Cover Page Details
Cover Page Details - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 02, 2022 | |
Document Information [Line Items] | ||
Document Quarterly Report | true | |
Document Type | 10-Q | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
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 ($1 par value) | |
Trading Symbol | SCI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 154,737,723 | |
Subsequent Event [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 153,805,512 |
Document and Entity Information
Document and Entity Information Document | 9 Months Ended |
Sep. 30, 2022 shares | |
Document Information [Line Items] | |
Entity Registrant Name | SERVICE CORPORATION INTERNATIONAL |
Entity Central Index Key | 0000089089 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Entity Shell Company | false |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 154,737,723 |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Product Information [Line Items] | ||||
Revenue | $ 977,720 | $ 1,034,372 | $ 3,080,978 | $ 3,099,888 |
Costs of revenue | (746,764) | (696,369) | (2,206,464) | (2,106,118) |
Gross profit | 230,956 | 338,003 | 874,514 | 993,770 |
Corporate general and administrative expenses | (41,911) | (41,461) | (129,336) | (116,779) |
Gains on divestitures and impairment charges, net | 14,403 | 7,804 | 15,186 | 15,232 |
Operating income | 203,448 | 304,346 | 760,364 | 892,223 |
Interest expense | (43,508) | (38,618) | (123,107) | (111,865) |
Losses on early extinguishment of debt, net | 0 | 0 | (1,225) | (5,226) |
Other income (expense), net | (1,514) | 8,218 | (2,489) | 9,214 |
Income before income taxes | 158,426 | 273,946 | 633,543 | 784,346 |
(Provision for) benefit from income taxes | (37,521) | (64,003) | (159,925) | (187,659) |
Net income | 120,905 | 209,943 | 473,618 | 596,687 |
Net income attributable to noncontrolling interests | (55) | (88) | (585) | (248) |
Net income attributable to common stockholders | $ 120,850 | $ 209,855 | $ 473,033 | $ 596,439 |
Basic earnings per share: | ||||
Net income attributable to common stockholders, basic | $ 0.77 | $ 1.25 | $ 2.98 | $ 3.54 |
Basic weighted average number of shares | 156,781 | 167,417 | 158,921 | 168,586 |
Diluted earnings per share: | ||||
Net income attributable to common stockholders, diluted | $ 0.76 | $ 1.23 | $ 2.93 | $ 3.49 |
Diluted weighted average number of shares | 159,100 | 170,005 | 161,398 | 171,057 |
Dividends declared per share | $ 250 | |||
Product [Member] | ||||
Product Information [Line Items] | ||||
Revenue | $ 508,746 | $ 532,722 | $ 1,600,109 | $ 1,607,090 |
Costs of revenue | (256,700) | (248,957) | (779,230) | (748,716) |
Service [Member] | ||||
Product Information [Line Items] | ||||
Revenue | 403,725 | 432,458 | 1,278,841 | 1,287,934 |
Costs of revenue | (222,636) | (210,344) | (659,978) | (615,700) |
Product and Service, Other [Member] | ||||
Product Information [Line Items] | ||||
Revenue | 65,249 | 69,192 | 202,028 | 204,864 |
Costs of revenue | $ (267,428) | $ (237,068) | $ (767,256) | $ (741,702) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 120,905 | $ 209,943 | $ 473,618 | $ 596,687 |
Foreign currency translation adjustments | (22,046) | (11,345) | (28,634) | 594 |
Total comprehensive income | 98,859 | 198,598 | 444,984 | 597,281 |
Total comprehensive income attributable to noncontrolling interests | (50) | (87) | (579) | (247) |
Total comprehensive income attributable to common stockholders | $ 98,809 | $ 198,511 | $ 444,405 | $ 597,034 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 167,965 | $ 268,626 |
Receivables, net | 86,471 | 106,051 |
Inventories | 31,595 | 25,935 |
Other | 52,315 | 40,448 |
Total current assets | 338,346 | 441,060 |
Accounts Receivable, Allowance for Credit Loss | (5,836) | (6,338) |
Preneed receivables, net and trust investments | 5,278,066 | 6,015,323 |
Cemetery property | 1,912,232 | 1,900,844 |
Property and equipment, net | 2,297,950 | 2,252,158 |
Goodwill | 1,907,169 | 1,915,082 |
Allowance for credit losses for Deferred charges and other assets | 3,616 | 4,577 |
Deferred charges and other assets | 1,150,264 | 1,169,813 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (24,363) | (20,727) |
Cemetery perpetual care trust investments | 1,607,502 | 1,996,898 |
Total assets | 14,491,529 | 15,691,178 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 641,400 | 659,494 |
Current maturities of long-term debt | 63,510 | 65,016 |
Income taxes payable | 1,678 | 3,751 |
Total current liabilities | 706,588 | 728,261 |
Long-term debt | 4,127,411 | 3,901,304 |
Deferred preneed revenue | 1,600,338 | 1,532,749 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 447,433 | 437,902 |
Other liabilities | 407,269 | 438,903 |
Deferred receipts held in trust | 3,921,886 | 4,766,492 |
Care trusts’ corpus | 1,603,182 | 1,976,118 |
Commitments and contingencies (Note 9) | ||
Common stock, shares authorized | 500,000,000 | |
Common stock, par or stated value per share | $ 1 | |
Common stock, shares outstanding | 154,737,723 | 163,114,202 |
Equity: | ||
Common Stock, Value, Outstanding | $ 154,738 | $ 163,114 |
Capital in excess of par value | 951,247 | 979,096 |
Retained Earnings (Accumulated Deficit) | 559,631 | 727,021 |
Accumulated other comprehensive income | 11,586 | 40,214 |
Total common stockholders’ equity | 1,677,202 | 1,909,445 |
