Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 29, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | SERVICE CORPORATION INTERNATIONAL | |
Entity Central Index Key | 0000089089 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Shell Company | false | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 178,143,819 | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Product Information [Line Items] | ||
Revenue | $ 802,965 | $ 798,212 |
Costs of revenue | (623,921) | (606,378) |
Gross profit | 179,044 | 191,834 |
Corporate general and administrative expenses | (31,813) | (42,978) |
Gains on divestitures and impairment charges, net | (4,545) | 1,878 |
Operating income | 151,776 | 146,978 |
Interest expense | (44,351) | (47,390) |
Losses on early extinguishment of debt, net | (139) | 0 |
Other income (expense), net | (1,247) | 720 |
Income before income taxes | 106,039 | 100,308 |
(Provision for) benefit from income taxes | 24,038 | 21,095 |
Net income | 82,001 | 79,213 |
Net income attributable to noncontrolling interests | 60 | (110) |
Net income attributable to common stockholders | $ 81,941 | $ 79,323 |
Basic earnings per share: | ||
Net income attributable to common stockholders, basic | $ 0.45 | $ 0.44 |
Basic weighted average number of shares | 180,854 | 181,696 |
Diluted earnings per share: | ||
Net income attributable to common stockholders, diluted | $ 0.45 | $ 0.43 |
Diluted weighted average number of shares | 183,585 | 185,317 |
Dividends declared per share | $ 190 | $ 180 |
Product [Member] | ||
Product Information [Line Items] | ||
Revenue | $ 377,883 | $ 381,209 |
Costs of revenue | (196,448) | (197,894) |
Service [Member] | ||
Product Information [Line Items] | ||
Revenue | 367,528 | 355,371 |
Costs of revenue | (197,524) | (190,813) |
Product and Service, Other [Member] | ||
Product Information [Line Items] | ||
Revenue | 57,554 | 61,632 |
Costs of revenue | $ (229,949) | $ (217,671) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 82,001 | $ 79,213 |
Foreign currency translation adjustments | (31,202) | 7,401 |
Total comprehensive income | 50,799 | 86,614 |
Total comprehensive income attributable to noncontrolling interests | (58) | (40) |
Total comprehensive income attributable to common stockholders | $ 50,741 | $ 86,574 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 176,261 | $ 186,276 |
Receivables, net | 75,064 | 81,671 |
Inventories | 27,891 | 25,118 |
Other | 80,252 | 80,488 |
Total current assets | 359,468 | 373,553 |
Preneed receivables, net and trust investments | 4,122,025 | 4,789,562 |
Cemetery property | 1,879,960 | 1,873,602 |
Property and equipment, net | 2,057,893 | 2,065,433 |
Goodwill | 1,861,454 | 1,864,223 |
Deferred charges and other assets | 1,016,806 | 1,029,908 |
Cemetery perpetual care trust investments | 1,417,652 | 1,681,149 |
Total assets | 12,715,258 | 13,677,430 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 474,994 | 478,545 |
Current maturities of long-term debt | 85,885 | 69,821 |
Income taxes payable | 26,415 | 8,353 |
Total current liabilities | 587,294 | 556,719 |
Long-term debt | 3,535,754 | 3,513,530 |
Deferred preneed revenue | 1,478,520 | 1,467,103 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 431,010 | 421,482 |
Other liabilities | 350,614 | 378,074 |
Deferred receipts held in trust | 3,165,686 | 3,839,376 |
Care trusts’ corpus | 1,415,287 | 1,677,891 |
Commitments and contingencies (Note 9) | ||
Equity: | ||
Common stock, $1 per share par value, 500,000,000 shares authorized, 186,057,728 and 185,100,789 shares issued, respectively, and 179,241,180 and 181,184,963 shares outstanding, respectively | 179,241 | 181,185 |
Capital in excess of par value | 1,010,639 | 1,010,361 |
Accumulated deficit | 562,549 | 601,903 |
Accumulated other comprehensive income | (1,336) | 29,864 |
Total common stockholders’ equity | 1,751,093 | 1,823,313 |
Noncontrolling interests | 0 | (58) |
Total equity | 1,751,093 | 1,823,255 |
Total liabilities and equity | $ 12,715,258 | $ 13,677,430 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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 | 186,057,728 | 185,100,789 |
Common stock, shares outstanding | 179,241,180 | 181,184,963 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 82,001 | $ 79,213 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on early extinguishment of debt, net | 139 | 0 |
Depreciation and amortization | 37,912 | 37,126 |
Amortization of intangibles | 5,257 | 7,066 |
Amortization of cemetery property | 13,924 | 15,723 |
Amortization of loan costs | 1,276 | 1,620 |
Provision for expected credit losses | 3,197 | 1,917 |
Provision for deferred income taxes | 4,233 | 2,492 |
(Gains) losses on divestitures and impairment charges, net | (4,545) | 1,878 |
Share-based compensation | 3,406 | 4,568 |
Change in assets and liabilities, net of effects from acquisitions and divestitures: | ||
Decrease (increase) in receivables | (2,460) | (8,716) |
Decrease (increase) in other assets | (10,549) | (13,180) |
(Decrease) increase in payables and other liabilities | (4,832) | 29,545 |
Effect of preneed funeral production and maturities: | ||
Decrease in preneed receivables, net and trust investments | (19,134) | 7,983 |
Increase in deferred revenue, net | (12,908) | 30,392 |
Decrease in deferred receipts held in trust | 7,027 | (12,731) |
Net cash provided by operating activities | 179,992 | 184,896 |
Cash flows from investing activities: | ||
Capital expenditures | (52,275) | (51,573) |
Business acquisitions, net of cash acquired | (26,349) | (13,882) |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | (2,114) | (5,358) |
Proceeds from divestitures and sales of property and equipment | 11,324 | 7,764 |
Payment to Acquire Life Insurance Policy, Investing Activities | (3,770) | (7,891) |
Proceeds from Life Insurance Policy | 3,519 | 0 |
Net cash used in investing activities | (69,665) | (70,940) |
Cash flows from financing activities | ||
Proceeds from issuance of long-term debt | 75,000 | 15,000 |
Early payments of debt | (25,792) | (135,000) |
Repayments of Unsecured Debt | 8,222 | 8,535 |
Principal payments on finance leases | (10,254) | (10,657) |
Proceeds from exercise of stock options | 15,126 | 15,962 |
Purchase of Company common stock | (123,102) | (14,542) |
Payments of dividends | (34,414) | (32,820) |
PaymentsToAcquireBusinessesIncludiing1031ExchangeFunds | 28,500 | 19,200 |
Bank overdrafts and other | 1,575 | 7,906 |
Net cash (used in) provided by financing activities | (110,083) | (162,686) |
Effect of foreign currency | (8,249) | 1,540 |
Net decrease in cash, cash equivalents, and restricted cash | (8,005) | (47,190) |
Cash, cash equivalents, and restricted cash at beginning of period | 186,276 | |
Cash, cash equivalents, and restricted cash at end of period | 176,261 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 234,615 | $ 160,394 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Capital in Excess of Par Value | Retained Earnings [Member] | Accumulated Other Comprehensive Income | Noncontrolling Interest |
Balance at beginning of period at Dec. 31, 2018 | $ 1,641,815 | $ 184,721 | $ (3,250) | $ 972,710 | $ 474,327 | $ 13,395 | $ (88) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 86,614 | 0 | 0 | 0 | 79,323 | 7,251 | 40 |
Dividends declared on common stock | (32,820) | 0 | 0 | 0 | (32,820) | 0 | 0 |
Stock option exercises | 15,962 | 950 | 0 | 15,012 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 126 | 0 | (126) | 0 | 0 | 0 |
Employee share-based compensation earned | 4,568 | 0 | 0 | 4,568 | 0 | 0 | 0 |
Purchase of Company common stock | (14,542) | 0 | (355) | (1,935) | (12,252) | 0 | 0 |
Other | (1,192) | 59 | 0 | (1,251) | 0 | 0 | 0 |
Balance at end of period at Mar. 31, 2019 | 1,700,405 | 185,856 | (3,605) | 988,978 | 508,578 | 20,646 | (48) |
Balance at beginning of period at Dec. 31, 2019 | 1,823,255 | 185,101 | (3,916) | 1,010,361 | 601,903 | 29,864 | (58) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 50,799 | 0 | 0 | 0 | 81,941 | (31,200) | 58 |
Dividends declared on common stock | (34,414) | 0 | 0 | 0 | (34,414) | 0 | 0 |
Stock option exercises | 15,126 | 789 | 0 | 14,337 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 168 | 0 | (168) | 0 | 0 | 0 |
Employee share-based compensation earned | 3,406 | 0 | 0 | 3,406 | 0 | 0 | 0 |
Purchase of Company common stock | (123,102) | 0 | (2,901) | (16,202) | (103,999) | 0 | 0 |
Other | (1,095) | 0 | 0 | (1,095) | 0 | 0 | 0 |
Balance at end of period at Mar. 31, 2020 | 1,751,093 | 186,058 | (6,817) | 1,010,639 | 562,549 | (1,336) | 0 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 17,118 | $ 0 | $ 0 | $ 0 | $ 17,118 | $ 0 | $ 0 |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share | $ 190 | $ 180 |
Nature of Operations Level 1 (N
Nature of Operations Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
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, travel protection, 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, and interments, are sold at our cemeteries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 180 Days Total Current Total (In thousands) Miscellaneous receivables: Current $ 214 $ 41 $ 16 $ 74 $ 345 $ 17,133 $ 17,478 Long-term — — — — — 7,560 7,560 Total miscellaneous receivables $ 214 $ 41 $ 16 $ 74 $ 345 $ 24,693 $ 25,038 Notes receivable $ — $ — $ — $ 1,214 $ 1,214 $ 14,815 $ 16,029 Funeral and Cemetery Operations Revenue is recognized when control of the merchandise or services is transferred to the customer. Our performance obligations include the delivery of funeral and cemetery merchandise and services and cemetery property interment rights. Control transfers when merchandise is delivered or services are performed. For cemetery property interment rights, control transfers to the customer when the property is developed and the interment right has been sold and can no longer be marketed or sold to another customer. Sales taxes collected are recognized on a net basis in our consolidated financial statements. On our atneed contracts, we generally deliver the merchandise and perform the services at the time of need. Due to limitations on gatherings imposed to mitigate the spread of COVID-19, some customers have requested that we delay the memorial service until after the limitations are over. For these customers, we defer the revenue for the memorial service until it is performed. Memorial services frequently include promises to direct the service, provide facilities and motor vehicles, catering, flowers, and stationary products. All other promises on these contracts, including arrangement, removal, preparation, embalming, cremation, internment, and delivery of urns and caskets and related memorialization merchandise are fulfilled at the time of need. Personalized marker merchandise and marker installation services sold on atneed contracts are recognized when control is transferred to the customer, generally when the marker is delivered and installed in the cemetery. Goodwill and Intangible Assets In addition to our annual review, we assess the impairment of goodwill and indefinite-lived intangible assets whenever 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 underperformance relative to historical or projected future operating results and significant negative industry or economic trends. As a result of economic conditions caused by the response to COVID-19, at March 31, 2020 , we performed a qualitative assessment of our goodwill and indefinite-lived intangible assets. Based on the qualitative assessment, we believe that it is more likely than not that the fair value of the goodwill reporting units exceeds their carrying value and no interim quantitative assessment of impairment is necessary for goodwill. Based on the qualitative assessment, including the amount by which fair value exceeded carrying value in our last annual test, we performed a quantitative assessment on certain of our tradenames. We recorded a $3.0 million impairment charge for certain of our tradenames during the three months ended March 31, 2020 . In determining the fair value of the tradenames, we used 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 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 interim test, we estimated that the pre-tax savings would range from 2.0% to 5.0% 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 1.0% and 2.4% for our funeral and cemetery segments, respectively, and discounted the cash flows at a 6.95% discount rate based on the relative risk of these assets to the overall business. Accounting Standards Adopted in 2020 Financial Instruments - Credit Losses In June 2016, the FASB issued "Financial Instruments - Credit Losses" 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. During November 2018 and April 2019, the FASB made amendments to the new standard that clarified guidance on several matters, including accrued interest, recoveries, and various codification improvements. The new standard, as amended, 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 support credit loss estimates. We adopted the new guidance as of January 1, 2020, applying a modified retrospective approach to credit loss reserves on our atneed, preneed, miscellaneous, and notes receivable and a prospective approach for credit loss reserves on our fixed income investments. As a result of the adoption, we recorded a $17.1 million increase to Retained earnings , which comprises a $26.4 million and a $5.9 million increase in Preneed receivables, net and trust investments and Deferred tax liability, respectively, and a $2.7 million and a $0.7 million decrease to Receivables, net and Deferred charges and other assets, net, respectively. The increase in Preneed receivables, net and trust investments is primarily the result of reducing the reserve for receivables that are collateralized by cemetery property down to the amount at which the amortized cost basis of the receivable exceeds the fair value of the property less costs to re-sell. Goodwill In January 2017, the FASB amended "Goodwill" to simplify the subsequent measurement of goodwill. The 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 of the reporting unit. We adopted the new standard as of January 1, 2020 and it had no impact on our consolidated results of operations, consolidated financial position, and cash flows. Fair Value Measurements In August 2018, the FASB amended "Fair Value Measurements" to modify the disclosure requirements related to fair value. The amendment removes requirements to disclose (1) the amount of and reasons for transfers between levels 1 and 2 of the fair value hierarchy, (2) our policy related to the timing of transfers between levels, and (3) the valuation processes used in level 3 measurements. It clarifies that, for investments measured at net asset value, disclosure of liquidation timing is only required if the investee has communicated the timing either to us or publicly. It also clarifies that the narrative disclosure of the effect of changes in level 3 inputs should be based on changes that could occur at the reporting date. The amendment adds a requirement to disclose the range and weighted average of the significant unobservable inputs used in level 3 measurements. We adopted the new standard as of January 1, 2020 and it had no impact on our consolidated results of operations, consolidated financial position, and cash flows. Recently Issued Accounting Standards Compensation - Retirement Benefits In August 2018, the FASB amended "Compensation - Retirement Benefits" to modify the disclosure requirements for defined benefit plans. For us, the amendment requires the disclosure of the weighted average interest crediting rate used for cash balance plans and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. It removes the requirement to disclose the approximate amount of future benefits covered by insurance contracts. The guidance is effective for us with our annual filing for the year ended December 31, 2020 , and we will make the required disclosure changes in that filing. Adoption will not have an impact on our consolidated results of operations, consolidated financial position, and cash flows. Reference Rate Reform In March 2020, the FASB issued "Reference Rate Reform" to provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard." id="sjs-B4">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. Intercompany balances and transactions have been eliminated in consolidation. Our unaudited condensed consolidated financial statements also include the accounts of the merchandise and service trusts and cemetery perpetual care trusts in which we have a variable interest and are the primary beneficiary. We have retained the specialized industry accounting principles when consolidating the trusts. Our trusts are variable interest entities, for which we have determined that we are the primary beneficiary as we absorb a majority of the losses and returns associated with these trusts. Although we consolidate the trusts, it does not change the legal relationships among the trusts, us, or our customers. The customers are the legal beneficiaries of these trusts; therefore, their interests in these trusts represent a liability to us. Our interim condensed consolidated financial statements are unaudited but include all adjustments, consisting of normal recurring accruals and any other adjustments, which management considers necessary for a fair statement of our results for these periods. Our unaudited condensed consolidated financial statements have been prepared in a manner consistent with the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2019 , unless otherwise disclosed herein, and should be read in conjunction therewith. The accompanying year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year period. 