ 13,127 | |
Income tax benefit related to share-based compensation included in net income | $ 6,427 | $ 5,068 | $ 7,368 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Exercised | 0 | (122,000) | (761,000) | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 10,775,136 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 7 months 6 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 16.49 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 6,938,591 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 13.69 | |||
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 | $ 5 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 10 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 2,032,763 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 8 months 12 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 8.42 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 2,032,763 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 8.42 | |||
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 | $ 10.01 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 15 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 1,361,450 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 1 month 6 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 11.18 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 1,361,450 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 11.18 | |||
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 | $ 15.01 | |||
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 | 3,548,915 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 8 months 12 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 16.50 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 2,801,293 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 16.26 | |||
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 | $ 20.01 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 25 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 3,832,008 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 7 months 6 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 22.65 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 743,085 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 22.97 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 2.00% | 1.80% | 1.80% | |
Expected volatility | 19.70% | 23.30% | 27.10% | |
Risk-free interest rate | 1.00% | 1.30% | 1.10% | |
Expected holding period | 4 years | 4 years | 4 years | |
Total pretax employee share-based compensation expense included in net income | $ 7,600 | $ 7,900 | $ 7,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding at beginning of period | 11,047,920 | |||
Options outstanding at beginning of period, weighted average exercise price | $ 13.98 | |||
Granted | 1,863,700 | |||
Granted, Weighted Average Exercise Price | $ 22.28 | |||
Exercised | (2,108,212) | |||
Exercised, Weighted Average Exercise Price | $ 8.38 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (28,272) | |||
Cancelled, Weighted Average Exercise Price | $ 20.98 | |||
Options outstanding at end of period | 10,775,136 | 11,047,920 | ||
Options outstanding at end of period, weighted average exercise price | $ 16.49 | $ 13.98 | ||
Options exercisable at December 31, 2011 | 11,047,920 | 11,047,920 | 10,775,136 | |
Options exercisable at December 31, 2011, Weighted Average Exercise Price | $ 13.98 | $ 13.98 | $ 16.49 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 6,938,591 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 13.69 | |||
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 | $ 5,600 | $ 5,900 | $ 5,700 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Nonvested restricted shares at beginning of period | 573,739 | |||
Nonvested restricted shares at beginning of period, weighted average grant date fair value | $ 19.32 | |||
Granted | 241,510 | |||
Granted, Weighted Average Grant Date Fair Value | $ 22.28 | |||
Vested | (313,247) | |||
Vested, Weighted Average Grant Date Fair Value | $ 18.14 | |||
Nonvested restricted shares at end of period | 500,744 | 573,739 | ||