Noncontrolling interests | 220 | 4 |
Total equity | 1,677,422 | 1,909,449 |
Total liabilities and equity | $ 14,491,529 | $ 15,691,178 |
Common stock, shares, issued | 167,598,044 | 166,821,502 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses for Deferred charges and other assets | $ 3,616 | $ 4,577 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 473,618 | $ 596,687 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Losses on early extinguishment of debt, net | 1,225 | 5,226 |
Depreciation and amortization | 130,451 | 119,200 |
Amortization of intangibles | 14,059 | 15,095 |
Amortization of cemetery property | 69,059 | 75,394 |
Amortization of loan costs | 5,182 | 4,736 |
Provision for expected credit losses | 11,404 | 8,545 |
Provision for (benefit from) deferred income taxes | 7,302 | (8,125) |
Share-based compensation | 11,063 | 10,630 |
Gain (Loss) on Disposition of Assets | (15,186) | (15,232) |
Gain on Sale of Investments | (1,169) | 0 |
Change in assets and liabilities, net of effects from acquisitions and divestitures: | ||
Increase (Decrease) in Accounts Receivable | 15,349 | (9,921) |
Increase (Decrease) in Other Operating Assets | 2,622 | (39,681) |
Increase (Decrease) in Operating Liabilities | 17,147 | (84,404) |
Effect of preneed funeral production and maturities: | ||
Increase in preneed receivables, net and trust investments | (248,289) | (246,867) |
Increase in deferred revenue, net | 173,474 | 92,991 |
Increase in deferred receipts held in trust | 22,426 | 37,280 |
Net cash provided by operating activities | 655,443 | 730,362 |
Cash flows from investing activities: | ||
Capital expenditures | (252,763) | (177,767) |
Payments to Acquire Businesses, Net of Cash Acquired | (13,488) | (9,221) |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | (8,901) | (15,642) |
Proceeds from divestitures and sales of property and equipment | 31,394 | 25,602 |
Proceeds from Limited Partnership Investments | 1,330 | 0 |
Payment to Acquire Life Insurance Policy, Investing Activities | (1,788) | (3,666) |
Net cash used in investing activities | (244,216) | (180,694) |
Cash flows from financing activities | ||
Payments of Debt Issuance Costs | 0 | 13,640 |
Proceeds from issuance of long-term debt | 325,000 | 820,000 |
Early payments and extinguishment of debt | (65,591) | (699,837) |
Finance Lease, Principal Payments | 26,779 | 25,421 |
Repayments of Unsecured Debt | (27,212) | (27,110) |
Proceeds from exercise of stock options | 16,840 | 34,521 |
Purchase of Company common stock | (586,562) | (344,373) |
Payments of dividends | (118,435) | (109,285) |
Bank overdrafts and other | (13,854) | (3,497) |
Net cash (used in) provided by financing activities | (496,593) | (368,642) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | (4,744) | (197) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (90,110) | 180,829 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 188,445 | $ 419,439 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Capital in Excess of Par Value | Retained Earnings [Member] | Accumulated Other Comprehensive Income | Noncontrolling Interest |
Balance at beginning of period at Dec. 31, 2020 | $ 1,752,621 | $ 174,792 | $ (4,075) | $ 981,934 | $ 560,731 | $ 39,366 | $ (127) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 233,960 | 0 | 0 | 0 | 228,879 | 5,005 | 76 |
Dividends, Common Stock | $ (35,568) | 0 | 0 | 0 | 35,568 | 0 | 0 |
Dividends declared per share | $ 210 | ||||||
Stock option exercises | $ 2,364 | 99 | 0 | 2,265 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 163 | 0 | (163) | 0 | 0 | 0 |
Employee share-based compensation earned | 3,500 | 0 | 0 | 3,500 | 0 | 0 | 0 |
Purchase of Company common stock | $ (106,217) | $ 0 | $ (2,142) | $ (12,304) | $ (91,771) | $ 0 | $ 0 |
Treasury Stock, Shares, Retired | 0 | 3 | 3 | 0 | 0 | 0 | 0 |
Balance at end of period at Mar. 31, 2021 | $ 1,850,660 | $ 175,051 | $ (6,214) | $ 975,232 | $ 662,271 | $ 44,371 | $ (51) |
Balance at beginning of period at Dec. 31, 2020 | 1,752,621 | 174,792 | (4,075) | 981,934 | 560,731 | 39,366 | (127) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 597,281 | ||||||
Balance at end of period at Sep. 30, 2021 | 1,941,895 | 176,391 | (10,310) | 989,834 | 746,019 | 39,961 | 0 |
Balance at beginning of period at Mar. 31, 2021 | 1,850,660 | 175,051 | (6,214) | 975,232 | 662,271 | 44,371 | (51) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 164,723 | 0 | 0 | 0 | 157,705 | 6,934 | 84 |
Dividends, Common Stock | (35,352) | 0 | 0 | 0 | 35,352 | 0 | 0 |
Stock option exercises | 13,972 | 644 | 0 | 13,328 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | (3) | 0 | 3 | 0 | 0 | 0 |
Employee share-based compensation earned | 3,596 | 0 | 0 | 3,596 | 0 | 0 | 0 |
Purchase of Company common stock | (81,048) | 0 | (1,542) | (8,955) | (70,551) | 0 | 0 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 60 | 0 | 0 | 0 | 0 | 0 | 60 |
Other | (1,620) | (33) | 0 | (1,587) | 0 | 0 | 0 |
Balance at end of period at Jun. 30, 2021 | 1,918,111 | 175,725 | (7,756) | 984,791 | 714,073 | 51,305 | (27) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 198,598 | 0 | 0 | 0 | 209,855 | (11,344) | 87 |
Dividends, Common Stock | (38,365) | 0 | 0 | 0 | 38,365 | 0 | 0 |
Stock option exercises | 18,267 | 666 | 0 | 17,601 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Employee share-based compensation earned | 3,534 | 0 | 0 | 3,534 | 0 | 0 | 0 |