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 except as described below under "Accounting Standards Adopted in 2020 " . 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, Cash Equivalents, and Restricted Cash 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. The components of cash, cash equivalents, and restricted cash were as follows: March 31, 2020 December 31, 2019 (In thousands) Cash and cash equivalents $ 176,261 $ 186,276 Restricted cash (1) : Included in Other current assets 56,308 54,293 Included in Deferred charges and other assets, net 2,046 2,051 Total restricted cash 58,354 56,344 Total cash, cash equivalents, and restricted cash $ 234,615 $ 242,620 (1) Restricted cash in both periods primarily consists of proceeds from divestitures deposited into escrow accounts under IRS code section 1031 and collateralized obligations under certain insurance policies. Receivables, net The components of Receivables, net in our unaudited Condensed Consolidated Balance Sheet were as follows: March 31, 2020 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 40,644 $ 20,601 $ 17,478 $ 1,826 $ 80,549 Reserve for credit losses (2,877 ) (1,617 ) (367 ) (624 ) (5,485 ) Receivables, net $ 37,767 $ 18,984 $ 17,111 $ 1,202 $ 75,064 December 31, 2019 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 41,370 $ 20,855 $ 19,943 $ 1,765 $ 83,933 Allowance for doubtful accounts (1,899 ) (363 ) — — (2,262 ) Receivables, net $ 39,471 $ 20,492 $ 19,943 $ 1,765 $ 81,671 Additionally, included in Deferred charges and other assets, net were long-term miscellaneous receivables, net and notes receivable, net as follows: March 31, 2020 December 31, 2019 (In thousands) Notes receivable $ 14,203 $ 14,997 Reserve for credit losses (7,926 ) — Allowance for doubtful accounts — (8,374 ) Notes receivable, net $ 6,277 $ 6,623 Long-term miscellaneous receivables $ 7,560 $ 7,287 Reserve for credit losses (941 ) — Long-term miscellaneous receivables, net $ 6,619 $ 7,287 Our atneed trade receivables primarily consist of amounts due for funeral and cemetery services already performed. We provide reserves for credit losses for our receivables. These reserves are based on an analysis of historical trends of collection activity adjusted for current conditions and forecasts. These estimates are impacted by a number of factors, including changes in the economy and demographic or competitive changes in our areas of operation. In the first quarter of 2020 , we increased our reserve for credit losses on trade and miscellaneous receivables as a result of the economic impact of the COVID-19 pandemic (COVID-19). Cemetery preneed receivables are collateralized by cemetery property to the extent of the fair value of the property. Prior to adoption of the guidance on credit losses for financial instruments on January 1, 2020, we provided allowances for doubtful accounts on our receivables based on an analysis of historical trends of collection activity. Payment on atneed contracts is generally due at the time the merchandise is delivered or the services are performed. We also have preneed receivables, as disclosed in Note 3, for which payment generally occurs prior to our fulfillment of the performance obligations. Our preneed contracts may also have extended payment terms with associated financing charges. We do not accrue interest on preneed receivables if they are not paid in accordance with the contractual payment terms given the nature of our merchandise and services, the nature of our contracts with customers, and the timing of the delivery of our services. Generally, receivables are considered past due after thirty days. We do not consider preneed funeral receivables to be past due until the contract converts into an atneed contract at which time the preneed receivable is paid or reclassified as a trade receivable with payment terms of less than thirty days. Collections are generally managed by the locations or third party agencies acting on behalf of the locations, until a receivable is one hundred eighty days delinquent, at which time trade receivables are fully reserved. The following table summarizes the activity in our reserve for credit losses by portfolio segment, excluding preneed receivables which are presented in Note 3, for the three months ended March 31, 2020 : January 1, 2020 Provision for Expected Credit Losses Write Offs Recoveries Effect of Foreign Currency March 31, 2020 (In thousands) Trade receivables: Funeral $ (2,690 ) $ (679 ) $ 993 $ (523 ) $ 22 $ (2,877 ) Cemetery (1,424 ) (478 ) 214 — 71 (1,617 ) Total reserve for credit losses on trade receivables $ (4,114 ) $ (1,157 ) $ 1,207 $ (523 ) $ 93 $ (4,494 ) Miscellaneous receivables: Current $ (203 ) $ (203 ) $ — $ — $ 39 $ (367 ) Long-term (715 ) (226 ) — — — (941 ) Total reserve for credit losses on miscellaneous receivables $ (918 ) $ (429 ) $ — $ — $ 39 $ (1,308 ) Notes receivable $ (9,031 ) $ 33 $ 448 $ — $ — $ (8,550 ) At March 31, 2020 , the amortized cost basis of our miscellaneous and notes receivables by year of origination was as follows: 2020 2019 2018 2017 2016 Prior Revolving Line of Credit Total (In thousands) Miscellaneous receivables: Current $ 15,048 $ 1,609 $ 484 $ 229 $ 97 $ 11 $ — $ 17,478 Long-term 665 3,609 1,854 974 412 46 — 7,560 Total miscellaneous receivables $ 15,713 $ 5,218 $ 2,338 $ 1,203 $ 509 $ 57 $ — $ 25,038 Notes receivable $ — $ — $ 254 $ — $ 98 $ 7,030 $ 8,647 $ 16,029 At March 31, 2020 , the payment status of our miscellaneous and notes receivables was as follows: Past Due <30 Days 30-90 Days 90-180 Days >180 Days Total Current Total (In thousands) Miscellaneous receivables: Current $ 214 $ 41 $ 16 $ 74 $ 345 $ 17,133 $ 17,478 Long-term — — — — — 7,560 7,560 Total miscellaneous receivables $ 214 $ 41 $ 16 $ 74 $ 345 $ 24,693 $ 25,038 Notes receivable $ — $ — $ — $ 1,214 $ 1,214 $ 14,815 $ 16,029 Funeral and Cemetery Operations Revenue is recognized when control of the merchandise or services is transferred to the customer. Our performance obligations include the delivery of funeral and cemetery merchandise and services and cemetery property interment rights. Control transfers when merchandise is delivered or services are performed. For cemetery property interment rights, control transfers to the customer when the property is developed and the interment right has been sold and can no longer be marketed or sold to another customer. Sales taxes collected are recognized on a net basis in our consolidated financial statements. On our atneed contracts, we generally deliver the merchandise and perform the services at the time of need. Due to limitations on gatherings imposed to mitigate the spread of COVID-19, some customers have requested that we delay the memorial service until after the limitations are over. For these customers, we defer the revenue for the memorial service until it is performed. Memorial services frequently include promises to direct the service, provide facilities and motor vehicles, catering, flowers, and stationary products. All other promises on these contracts, including arrangement, removal, preparation, embalming, cremation, internment, and delivery of urns and caskets and related memorialization merchandise are fulfilled at the time of need. Personalized marker merchandise and marker installation services sold on atneed contracts are recognized when control is transferred to the customer, generally when the marker is delivered and installed in the cemetery. Goodwill and Intangible Assets In addition to our annual review, we assess the impairment of goodwill and indefinite-lived intangible assets whenever 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 underperformance relative to historical or projected future operating results and significant negative industry or economic trends. As a result of economic conditions caused by the response to COVID-19, at March 31, 2020 , we performed a qualitative assessment of our goodwill and indefinite-lived intangible assets. Based on the qualitative assessment, we believe that it is more likely than not that the fair value of the goodwill reporting units exceeds their carrying value and no interim quantitative assessment of impairment is necessary for goodwill. Based on the qualitative assessment, including the amount by which fair value exceeded carrying value in our last annual test, we performed a quantitative assessment on certain of our tradenames. We recorded a $3.0 million impairment charge for certain of our tradenames during the three months ended March 31, 2020 . In determining the fair value of the tradenames, we used 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 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 interim test, we estimated that the pre-tax savings would range from 2.0% to 5.0% 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 1.0% and 2.4% for our funeral and cemetery segments, respectively, and discounted the cash flows at a 6.95% discount rate based on the relative risk of these assets to the overall business. Accounting Standards Adopted in 2020 Financial Instruments - Credit Losses In June 2016, the FASB issued "Financial Instruments - Credit Losses" 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. During November 2018 and April 2019, the FASB made amendments to the new standard that clarified guidance on several matters, including accrued interest, recoveries, and various codification improvements. The new standard, as amended, 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 support credit loss estimates. We adopted the new guidance as of January 1, 2020, applying a modified retrospective approach to credit loss reserves on our atneed, preneed, miscellaneous, and notes receivable and a prospective approach for credit loss reserves on our fixed income investments. As a result of the adoption, we recorded a $17.1 million increase to Retained earnings , which comprises a $26.4 million and a $5.9 million increase in Preneed receivables, net and trust investments and Deferred tax liability, respectively, and a $2.7 million and a $0.7 million decrease to Receivables, net and Deferred charges and other assets, net, respectively. The increase in Preneed receivables, net and trust investments is primarily the result of reducing the reserve for receivables that are collateralized by cemetery property down to the amount at which the amortized cost basis of the receivable exceeds the fair value of the property less costs to re-sell. Goodwill In January 2017, the FASB amended "Goodwill" to simplify the subsequent measurement of goodwill. The 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 of the reporting unit. We adopted the new standard as of January 1, 2020 and it had no impact on our consolidated results of operations, consolidated financial position, and cash flows. Fair Value Measurements In August 2018, the FASB amended "Fair Value Measurements" to modify the disclosure requirements related to fair value. The amendment removes requirements to disclose (1) the amount of and reasons for transfers between levels 1 and 2 of the fair value hierarchy, (2) our policy related to the timing of transfers between levels, and (3) the valuation processes used in level 3 measurements. It clarifies that, for investments measured at net asset value, disclosure of liquidation timing is only required if the investee has communicated the timing either to us or publicly. It also clarifies that the narrative disclosure of the effect of changes in level 3 inputs should be based on changes that could occur at the reporting date. The amendment adds a requirement to disclose the range and weighted average of the significant unobservable inputs used in level 3 measurements. We adopted the new standard as of January 1, 2020 and it had no impact on our consolidated results of operations, consolidated financial position, and cash flows. Recently Issued Accounting Standards Compensation - Retirement Benefits In August 2018, the FASB amended "Compensation - Retirement Benefits" to modify the disclosure requirements for defined benefit plans. For us, the amendment requires the disclosure of the weighted average interest crediting rate used for cash balance plans and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. It removes the requirement to disclose the approximate amount of future benefits covered by insurance contracts. The guidance is effective for us with our annual filing for the year ended December 31, 2020 , and we will make the required disclosure changes in that filing. Adoption will not have an impact on our consolidated results of operations, consolidated financial position, and cash flows. Reference Rate Reform In March 2020, the FASB issued "Reference Rate Reform" to provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard. |
Preneed Activities Level 1 (Not
Preneed Activities Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Preneed Activities [Abstract] | |
Preneed Activities Text Block | 3. Preneed Activities Preneed receivables, net and trust investments The components of Preneed receivables, net and trust investments in our unaudited Condensed Consolidated Balance Sheet were as follows: March 31, 2020 December 31, 2019 (In thousands) Preneed receivables, net $ 952,989 $ 947,232 Trust investments, at market 4,333,117 5,258,319 Insurance-backed fixed income securities and other 253,571 265,160 Trust investments 4,586,688 5,523,479 Less: Cemetery perpetual care trust investments (1,417,652 ) (1,681,149 ) Preneed trust investments 3,169,036 3,842,330 Preneed receivables, net and trust investments $ 4,122,025 $ 4,789,562 Preneed receivables, net comprised the following: March 31, 2020 Funeral Cemetery Total (In thousands) Preneed receivables $ 134,456 $ 882,141 $ 1,016,597 Unearned finance charges (16,643 ) (31,741 ) (48,384 ) Preneed receivables, at amortized cost 117,813 850,400 968,213 Reserve for credit losses (8,432 ) (6,792 ) (15,224 ) Preneed receivables, net $ 109,381 $ 843,608 $ 952,989 December 31, 2019 Funeral Cemetery Total (In thousands) Preneed receivables $ 130,971 $ 907,973 $ 1,038,944 Unearned finance charges (16,328 ) (34,242 ) (50,570 ) Preneed receivables, at amortized cost 114,643 873,731 988,374 Allowance for cancellation (1,452 ) (39,690 ) (41,142 ) Preneed receivables, net $ 113,191 $ 834,041 $ 947,232 At March 31, 2020 , the amortized cost basis of our preneed receivables by year of origination was as follows: 2020 2019 2018 2017 2016 Prior Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 17,961 $ 52,966 $ 21,401 $ 10,957 $ 4,200 $ 10,328 $ 117,813 Cemetery 72,342 314,130 209,268 133,146 72,190 49,324 850,400 Total preneed receivables, at amortized cost $ 90,303 $ 367,096 $ 230,669 $ 144,103 $ 76,390 $ 59,652 $ 968,213 At March 31, 2020 , the payment status of our preneed receivables was as follows: Past Due <30 Days 30-90 Days 90-180 Days >180 Days Total Current Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 3,537 $ 1,828 $ 1,321 $ 12,993 $ 19,679 $ 98,134 $ 117,813 Cemetery 34,056 18,312 7,155 4,484 64,007 786,393 850,400 Total preneed receivables, at amortized cost $ 37,593 $ 20,140 $ 8,476 $ 17,477 $ 83,686 $ 884,527 $ 968,213 The following table summarizes the activity for the reserve for credit losses on preneed receivables for the three months ended March 31, 2020 : January 1, 2020 Provision for Expected Credit Losses Acquisitions (Divestitures), Net Write Offs Effect of Foreign Currency March 31, 2020 (In thousands) Funeral $ (8,057 ) $ (1,423 ) $ 4 $ 1,019 $ 25 $ (8,432 ) Cemetery (6,700 ) (221 ) — 109 20 (6,792 ) Total reserve for credit losses on preneed receivables (14,757 ) $ (1,644 ) $ 4 $ 1,128 $ 45 $ (15,224 ) The table below sets forth certain investment-related activities associated with our trusts: Three Months Ended March 31, 2020 2019 (In thousands) Deposits $ 105,553 $ 100,452 Withdrawals $ 114,592 $ 107,356 Purchases of securities $ 434,367 $ 446,761 Sales of securities $ 334,140 $ 317,855 Realized gains from sales of securities (1) $ 52,157 $ 43,525 Realized losses from sales of securities (1) $ (85,402 ) $ (32,631 ) (1) All realized gains and losses are recognized in Other (expense) income, net for our trust investments and are offset by a corresponding reclassification in Other (expense) income, net to Deferred receipts held in trust and Care trusts’ corpus. The cost and market values associated with trust investments recorded at market value 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. March 31, 2020 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 48,320 $ 1,882 $ (101 ) $ 50,101 Canadian government 2 36,771 94 (802 ) 36,063 Corporate 2 6,647 60 (104 ) 6,603 Residential mortgage-backed 2 3,221 162 — 3,383 Asset-backed 2 128 4 (2 ) 130 Equity securities: Preferred stock 2 685 — (192 ) 493 Common stock: United States 1 1,355,659 139,724 (259,124 ) 1,236,259 Canada 1 35,161 8,039 (5,461 ) 37,739 Other international 1 89,939 6,865 (9,211 ) 87,593 Mutual funds: Equity 1 777,284 1,673 (249,187 ) 529,770 Fixed income 1 1,273,438 3,732 (159,609 ) 1,117,561 Other 3 386 32 — 418 Trust investments, at fair value 3,627,639 162,267 (683,793 ) 3,106,113 Commingled funds Fixed income 443,215 959 (4,927 ) 439,247 Equity 255,846 1,012 (8,230 ) 248,628 Money market funds 290,028 — — 290,028 Private equity 178,766 79,960 (9,625 ) 249,101 Trust investments, at net asset value 1,167,855 81,931 (22,782 ) 1,227,004 Trust investments, at market $ 4,795,494 $ 244,198 $ (706,575 ) $ 4,333,117 December 31, 2019 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 49,728 $ 752 $ (130 ) $ 50,350 Canadian government 2 41,093 76 (850 ) 40,319 Corporate 2 9,694 28 (172 ) 9,550 Residential mortgage-backed 2 3,210 59 (1 ) 3,268 Asset-backed 2 129 3 (4 ) 128 Equity securities: Preferred stock 2 6,338 804 (115 ) 7,027 Common stock: United States 1 1,349,828 303,766 (36,507 ) 1,617,087 Canada 1 43,866 12,369 (2,075 ) 54,160 Other international 1 95,257 18,227 (522 ) 112,962 Mutual funds: Equity 1 746,581 31,511 (54,020 ) 724,072 Fixed income 1 1,247,930 16,424 (32,587 ) 1,231,767 Other 3 7,034 1,184 — 8,218 Trust investments, at fair value 3,600,688 385,203 (126,983 ) 3,858,908 Commingled funds Fixed income 444,744 5,077 (1,731 ) 448,090 Equity 249,980 47,631 — 297,611 Money market funds 397,461 — — 397,461 Private equity 176,388 80,283 (422 ) 256,249 Trust investments, at net asset value 1,268,573 132,991 (2,153 ) 1,399,411 Trust investments, at market $ 4,869,261 $ 518,194 $ (129,136 ) $ 5,258,319 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. The funds have not communicated the timing of any liquidations. The change in our market-based trust investments with significant unobservable inputs (Level 3) is as follows: Three Months Ended March 31, 2020 2019 (In thousands) Fair value, beginning balance $ 8,218 $ 9,755 Net realized and unrealized losses included in Other (expense) income, net (1) (974 ) (1,142 ) Purchases 10 — Sales (25 ) (1,505 ) Transfers (6,811 ) — Fair value, ending balance $ 418 $ 7,108 (1) All net unrealized losses recognized in Other (expense) income, net for our trust investments are offset by a corresponding reclassification in Other (expense) income, net to Deferred receipts held in trust and Care trusts' corpus . Maturity dates of our fixed income securities range from 2020 to 2040 . Maturities of fixed income securities (excluding mutual funds) at March 31, 2020 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 54,159 Due in one to five years 33,570 Due in five to ten years 8,478 Thereafter 73 Total estimated maturities of fixed income securities $ 96,280 Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $32.2 million and $27.5 million , for the three months ended March 31, 2020 and 2019 , respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $19.5 million and $20.5 million for the three months ended March 31, 2020 and 2019 , respectively. Our fixed income investment unrealized losses, their associated fair values, and the duration of unrealized losses are shown in the following tables: March 31, 2020 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) U.S. Treasury $ 491 $ (1 ) $ 1,447 $ (100 ) $ 1,938 $ (101 ) Canadian government — — 11,466 (802 ) 11,466 (802 ) Corporate — — 2,750 (104 ) 2,750 (104 ) Asset-backed — — 14 (2 ) 14 (2 ) Total fixed income securities with an unrealized loss $ 491 $ (1 ) $ 15,677 $ (1,008 ) $ 16,168 $ (1,009 ) December 31, 2019 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) U.S. Treasury $ 3,023 $ (36 ) $ 1,947 $ (94 ) $ 4,970 $ (130 ) Canadian government — — 13,804 (850 ) 13,804 (850 ) Corporate 30 — 4,826 (172 ) 4,856 (172 ) Residential mortgage-backed — — 51 (1 ) 51 (1 ) Asset-backed — — 28 (4 ) 28 (4 ) Total fixed income securities with an unrealized loss $ 3,053 $ (36 ) $ 20,656 $ (1,121 ) $ 23,709 $ (1,157 ) Deferred revenue, net Deferred revenue, net represents future revenue, including distributed trust investment earnings associated with unperformed trust-funded preneed contracts that are not held in trust accounts. Future revenue and net trust investment earnings that are held in trust accounts are included in Deferred receipts held in trust . The components of Deferred revenue, net in our unaudited Condensed Consolidated Balance Sheet were as follows: March 31, 2020 December 31, 2019 (In thousands) Deferred revenue $ 2,058,152 $ 2,046,000 Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts (579,632 ) (578,897 ) Deferred revenue, net $ 1,478,520 $ 1,467,103 The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust : Three Months Ended March 31, 2020 2019 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,306,479 $ 4,790,552 Net preneed contract sales 238,471 240,388 Acquisitions (dispositions) of businesses, net 12,743 (12,310 ) Net investment (losses) gains (1) (665,127 ) 230,540 Recognized revenue from backlog (2) (121,611 ) (115,103 ) Recognized revenue from current period sales (107,821 ) (101,242 ) Change in amounts due on unfulfilled performance obligations (2,555 ) (6,178 ) Change in cancellation reserve 1,095 148 Effect of foreign currency and other (17,468 ) 2,807 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 4,644,206 $ 5,029,602 (1) Includes both realized and unrealized investment (losses) gains. (2) Includes current year trust fund income through the date of performance. |
Income Taxes Level 1 (Notes)
Income Taxes Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes Income tax expense during interim periods is based on our estimated annual effective income tax rate plus any discrete items, which are recorded in the period in which they occur. Discrete items include, among others, such events as changes in estimates due to the finalization of tax returns, tax audit settlements, expiration of statutes of limitation, and increases or decreases in valuation allowances on deferred tax assets. Our effective tax rate was 22.7% and 21.0% for the three months ended March 31, 2020 and 2019 , respectively. The effective tax rate for the three months ended March 31, 2020 is above the 21.0% federal statutory tax rate primarily due to state tax expense and permanent differences, partially offset by tax benefits recognized during the quarter on the settlement of employee share-based awards. Unrecognized Tax Benefits As of March 31, 2020 , the total amount of our unrecognized tax benefits was $1.3 million and the total amount of our accrued interest was $0.7 million . The federal statutes of limitations have expired for all tax years prior to 2016, and we are not currently under audit by the IRS. Various state jurisdictions are auditing years 2013 through 2017. There are currently no federal or provincial audits in Canada; however, years subsequent to 2014 remain open and could be subject to examination. It is reasonably possible that the amount of unrecognized tax benefits may change within the next twelve months. However, given the number of years that remain subject to examination and the number of matters being examined, an estimate of the range of the possible increase or decrease cannot be made. |
Debt Level 1 (Notes)
Debt Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt The components of Debt are: March 31, 2020 December 31, 2019 (In thousands) 8.0% Senior Notes due November 2021 $ 150,000 $ 150,000 5.375% Senior Notes due May 2024 850,000 850,000 7.5% Senior Notes due April 2027 152,805 153,465 4.625% Senior Notes due December 2027 550,000 550,000 5.125% Senior Notes due June 2029 750,000 750,000 Term Loan due May 2024 625,625 633,750 Bank Credit Facility due May 2024 345,000 295,000 Obligations under finance leases 180,728 185,252 Mortgage notes and other debt, maturities through 2050 45,707 45,104 Unamortized premiums and discounts, net 5,396 5,634 Unamortized debt issuance costs (33,622 ) (34,854 ) Total debt 3,621,639 3,583,351 Less: Current maturities of long-term debt (85,885 ) (69,821 ) Total long-term debt $ 3,535,754 $ 3,513,530 Current maturities of debt at March 31, 2020 include amounts due under our term loan, senior notes, mortgage notes and other debt, and finance leases within the next year as well as the portion of unamortized premiums and discounts and debt issuance costs expected to be recognized in the next twelve months. Our consolidated debt had a weighted average interest rate of 4.64% and 4.72% at March 31, 2020 and December 31, 2019 , respectively. Approximately 69% of our total debt had a fixed interest rate at both March 31, 2020 and December 31, 2019 . During the three months ended March 31, 2020 and 2019, we paid $ 10.1 million and $ 24.9 million in cash interest, respectively. Bank Credit Facility As of March 31, 2020 , we have $ 345.0 million outstanding borrowings under our Bank Credit Facility due May 2024, $ 625.6 million of outstanding borrowings under our Term Loan due May 2024, and $ 34.0 million of letters of credit issued. The Bank Credit Facility provides us with flexibility for working capital, if needed, and is guaranteed by a majority of our domestic subsidiaries. The subsidiary guaranty is a guaranty of payment of the outstanding amount of the total lending commitment, including letters of credit. The bank credit agreement contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. As of March 31, 2020 , we were in compliance with all of our debt covenants. We pay a quarterly fee on the unused commitment, which was 0.20% at March 31, 2020 . As of March 31, 2020 , we have $ 621.0 million in borrowing capacity under the Bank Credit Facility. Subsequent to March 31, 2020 , we increased our outstanding borrowings by $ 45.0 million to $ 390.0 million under our Bank Credit Facility due May 2024. Debt Issuances and Additions During the three months ended March 31, 2020 , we drew $ 75.0 million on our Bank Credit Facility for general corporate purposes. During the three months ended March 31, 2019 , we drew $ 15.0 million on our Bank Credit Facility for general corporate purposes. Debt Extinguishments and Reductions During the three months ended March 31, 2020 , we made aggregate debt payments of $34.0 million for scheduled and early extinguishment payments including: • $25.0 million in aggregate principal of our Bank Credit Facility May 2024; • $8.1 million in aggregate principal of our Term Loan due May 2024; • $0.7 million in aggregate principal of 7.5% Senior Notes due April 2027 repurchased on the open market; • $0.1 million of premiums paid on early extinguishment; and • $0.1 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $0.1 million recorded in Loss on early extinguishment of debt, net in our unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2020 . During the three months ended March 31, 2019 , we made aggregate debt payments of $ 143.5 million for scheduled and early extinguishment payments including: • $ 135.0 million in aggregate principal of our Bank Credit Facility December 2022; • $ 8.4 million in aggregate principal of our Term Loan due December 2022; and • $0.1 million in other debt. |
Credit Risk and Fair Value of F
Credit Risk and Fair Value of Financial Instruments Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
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 large number of diverse individual contracts with varying terms. The fair value of our debt instruments at March 31, 2020 and December 31, 2019 was as follows: March 31, 2020 December 31, 2019 (In thousands) 8.0% Senior Notes due November 2021 $ 153,375 $ 165,375 5.375% Senior Notes due May 2024 858,585 879,606 7.5% Notes due April 2027 169,614 188,381 4.625% Senior Notes due December 2027 546,035 577,500 5.125% Senior Notes due June 2029 825,975 798,525 Term Loan due May 2024 625,625 633,750 Bank Credit Facility due May 2024 345,000 295,000 Mortgage notes and other debt, maturities through 2050 45,707 45,104 Total fair value of debt instruments $ 3,569,916 $ 3,583,241 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, 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. |
Commitments and Contingencies L
Commitments and Contingencies Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies 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 March 31, 2020 and December 31, 2019 , we have self-insurance reserves of $86.3 million and $84.3 million , respectively. Litigation and Regulatory Matters We are a party to various litigation and regulatory 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 matters 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 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 as a defendant in various lawsuits alleging violations of federal and state laws regulating wage and hour pay, including but not limited to the Fredeen lawsuit described below. Given the nature of these lawsuits, except for those lawsuits where a settlement is referenced, we are unable to reasonably estimate the possible loss or ranges of loss, if any. Lisa Fredeen, an aggrieved employee and on behalf of other aggrieved employees v. California Cemetery and Funeral Services, LLC, et al; Case No. BC706930 ; in the Superior Court of the State of California for the County of Los Angeles. This lawsuit was filed against SCI subsidiaries on May 18, 2018 and purports to be brought on behalf of the defendants' current and former non-exempt California employees during the four years preceding the filing of the complaint. This lawsuit asserts numerous claims for alleged wage and hour pay violations under the California Labor Code and the California Private Attorneys General Act. The plaintiff seeks unpaid wages, compensatory and punitive damages, civil penalties, attorneys’ fees and costs, and interest. Claims Regarding Acquisition of Stewart Enterprises . We are involved in the following lawsuit. 