Nonvested restricted shares at end of period, weighted average grant date fair value | $ 21.48 | $ 19.32 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (1,258) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 20.85 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total pretax employee share-based compensation expense included in net income | $ 800 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Nonvested restricted shares at beginning of period | 0 | |||
Nonvested restricted shares at beginning of period, weighted average grant date fair value | $ 0 | |||
Granted | 130,660 | |||
Granted, Weighted Average Grant Date Fair Value | $ 25.72 | |||
Vested | (1,950) | |||
Vested, Weighted Average Grant Date Fair Value | $ 25.72 | |||
Nonvested restricted shares at end of period | 123,510 | 0 | ||
Nonvested restricted shares at end of period, weighted average grant date fair value | $ 25.72 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (5,200) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 25.72 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation, Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Vesting rate | 33.33% | ||
Common Stock, Capital Shares Reserved for Future Issuance | 12,171,075 | 1,531,410 | |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 34,000 | $ 43,500 | $ 31,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 128,300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 102,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.01 | $ 3.79 | $ 3.34 |
Fair Value of Stock Options Vested | $ 7,690 | $ 7,973 | $ 6,814 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 37,284 | 52,513 | 42,048 |
Proceeds from exercise of stock options | 17,662 | 31,809 | 32,376 |
Allocated Share-based Compensation Expense | $ 14,056 | 13,843 | 13,127 |
2016 Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 13,000,000 | ||
Long Term Incentive 1996 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 44,000,000 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 28,272 | ||
Allocated Share-based Compensation Expense | $ 7,600 | 7,900 | 7,500 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 8,100 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | ||
Restricted Stock [Member] | |||
Allocated Share-based Compensation Expense | $ 5,600 | $ 5,900 | $ 5,700 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 5,800 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Allocated Share-based Compensation Expense | $ 800 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 2,400 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | ||
Stock Option Plan Exercise Range 1 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 5 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | 10 | ||
Stock Option Plan Exercise Range 2 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 10.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | 15 | ||
Stock Option Plan Exercise Range 3 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 15.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | 20 | ||
Stock Option Plan Exercise Range 4 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 20.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 25 |
Retirement Plans Retirement P92
Retirement Plans Retirement Plans Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | 0.5 | ||
Defined Benefit Plan, Interest Cost | $ 1,179 | $ 1,198 | $ 1,293 |
Defined Benefit Plan, Amortization of Gains (Losses) | 259 | (1,327) | 2,401 |
Defined Benefit Plan, Net Periodic Benefit Cost | 1,438 | (129) | 3,694 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 32,305 | 36,920 | |
Defined Benefit Plan, Interest Cost | 1,179 | 1,198 | 1,293 |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 259 | (1,327) | |
Defined Benefit Plan, Benefits Paid | (3,665) | (4,486) | |
Defined Benefit Plan, Benefit Obligation | 30,078 | 32,305 | 36,920 |
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 | 3,665 | 4,486 | |