Purchase of Company common stock | (157,190) | 0 | (2,554) | (15,092) | (139,544) | 0 | 0 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 60 | 0 | 0 | 0 | 0 | 0 | 60 |
Other | 1,000 | 0 | 0 | 1,000 | 0 | 0 | 0 |
Balance at end of period at Sep. 30, 2021 | 1,941,895 | 176,391 | (10,310) | 989,834 | 746,019 | 39,961 | 0 |
Balance at beginning of period at Dec. 31, 2021 | 1,909,449 | 166,822 | (3,708) | 979,096 | 727,021 | 40,214 | 4 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 226,846 | 0 | 0 | 0 | 219,513 | 7,279 | 54 |
Dividends, Common Stock | (39,964) | 0 | 0 | 0 | (39,964) | 0 | 0 |
Stock option exercises | 272 | 7 | 0 | 265 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 147 | 0 | (147) | 0 | 0 | 0 |
Employee share-based compensation earned | 3,687 | 0 | 0 | 3,687 | 0 | 0 | 0 |
Purchase of Company common stock | (256,355) | 0 | (4,104) | (24,613) | (227,638) | 0 | 0 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 162 | 0 | 0 | 0 | 0 | 0 | 162 |
Other | 1,127 | 0 | 0 | 1,127 | 0 | 0 | 0 |
Balance at end of period at Mar. 31, 2022 | 1,842,646 | 166,976 | (7,812) | 957,161 | 678,932 | 47,493 | (104) |
Balance at beginning of period at Dec. 31, 2021 | 1,909,449 | 166,822 | (3,708) | 979,096 | 727,021 | 40,214 | 4 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 444,984 | ||||||
Balance at end of period at Sep. 30, 2022 | 1,677,422 | 167,599 | (12,861) | 951,247 | 559,631 | 11,586 | 220 |
Balance at beginning of period at Mar. 31, 2022 | 1,842,646 | 166,976 | (7,812) | 957,161 | 678,932 | 47,493 | (104) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 119,279 | 0 | 0 | 0 | 132,670 | (13,866) | 475 |
Dividends, Common Stock | $ (39,663) | 0 | 0 | 0 | (39,663) | 0 | 0 |
Dividends declared per share | $ 230 | ||||||
Stock option exercises | $ 15,925 | 574 | 0 | 15,351 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 2 | 0 | (2) | 0 | 0 | 0 |
Employee share-based compensation earned | 3,713 | 0 | 0 | 3,713 | 0 | 0 | 0 |
Purchase of Company common stock | (103,759) | 0 | (1,545) | (9,327) | (92,887) | 0 | 0 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 141 | 0 | 0 | 0 | 0 | 0 | 141 |
Other | (1,583) | (24) | 0 | (1,559) | 0 | 0 | 0 |
Balance at end of period at Jun. 30, 2022 | 1,839,583 | 167,576 | (9,357) | 968,455 | 679,052 | 33,627 | 230 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 98,859 | 0 | 0 | 0 | 120,850 | (22,041) | 50 |
Dividends, Common Stock | $ (38,808) | 0 | 0 | 0 | (38,808) | 0 | 0 |
Dividends declared per share | $ 250 | ||||||
Stock option exercises | $ 643 | 23 | 0 | 620 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 0 | (1) | 1 | 0 | 0 | 0 |
Employee share-based compensation earned | 3,663 | 0 | 0 | 3,663 | 0 | 0 | 0 |
Purchase of Company common stock | (226,448) | 0 | (3,503) | (21,482) | (201,463) | 0 | 0 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 60 | 0 | 0 | 0 | 0 | 0 | 60 |
Other | 10 | 0 | 0 | 10 | 0 | 0 | 0 |
Balance at end of period at Sep. 30, 2022 | $ 1,677,422 | $ 167,599 | $ (12,861) | $ 951,247 | $ 559,631 | $ 11,586 | $ 220 |
Preneed Activities Preneed Acti
Preneed Activities Preneed Activities Receivables Net and Trust Invesments - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Total Preneed receivables, Past Due | $ 109,015 | $ 109,015 | |
Preneed Receivable, Not Past Due | 1,262,507 | 1,262,507 | |
Investments | 5,538,409 | 5,538,409 | $ 6,768,440 |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,371,522 | 1,371,522 | 1,264,508 |
Beginning balance — Preneed funeral receivables and trust investments | 6,015,323 | ||
Deposits to trust | 134,918 | 403,340 | |
Ending balance — Preneed funeral receivables and trust investments | 5,278,066 | 5,278,066 | |
Cemetery perpetual care trust investments | 1,607,502 | 1,607,502 | 1,996,898 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (18,768) | (18,768) | (23,214) |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 1,347,159 | 1,347,159 | 1,243,781 |
Preneed Accounts Receivable Gross | 1,390,290 | 1,390,290 | 1,287,722 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (24,363) | (24,363) | (20,727) |
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 463,457 | 463,457 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 445,358 | 445,358 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 251,305 | 251,305 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 114,762 | 114,762 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 53,508 | 53,508 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 43,132 | 43,132 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 3,036 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (6,700) | ||
Effect of Foreign Exchange on Allowance for Credit Loss | 28 | ||
Financing Receivables 30 To 90 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | 27,262 | 27,262 | |
Financing Receivables 91 To180 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | 8,052 | 8,052 | |
Financing Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | 26,482 | 26,482 | |
Financial Receivables, 1 to 29 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | 47,219 | 47,219 | |
Funeral [Member] | |||
Total Preneed receivables, Past Due | 30,583 | 30,583 | |