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, Louisiana. This case was filed as a class action in June 2013 against an SCI subsidiary in connection with SCI's 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 appealed the dismissal. Given the nature of this lawsuit, we are unable to reasonably estimate the possible loss or ranges of loss, if any. Operational Claims . We are named a defendant in various lawsuits alleging operational claims, including but not limited to the Bernstein and Taylor lawsuits described below. Caroline Bernstein, on behalf of herself and Marla Urofsky on behalf of Rhea Schwartz, and both on behalf of all others similarly situated v. SCI Pennsylvania Funeral Services, Inc. and Service Corporation International, Case No. 2:17-cv-04960-GAM ; in the United States District Court Eastern District of Pennsylvania. This case was filed in November 2017 as a purported national or alternatively as a Pennsylvania class action regarding our Forest Hills/Shalom Memorial Park in Huntingdon Valley, Pennsylvania and our Roosevelt Memorial Park Cemetery in Trevose, Pennsylvania. Plaintiffs allege wrongful burial and sales practices. Plaintiffs seek compensatory, consequential and punitive damages, attorneys’ fees and costs, interest, and injunctive relief. The court granted our motion for summary judgment on the named plaintiff’s individual claims in January 2020. This lawsuit was settled in April 2020. The financial terms of the settlement call for SCI Pennsylvania Funeral Services, Inc. to pay an immaterial amount. The People of the State of California v. Service Corporation International, a Texas corporation, SCI Direct, Inc. a Florida Corporation, S.E. Acquisition of California, Inc., a California corporation dba Neptune Society of Northern California, Neptune Management Corp., a California corporation, Trident Society, Inc. a California corporation, and Does 1 through 100, inclusive, Case No. RG 19045103; in the Superior Court of the State of California in and for the County of Alameda. In July 2019, we received a letter from the Attorney General, State of California, Department of Justice (“CAAG") alleging that the allocation of prices among certain of our cremation service contracts and cremation merchandise contracts, and the related preneed trust funding, violates section 7735 of the California Business and Professions Code and that provisions of these same contracts constitute false advertising and deceptive sales practices in violation of California consumer protection laws. On November 21, 2019, we filed a complaint, S.E. Combined Services of California, Inc., a California Corporation dba Neptune Society of Northern California, Neptune Management Corp. a California Corporation, and Trident Society, Inc. v. Xavier Becerra, Attorney General of the State of California, and Does 1-50, Case No. 34-2019-00269617; in the Sacramento County Superior Court seeking declaratory relief holding, in general, that our practices, methods and documentation utilized in the sale of pre-need funeral goods and services are in all respects compliant with California law. On December 2, 2019, the CAAG filed the complaint, referenced above, seeking permanent injunction from making false statements and engaging in unfair competition, a placement of funds into preneed trusts, civil penalties, customer refunds, attorneys’ fees, and costs. We believe our contracts comply with applicable laws. Given the nature of this matter, we are unable to reasonably estimate the possible loss or ranges of loss, if any. Nancy Taylor, on behalf of herself and others similarly situated v. Service Corporation International and others, Case No. 20-cv-60709 ; in the United States District Court Southern District of Florida Fort Lauderdale Division. This case was filed in April 2020 as a Florida class action alleging that the allocation of prices among certain of our cremation service contracts and cremation merchandise contracts, and the related preneed trust funding, and the failure to disclose commissions paid and sales practices associated with the sale of third party travel protection plans, violate the Florida Deceptive and Unfair Trade Practices Act and constitute unjust enrichment. Plaintiff seeks refunds, general, actual, compensatory and exemplary damages, civil penalties, interest and attorney fees. Given the nature of this lawsuit, we are unable to reasonably estimate the possible loss or ranges of loss, if any. Unclaimed Property Audit We received notices from a third party auditor representing the unclaimed property departments of certain states regarding preneed funeral and cemetery contracts that were not funded by the purchase and assignment of the proceeds of insurance policies. The auditor claims that we are subject to the laws of those states concerning escheatment of unclaimed funds. The auditor seeks escheatment of funds from the portion of such contracts for which it claims that we will probably not be required to provide services or merchandise in the future. No actual audits have commenced at this time. Given the nature of this matter, we are unable to reasonably estimate the possible loss or ranges of loss, if any. Other Potential Contingencies In October 2018, we received a letter from the Illinois Office of the Comptroller claiming that our subsidiary improperly withdrew a total of $13.6 million from perpetual care trusts covering 24 of our cemeteries in Illinois. We believe these withdrawals were entirely proper for the ongoing care of those cemeteries under Illinois law. We intend to vigorously defend all of the above matters; 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) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity (All shares reported in whole numbers) 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. During the three months ended March 31, 2020 , we repurchased 2,900,722 shares of common stock at an aggregate cost of $123.1 million , which is an average cost per share of $42.44 . After these repurchases, the remaining dollar value of shares authorized to be purchased under the share repurchase program was $193.7 million at March 31, 2020 . Subsequent to March 31, 2020 , we repurchased 1,097,361 shares for $41.8 million at an average cost per share of $38.09 . After these repurchases, the remaining dollar value of shares authorized to be purchased under the share repurchase program is $151.9 million . |
Segment Reporting Level 1 (Note
Segment Reporting Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
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 the United States and Canada, where we conduct both funeral and cemetery operations. Our reportable segment, including disaggregated revenue, information was as follows and includes a reconciliation of gross profit to our consolidated income before income taxes. Three Months Ended March 31, 2020 2019 (In thousands) Revenue from customers: Funeral revenue: Atneed revenue $ 264,788 $ 258,730 Matured preneed revenue 163,583 156,450 Core funeral revenue 428,371 415,180 Non-funeral home revenue 14,451 12,973 Recognized preneed revenue 32,800 31,325 Other revenue 29,274 33,316 Total funeral revenue 504,896 492,794 Cemetery revenue: Atneed revenue 85,043 81,451 Recognized preneed property revenue 116,082 128,612 Recognized preneed merchandise and services revenue 68,664 67,039 Core cemetery revenue 269,789 277,102 Other revenue 28,280 28,316 Total cemetery revenue 298,069 305,418 Total revenue from customers $ 802,965 $ 798,212 Gross profit: Funeral gross profit $ 103,576 $ 105,418 Cemetery gross profit 75,468 86,416 Gross profit from reportable segments 179,044 191,834 Corporate general and administrative expenses (31,813 ) (42,978 ) Gains (losses) on divestitures and impairment charges, net 4,545 (1,878 ) Operating income 151,776 146,978 Interest expense (44,351 ) (47,390 ) Loss on early extinguishment of debt, net (139 ) — Other (expense) income, net (1,247 ) 720 Income before income taxes $ 106,039 $ 100,308 Our geographic area information is as follows: United States Canada Total (In thousands) Three Months Ended March 31, Revenue from external customers 2020 $ 759,272 $ 43,693 $ 802,965 2019 $ 754,080 $ 44,132 $ 798,212 |
Earnings Per Share Level 1 (Not
Earnings Per Share Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic earnings per common share 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 earnings per share 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 earnings per share is presented below: Three Months Ended March 31, 2020 2019 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income — basic and diluted $ 81,941 $ 79,323 Weighted average shares: Weighted average shares — basic 180,854 181,696 Stock options 2,675 3,562 Restricted share units 56 59 Weighted average shares — diluted 183,585 185,317 Amounts attributable to common stockholders: Earnings per share: Basic $ 0.45 $ 0.44 Diluted $ 0.45 $ 0.43 |
Acquisition Level 1 (Notes)
Acquisition Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions We spent $28.5 million and $19.2 million , for real estate, funeral service, and cemetery locations for the three months ended March 31, 2020 and 2019 , respectively. 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 unaudited Condensed Consolidated Statement of Operations line item Gains (losses) on divestitures and impairment charges, net , which consist of the following: Three Months Ended March 31, 2020 2019 (In thousands) Gains on divestitures, net $ 7,629 $ 546 Impairment losses (3,084 ) (2,424 ) Gains (losses) on divestitures and impairment charges, net $ 4,545 $ (1,878 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Level 2 (Policies) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
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. Intercompany balances and transactions have been eliminated in consolidation. Our unaudited condensed consolidated financial statements also include the accounts of the merchandise and service trusts and cemetery perpetual care trusts in which we have a variable interest and are the primary beneficiary. We have retained the specialized industry accounting principles when consolidating the trusts. Our trusts are variable interest entities, for which we have determined that we are the primary beneficiary as we absorb a majority of the losses and returns associated with these trusts. Although we consolidate the trusts, it does not change the legal relationships among the trusts, us, or our customers. The customers are the legal beneficiaries of these trusts; therefore, their interests in these trusts represent a liability to us. Our interim condensed consolidated financial statements are unaudited but include all adjustments, consisting of normal recurring accruals and any other adjustments, which management considers necessary for a fair statement of our results for these periods. Our unaudited condensed consolidated financial statements have been prepared in a manner consistent with the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2019 , unless otherwise disclosed herein, and should be read in conjunction therewith. The accompanying year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year period. | |
Reclassification, Policy [Policy Text Block] | 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 except as described below under "Accounting Standards Adopted in 2020 " . | |
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, Cash Equivalents, and Restricted Cash 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 [Policy Text Block] | Receivables, net The components of Receivables, net in our unaudited Condensed Consolidated Balance Sheet were as follows: March 31, 2020 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 40,644 $ 20,601 $ 17,478 $ 1,826 $ 80,549 Reserve for credit losses (2,877 ) (1,617 ) (367 ) (624 ) (5,485 ) Receivables, net $ 37,767 $ 18,984 $ 17,111 $ 1,202 $ 75,064 December 31, 2019 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 41,370 $ 20,855 $ 19,943 $ 1,765 $ 83,933 Allowance for doubtful accounts (1,899 ) (363 ) — — (2,262 ) Receivables, net $ 39,471 $ 20,492 $ 19,943 $ 1,765 $ 81,671 Additionally, included in Deferred charges and other assets, net were long-term miscellaneous receivables, net and notes receivable, net as follows: March 31, 2020 December 31, 2019 (In thousands) Notes receivable $ 14,203 $ 14,997 Reserve for credit losses (7,926 ) — Allowance for doubtful accounts — (8,374 ) Notes receivable, net $ 6,277 $ 6,623 Long-term miscellaneous receivables $ 7,560 $ 7,287 Reserve for credit losses (941 ) — Long-term miscellaneous receivables, net $ 6,619 $ 7,287 Our atneed trade receivables primarily consist of amounts due for funeral and cemetery services already performed. We provide reserves for credit losses for our receivables. These reserves are based on an analysis of historical trends of collection activity adjusted for current conditions and forecasts. These estimates are impacted by a number of factors, including changes in the economy and demographic or competitive changes in our areas of operation. In the first quarter of 2020 , we increased our reserve for credit losses on trade and miscellaneous receivables as a result of the economic impact of the COVID-19 pandemic (COVID-19). Cemetery preneed receivables are collateralized by cemetery property to the extent of the fair value of the property. Prior to adoption of the guidance on credit losses for financial instruments on January 1, 2020, we provided allowances for doubtful accounts on our receivables based on an analysis of historical trends of collection activity. Payment on atneed contracts is generally due at the time the merchandise is delivered or the services are performed. We also have preneed receivables, as disclosed in Note 3, for which payment generally occurs prior to our fulfillment of the performance obligations. Our preneed contracts may also have extended payment terms with associated financing charges. We do not accrue interest on preneed receivables if they are not paid in accordance with the contractual payment terms given the nature of our merchandise and services, the nature of our contracts with customers, and the timing of the delivery of our services. Generally, receivables are considered past due after thirty days. We do not consider preneed funeral receivables to be past due until the contract converts into an atneed contract at which time the preneed receivable is paid or reclassified as a trade receivable with payment terms of less than thirty days. Collections are generally managed by the locations or third party agencies acting on behalf of the locations, until a receivable is one hundred eighty days delinquent, at which time trade receivables are fully reserved. The following table summarizes the activity in our reserve for credit losses by portfolio segment, excluding preneed receivables which are presented in Note 3, for the three months ended March 31, 2020 : January 1, 2020 Provision for Expected Credit Losses Write Offs Recoveries Effect of Foreign Currency March 31, 2020 (In thousands) Trade receivables: Funeral $ (2,690 ) $ (679 ) $ 993 $ (523 ) $ 22 $ (2,877 ) Cemetery (1,424 ) (478 ) 214 — 71 (1,617 ) Total reserve for credit losses on trade receivables $ (4,114 ) $ (1,157 ) $ 1,207 $ (523 ) $ 93 $ (4,494 ) Miscellaneous receivables: Current $ (203 ) $ (203 ) $ — $ — $ 39 $ (367 ) Long-term (715 ) (226 ) — — — (941 ) Total reserve for credit losses on miscellaneous receivables $ (918 ) $ (429 ) $ — $ — $ 39 $ (1,308 ) Notes receivable $ (9,031 ) $ 33 $ 448 $ — $ — $ (8,550 ) At March 31, 2020 , the amortized cost basis of our miscellaneous and notes receivables by year of origination was as follows: 2020 2019 2018 2017 2016 Prior Revolving Line of Credit Total (In thousands) Miscellaneous receivables: Current $ 15,048 $ 1,609 $ 484 $ 229 $ 97 $ 11 $ — $ 17,478 Long-term 665 3,609 1,854 974 412 46 — 7,560 Total miscellaneous receivables $ 15,713 $ 5,218 $ 2,338 $ 1,203 $ 509 $ 57 $ — $ 25,038 Notes receivable $ — $ — $ 254 $ — $ 98 $ 7,030 $ 8,647 $ 16,029 At March 31, 2020 , the payment status of our miscellaneous and notes receivables was as follows: Past Due <30 Days 30-90 Days 90-180 Days >180 Days Total Current Total (In thousands) Miscellaneous receivables: Current $ 214 $ 41 $ 16 $ 74 $ 345 $ 17,133 $ 17,478 Long-term — — — — — 7,560 7,560 Total miscellaneous receivables $ 214 $ 41 $ 16 $ 74 $ 345 $ 24,693 $ 25,038 Notes receivable $ — $ — $ — $ 1,214 $ 1,214 $ 14,815 $ 16,029 | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill In January 2017, the FASB amended "Goodwill" to simplify the subsequent measurement of goodwill. The 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 of the reporting unit. We adopted the new standard as of January 1, 2020 and it had no impact on our consolidated results of operations, consolidated financial position, and cash flows. | |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Goodwill and Intangible Assets In addition to our annual review, we assess the impairment of goodwill and indefinite-lived intangible assets whenever 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 underperformance relative to historical or projected future operating results and significant negative industry or economic trends. As a result of economic conditions caused by the response to COVID-19, at March 31, 2020 , we performed a qualitative assessment of our goodwill and indefinite-lived intangible assets. Based on the qualitative assessment, we believe that it is more likely than not that the fair value of the goodwill reporting units exceeds their carrying value and no interim quantitative assessment of impairment is necessary for goodwill. Based on the qualitative assessment, including the amount by which fair value exceeded carrying value in our last annual test, we performed a quantitative assessment on certain of our tradenames. We recorded a $3.0 million impairment charge for certain of our tradenames during the three months ended March 31, 2020 . In determining the fair value of the tradenames, we used 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 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 interim test, we estimated that the pre-tax savings would range from 2.0% to 5.0% 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 1.0% and 2.4% for our funeral and cemetery segments, respectively, and discounted the cash flows at a 6.95% discount rate based on the relative risk of these assets to the overall business. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements In August 2018, the FASB amended "Fair Value Measurements" to modify the disclosure requirements related to fair value. The amendment removes requirements to disclose (1) the amount of and reasons for transfers between levels 1 and 2 of the fair value hierarchy, (2) our policy related to the timing of transfers between levels, and (3) the valuation processes used in level 3 measurements. It clarifies that, for investments measured at net asset value, disclosure of liquidation timing is only required if the investee has communicated the timing either to us or publicly. It also clarifies that the narrative disclosure of the effect of changes in level 3 inputs should be based on changes that could occur at the reporting date. The amendment adds a requirement to disclose the range and weighted average of the significant unobservable inputs used in level 3 measurements. We adopted the new standard as of January 1, 2020 and it had no impact on our consolidated results of operations, consolidated financial position, and cash flows. | |