Defined Benefit Plan, Benefits Paid | (3,665) | (4,486) | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded Status of Plan | (30,078) | (32,305) | |
Defined Benefit Plan, Accumulated Benefit Obligation | 30,078 | 32,305 | |
Defined Benefit Pension Plan Liabilities, Current | (3,448) | (3,723) | |
Defined Benefit Pension Plan, Liabilities, Noncurrent | (26,630) | (28,582) | |
Defined Benefit Pension Plan, Liabilities | (30,078) | (32,305) | |
Defined Benefit Plan, Estimated Amount of Plan Participants' Future Benefits Covered by Insurance Contracts Issued by Employer or Related Parties | 47,500 | 48,900 | |
Cash Surrender Value of Life Insurance, Retirement Plans | $ 37,000 | $ 37,700 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.76% | 3.86% | 3.42% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.96% | 2.47% | 3.69% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | ||
Year One | $ 3,448 | ||
Year Two | 3,237 | ||
Year Three | 3,166 | ||
Year Four | 2,739 | ||
Year Five | 2,428 | ||
Years 2022 through 2026 | 9,959 | ||
Defined Contribution Plan, Cost Recognized | $ 32,500 | $ 30,800 | $ 26,800 |
Segment Reporting Level 4 (Deta
Segment Reporting Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | $ 3,031,137 | $ 2,986,041 | $ 2,994,011 | ||||||||||||||||
Interest expense | (162,093) | (172,897) | (177,571) | ||||||||||||||||
Depreciation and amortization | 147,233 | 141,456 | 140,002 | ||||||||||||||||
Depreciation and amortization | 147,233 | 141,456 | 140,002 | ||||||||||||||||
Amortization of intangible assets | 30,956 | 31,459 | 36,640 | ||||||||||||||||
Amortization of cemetery property | 66,745 | 62,407 | 60,439 | ||||||||||||||||
Total assets | $ 12,038,149 | $ 11,676,397 | 12,038,149 | 11,676,397 | |||||||||||||||
Capital expenditures | 193,446 | 150,986 | 144,499 | ||||||||||||||||
Gross profits from reportable segments | 210,777 | $ 140,745 | $ 161,989 | $ 162,923 | 187,802 | $ 141,679 | $ 166,767 | $ 178,341 | 676,434 | 674,589 | 675,685 | ||||||||
General and administrative expenses | (137,730) | (130,813) | (184,749) | ||||||||||||||||
(Losses) gains on divestitures and impairment charges, net | (26,819) | 6,522 | 116,613 | ||||||||||||||||
Operating income | 179,329 | 114,386 | 94,498 | 123,672 | 157,055 | 124,548 | 127,580 | 141,115 | 511,885 | 550,298 | 607,549 | ||||||||
Losses on early extinguishment of debt, net | (22,503) | (6,918) | (29,158) | ||||||||||||||||
Other (expense) income, net | (631) | (132) | 1,780 | ||||||||||||||||
Income before income taxes | 139,289 | [1] | $ 74,963 | [1] | $ 32,639 | [1] | $ 79,767 | [1] | 113,699 | [1] | $ 74,045 | [1] | $ 84,489 | [1] | $ 98,118 | [1] | $ 326,658 | $ 370,351 | 402,600 |
Long-lived assets | 5,971,123 | 5,978,455 | |||||||||||||||||
UNITED STATES | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | $ 2,848,876 | $ 2,805,407 | 2,792,009 | ||||||||||||||||
Interest expense | (162,341) | (172,697) | (177,245) | ||||||||||||||||
Depreciation and amortization | 138,560 | 132,393 | 129,510 | ||||||||||||||||
Amortization of intangible assets | 30,427 | 30,856 | 35,895 | ||||||||||||||||
Amortization of cemetery property | 61,449 | 58,429 | 55,679 | ||||||||||||||||
(Losses) gains on divestitures and impairment charges, net | (27,658) | 1,778 | 116,046 | ||||||||||||||||
Operating income | $ 460,387 | $ 498,634 | 557,608 | ||||||||||||||||
Long-lived assets | 5,705,070 | 5,729,721 | |||||||||||||||||
CANADA | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | $ 182,261 | $ 180,634 | 202,002 | ||||||||||||||||
Interest expense | (248) | (200) | (326) | ||||||||||||||||
Depreciation and amortization | 8,673 | 9,063 | 10,492 | ||||||||||||||||
Amortization of intangible assets | 529 | 603 | 745 | ||||||||||||||||
Amortization of cemetery property | 5,296 | 3,978 | 4,760 | ||||||||||||||||
(Losses) gains on divestitures and impairment charges, net | 839 | 4,744 | 567 | ||||||||||||||||
Operating income | $ 51,498 | $ 51,664 | 49,941 | ||||||||||||||||
Long-lived assets | 266,053 | 248,734 | |||||||||||||||||