Preneed Receivable, Not Past Due | 134,849 | 134,849 | |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 165,432 | 165,432 | 150,145 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (11,270) | (11,270) | (12,038) |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 151,719 | 151,719 | 137,423 |
Preneed Accounts Receivable Gross | 176,702 | 176,702 | 162,183 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (13,713) | (13,713) | (12,722) |
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 61,654 | 61,654 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 48,407 | 48,407 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 24,884 | 24,884 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 13,341 | 13,341 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 4,633 | 4,633 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 12,513 | 12,513 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 2,498 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (3,498) | ||
Effect of Foreign Exchange on Allowance for Credit Loss | 9 | ||
Funeral [Member] | Financing Receivables 30 To 90 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | 3,146 | 3,146 | |
Funeral [Member] | Financing Receivables 91 To180 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | 2,007 | 2,007 | |
Funeral [Member] | Financing Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | 20,517 | 20,517 | |
Funeral [Member] | Financial Receivables, 1 to 29 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | 4,913 | 4,913 | |
Cemetery [Member] | |||
Total Preneed receivables, Past Due | 78,432 | 78,432 | |
Preneed Receivable, Not Past Due | 1,127,658 | 1,127,658 | |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,206,090 | 1,206,090 | 1,114,363 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (7,498) | (7,498) | (11,176) |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 1,195,440 | 1,195,440 | 1,106,358 |
Preneed Accounts Receivable Gross | 1,213,588 | 1,213,588 | 1,125,539 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (10,650) | (10,650) | $ (8,005) |
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 401,803 | 401,803 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 396,951 | 396,951 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 226,421 | 226,421 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 101,421 | 101,421 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 48,875 | 48,875 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 30,619 | 30,619 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 538 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (3,202) | ||
Effect of Foreign Exchange on Allowance for Credit Loss | 19 | ||
Cemetery [Member] | Financing Receivables 30 To 90 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | 24,116 | 24,116 | |
Cemetery [Member] | Financing Receivables 91 To180 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | 6,045 | 6,045 | |
Cemetery [Member] | Financing Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | 5,965 | 5,965 | |
Cemetery [Member] | Financial Receivables, 1 to 29 Days Past Due [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Noncurrent, Past Due [Table] | $ 42,306 | $ 42,306 |
Preneed Activities Preneed Ac_2
Preneed Activities Preneed Activities Deferred Preneed Revenues - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Preneed Revenues [Roll Forward] | ||||
Deferred revenue and deferred receipts held in trust | $ 5,522,224 | $ 6,133,896 | $ 6,299,241 | $ 5,761,291 |
Net preneed contract sales | 1,104,812 | 985,830 | ||
Acquisitions (dispositions) of businesses, net | 616 | (5,921) | ||
Net investment (losses) earnings | (851,904) | 299,374 | ||
Change in amounts due for unfulfilled performance obligations | (108,360) | (62,323) | ||
Recognized Revenue From Backlog | (406,358) | (376,084) | ||
Recognized Revenue From Current Period | (498,086) | (470,644) | ||
Change in cancellation allowance | (366) | (315) | ||
Effect of foreign currency and other | $ (17,371) | $ 2,688 |
Nature of Operations Level 1 (N
Nature of Operations Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Nature of Operations [Abstract] | |
Nature of Operations [Text Block] | Nature of Operations |
Summary of Significant Accounti
Summary of Significant Accounting Policies Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation Our unaudited condensed consolidated financial statements include the accounts of Service Corporation International 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. 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. Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on our consolidated net income or cash flows. 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, 2021, 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. 