Financing Receivable [Policy Text Block] | Financial Instruments - Credit Losses In June 2016, the FASB issued "Financial Instruments - Credit Losses" 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. During November 2018 and April 2019, the FASB made amendments to the new standard that clarified guidance on several matters, including accrued interest, recoveries, and various codification improvements. The new standard, as amended, 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 support credit loss estimates. We adopted the new guidance as of January 1, 2020, applying a modified retrospective approach to credit loss reserves on our atneed, preneed, miscellaneous, and notes receivable and a prospective approach for credit loss reserves on our fixed income investments. As a result of the adoption, we recorded a $17.1 million increase to Retained earnings , which comprises a $26.4 million and a $5.9 million increase in Preneed receivables, net and trust investments and Deferred tax liability, respectively, and a $2.7 million and a $0.7 million decrease to Receivables, net and Deferred charges and other assets, net, | |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Adopted in 2020 Financial Instruments - Credit Losses In June 2016, the FASB issued "Financial Instruments - Credit Losses" 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. During November 2018 and April 2019, the FASB made amendments to the new standard that clarified guidance on several matters, including accrued interest, recoveries, and various codification improvements. The new standard, as amended, 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 support credit loss estimates. We adopted the new guidance as of January 1, 2020, applying a modified retrospective approach to credit loss reserves on our atneed, preneed, miscellaneous, and notes receivable and a prospective approach for credit loss reserves on our fixed income investments. As a result of the adoption, we recorded a $17.1 million increase to Retained earnings , which comprises a $26.4 million and a $5.9 million increase in Preneed receivables, net and trust investments and Deferred tax liability, respectively, and a $2.7 million and a $0.7 million decrease to Receivables, net and Deferred charges and other assets, net, respectively. The increase in Preneed receivables, net and trust investments is primarily the result of reducing the reserve for receivables that are collateralized by cemetery property down to the amount at which the amortized cost basis of the receivable exceeds the fair value of the property less costs to re-sell. Goodwill In January 2017, the FASB amended "Goodwill" to simplify the subsequent measurement of goodwill. The 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 of the reporting unit. We adopted the new standard as of January 1, 2020 and it had no impact on our consolidated results of operations, consolidated financial position, and cash flows. Fair Value Measurements In August 2018, the FASB amended "Fair Value Measurements" to modify the disclosure requirements related to fair value. The amendment removes requirements to disclose (1) the amount of and reasons for transfers between levels 1 and 2 of the fair value hierarchy, (2) our policy related to the timing of transfers between levels, and (3) the valuation processes used in level 3 measurements. It clarifies that, for investments measured at net asset value, disclosure of liquidation timing is only required if the investee has communicated the timing either to us or publicly. It also clarifies that the narrative disclosure of the effect of changes in level 3 inputs should be based on changes that could occur at the reporting date. The amendment adds a requirement to disclose the range and weighted average of the significant unobservable inputs used in level 3 measurements. We adopted the new standard as of January 1, 2020 and it had no impact on our consolidated results of operations, consolidated financial position, and cash flows. Recently Issued Accounting Standards Compensation - Retirement Benefits In August 2018, the FASB amended "Compensation - Retirement Benefits" to modify the disclosure requirements for defined benefit plans. For us, the amendment requires the disclosure of the weighted average interest crediting rate used for cash balance plans and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. It removes the requirement to disclose the approximate amount of future benefits covered by insurance contracts. The guidance is effective for us with our annual filing for the year ended December 31, 2020 , and we will make the required disclosure changes in that filing. Adoption will not have an impact on our consolidated results of operations, consolidated financial position, and cash flows. Reference Rate Reform In March 2020, the FASB issued "Reference Rate Reform" to provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard. | |
Accounts Receivable, before Allowance for Credit Loss, Current | $ 80,549 | $ 83,933 |
Accounts Receivable, Allowance for Credit Loss | (5,485) | (2,262) |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (15,224) | (14,757) |
Receivables, net | 75,064 | 81,671 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | (41,142) | |
Funeral [Member] | ||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (8,432) | (8,057) |
Allowance for Doubtful Accounts, Premiums and Other Receivables | (1,452) | |
Cemetery [Member] | ||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (6,792) | (6,700) |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 39,690 | |
Trade Accounts Receivable [Member] | Funeral [Member] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | 40,644 | 41,370 |
Accounts Receivable, Allowance for Credit Loss | (2,877) | (1,899) |
Receivables, net | 37,767 | 39,471 |
Trade Accounts Receivable [Member] | Cemetery [Member] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | 20,601 | 20,855 |
Accounts Receivable, Allowance for Credit Loss | (1,617) | (363) |
Receivables, net | 18,984 | 20,492 |
Trade Accounts Receivable [Member] | Other Accounts Receivable Current [Member] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | 17,478 | 19,943 |
Accounts Receivable, Allowance for Credit Loss | (367) | 0 |
Receivables, net | 17,111 | 19,943 |
Notes Receivable [Member] | Current [Member] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | 1,826 | 1,765 |
Accounts Receivable, Allowance for Credit Loss | (624) | 0 |
Receivables, net | $ 1,202 | $ 1,765 |
Preneed Activities Level 3 (Tab
Preneed Activities Level 3 (Tables) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Preneed Activities [Abstract] | ||
Investment related activities [Table Text Block] | Three Months Ended March 31, 2020 2019 (In thousands) Deposits $ 105,553 $ 100,452 Withdrawals $ 114,592 $ 107,356 Purchases of securities $ 434,367 $ 446,761 Sales of securities $ 334,140 $ 317,855 Realized gains from sales of securities (1) $ 52,157 $ 43,525 Realized losses from sales of securities (1) $ (85,402 ) $ (32,631 ) | |
Long-term receivable and investment components [Table Text Block] | March 31, 2020 December 31, 2019 (In thousands) Preneed receivables, net $ 952,989 $ 947,232 Trust investments, at market 4,333,117 5,258,319 Insurance-backed fixed income securities and other 253,571 265,160 Trust investments 4,586,688 5,523,479 Less: Cemetery perpetual care trust investments (1,417,652 ) (1,681,149 ) Preneed trust investments 3,169,036 3,842,330 Preneed receivables, net and trust investments $ 4,122,025 $ 4,789,562 Preneed receivables, net comprised the following: March 31, 2020 Funeral Cemetery Total (In thousands) Preneed receivables $ 134,456 $ 882,141 $ 1,016,597 Unearned finance charges (16,643 ) (31,741 ) (48,384 ) Preneed receivables, at amortized cost 117,813 850,400 968,213 Reserve for credit losses (8,432 ) (6,792 ) (15,224 ) Preneed receivables, net $ 109,381 $ 843,608 $ 952,989 December 31, 2019 Funeral Cemetery Total (In thousands) Preneed receivables $ 130,971 $ 907,973 $ 1,038,944 Unearned finance charges (16,328 ) (34,242 ) (50,570 ) Preneed receivables, at amortized cost 114,643 873,731 988,374 Allowance for cancellation (1,452 ) (39,690 ) (41,142 ) Preneed receivables, net $ 113,191 $ 834,041 $ 947,232 | |
Preneed Funeral Receivables, Net and Trust Investments [Table Text Block] | ||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | March 31, 2020 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 48,320 $ 1,882 $ (101 ) $ 50,101 Canadian government 2 36,771 94 (802 ) 36,063 Corporate 2 6,647 60 (104 ) 6,603 Residential mortgage-backed 2 3,221 162 — 3,383 Asset-backed 2 128 4 (2 ) 130 Equity securities: Preferred stock 2 685 — (192 ) 493 Common stock: United States 1 1,355,659 139,724 (259,124 ) 1,236,259 Canada 1 35,161 8,039 (5,461 ) 37,739 Other international 1 89,939 6,865 (9,211 ) 87,593 Mutual funds: Equity 1 777,284 1,673 (249,187 ) 529,770 Fixed income 1 1,273,438 3,732 (159,609 ) 1,117,561 Other 3 386 32 — 418 Trust investments, at fair value 3,627,639 162,267 (683,793 ) 3,106,113 Commingled funds Fixed income 443,215 959 (4,927 ) 439,247 Equity 255,846 1,012 (8,230 ) 248,628 Money market funds 290,028 — — 290,028 Private equity 178,766 79,960 (9,625 ) 249,101 Trust investments, at net asset value 1,167,855 81,931 (22,782 ) 1,227,004 Trust investments, at market $ 4,795,494 $ 244,198 $ (706,575 ) $ 4,333,117 | December 31, 2019 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 49,728 $ 752 $ (130 ) $ 50,350 Canadian government 2 41,093 76 (850 ) 40,319 Corporate 2 9,694 28 (172 ) 9,550 Residential mortgage-backed 2 3,210 59 (1 ) 3,268 Asset-backed 2 129 3 (4 ) 128 Equity securities: Preferred stock 2 6,338 804 (115 ) 7,027 Common stock: United States 1 1,349,828 303,766 (36,507 ) 1,617,087 Canada 1 43,866 12,369 (2,075 ) 54,160 Other international 1 95,257 18,227 (522 ) 112,962 Mutual funds: Equity 1 746,581 31,511 (54,020 ) 724,072 Fixed income 1 1,247,930 16,424 (32,587 ) 1,231,767 Other 3 7,034 1,184 — 8,218 Trust investments, at fair value 3,600,688 385,203 (126,983 ) 3,858,908 Commingled funds Fixed income 444,744 5,077 (1,731 ) 448,090 Equity 249,980 47,631 — 297,611 Money market funds 397,461 — — 397,461 Private equity 176,388 80,283 (422 ) 256,249 Trust investments, at net asset value 1,268,573 132,991 (2,153 ) 1,399,411 Trust investments, at market $ 4,869,261 $ 518,194 $ (129,136 ) $ 5,258,319 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The change in our market-based trust investments with significant unobservable inputs (Level 3) is as follows: Three Months Ended March 31, 2020 2019 (In thousands) Fair value, beginning balance $ 8,218 $ 9,755 Net realized and unrealized losses included in Other (expense) income, net (1) (974 ) (1,142 ) Purchases 10 — Sales (25 ) (1,505 ) Transfers (6,811 ) — Fair value, ending balance $ 418 $ 7,108 (1) All net unrealized losses recognized in Other (expense) income, net for our trust investments are offset by a corresponding reclassification in Other (expense) income, net to Deferred receipts held in trust and Care trusts' corpus . | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 2020 2019 (In thousands) Fair value, beginning balance $ 8,218 $ 9,755 Net realized and unrealized losses included in Other (expense) income, net (1) (974 ) (1,142 ) Purchases 10 — Sales (25 ) (1,505 ) Transfers (6,811 ) — Fair value, ending balance $ 418 $ 7,108 | |
Preneed Activities Text Block | 3. Preneed Activities Preneed receivables, net and trust investments The components of Preneed receivables, net and trust investments in our unaudited Condensed Consolidated Balance Sheet were as follows: March 31, 2020 December 31, 2019 (In thousands) Preneed receivables, net $ 952,989 $ 947,232 Trust investments, at market 4,333,117 5,258,319 Insurance-backed fixed income securities and other 253,571 265,160 Trust investments 4,586,688 5,523,479 Less: Cemetery perpetual care trust investments (1,417,652 ) (1,681,149 ) Preneed trust investments 3,169,036 3,842,330 Preneed receivables, net and trust investments $ 4,122,025 $ 4,789,562 Preneed receivables, net comprised the following: March 31, 2020 Funeral Cemetery Total (In thousands) Preneed receivables $ 134,456 $ 882,141 $ 1,016,597 Unearned finance charges (16,643 ) (31,741 ) (48,384 ) Preneed receivables, at amortized cost 117,813 850,400 968,213 Reserve for credit losses (8,432 ) (6,792 ) (15,224 ) Preneed receivables, net $ 109,381 $ 843,608 $ 952,989 December 31, 2019 Funeral Cemetery Total (In thousands) Preneed receivables $ 130,971 $ 907,973 $ 1,038,944 Unearned finance charges (16,328 ) (34,242 ) (50,570 ) Preneed receivables, at amortized cost 114,643 873,731 988,374 Allowance for cancellation (1,452 ) (39,690 ) (41,142 ) Preneed receivables, net $ 113,191 $ 834,041 $ 947,232 At March 31, 2020 , the amortized cost basis of our preneed receivables by year of origination was as follows: 2020 2019 2018 2017 2016 Prior Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 17,961 $ 52,966 $ 21,401 $ 10,957 $ 4,200 $ 10,328 $ 117,813 Cemetery 72,342 314,130 209,268 133,146 72,190 49,324 850,400 Total preneed receivables, at amortized cost $ 90,303 $ 367,096 $ 230,669 $ 144,103 $ 76,390 $ 59,652 $ 968,213 At March 31, 2020 , the payment status of our preneed receivables was as follows: Past Due <30 Days 30-90 Days 90-180 Days >180 Days Total Current Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 3,537 $ 1,828 $ 1,321 $ 12,993 $ 19,679 $ 98,134 $ 117,813 Cemetery 34,056 18,312 7,155 4,484 64,007 786,393 850,400 Total preneed receivables, at amortized cost $ 37,593 $ 20,140 $ 8,476 $ 17,477 $ 83,686 $ 884,527 $ 968,213 The following table summarizes the activity for the reserve for credit losses on preneed receivables for the three months ended March 31, 2020 : January 1, 2020 Provision for Expected Credit Losses Acquisitions (Divestitures), Net Write Offs Effect of Foreign Currency March 31, 2020 (In thousands) Funeral $ (8,057 ) $ (1,423 ) $ 4 $ 1,019 $ 25 $ (8,432 ) Cemetery (6,700 ) (221 ) — 109 20 (6,792 ) Total reserve for credit losses on preneed receivables (14,757 ) $ (1,644 ) $ 4 $ 1,128 $ 45 $ (15,224 ) The table below sets forth certain investment-related activities associated with our trusts: Three Months Ended March 31, 2020 2019 (In thousands) Deposits $ 105,553 $ 100,452 Withdrawals $ 114,592 $ 107,356 Purchases of securities $ 434,367 $ 446,761 Sales of securities $ 334,140 $ 317,855 Realized gains from sales of securities (1) $ 52,157 $ 43,525 Realized losses from sales of securities (1) $ (85,402 ) $ (32,631 ) (1) All realized gains and losses are recognized in Other (expense) income, net for our trust investments and are offset by a corresponding reclassification in Other (expense) income, net to Deferred receipts held in trust and Care trusts’ corpus. The cost and market values associated with trust investments recorded at market value 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. March 31, 2020 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 48,320 $ 1,882 $ (101 ) $ 50,101 Canadian government 2 36,771 94 (802 ) 36,063 Corporate 2 6,647 60 (104 ) 6,603 Residential mortgage-backed 2 3,221 162 — 3,383 Asset-backed 2 128 4 (2 ) 130 Equity securities: Preferred stock 2 685 — (192 ) 493 Common stock: United States 1 1,355,659 139,724 (259,124 ) 1,236,259 Canada 1 35,161 8,039 (5,461 ) 37,739 Other international 1 89,939 6,865 (9,211 ) 87,593 Mutual funds: Equity 1 777,284 1,673 (249,187 ) 529,770 Fixed income 1 1,273,438 3,732 (159,609 ) 1,117,561 Other 3 386 32 — 418 Trust investments, at fair value 3,627,639 162,267 (683,793 ) 3,106,113 Commingled funds Fixed income 443,215 959 (4,927 ) 439,247 Equity 255,846 1,012 (8,230 ) 248,628 Money market funds 290,028 — — 290,028 Private equity 178,766 79,960 (9,625 ) 249,101 Trust investments, at net asset value 1,167,855 81,931 (22,782 ) 1,227,004 Trust investments, at market $ 4,795,494 $ 244,198 $ (706,575 ) $ 4,333,117 December 31, 2019 Fair Value Hierarchy Level Cost Unrealized Gains Unrealized Losses Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 49,728 $ 752 $ (130 ) $ 50,350 Canadian government 2 41,093 76 (850 ) 40,319 Corporate 2 9,694 28 (172 ) 9,550 Residential mortgage-backed 2 3,210 59 (1 ) 3,268 Asset-backed 2 129 3 (4 ) 128 Equity securities: Preferred stock 2 6,338 804 (115 ) 7,027 Common stock: United States 1 1,349,828 303,766 (36,507 ) 1,617,087 Canada 1 43,866 12,369 (2,075 ) 54,160 Other international 1 95,257 18,227 (522 ) 112,962 Mutual funds: Equity 1 746,581 31,511 (54,020 ) 724,072 Fixed income 1 1,247,930 16,424 (32,587 ) 1,231,767 Other 3 7,034 1,184 — 8,218 Trust investments, at fair value 3,600,688 385,203 (126,983 ) 3,858,908 