Operating Segments [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Depreciation and amortization | $ 147,233 | ||||||||||||||||||
Amortization of intangible assets | 30,956 | ||||||||||||||||||
Amortization of cemetery property | 66,745 | ||||||||||||||||||
Total assets | 12,038,149 | 12,038,149 | |||||||||||||||||
Capital expenditures | 193,446 | ||||||||||||||||||
Gross profits from reportable segments | 676,434 | ||||||||||||||||||
Other (expense) income, net | (631) | $ (132) | 1,780 | ||||||||||||||||
Funeral [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | 1,868,883 | 1,888,828 | 1,920,475 | ||||||||||||||||
Interest expense | (3,910) | (4,230) | (4,714) | ||||||||||||||||
Depreciation and amortization | 106,251 | 102,937 | 101,801 | ||||||||||||||||
Amortization of intangible assets | 20,442 | 22,636 | 24,841 | ||||||||||||||||
Amortization of cemetery property | 0 | 0 | 0 | ||||||||||||||||
Total assets | 5,156,144 | 5,141,544 | 5,156,144 | 5,141,544 | |||||||||||||||
Capital expenditures | 68,434 | 52,880 | 52,610 | ||||||||||||||||
Gross profits from reportable segments | 364,237 | 393,156 | 409,701 | ||||||||||||||||
Other (expense) income, net | 0 | 0 | 0 | ||||||||||||||||
Cemetery [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | 1,162,254 | 1,097,213 | 1,073,536 | ||||||||||||||||
Interest expense | (101) | (450) | (510) | ||||||||||||||||
Depreciation and amortization | 31,432 | 29,783 | 28,745 | ||||||||||||||||
Amortization of intangible assets | 10,440 | 8,748 | 11,700 | ||||||||||||||||
Amortization of cemetery property | 66,745 | 62,407 | 60,439 | ||||||||||||||||
Total assets | 6,484,317 | 6,181,877 | 6,484,317 | 6,181,877 | |||||||||||||||
Capital expenditures | 113,395 | 84,345 | 78,588 | ||||||||||||||||
Gross profits from reportable segments | 312,197 | 281,433 | 265,984 | ||||||||||||||||
Other (expense) income, net | 0 | 0 | 0 | ||||||||||||||||
Corporate Elimination [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | 0 | 0 | 0 | ||||||||||||||||
Interest expense | (158,082) | (168,217) | (172,347) | ||||||||||||||||
Depreciation and amortization | 9,550 | 8,736 | 9,456 | ||||||||||||||||
Amortization of intangible assets | 74 | 75 | 99 | ||||||||||||||||
Amortization of cemetery property | 0 | 0 | 0 | ||||||||||||||||
Total assets | $ 397,688 | 352,976 | 397,688 | 352,976 | |||||||||||||||
Capital expenditures | 11,617 | 13,761 | 13,301 | ||||||||||||||||
Gross profits from reportable segments | 0 | 0 | 0 | ||||||||||||||||
Other (expense) income, net | $ (631) | (132) | 1,780 | ||||||||||||||||
Consolidated Entities [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue from External Customers | 2,986,041 | 2,994,011 | |||||||||||||||||
Interest expense | (172,897) | (177,571) | |||||||||||||||||
Depreciation and amortization | 141,456 | 140,002 | |||||||||||||||||
Amortization of intangible assets | 31,459 | 36,640 | |||||||||||||||||
Amortization of cemetery property | 62,407 | 60,439 | |||||||||||||||||
Total assets | $ 11,676,397 | 11,676,397 | |||||||||||||||||
Capital expenditures | 150,986 | 144,499 | |||||||||||||||||
Gross profits from reportable segments | $ 674,589 | $ 675,685 | |||||||||||||||||
[1] | Includes (Losses) gains on divestitures and impairment charges, net, as described in Note 19. |
Supplementary Information Lev94
Supplementary Information Level 4 (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash and cash equivalents: | ||||
Cash | $ 146,684 | $ 106,831 | ||
Commercial paper and temporary investments | 48,302 | 27,768 | ||
Cash and cash equivalents | 194,986 | 134,599 | $ 177,335 | $ 141,584 |
Receivables, net: | ||||
Notes receivable | 1,259 | 2,056 | ||
Allowance for Doubtful Accounts Receivable, Current | 1,514 | 2,153 | ||
Other | 32,514 | 22,637 | ||
Receivables, net | 98,455 | 90,462 | ||
Other current assets: | ||||
Income tax receivable | 3,609 | 15,662 | ||
Prepaid insurance | 4,437 | 5,398 | ||
Restricted Cash and Cash Equivalents, Current | 11,978 | 12,587 | ||
Other Assets, Current | 14,500 | 13,508 | ||