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: September 30, 2022 December 31, 2021 (In thousands) Cash and cash equivalents $ 167,965 $ 268,626 Restricted cash (1) Included in Other current assets 18,245 7,847 Included in Deferred charges and other assets, net 2,235 2,082 Total restricted cash 20,480 9,929 Total cash, cash equivalents, and restricted cash $ 188,445 $ 278,555 (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: September 30, 2022 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 33,613 $ 26,019 $ 32,500 $ 175 $ 92,307 Reserve for credit losses (3,228) (2,104) (359) (145) (5,836) Receivables, net $ 30,385 $ 23,915 $ 32,141 $ 30 $ 86,471 December 31, 2021 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 49,011 $ 27,461 $ 35,650 $ 267 $ 112,389 Reserve for credit losses (3,597) (2,231) (344) (166) (6,338) Receivables, net $ 45,414 $ 25,230 $ 35,306 $ 101 $ 106,051 Additionally, included in Deferred charges and other assets, net were long-term miscellaneous receivables, net and notes receivable, net as follows: September 30, 2022 December 31, 2021 (In thousands) Notes receivable $ 8,473 $ 8,684 Reserve for credit losses (2,546) (3,424) Notes receivable, net $ 5,927 $ 5,260 Long-term miscellaneous receivables $ 8,139 $ 8,146 Reserve for credit losses (1,070) (1,153) Long-term miscellaneous receivables, net $ 7,069 $ 6,993 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 nine months ended September 30, 2022: December 31, 2021 (Provision) benefit for Expected Credit Losses Acquisitions Write Offs Recoveries Effect of Foreign Currency and Other September 30, 2022 (In thousands) Trade receivables: Funeral $ (3,597) $ (4,192) $ (27) $ 6,082 $ (1,698) $ 204 $ (3,228) Cemetery (2,231) (572) (17) 881 (168) 3 (2,104) Total reserve for credit losses on trade receivables $ (5,828) $ (4,764) $ (44) $ 6,963 $ (1,866) $ 207 $ (5,332) Miscellaneous receivables: Current $ (344) $ (38) $ — $ — $ — $ 23 $ (359) Long-term (1,153) 83 — — — — (1,070) Total reserve for credit losses on miscellaneous receivables $ (1,497) $ 45 $ — $ — $ — $ 23 $ (1,429) Notes receivable $ (3,590) $ 15 $ — $ 877 $ — $ 7 $ (2,691) At September 30, 2022, the amortized cost basis of our miscellaneous and notes receivables by year of origination was as follows: 2022 2021 2020 2019 2018 Prior Revolving Line of Credit Total (In thousands) Miscellaneous receivables: Current $ 31,008 $ 747 $ 348 $ 301 $ 94 $ 2 $ — $ 32,500 Long-term 2,757 2,726 1,162 1,293 193 8 — 8,139 Total miscellaneous receivables $ 33,765 $ 3,473 $ 1,510 $ 1,594 $ 287 $ 10 $ — $ 40,639 Notes receivable $ — $ — $ — $ 49 $ — $ 4,675 $ 3,924 $ 8,648 At September 30, 2022, 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 $ — $ — $ — $ 135 $ 135 $ 32,365 $ 32,500 Long-term — — — — — 8,139 8,139 Total miscellaneous receivables $ — $ — $ — $ 135 $ 135 $ 40,504 $ 40,639 Notes receivable $ — $ — $ — $ 1,116 $ 1,116 $ 7,532 $ 8,648 Recently Issued Accounting Standards Business Combinations In October 2021, the Financial Accounting Standards Board ("FASB") amended guidance to require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. Generally, this new guidance will result in the Company recognizing contract assets and contract liabilities consistent with those reported by the acquiree immediately before the acquisition date. We have adopted the new guidance and will apply it to customer contracts acquired in business combinations, if any, after January 1, 2022. The adoption had no impact on our consolidated results of operations, consolidated financial position, and cash flows. Financial Instruments In March 2022, the FASB amended guidance to require public companies to disclose the vintage year of receivable write-offs during the reporting period. This new disclosure is required for us beginning with our Form 10-Q for the three months ended March 31, 2023 and we will add the additional disclosures if write-offs during the period are material. The amended guidance is not expected to have any impact on our consolidated results of operations, consolidated financial position, and cash flows. Fair Value Measurements |
Preneed Activities Level 1 (Not
Preneed Activities Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Preneed Activities [Abstract] | |
Preneed Activities Text Block | 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: September 30, 2022 December 31, 2021 (In thousands) Preneed receivables, net $ 1,347,159 $ 1,243,781 Trust investments, at market 5,320,816 6,536,851 Insurance-backed fixed income securities and other 217,593 231,589 Trust investments 5,538,409 6,768,440 Less: Cemetery perpetual care trust investments (1,607,502) (1,996,898) Preneed trust investments 3,930,907 4,771,542 Preneed receivables, net and trust investments $ 5,278,066 $ 6,015,323 Preneed receivables, net comprised the following: September 30, 2022 Funeral Cemetery Total (In thousands) Preneed receivables $ 176,702 $ 1,213,588 $ 1,390,290 Unearned finance charges (11,270) (7,498) (18,768) Preneed receivables, at amortized cost 165,432 1,206,090 1,371,522 Reserve for credit losses (13,713) (10,650) (24,363) Preneed receivables, net $ 151,719 $ 1,195,440 $ 1,347,159 December 31, 2021 Funeral Cemetery Total (In thousands) Preneed receivables $ 162,183 $ 1,125,539 $ 1,287,722 Unearned finance charges (12,038) (11,176) (23,214) Preneed receivables, at amortized cost 150,145 1,114,363 1,264,508 Reserve for credit losses (12,722) (8,005) (20,727) Preneed receivables, net $ 137,423 $ 1,106,358 $ 1,243,781 At September 30, 2022, the amortized cost basis of our preneed receivables by year of origination was as follows: 2022 2021 2020 2019 2018 Prior Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 61,654 $ 48,407 $ 24,884 $ 13,341 $ 4,633 $ 12,513 $ 165,432 Cemetery 401,803 396,951 226,421 101,421 48,875 30,619 1,206,090 Total preneed receivables, at amortized cost $ 463,457 $ 445,358 $ 251,305 $ 114,762 $ 53,508 $ 43,132 $ 1,371,522 At September 30, 2022, 