Commingled funds Fixed income 444,744 5,077 (1,731 ) 448,090 Equity 249,980 47,631 — 297,611 Money market funds 397,461 — — 397,461 Private equity 176,388 80,283 (422 ) 256,249 Trust investments, at net asset value 1,268,573 132,991 (2,153 ) 1,399,411 Trust investments, at market $ 4,869,261 $ 518,194 $ (129,136 ) $ 5,258,319 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. The funds have not communicated the timing of any liquidations. The change in our market-based trust investments with significant unobservable inputs (Level 3) is as follows: Three Months Ended March 31, 2020 2019 (In thousands) Fair value, beginning balance $ 8,218 $ 9,755 Net realized and unrealized losses included in Other (expense) income, net (1) (974 ) (1,142 ) Purchases 10 — Sales (25 ) (1,505 ) Transfers (6,811 ) — Fair value, ending balance $ 418 $ 7,108 (1) All net unrealized losses recognized in Other (expense) income, net for our trust investments are offset by a corresponding reclassification in Other (expense) income, net to Deferred receipts held in trust and Care trusts' corpus . Maturity dates of our fixed income securities range from 2020 to 2040 . Maturities of fixed income securities (excluding mutual funds) at March 31, 2020 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 54,159 Due in one to five years 33,570 Due in five to ten years 8,478 Thereafter 73 Total estimated maturities of fixed income securities $ 96,280 Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $32.2 million and $27.5 million , for the three months ended March 31, 2020 and 2019 , respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $19.5 million and $20.5 million for the three months ended March 31, 2020 and 2019 , respectively. Our fixed income investment unrealized losses, their associated fair values, and the duration of unrealized losses are shown in the following tables: March 31, 2020 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) U.S. Treasury $ 491 $ (1 ) $ 1,447 $ (100 ) $ 1,938 $ (101 ) Canadian government — — 11,466 (802 ) 11,466 (802 ) Corporate — — 2,750 (104 ) 2,750 (104 ) Asset-backed — — 14 (2 ) 14 (2 ) Total fixed income securities with an unrealized loss $ 491 $ (1 ) $ 15,677 $ (1,008 ) $ 16,168 $ (1,009 ) December 31, 2019 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) U.S. Treasury $ 3,023 $ (36 ) $ 1,947 $ (94 ) $ 4,970 $ (130 ) Canadian government — — 13,804 (850 ) 13,804 (850 ) Corporate 30 — 4,826 (172 ) 4,856 (172 ) Residential mortgage-backed — — 51 (1 ) 51 (1 ) Asset-backed — — 28 (4 ) 28 (4 ) Total fixed income securities with an unrealized loss $ 3,053 $ (36 ) $ 20,656 $ (1,121 ) $ 23,709 $ (1,157 ) Deferred revenue, net Deferred revenue, net represents future revenue, including distributed trust investment earnings associated with unperformed trust-funded preneed contracts that are not held in trust accounts. Future revenue and net trust investment earnings that are held in trust accounts are included in Deferred receipts held in trust . The components of Deferred revenue, net in our unaudited Condensed Consolidated Balance Sheet were as follows: March 31, 2020 December 31, 2019 (In thousands) Deferred revenue $ 2,058,152 $ 2,046,000 Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts (579,632 ) (578,897 ) Deferred revenue, net $ 1,478,520 $ 1,467,103 The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust : Three Months Ended March 31, 2020 2019 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,306,479 $ 4,790,552 Net preneed contract sales 238,471 240,388 Acquisitions (dispositions) of businesses, net 12,743 (12,310 ) Net investment (losses) gains (1) (665,127 ) 230,540 Recognized revenue from backlog (2) (121,611 ) (115,103 ) Recognized revenue from current period sales (107,821 ) (101,242 ) Change in amounts due on unfulfilled performance obligations (2,555 ) (6,178 ) Change in cancellation reserve 1,095 148 Effect of foreign currency and other (17,468 ) 2,807 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 4,644,206 $ 5,029,602 (1) Includes both realized and unrealized investment (losses) gains. (2) Includes current year trust fund income through the date of performance. | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturity dates of our fixed income securities range from 2020 to 2040 . Maturities of fixed income securities (excluding mutual funds) at March 31, 2020 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 54,159 Due in one to five years 33,570 Due in five to ten years 8,478 Thereafter 73 Total estimated maturities of fixed income securities $ 96,280 | |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2020 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) U.S. Treasury $ 491 $ (1 ) $ 1,447 $ (100 ) $ 1,938 $ (101 ) Canadian government — — 11,466 (802 ) 11,466 (802 ) Corporate — — 2,750 (104 ) 2,750 (104 ) Asset-backed — — 14 (2 ) 14 (2 ) Total fixed income securities with an unrealized loss $ 491 $ (1 ) $ 15,677 $ (1,008 ) $ 16,168 $ (1,009 ) | Our fixed income investment unrealized losses, their associated fair values, and the duration of unrealized losses are shown in the following tables: March 31, 2020 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) U.S. Treasury $ 491 $ (1 ) $ 1,447 $ (100 ) $ 1,938 $ (101 ) Canadian government — — 11,466 (802 ) 11,466 (802 ) Corporate — — 2,750 (104 ) 2,750 (104 ) Asset-backed — — 14 (2 ) 14 (2 ) Total fixed income securities with an unrealized loss $ 491 $ (1 ) $ 15,677 $ (1,008 ) $ 16,168 $ (1,009 ) December 31, 2019 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) U.S. Treasury $ 3,023 $ (36 ) $ 1,947 $ (94 ) $ 4,970 $ (130 ) Canadian government — — 13,804 (850 ) 13,804 (850 ) Corporate 30 — 4,826 (172 ) 4,856 (172 ) Residential mortgage-backed — — 51 (1 ) 51 (1 ) Asset-backed — — 28 (4 ) 28 (4 ) Total fixed income securities with an unrealized loss $ 3,053 $ (36 ) $ 20,656 $ (1,121 ) $ 23,709 $ (1,157 ) |
Deferred Preneed Funeral Revenues [Table Text Block] | The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust : Three Months Ended March 31, 2020 2019 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,306,479 $ 4,790,552 Net preneed contract sales 238,471 240,388 Acquisitions (dispositions) of businesses, net 12,743 (12,310 ) Net investment (losses) gains (1) (665,127 ) 230,540 Recognized revenue from backlog (2) (121,611 ) (115,103 ) Recognized revenue from current period sales (107,821 ) (101,242 ) Change in amounts due on unfulfilled performance obligations (2,555 ) (6,178 ) Change in cancellation reserve 1,095 148 Effect of foreign currency and other (17,468 ) 2,807 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 4,644,206 $ 5,029,602 (1) Includes both realized and unrealized investment (losses) gains. |
Debt Level 3 (Tables)
Debt Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | : March 31, 2020 December 31, 2019 (In thousands) 8.0% Senior Notes due November 2021 $ 150,000 $ 150,000 5.375% Senior Notes due May 2024 850,000 850,000 7.5% Senior Notes due April 2027 152,805 153,465 4.625% Senior Notes due December 2027 550,000 550,000 5.125% Senior Notes due June 2029 750,000 750,000 Term Loan due May 2024 625,625 633,750 Bank Credit Facility due May 2024 345,000 295,000 Obligations under finance leases 180,728 185,252 Mortgage notes and other debt, maturities through 2050 45,707 45,104 Unamortized premiums and discounts, net 5,396 5,634 Unamortized debt issuance costs (33,622 ) (34,854 ) Total debt 3,621,639 3,583,351 Less: Current maturities of long-term debt (85,885 ) (69,821 ) Total long-term debt $ 3,535,754 $ 3,513,530 |
Schedule of Maturities of Long-term Debt [Table Text Block] |
Credit Risk and Fair Value of_2
Credit Risk and Fair Value of Financial Instruments Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019 was as follows: March 31, 2020 December 31, 2019 (In thousands) 8.0% Senior Notes due November 2021 $ 153,375 $ 165,375 5.375% Senior Notes due May 2024 858,585 879,606 7.5% Notes due April 2027 169,614 188,381 4.625% Senior Notes due December 2027 546,035 577,500 5.125% Senior Notes due June 2029 825,975 798,525 Term Loan due May 2024 625,625 633,750 Bank Credit Facility due May 2024 345,000 295,000 Mortgage notes and other debt, maturities through 2050 45,707 45,104 Total fair value of debt instruments $ 3,569,916 $ 3,583,241 |
Segment Reporting Level 3 (Tabl
Segment Reporting Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2020 2019 (In thousands) Revenue from customers: Funeral revenue: Atneed revenue $ 264,788 $ 258,730 Matured preneed revenue 163,583 156,450 Core funeral revenue 428,371 415,180 Non-funeral home revenue 14,451 12,973 Recognized preneed revenue 32,800 31,325 Other revenue 29,274 33,316 Total funeral revenue 504,896 492,794 Cemetery revenue: Atneed revenue 85,043 81,451 Recognized preneed property revenue 116,082 128,612 Recognized preneed merchandise and services revenue 68,664 67,039 Core cemetery revenue 269,789 277,102 Other revenue 28,280 28,316 Total cemetery revenue 298,069 305,418 Total revenue from customers $ 802,965 $ 798,212 Gross profit: Funeral gross profit $ 103,576 $ 105,418 Cemetery gross profit 75,468 86,416 Gross profit from reportable segments 179,044 191,834 Corporate general and administrative expenses (31,813 ) (42,978 ) Gains (losses) on divestitures and impairment charges, net 4,545 (1,878 ) Operating income 151,776 146,978 Interest expense (44,351 ) (47,390 ) Loss on early extinguishment of debt, net (139 ) — Other (expense) income, net (1,247 ) 720 Income before income taxes $ 106,039 $ 100,308 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Our geographic area information is as follows: United States Canada Total (In thousands) Three Months Ended March 31, Revenue from external customers 2020 $ 759,272 $ 43,693 $ 802,965 2019 $ 754,080 $ 44,132 $ 798,212 |
Earnings Per Share Level 3 (Tab
Earnings Per Share Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 earnings per share is presented below: Three Months Ended March 31, 2020 2019 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income — basic and diluted $ 81,941 $ 79,323 Weighted average shares: Weighted average shares — basic 180,854 181,696 Stock options 2,675 3,562 Restricted share units 56 59 Weighted average shares — diluted 183,585 185,317 Amounts attributable to common stockholders: Earnings per share: Basic $ 0.45 $ 0.44 Diluted $ 0.45 $ 0.43 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2020 2019 (In thousands) Antidilutive options 1,228 — Antidilutive restricted stock units 31 37 |
Acquisition Level 3 (Tables)
Acquisition Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Business Combination, Separately Recognized Transactions [Table Text Block] | |
Gains (Losses) on Divestitures and Impairment Charges [Table Text Block] | Three Months Ended March 31, 2020 2019 (In thousands) Gains on divestitures, net $ 7,629 $ 546 Impairment losses (3,084 ) (2,424 ) Gains (losses) on divestitures and impairment charges, net $ 4,545 $ (1,878 ) |
Cover Page (Details)
Cover Page (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 29, 2020 | |
Document Information [Line Items] | ||
Document Quarterly Report | true | |
Document Type | 10-Q | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 1-6402-1 | |
Entity Registrant Name | SERVICE CORPORATION INTERNATIONAL | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-1488375 | |
Entity Address, Address Line One | 1929 Allen Parkway | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77019 | |
City Area Code | (713) | |
Local Phone Number | 522-5141 | |
Title of 12(b) Security | Common Stock ($1 par value) | |
Trading Symbol | SCI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 178,143,819 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies, Textuals (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 41,142,000 | ||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 80,549,000 | 83,933,000 | |
Restricted Cash and Cash Equivalents | 58,354,000 | 56,344,000 | |
Restricted Cash, Current | $ 56,308,000 | 54,293,000 | |
Intangible Fair Value Inputs, Royalty Savings Rate, Low | 0.020 | ||
Amortization of cemetery property | $ 13,924,000 | $ 15,723,000 | |
Depreciation | $ 37,912,000 | 37,126,000 | |
Intangible Fair Value Inputs, Royalty Savings Rate | 0.050 | ||
Intangibles Fair Value Inputs, Discount Rate | 6.95% | ||
Other Assets, Current | $ 80,252,000 | 80,488,000 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 3,000,000 | ||
Accounts Receivable, Allowance for Credit Loss | 5,485,000 | 2,262,000 | |
Receivables, net | 75,064,000 | 81,671,000 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 1,128,000 | ||
Other Receivables Noncurrent [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 2,700,000 | ||
Deferred Tax Liability [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 5,900,000 | ||
Deferred Charges And Other Assets [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 700,000 | ||
Miscellaneous accounts receivable [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 26,400,000 | ||
Trade Accounts Receivable [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (4,494,000) | (4,114,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (1,157,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | (523,000) | ||
Allowance For Credit Losses Foreign Currency Translation | 93,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1,207,000 | ||
Notes Receivable [Member] | |||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 16,029,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (8,550,000) | (9,031,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 33,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Allowance For Credit Losses Foreign Currency Translation | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 448,000 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 254,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 98,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7,030,000 | ||
Revolving Line of Credit | 8,647,000 | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Not Past Due | 14,815,000 | ||
Financing Receivable, Past Due | 1,214,000 | ||
Notes Receivable [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 0 | ||
Notes Receivable [Member] | Financing Receivables 30 To 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 0 | ||
Notes Receivable [Member] | Financing Receivables 91 To180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 0 | ||
Notes Receivable [Member] | Financing Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 1,214,000 | ||
Miscellaneous accounts receivable [Member] | |||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 25,038,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (1,308,000) | (918,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (429,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Allowance For Credit Losses Foreign Currency Translation | 39,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Financing Receivable, Originated in Current Fiscal Year | 15,713,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,218,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,338,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,203,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 509,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 57,000 | ||
Revolving Line of Credit | 0 | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Not Past Due | 24,693,000 | ||
Financing Receivable, Past Due | 345,000 | ||
Miscellaneous accounts receivable [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 214,000 | ||
Miscellaneous accounts receivable [Member] | Financing Receivables 30 To 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 41,000 | ||
Miscellaneous accounts receivable [Member] | Financing Receivables 91 To180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 16,000 | ||
Miscellaneous accounts receivable [Member] | Financing Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | $ 74,000 | ||
Funeral [Member] | |||
Allowance for Doubtful Accounts, Premiums and Other Receivables | 1,452,000 | ||
Intangibles Fair Value Inputs, Terminal Growth Rate | 1.00% | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 1,019,000 | ||
Funeral [Member] | Trade Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 40,644,000 | 41,370,000 | |
Accounts Receivable, Allowance for Credit Loss | 2,877,000 | 1,899,000 | |
Receivables, net | 37,767,000 | 39,471,000 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (2,877,000) | (2,690,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (679,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | (523,000) | ||
Allowance For Credit Losses Foreign Currency Translation | 22,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 993,000 | ||
Other Accounts Receivable Current [Member] | Trade Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 17,478,000 | 19,943,000 | |
Accounts Receivable, Allowance for Credit Loss | 367,000 | 0 | |