Other | 34,524 | 47,155 | ||
Cemetery Property, Undeveloped Land | 1,184,710 | 1,186,861 | ||
Cemetery Property, Developed | 592,225 | 566,154 | ||
Cemetery property, at cost | 1,776,935 | 1,753,015 | ||
Land | 595,096 | 591,407 | ||
Buildings and Improvements, Gross | 1,879,553 | 1,834,403 | ||
Machinery and Equipment, Gross | 549,879 | 530,195 | ||
Leasehold Improvements, Gross | 33,900 | 52,121 | ||
Capital Leased Assets, Gross | 234,411 | 220,784 | ||
Property, Plant and Equipment, Gross | 3,292,839 | 3,228,910 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,328,262) | (1,253,867) | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Property, Plant, and Equipment Other, Accumulated Depreciation | (136,990) | (128,321) | ||
Property and equipment, net | 1,827,587 | 1,846,722 | ||
Intangible Assets, Net (Excluding Goodwill) | 368,065 | 370,005 | ||
Restricted Cash and Cash Equivalents, Noncurrent | 4,542 | 3,907 | ||
Deferred Tax Assets, Net, Noncurrent | 861 | 23,817 | ||
Notes, Loans and Financing Receivable, Net, Noncurrent | 9,598 | 10,229 | ||
Allowance for Notes, Loans and Financing Receivable, Noncurrent | 11,334 | 11,334 | ||
Other Liabilities, Noncurrent | 64,635 | 65,694 | ||
Cash Surrender Value of Life Insurance | 119,819 | 108,726 | ||
Accounts payable and accrued liabilities: | ||||
Accounts payable | 155,802 | 140,019 | ||
Accrued compensation | 88,392 | 86,908 | ||
Interest Payable, Current | 27,991 | 28,673 | ||
Accrual for Taxes Other than Income Taxes, Current | 12,883 | 11,594 | ||
Self Insurance Reserve, Current | 77,993 | 76,611 | ||
Bank Overdrafts | 20,927 | 21,808 | ||
Other Accrued Liabilities, Current | 55,948 | 57,203 | ||
Accounts payable and accrued liabilities | 439,936 | 422,816 | ||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 26,630 | 28,582 | ||
Deferred Compensation Liability, Classified, Noncurrent | 105,013 | 92,199 | ||
Customer Funds | 52,068 | 55,153 | ||
Tax liability | 235,625 | 234,176 | ||
Payable to ECF | 77,148 | 71,133 | ||
Other Assets, Noncurrent | 13,838 | 15,704 | ||
Total merchandise revenues | 1,524,229 | 1,457,590 | 1,433,972 | |
Total services revenues | 1,345,518 | 1,363,586 | 1,390,219 | |
Other revenues | 161,390 | 164,865 | 169,820 | |
Total revenues | 3,031,137 | 2,986,041 | 2,994,011 | |
Total cost of merchandise | 776,598 | 748,597 | 777,322 | |
Total cost of services | 731,669 | 727,491 | 700,796 | |
Overhead and other expenses | 846,436 | 835,364 | 840,208 | |
Total costs and expenses | 2,354,703 | 2,311,452 | 2,318,326 | |
Deferred charges and other assets | 567,520 | 582,378 | ||
Other liabilities | 510,322 | 496,947 | ||
Supplemental Cash Flow Information [Abstract] | ||||
Capital Expenditures Incurred but Not yet Paid | $ (1,435) | $ (5,571) | $ (1,022) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 122 | 761 | |
Stock Repurchased During Period, Shares | 0 | (122) | (761) | |
Capital Lease Obligations Incurred | $ 41,609 | $ 55,941 | $ 35,422 | |
Funeral [Member] | ||||
Receivables, net: | ||||
Accounts Receivable, Net, Current | 46,917 | 52,184 | ||
Allowance for Doubtful Accounts Receivable, Current | 1,881 | 3,343 | ||
Other current assets: | ||||
Cash Surrender Value of Life Insurance | 271,248 | 271,116 | ||
Accounts payable and accrued liabilities: | ||||
Total merchandise revenues | 611,441 | 608,335 | 616,992 | |
Total services revenues | 1,126,474 | 1,146,124 | 1,167,385 | |
Total revenues | 1,868,883 | 1,888,828 | 1,920,475 | |
Total cost of merchandise | 287,272 | 290,574 | 292,031 | |
Total cost of services | 627,099 | 624,294 | 630,357 | |
Cemetery [Member] | ||||
Receivables, net: | ||||
Accounts Receivable, Net, Current | 17,765 | 13,585 | ||
Accounts payable and accrued liabilities: | ||||
Total merchandise revenues | 912,788 | 849,255 | 816,980 | |
Total services revenues | 219,044 | 217,462 | 222,834 | |
Total revenues | 1,162,254 | 1,097,213 | 1,073,536 | |
Total cost of merchandise | 489,326 | 458,023 | 485,291 | |
Total cost of services | $ 104,570 | $ 103,197 | $ 70,439 |