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 $ 4,913 $ 3,146 $ 2,007 $ 20,517 $ 30,583 $ 134,849 $ 165,432 Cemetery 42,306 24,116 6,045 5,965 78,432 1,127,658 1,206,090 Total preneed receivables, at amortized cost $ 47,219 $ 27,262 $ 8,052 $ 26,482 $ 109,015 $ 1,262,507 $ 1,371,522 The following table summarizes the activity for the reserve for credit losses on preneed receivables for the nine months ended September 30, 2022: December 31, 2021 Provision for Expected Credit Losses Write Offs Effect of Foreign Currency September 30, 2022 (In thousands) Funeral $ (12,722) $ (3,498) $ 2,498 $ 9 $ (13,713) Cemetery (8,005) (3,202) 538 19 (10,650) Total reserve for credit losses on preneed receivables $ (20,727) $ (6,700) $ 3,036 $ 28 $ (24,363) The table below sets forth certain investment-related activities associated with our trusts: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (In thousands) Deposits $ 134,918 $ 134,923 $ 403,340 $ 389,025 Withdrawals $ 120,314 $ 111,196 $ 366,465 $ 341,354 Purchases of securities $ 389,487 $ 475,748 $ 1,293,426 $ 1,287,957 Sales of securities $ 378,798 $ 418,261 $ 1,202,445 $ 1,249,066 Realized gains from sales of securities (1) $ 53,134 $ 97,155 $ 274,373 $ 402,074 Realized losses from sales of securities (1) $ (69,442) $ (23,983) $ (150,085) $ (57,795) (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. September 30, 2022 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,521 $ 29 $ (2,109) $ 43,441 Canadian government 2 29,079 15 — 29,094 Corporate 2 1,357 — (129) 1,228 Residential mortgage-backed 2 1,424 — (110) 1,314 Asset-backed 2 299 1 (50) 250 Equity securities: Preferred stock 2 4,350 — (2,009) 2,341 Common stock: United States 1 1,674,835 210,790 (272,253) 1,613,372 Canada 1 44,694 10,484 (13,826) 41,352 Other international 1 145,601 5,905 (29,682) 121,824 Mutual funds: Equity 1 933,390 39,591 (184,846) 788,135 Fixed income 1 1,129,188 2,767 (181,305) 950,650 Other 3 187 1 — 188 Trust investments, at fair value 4,009,925 269,583 (686,319) 3,593,189 Commingled funds Fixed income 726,801 9 (97,686) 629,124 Equity 308,184 6,918 (9,379) 305,723 Money market funds 317,884 — — 317,884 Alternative investments 302,912 172,349 (365) 474,896 Trust investments, at net asset value 1,655,781 179,276 (107,430) 1,727,627 Trust investments, at market $ 5,665,706 $ 448,859 $ (793,749) $ 5,320,816 December 31, 2021 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 51,002 $ 795 $ (283) $ 51,514 Canadian government 2 29,881 28 — 29,909 Corporate 2 170 6 (2) 174 Residential mortgage-backed 2 1,407 58 (15) 1,450 Asset-backed 2 274 2 (10) 266 Equity securities: Preferred stock 2 4,843 4 (1,024) 3,823 Common stock: United States 1 1,648,785 624,349 (56,092) 2,217,042 Canada 1 34,787 19,617 (898) 53,506 Other international 1 129,486 42,171 (9,819) 161,838 Mutual funds: Equity 1 875,828 140,893 (10,116) 1,006,605 Fixed income 1 1,025,327 12,560 (18,675) 1,019,212 Other 3 187 1 — 188 Trust investments, at fair value 3,801,977 840,484 (96,934) 4,545,527 Commingled funds Fixed income 662,125 115,939 (3,171) 774,893 Equity 230,926 161,125 (114) 391,937 Money market funds 408,762 — — 408,762 Alternative investments 292,888 128,197 (5,353) 415,732 Trust investments, at net asset value 1,594,701 405,261 (8,638) 1,991,324 Trust investments, at market $ 5,396,678 $ 1,245,745 $ (105,572) $ 6,536,851 Our alternative investments include funds invested in limited partnerships with interests in private equity, private market real estate, energy and natural resources, infrastructure, transportation, and private debt including both distressed debt 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' managers have not communicated the timing of any liquidations. Maturity dates of our fixed income securities range from 2022 to 2040. Maturities of fixed income securities (excluding mutual and commingled funds) at September 30, 2022 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 49,957 Due in one to five years 20,998 Due in five to ten years 4,177 Thereafter 195 Total estimated maturities of fixed income securities $ 75,327 Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $31.6 million and $46.1 million, for the three months ended September 30, 2022 and 2021, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $19.3 million and $23.1 million for the three months ended September 30, 2022 and 2021, respectively. Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $113.1 million and $134.8 million, for the nine months ended September 30, 2022 and 2021, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $64.6 million and $71.0 million for the nine months ended September 30, 2022 and 2021, respectively. 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: September 30, 2022 December 31, 2021 (In thousands) Deferred revenue $ 2,435,314 $ 2,259,364 Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts (834,976) (726,615) Deferred revenue, net $ 1,600,338 $ 1,532,749 The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust : Nine months ended September 30, 2022 2021 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 6,299,241 $ 5,761,291 Net preneed contract sales 1,104,812 985,830 Acquisitions (dispositions) of businesses, net 616 (5,921) Net investment (losses) gains (1) (851,904) 299,374 Recognized revenue from backlog (2) (406,358) (376,084) Recognized revenue from current period sales (498,086) (470,644) Change in amounts due on unfulfilled performance obligations (108,360) (62,323) Change in cancellation reserve (366) (315) Effect of foreign currency and other (17,371) 2,688 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 5,522,224 $ 6,133,896 |