Receivables, net | 17,111,000 | 19,943,000 | |
Current [Member] | Notes Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 1,826,000 | 1,765,000 | |
Accounts Receivable, Allowance for Credit Loss | 624,000 | 0 | |
Receivables, net | 1,202,000 | 1,765,000 | |
Current [Member] | Miscellaneous accounts receivable [Member] | |||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 17,478,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (367,000) | (203,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (203,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Allowance For Credit Losses Foreign Currency Translation | 39,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Financing Receivable, Originated in Current Fiscal Year | 15,048,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,609,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 484,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 229,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 97,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 11,000 | ||
Revolving Line of Credit | 0 | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Not Past Due | 17,133,000 | ||
Financing Receivable, Past Due | 345,000 | ||
Current [Member] | Miscellaneous accounts receivable [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 214,000 | ||
Current [Member] | Miscellaneous accounts receivable [Member] | Financing Receivables 30 To 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 41,000 | ||
Current [Member] | Miscellaneous accounts receivable [Member] | Financing Receivables 91 To180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 16,000 | ||
Current [Member] | Miscellaneous accounts receivable [Member] | Financing Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 74,000 | ||
Long Term [Member] | Notes Receivable [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 6,277,000 | 6,623,000 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 14,203,000 | 14,997,000 | |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 7,926,000 | 0 | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 0 | 8,374,000 | |
Long Term [Member] | Miscellaneous accounts receivable [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 6,619,000 | 7,287,000 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 7,560,000 | 7,287,000 | |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 941,000 | 0 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 7,560,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (941,000) | (715,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (226,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Allowance For Credit Losses Foreign Currency Translation | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Financing Receivable, Originated in Current Fiscal Year | 665,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,609,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,854,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 974,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 412,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 46,000 | ||
Revolving Line of Credit | 0 | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Not Past Due | 7,560,000 | ||
Financing Receivable, Past Due | 0 | ||
Long Term [Member] | Miscellaneous accounts receivable [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 0 | ||
Long Term [Member] | Miscellaneous accounts receivable [Member] | Financing Receivables 30 To 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 0 | ||
Long Term [Member] | Miscellaneous accounts receivable [Member] | Financing Receivables 91 To180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | 0 | ||
Long Term [Member] | Miscellaneous accounts receivable [Member] | Financing Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Financing Receivable, Past Due | $ 0 | ||
Cemetery [Member] | |||
Allowance for Doubtful Accounts, Premiums and Other Receivables | (39,690,000) | ||
Intangibles Fair Value Inputs, Terminal Growth Rate | 2.40% | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 109,000 | ||
Cemetery [Member] | Trade Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 20,601,000 | 20,855,000 | |
Accounts Receivable, Allowance for Credit Loss | 1,617,000 | 363,000 | |
Receivables, net | 18,984,000 | 20,492,000 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (1,617,000) | $ (1,424,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (478,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Allowance For Credit Losses Foreign Currency Translation | 71,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 214,000 | ||
Retained Earnings [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 17,100,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Revenue Recognition (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue | $ 802,965 | $ 798,212 |
Gross profit | 179,044 | 191,834 |
Costs of revenue | (623,921) | (606,378) |
Corporate general and administrative expenses | (31,813) | (42,978) |
Gains on divestitures and impairment charges, net | (4,545) | 1,878 |
Operating income | 151,776 | 146,978 |
Interest expense | (44,351) | (47,390) |
Loss on early extinguishment of debt, net | 139 | 0 |
Nonoperating Income (Expense) | (1,247) | 720 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 106,039 | 100,308 |
Income Tax Expense (Benefit) | 24,038 | 21,095 |
Net income | 82,001 | 79,213 |
Net income attributable to noncontrolling interests | 60 | (110) |
Net income attributable to common stockholders | $ 81,941 | $ 79,323 |
Net income attributable to common stockholders, basic | $ 0.45 | $ 0.44 |
Net income attributable to common stockholders, diluted | $ 0.45 | $ 0.43 |
Change in amounts due for unfulfilled performance obligations | $ (2,555) | $ (6,178) |
Preneed Activities Investment R
Preneed Activities Investment Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Preneed Activities [Abstract] | ||
Deposits to trust | $ 105,553 | $ 100,452 |
Withdrawals | 114,592 | 107,356 |
Purchases of available-for-sale securities | 434,367 | 446,761 |
Sales of available-for-sale securities | 334,140 | 317,855 |
Realized gains from sales of available-for-sale securities | 52,157 | 43,525 |
Realized losses from sales of available-for-sale securities | $ (85,402) | $ (32,631) |
Preneed Activities Preneed Acti
Preneed Activities Preneed Activities Preneed Receivables and Trust Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Preneed Receivables and Trust Investments [Abstract] | |||
Preneed receivables, net and trust investments | $ 4,122,025 | $ 4,789,562 | |
Change in amounts due for unfulfilled performance obligations | $ (2,555) | $ (6,178) |
Preneed Activities Long-term Re
Preneed Activities Long-term Receivable and Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Long-term receivable and investment components [Line Items] | ||
Preneed funeral receivables, net and trust investments | $ 4,122,025 | $ 4,789,562 |
Cemetery perpetual care trust investments | (1,417,652) | (1,681,149) |
Preneed trust investments | 3,169,036 | 3,842,330 |
Preneed receivables, net and trust investments, excluding allowance for cancellation | 4,122,025 | 4,789,562 |
Insurance-backed fixed income securities and other [Line Items] | 253,571 | 265,160 |
Investments | 4,586,688 | 5,523,479 |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 952,989 | 947,232 |
Assets Held-in-trust | 4,333,117 | 5,258,319 |
Funeral [Member] | ||
Long-term receivable and investment components [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 109,381 | 113,191 |
Cemetery [Member] | ||
Long-term receivable and investment components [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $ 843,608 | $ 834,041 |
Preneed Activities Preneed Ac_2
Preneed Activities Preneed Activities Receivables Net and Trust Invesments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Investments | $ 4,586,688 | $ 5,523,479 | |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 968,213 | 988,374 | |
Beginning balance — Preneed funeral receivables and trust investments | 4,789,562 | ||
Deposits to trust | 105,553 | $ 100,452 | |
Ending balance — Preneed funeral receivables and trust investments | 4,122,025 | ||
Cemetery perpetual care trust investments | 1,417,652 | 1,681,149 | |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (48,384) | (50,570) | |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 952,989 | 947,232 | |
Preneed Accounts Receivable Gross | 1,016,597 | 1,038,944 | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 41,142 | ||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (15,224) | (14,757) | |
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 90,303 | ||
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 367,096 | ||
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 230,669 | ||
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 144,103 | ||
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 76,390 | ||
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 59,652 | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Not Past Due | 884,527 | ||
Accounts Receivable, Noncurrent, Past Due | 83,686 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 1,128 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (1,644) | ||
Accounts Receivable, Allowance for Credit Loss, Acquisitions | 4 | ||
Effect of Foreign Exchange on Allowance for Credit Loss | 45 | ||
Financial Asset, 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | 37,593 | ||
Financing Receivables 30 To 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | 20,140 | ||
Financing Receivables 91 To180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | 8,476 | ||
Financing Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | 17,477 | ||
Funeral [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 117,813 | 114,643 | |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (16,643) | 16,328 | |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 109,381 | 113,191 | |
Preneed Accounts Receivable Gross | 134,456 | 130,971 | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 1,452 | ||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (8,432) | (8,057) | |
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 17,961 | ||
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 52,966 | ||
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 21,401 | ||
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 10,957 | ||
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 4,200 | ||
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 10,328 | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Not Past Due | 98,134 | ||
Accounts Receivable, Noncurrent, Past Due | 19,679 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 1,019 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (1,423) | ||
Accounts Receivable, Allowance for Credit Loss, Acquisitions | 4 | ||
Effect of Foreign Exchange on Allowance for Credit Loss | 25 | ||
Funeral [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | 3,537 | ||
Funeral [Member] | Financing Receivables 30 To 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | 1,828 | ||
Funeral [Member] | Financing Receivables 91 To180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | 1,321 | ||
Funeral [Member] | Financing Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | 12,993 | ||
Cemetery [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 850,400 | 873,731 | |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (31,741) | 34,242 | |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 843,608 | 834,041 | |
Preneed Accounts Receivable Gross | 882,141 | 907,973 | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | (39,690) | ||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (6,792) | $ (6,700) | |
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 72,342 | ||
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 314,130 | ||
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 209,268 | ||
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 133,146 | ||
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 72,190 | ||
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 49,324 | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Not Past Due | 786,393 | ||
Accounts Receivable, Noncurrent, Past Due | 64,007 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 109 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (221) | ||
Accounts Receivable, Allowance for Credit Loss, Acquisitions | 0 | ||
Effect of Foreign Exchange on Allowance for Credit Loss | 20 | ||
Cemetery [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | 34,056 | ||
Cemetery [Member] | Financing Receivables 30 To 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | 18,312 | ||
Cemetery [Member] | Financing Receivables 91 To180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | 7,155 | ||
Cemetery [Member] | Financing Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Accounts Receivable, Noncurrent, Past Due | $ 4,484 |
Preneed Activities Schedule of
Preneed Activities Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 3,627,639 | |
Available-for-sale Securities, Gross Unrealized Gains | 162,267 | |
Available-for-sale Securities, Gross Unrealized Losses | (683,793) | |
Available-for-sale Securities, Fair Value | 3,106,113 | |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 3,600,688 | |
Available-for-sale Securities, Gross Unrealized Gains | 385,203 | |
Available-for-sale Securities, Gross Unrealized Losses | (126,983) | |
Available-for-sale Securities, Fair Value | 3,858,908 | |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 48,320 | 49,728 |
Available-for-sale Securities, Gross Unrealized Gains | 1,882 | 752 |
Available-for-sale Securities, Gross Unrealized Losses | (101) | (130) |
Available-for-sale Securities, Fair Value | 50,101 | 50,350 |
Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 36,771 | 41,093 |
Available-for-sale Securities, Gross Unrealized Gains | 94 | 76 |
Available-for-sale Securities, Gross Unrealized Losses | (802) | (850) |
Available-for-sale Securities, Fair Value | 36,063 | 40,319 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 6,647 | 9,694 |
Available-for-sale Securities, Gross Unrealized Gains | 60 | 28 |
Available-for-sale Securities, Gross Unrealized Losses | (104) | (172) |
Available-for-sale Securities, Fair Value | 6,603 | 9,550 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 3,221 | 3,210 |
Available-for-sale Securities, Gross Unrealized Gains | 162 | 59 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | (1) |
Available-for-sale Securities, Fair Value | 3,383 | 3,268 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 128 | 129 |
Available-for-sale Securities, Gross Unrealized Gains | 4 | 3 |
Available-for-sale Securities, Gross Unrealized Losses | (2) | (4) |
Available-for-sale Securities, Fair Value | 130 | 128 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 685 | 6,338 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 804 |
Available-for-sale Securities, Gross Unrealized Losses | (192) | (115) |
Available-for-sale Securities, Fair Value | 493 | 7,027 |
Fair Value, Inputs, Level 1 [Member] | US Common Stock Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,355,659 | 1,349,828 |
Available-for-sale Securities, Gross Unrealized Gains | 139,724 | 303,766 |
Available-for-sale Securities, Gross Unrealized Losses | (259,124) | (36,507) |
Available-for-sale Securities, Fair Value | 1,236,259 | 1,617,087 |
Fair Value, Inputs, Level 1 [Member] | Canada Common Stock Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 35,161 | 43,866 |
Available-for-sale Securities, Gross Unrealized Gains | 8,039 | 12,369 |
Available-for-sale Securities, Gross Unrealized Losses | (5,461) | (2,075) |
Available-for-sale Securities, Fair Value | 37,739 | 54,160 |
Fair Value, Inputs, Level 1 [Member] | Other International Common Stock Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 89,939 | 95,257 |
Available-for-sale Securities, Gross Unrealized Gains | 6,865 | 18,227 |
Available-for-sale Securities, Gross Unrealized Losses | (9,211) | (522) |
Available-for-sale Securities, Fair Value | 87,593 | 112,962 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 777,284 | 746,581 |
Available-for-sale Securities, Gross Unrealized Gains | 1,673 | 31,511 |
Available-for-sale Securities, Gross Unrealized Losses | (249,187) | (54,020) |
Available-for-sale Securities, Fair Value | 529,770 | 724,072 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,273,438 | 1,247,930 |
Available-for-sale Securities, Gross Unrealized Gains | 3,732 | 16,424 |
Available-for-sale Securities, Gross Unrealized Losses | (159,609) | (32,587) |
Available-for-sale Securities, Fair Value | 1,117,561 | 1,231,767 |
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 386 | 7,034 |
Available-for-sale Securities, Gross Unrealized Gains | 32 | 1,184 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value | 418 | 8,218 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,167,855 | |