Earnings Per Share Level 4 (Det
Earnings Per Share Level 4 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||||||||||
Income from continuing operations attributable to common stockholders, basic | $ 177,038 | $ 234,162 | $ 170,283 | ||||||||||||||||
Income from continuing operations — diluted | 177,081 | 234,212 | 170,334 | ||||||||||||||||
Net income attributable to common stockholders | $ 66,246 | $ 47,727 | $ 15,620 | $ 47,445 | $ 72,354 | $ 47,448 | $ 52,595 | $ 61,375 | 177,038 | 233,772 | 172,469 | ||||||||
After tax interest on convertible debt | 43 | 50 | 51 | ||||||||||||||||
Income from discontinued operations, net | $ 0 | $ 0 | $ (390) | $ 0 | 0 | (390) | 2,186 | ||||||||||||
Net income — diluted | $ 177,081 | $ 233,822 | $ 172,520 | ||||||||||||||||
Weighted average shares (denominator): | |||||||||||||||||||
Weighted average shares — basic | 193,086 | 200,356 | 210,741 | ||||||||||||||||
Convertible debt | 121 | 121 | 121 | ||||||||||||||||
Weighted average shares — diluted | 196,042 | 204,450 | 214,200 | ||||||||||||||||
Net income attributable to common stockholders, basic | $ 0.35 | [1] | $ 0.25 | [1] | $ 0.08 | [1] | $ 0.24 | [1] | $ 0.37 | [1] | $ 0.24 | [1] | $ 0.26 | [1] | $ 0.30 | [1] | $ 0.92 | $ 1.17 | $ 0.82 |
Net income attributable to common stockholders, diluted | $ 0.34 | [1] | $ 0.24 | [1] | $ 0.08 | [1] | $ 0.24 | [1] | $ 0.36 | [1] | $ 0.23 | [1] | $ 0.25 | [1] | $ 0.30 | [1] | 0.90 | 1.14 | 0.81 |
Income from continuing operations attributable to common stockholders, per share, basic | 1.17 | 0.81 | |||||||||||||||||
Income from continuing operations attributable to common stockholders, per share, diluted | 1.14 | 0.80 | |||||||||||||||||
Income from discontinued operations per share, basic | 0 | 0 | 0.01 | ||||||||||||||||
Income from discontinued operations per share, diluted | $ 0 | $ 0 | $ 0.01 | ||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 982,000 | 3,000 | 1,491,000 | ||||||||||||||||
Stock Options [Member] | |||||||||||||||||||
Weighted average shares (denominator): | |||||||||||||||||||
Share based compensation | 2,823 | 3,973 | 3,338 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||
Weighted average shares (denominator): | |||||||||||||||||||
Share based compensation | 12 | 0 | 0 | ||||||||||||||||
[1] | 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 Acquisition, Textua
Acquisition Acquisition, Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Acquisitions [Abstract] | ||||
Acquisition Spend | $ 72.9 | $ 68.9 | $ 25.7 | |
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 4 | $ 27.7 | $ 10.4 | |
Business Acquisition, Percentage of Voting Interests Acquired | 11.00% | 10.00% | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 90.00% | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 100.00% |
Divestiture Related Activitie97
Divestiture Related Activities Divestitiure Related Activities Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
(Losses) gains on divestitures | $ 7,829 | $ 13,363 | $ 122,535 | ||||
Impairment losses | (34,648) | (6,841) | (5,922) | ||||
(Losses) gains on divestitures and impairment charges, net | (26,819) | 6,522 | 116,613 | ||||
Income from discontinued operations, net | $ 0 | $ 0 | $ (390) | $ 0 | $ 0 | $ (390) | $ 2,186 |
Quarterly Financial Data Quar98
Quarterly Financial Data Quarterly Financial Data Level 4 (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||||||||||
Revenue | $ 809,053 | $ 721,467 | $ 751,398 | $ 749,219 | $ 769,280 | $ 714,453 | $ 754,219 | $ 748,089 | $ 3,031,137 | $ 2,986,041 | $ 2,994,011 | ||||||||
Costs and expenses | (598,276) | (580,722) | (589,409) | (586,296) | (581,478) | (572,774) | (587,452) | (569,748) | (2,354,703) | (2,311,452) | (2,318,326) | ||||||||
Gross profits | 210,777 | 140,745 | 161,989 | 162,923 | 187,802 | 141,679 | 166,767 | 178,341 | 676,434 | 674,589 | 675,685 | ||||||||
Operating income | 179,329 | 114,386 | 94,498 | 123,672 | 157,055 | 124,548 | 127,580 | 141,115 | 511,885 | 550,298 | 607,549 | ||||||||