Income Taxes Level 1 (Notes)
Income Taxes Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | 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, events such 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 23.7% and 23.4% for the three months ended September 30, 2022 and 2021, respectively. Our effective tax rate was 25.2% and 23.9% for the nine months ended September 30, 2022 and 2021, respectively. The higher effective tax rate for the three months ended September 30, 2022 was primarily due to fewer excess tax benefits recognized on the settlement of employee share-based awards, which increased tax expense during the quarter. The higher effective tax rate for the nine months ended September 30, 2022 was primarily due to non-deductible losses in the cash surrender value of certain life insurance policies due to negative returns in the financial markets, which increased tax expense during the year. The effective tax rate for the three and nine months ended September 30, 2022 was higher than the federal statutory tax rate of 21% primarily due to state and foreign tax expenses. On August 16, 2022, the Inflation Reduction Act was enacted into U.S. law. We do not currently expect that the Inflation Reduction Act will have a material impact on our income taxes. Unrecognized Tax Benefits As of September 30, 2022, the total amount of our unrecognized tax benefits was $1.3 million and the total amount of our accrued interest was $0.9 million. |
Debt Level 1 (Notes)
Debt Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt The components of Debt are: September 30, 2022 December 31, 2021 (In thousands) 7.5% Senior Notes due April 2027 $ 138,274 $ 152,710 4.625% Senior Notes due December 2027 550,000 550,000 5.125% Senior Notes due June 2029 750,000 750,000 3.375% Senior Notes due August 2030 850,000 850,000 4.0% Senior Notes due May 2031 800,000 800,000 Term Loan due May 2024 544,375 568,750 Bank Credit Facility due May 2024 415,000 155,000 Obligations under finance leases 123,795 136,847 Mortgage notes and other debt, maturities through 2050 60,196 48,113 Unamortized debt issuance costs (40,719) (45,100) Total debt 4,190,921 3,966,320 Less: Current maturities of long-term debt (63,510) (65,016) Total long-term debt $ 4,127,411 $ 3,901,304 Current maturities of debt at September 30, 2022 include amounts due under our term loan, mortgage notes and other debt, and finance lease payments due within the next year as well as the portion of unamortized debt issuance costs expected to be recognized in the next twelve months. Our consolidated debt had a weighted average interest rate of 3.77% and 3.70% at September 30, 2022 and December 31, 2021, respectively. Approximately, 75% and 79% of our total debt had a fixed interest rate at September 30, 2022 and December 31, 2021, respectively. During the nine months ended September 30, 2022 and 2021, we paid $98.4 million and $86.2 million in cash interest, respectively. Bank Credit Facility The Bank Credit Facility provides us with flexibility for working capital, if needed, and is guaranteed by a majority of our domestic subsidiaries. The subsidiary guaranty is a guaranty of payment of the outstanding amount of the total lending commitment, including letters of credit. The Bank Credit Facility contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. As of September 30, 2022, we were in compliance with all of our debt covenants. We issued $33.7 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.10% at September 30, 2022. As of September 30, 2022, we had $551.3 million in borrowing capacity under the Bank Credit Facility. The Bank Credit Facility had an interest rate of 4.12% and 1.11% at September 30, 2022 and December 31, 2021, respectively. Subsequent to September 30, 2022, we increased our outstanding borrowings by $30.0 million to $445.0 million under our Bank Credit Facility due May 2024. Debt Issuances and Additions During the nine months ended September 30, 2022, we issued or added $325.0 million of debt including: • $310.0 million on our Bank Credit Facility due May 2024; and • $15.0 million in other debt. The debt proceeds were used primarily for general corporate purposes. During the nine months ended September 30, 2021, we issued or added $820.0 million of debt including: • $800.0 million unsecured 4.0% Senior Notes due May 2031; and • $20.0 million on our Bank Credit Facility due May 2024. Net proceeds from newly issued debt during the nine months ended September 30, 2021 were used to pay down our Bank Credit Facility due May 2024, to redeem our 8.0% Senior Notes due November 2021, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $13.6 million. Debt Extinguishments and Reductions During the nine months ended September 30, 2022, we made aggregate debt payments of $92.8 million for scheduled and early debt extinguishment payments including: • $50.0 million in aggregate principal of our Bank Credit Facility due May 2024; • $24.4 million in aggregate principal of our Term Loan due May 2024; • $14.4 million in aggregate principal of 7.5% Senior Notes due April 2027 repurchased on the open market; • $1.1 million of premiums paid on early extinguishment of debt; and • $2.9 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $1.2 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the nine months ended September 30, 2022. During the nine months ended September 30, 2021, we made aggregate debt payments of $727.0 million for scheduled and early debt extinguishment payments including: |