Available-for-sale Securities, Gross Unrealized Gains | 81,931 | |
Available-for-sale Securities, Gross Unrealized Losses | (22,782) | |
Available-for-sale Securities, Fair Value | 1,227,004 | |
Reported Value Measurement [Member] | Commingled funds - Fixed inc [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 443,215 | 444,744 |
Available-for-sale Securities, Gross Unrealized Gains | 959 | 5,077 |
Available-for-sale Securities, Gross Unrealized Losses | (4,927) | (1,731) |
Available-for-sale Securities, Fair Value | 439,247 | 448,090 |
Reported Value Measurement [Member] | Commingled funds - Equity [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 255,846 | 249,980 |
Available-for-sale Securities, Gross Unrealized Gains | 1,012 | 47,631 |
Available-for-sale Securities, Gross Unrealized Losses | (8,230) | 0 |
Available-for-sale Securities, Fair Value | 248,628 | 297,611 |
Reported Value Measurement [Member] | Money Market Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 290,028 | 397,461 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value | 290,028 | 397,461 |
Reported Value Measurement [Member] | Private Equity Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 178,766 | 176,388 |
Available-for-sale Securities, Gross Unrealized Gains | 79,960 | 80,283 |
Available-for-sale Securities, Gross Unrealized Losses | (9,625) | (422) |
Available-for-sale Securities, Fair Value | 249,101 | 256,249 |
Reported Value Measurement [Member] | Reported At Net Asset Value [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,268,573 | |
Available-for-sale Securities, Gross Unrealized Gains | 132,991 | |
Available-for-sale Securities, Gross Unrealized Losses | (2,153) | |
Available-for-sale Securities, Fair Value | 1,399,411 | |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 4,795,494 | 4,869,261 |
Available-for-sale Securities, Gross Unrealized Gains | 244,198 | 518,194 |
Available-for-sale Securities, Gross Unrealized Losses | (706,575) | (129,136) |
Available-for-sale Securities, Fair Value | $ 4,333,117 | $ 5,258,319 |
Preneed Activities Level 3 Acti
Preneed Activities Level 3 Activities (Details) - Other Investments [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair market value, beginning balance | $ 8,218 | $ 9,755 |
Net realized losses included in Other income, net(2) | (974) | (1,142) |
Purchases | 10 | 0 |
Sales | (25) | (1,505) |
Fair market value, ending balance | 418 | 7,108 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ (6,811) | $ 0 |
Preneed Activities Investments
Preneed Activities Investments Classified by Contractual Maturity Date (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Preneed Activities [Abstract] | |
Due in one year or less | $ 54,159 |
Due in one to five years | 33,570 |
Due in five to ten years | 8,478 |
Thereafter | 73 |
Total | $ 96,280 |
Preneed Activities Schedule o_2
Preneed Activities Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 3,053 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (36) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 20,656 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (1,121) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 23,709 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (1,157) | |
US Treasury Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 491 | 3,023 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (1) | (36) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,447 | 1,947 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (100) | (94) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,938 | 4,970 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (101) | (130) |
Debt Security, Government, Non-US [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 11,466 | 13,804 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (802) | (850) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 11,466 | 13,804 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (802) | (850) |
Corporate Debt Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 30 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,750 | 4,826 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (104) | (172) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,750 | 4,856 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (104) | (172) |
Residential Mortgage Backed Securities [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 | 51 | |
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 | 51 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (1) | |
Asset-backed Securities [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 14 | 28 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (2) | (4) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14 | 28 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | (2) | $ (4) |
Estimate of Fair Value Measurement [Member] | ||
Schedule of unrealized loss on investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 491 | |
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 | 15,677 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (1,008) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 16,168 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ (1,009) |
Preneed Activities Preneed Ac_3
Preneed Activities Preneed Activities Deferred Revenue Net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Deferred Revenue [Abstract] | |||
Deferred revenue, Gross | $ 2,058,152 | $ 2,046,000 | |
Amounts Due for Unfulfilled Performance Obligations | (579,632) | $ (578,897) | |
Deferred Revenue | $ 1,478,520 | $ 1,467,103 |
Preneed Activities Preneed Ac_4
Preneed Activities Preneed Activities Deferred Preneed Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Preneed Revenues [Roll Forward] | ||||
Deferred revenue and deferred receipts held in trust | $ 4,644,206 | $ 5,029,602 | $ 5,306,479 | $ 4,790,552 |
Net preneed contract sales | 238,471 | 240,388 | ||
Acquisitions (dispositions) of businesses, net | 12,743 | (12,310) | ||
Net investment (losses) earnings | (665,127) | 230,540 | ||
Change in amounts due for unfulfilled performance obligations | (2,555) | (6,178) | ||
Recognized Revenue From Backlog | (121,611) | (115,103) | ||
Recognized Revenue From Current Period | (107,821) | (101,242) | ||
Change in cancellation allowance | 1,095 | 148 | ||
Effect of foreign currency and other | $ (17,468) | $ 2,807 |
Preneed Activities Preneed Ac_5
Preneed Activities Preneed Activities, Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Preneed Activities [Abstract] | ||
Investment Earnings, Net | $ 32.2 | $ 27.5 |
Available-for-sale securities, estimated maturity date, maximum | 2040 | |
Available-for-sale securities, estimated maturity date, minimum | 2020 | |
ECF Investment Earnings, Net | $ 19.5 | $ 20.5 |
Income Taxes Income Taxes Level
Income Taxes Income Taxes Level 4-Detail 1 (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Taxes [Abstract] | ||
Total effective tax rate | 22.70% | 21.00% |
Unrecognized Tax Benefits | $ 1.3 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0.7 | |
Federal Statutory Tax Rate | 21.00% |
Debt Level 4 (Details)
Debt Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Principal payments on capital leases | $ 10,254 | $ 10,657 | |
Repayments of Debt | 34,000 | 143,500 | |
Repayments of Other Debt | 100 | 100 | |
Losses on early extinguishment of debt, net | (139) | 0 | |
Notes Payable to Bank, Noncurrent | 625,625 | $ 633,750 | |
Total debt | 3,621,639 | 3,583,351 | |
Current maturities of long-term debt | (85,885) | (69,821) | |
Less current maturities | 85,885 | 69,821 | |
Total long-term debt | $ 3,535,754 | $ 3,513,530 | |
Debt, Weighted Average Interest Rate | 4.64% | 4.72% | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 69.00% | ||
Letters of Credit, Maximum Borrowing Capacity | $ 34,000 | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 10,100 | 24,900 | |
Unamortized Debt Issuance Expense | (33,622) | $ (34,854) | |
Bank credit facility | 345,000 | 295,000 | |
January 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Bank credit facility | 345,000 | 295,000 | |
April 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | 700 | ||
Bank Credit Facility due March 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | 135,000 | ||
Term Loan December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 8,400 | ||
December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable to Bank, Noncurrent | 625,600 | ||
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized pricing discounts and other | 5,396 | 5,634 | |
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 | 152,805 | 153,465 | |
Unsecured Debt [Member] | May 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 850,000 | 850,000 | |
Unsecured Debt [Member] | December 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 550,000 | 550,000 | |
Unsecured Debt [Member] | June 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 750,000 | 750,000 | |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Obligations under capital leases | 180,728 | 185,252 | |
Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes and other debt, maturities through 2047 | $ 45,707 | $ 45,104 |
Debt Debt, Textuals (Details)
Debt Debt, Textuals (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 28, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 4.64% | 4.72% | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 69.00% | |||
Notes Payable to Bank, Noncurrent | $ 625,625 | $ 633,750 | ||
Line of Credit Facility, Amount Outstanding | $ 345,000 | 295,000 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||
Letters of Credit, Maximum Borrowing Capacity | $ 34,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 621,000 | |||
Principal payments on capital leases | 10,254 | $ 10,657 | ||
Repayments of Other Debt | 100 | 100 | ||
Repayments of Debt | 34,000 | 143,500 | ||
Losses on early extinguishment of debt, net | (139) | 0 | ||
Long-term Debt, Fair Value | 3,569,916 | 3,583,241 | ||
Debt Instrument, Increase (Decrease), Net | 75,000 | 15,000 | ||
Redemption Premium | 100 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 10,100 | 24,900 | ||
Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | $ 390,000 | |||
Line of Credit Facility, Increase (Decrease), Net | $ 45,000 | |||
April 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 700 | |||
Bank Credit Facility due March 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 135,000 | |||
Term Loan December 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 8,400 | |||
January 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | 345,000 | 295,000 | ||
May 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Periodic Payment | 8,100 | |||
Bank Credit Facility 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Periodic Payment | 25,000 | |||
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 | 152,805 | 153,465 | ||
Unsecured Debt [Member] | December 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 550,000 | 550,000 | ||
Unsecured Debt [Member] | May 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 850,000 | $ 850,000 |
Credit Risk and Fair Value of_3
Credit Risk and Fair Value of Financial Instruments Level 4 (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility | $ 345,000 | $ 295,000 |
Notes Payable | 45,707 | 45,104 |
Long-term Debt, Fair Value | 3,569,916 | 3,583,241 |
May 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 858,585 | 879,606 |
November 2021 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 153,375 | 165,375 |
January 2022 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility | 345,000 | 295,000 |
Term Loan | 625,625 | 633,750 |
April 2027 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 169,614 | 188,381 |
December 2027 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 546,035 | 577,500 |
June 2029 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 825,975 | $ 798,525 |
Commitments and Contingencies_2
Commitments and Contingencies Level 4 (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Self Insurance Reserve | $ 86.3 | $ 84.3 |
Loss Contingency, Damages Sought, Value | $ 13.6 |
Equity Textuals (Details)
Equity Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 28, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, par or stated value per share | $ 1 | $ 1 | ||
Common stock, shares, issued | 186,057,728 | 185,100,789 | ||
Common stock, shares outstanding | 179,241,180 | 181,184,963 | ||
Treasury Stock, Shares, Acquired | 2,900,722 | |||
Treasury Stock, Value, Acquired, Par Value Method | $ 123,100 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 42.44 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 193,700 | |||
Dividends declared per share | $ 190 | $ 180 | ||
Payments of Dividends, Common Stock | $ 34,414 | $ 32,820 | ||
Subsequent Event [Member] | ||||
Treasury Stock, Shares, Acquired | 1,097,361 | |||
Treasury Stock, Value, Acquired, Par Value Method | $ 41,800 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 38.09 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 151,900 |
Segment Reporting Level 4 (Deta
Segment Reporting Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Restricted Cash and Cash Equivalents, Noncurrent | $ 2,046 | $ 2,051 | |
Revenues | 802,965 | $ 798,212 | |
Interest expense | (44,351) | (47,390) | |
Depreciation and amortization | 37,912 | 37,126 | |
Amortization of intangibles | 5,257 | 7,066 | |
Amortization of cemetery property | 13,924 | 15,723 | |
Total assets | 12,715,258 | $ 13,677,430 | |
Capital expenditures | 52,275 | 51,573 | |
Gross profits from reportable segments | 179,044 | 191,834 | |
Corporate general and administrative expenses | (31,813) | (42,978) | |
Gains on divestitures and impairment charges, net | 4,545 | (1,878) | |
Operating income | 151,776 | 146,978 | |
Losses on early extinguishment of debt, net | (139) | 0 | |
Other income (expense), net | (1,247) | 720 | |
Income from continuing operations before income taxes | 106,039 | 100,308 | |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Revenues | 759,272 | 754,080 | |
CANADA | |||
Segment Reporting Information [Line Items] | |||
Revenues | 43,693 | 44,132 | |
Funeral [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 504,896 | 492,794 | |
Gross profits from reportable segments | 103,576 | 105,418 | |
Cemetery [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 298,069 | 305,418 | |
Gross profits from reportable segments | 75,468 | 86,416 | |
Funeral Atneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 264,788 | 258,730 | |
Funeral Matured Preneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 163,583 | 156,450 | |
Funeral Core Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 428,371 | 415,180 | |
Non-funeral Home Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 14,451 | 12,973 | |
Funeral Recognized Preneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 32,800 | 31,325 | |
Funeral Other Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 29,274 | 33,316 | |
Cemetery Atneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 85,043 | 81,451 | |
Cemetery Recognized Preneed Property Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 116,082 | 128,612 | |
Cemetery Recognized Preneed Merchandise And Service Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 68,664 | 67,039 | |
Cemetery Core Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 269,789 | 277,102 | |
Cemetery Other Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 28,280 | $ 28,316 |
Earnings Per Share Level 4 (Det
Earnings Per Share Level 4 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Income (Loss) Attributable to Parent [Abstract] | ||
Net income attributable to common stockholders | $ 81,941 | $ 79,323 |
Weighted average shares (denominator): | ||
Weighted average shares — basic | 180,854 | 181,696 |
Weighted average shares — diluted | 183,585 | 185,317 |
Net income attributable to common stockholders, basic | $ 0.45 | $ 0.44 |
Net income attributable to common stockholders, diluted | $ 0.45 | $ 0.43 |
Stock Options [Member] | ||
Weighted average shares (denominator): | ||
Share based compensation | 2,675 | 3,562 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,228,000 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Weighted average shares (denominator): | ||
Share based compensation | 56 | 59 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 31,000 | 37,000 |
Acquisition, Textuals (Details)
Acquisition, Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Acquisitions [Abstract] | ||
PaymentsToAcquireBusinessesIncludiing1031ExchangeFunds | $ 28,500 | $ 19,200 |
(Losses) gains on divestitures | 7,629 | 546 |
Impairment losses | (3,084) | (2,424) |
Gains on divestitures and impairment charges, net | $ (4,545) | $ 1,878 |
Uncategorized Items - sci-33120
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 242,620,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 207,584,000 |