Income from continuing operations before income taxes | 139,289 | [1] | 74,963 | [1] | 32,639 | [1] | 79,767 | [1] | 113,699 | [1] | 74,045 | [1] | 84,489 | [1] | 98,118 | [1] | 326,658 | 370,351 | 402,600 |
Provision for income taxes | (72,872) | (27,422) | (16,746) | (32,313) | (41,249) | (26,118) | (31,007) | (36,653) | 149,353 | 135,027 | 225,980 | ||||||||
Net income from continuing operations | 72,450 | 47,927 | 53,482 | 61,465 | 177,305 | 235,324 | 176,620 | ||||||||||||
Net loss from discontinued operations, net of tax | 0 | 0 | (390) | 0 | 0 | (390) | 2,186 | ||||||||||||
Net income | 66,417 | 47,541 | 15,893 | 47,454 | 72,450 | 47,927 | 53,092 | 61,465 | 177,305 | 234,934 | 178,806 | ||||||||
Net income attributable to noncontrolling interests | (171) | 186 | (273) | (9) | (96) | (479) | (497) | (90) | (267) | (1,162) | (6,337) | ||||||||
Net income attributable to common stockholders | $ 66,246 | $ 47,727 | $ 15,620 | $ 47,445 | $ 72,354 | $ 47,448 | $ 52,595 | $ 61,375 | $ 177,038 | $ 233,772 | $ 172,469 | ||||||||
Basic — EPS | $ 0.35 | [2] | $ 0.25 | [2] | $ 0.08 | [2] | $ 0.24 | [2] | $ 0.37 | [2] | $ 0.24 | [2] | $ 0.26 | [2] | $ 0.30 | [2] | $ 0.92 | $ 1.17 | $ 0.82 |
Earnings per share, diluted | $ 0.34 | [2] | $ 0.24 | [2] | $ 0.08 | [2] | $ 0.24 | [2] | $ 0.36 | [2] | $ 0.23 | [2] | $ 0.25 | [2] | $ 0.30 | [2] | $ 0.90 | $ 1.14 | $ 0.81 |
[1] | Includes (Losses) gains on divestitures and impairment charges, net, as described in Note 19. | ||||||||||||||||||
[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. |
Schedule II Valuation and Qua99
Schedule II Valuation and Qualifying Account Schedule II Valuation and Qualifying Account Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Allowance for Doubtful Accounts, Current [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | $ (5,496) | $ (8,546) | $ (11,637) | |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | (10,776) | (6,083) | (7,376) | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | [1] | (66,808) | (63,964) | (55,573) |
Valuation Allowances and Reserves, Write-Offs | [2] | (79,685) | (73,097) | (66,040) |
Valuation Allowances and Reserves, Ending Balance | (3,395) | (5,496) | (8,546) | |
Allowance for Doubtful Accounts, Noncurrent [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | (11,334) | (11,259) | (10,986) | |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | [1] | 0 | (75) | (273) |
Valuation Allowances and Reserves, Write-Offs | [2] | 0 | 0 | 0 |
Valuation Allowances and Reserves, Ending Balance | (11,334) | (11,334) | (11,259) | |
Asset Allowance for Cancellation, Preneed Funeral and Preneed Cemetery [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | (105,773) | (107,040) | (106,793) | |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | (1,411) | (5,016) | (2,950) | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | [1] | (6,216) | (6,283) | (2,703) |
Valuation Allowances and Reserves, Write-Offs | [2] | (8,660) | 0 | 0 |
Valuation Allowances and Reserves, Ending Balance | (104,740) | (105,773) | (107,040) | |
Revenue Allowance for Cancellation, Deferred Preneed Funeral and Cemetery [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | (121,548) | (125,030) | (149,288) | |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | [1] | (4,635) | (3,482) | (24,258) |
Valuation Allowances and Reserves, Write-Offs | [2] | 0 | 0 | 0 |
Valuation Allowances and Reserves, Ending Balance | (116,913) | (121,548) | (125,030) | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | (126,654) | (134,201) | (114,719) | |
Valuation Allowances and Reserves, Charged (Credited) to Cost and Expense | (6,336) | (5,988) | (21,285) | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | [1] | (490) | (1,559) | (1,803) |
Valuation Allowances and Reserves, Write-Offs | [2] | 0 | 0 | 0 |
Valuation Allowances and Reserves, Ending Balance | $ (132,500) | $ (126,654) | $ (134,201) | |
[1] | Primarily relates to acquisitions and dispositions of operations. | |||
[2] | Uncollected receivables written off, net of recoveries. |