Credit Risk and Fair Value of F
Credit Risk and Fair Value of Financial Instruments Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
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 as the terms and conditions of these contracts are comparable to our current contract offerings. The fair value of our debt instruments was as follows: September 30, 2022 December 31, 2021 (In thousands) 7.5% Senior Notes due April 2027 $ 139,950 $ 181,511 4.625% Senior Notes due December 2027 503,937 575,443 5.125% Senior Notes due June 2029 686,850 809,737 3.375% Senior Notes due August 2030 669,060 836,825 4.0% Senior Notes due May 2031 646,144 813,552 Term Loan due May 2024 544,375 568,750 Bank Credit Facility due May 2024 415,000 155,000 Mortgage notes and other debt, maturities through 2050 56,784 46,878 Total fair value of debt instruments $ 3,662,100 $ 3,987,696 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) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021, we had self-insurance reserves of $95.2 million and $94.3 million, respectively. Litigation and Regulatory Matters |
Equity Level 1 (Notes)
Equity Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
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 of our Common stock in the open market or through privately negotiated transactions under our share repurchase program. During the nine months ended September 30, 2022, we repurchased 9,152,151 shares of common stock at an aggregate cost of $586.6 million, which is an average cost per share of $64.09. In May 2022, our Board of Directors increased our share repurchase authorization to $600.0 million. After these repurchases and the increase in our share repurchase authorization , the remaining dollar value of shares authorized to be purchased under the share repurchase program was $307.9 million at September 30, 2022. Subsequent to September 30, 2022, we repurchased 932,211 shares for $56.1 million at an average cost per share of $60.18. After these repurchases, the remaining dollar value of shares authorized to be purchased under the share repurchase program is $251.8 million. |
Segment Reporting Level 1 (Note
Segment Reporting Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
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 information, including disaggregated revenue, was as follows and includes a reconciliation of gross profit to our consolidated income before income taxes. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (In thousands) Revenue from customers: Funeral revenue: Atneed revenue $ 291,640 $ 318,432 $ 931,000 $ 938,835 Matured preneed revenue 167,427 172,410 528,122 522,051 Core funeral revenue 459,067 490,842 1,459,122 1,460,886 Non-funeral home revenue 18,150 18,478 56,694 55,089 Recognized preneed revenue 40,132 45,552 125,824 120,414 Other revenue 36,621 37,417 110,239 107,041 Total funeral revenue 553,970 592,289 1,751,879 1,743,430 Cemetery revenue: Atneed revenue 108,604 123,443 341,397 357,094 Recognized preneed property revenue 200,811 201,876 640,378 643,016 Recognized preneed merchandise and services revenue 85,707 84,989 255,535 258,525 Core cemetery revenue 395,122 410,308 1,237,310 1,258,635 Other revenue 28,628 31,775 91,789 97,823 Total cemetery revenue 423,750 442,083 1,329,099 1,356,458 Total revenue from customers $ 977,720 $ 1,034,372 $ 3,080,978 $ 3,099,888 Gross profit: Funeral gross profit $ 101,844 $ 168,451 $ 414,456 $ 474,650 Cemetery gross profit 129,112 169,552 460,058 519,120 Gross profit from reportable segments 230,956 338,003 874,514 993,770 Corporate general and administrative expenses (41,911) (41,461) (129,336) (116,779) Gains on divestitures and impairment charges, net 14,403 7,804 15,186 15,232 Operating income 203,448 304,346 760,364 892,223 Interest expense (43,508) (38,618) (123,107) (111,865) Losses on early extinguishment of debt, net — — (1,225) (5,226) Other (expense) income, net (1,514) 8,218 (2,489) 9,214 Income before income taxes $ 158,426 $ 273,946 $ 633,543 $ 784,346 Our geographic area information was as follows: United States Canada Total (In thousands) Three months ended September 30, Revenue from external customers: 2022 $ 923,738 $ 53,982 $ 977,720 2021 $ 978,850 $ 55,522 $ 1,034,372 Nine months ended September 30, Revenue from external customers: 2022 $ 2,905,975 $ 175,003 $ 3,080,978 2021 $ 2,932,464 $ 167,424 $ 3,099,888 |
Earnings Per Share Level 1 (Not
Earnings Per Share Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic earnings per common share (EPS) excludes dilution and is computed by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted 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 EPS is presented below: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income — basic and diluted $ 120,850 $ 209,855 $ 473,033 $ 596,439 Weighted average shares: Weighted average shares — basic 156,781 167,417 158,921 168,586 Stock options 2,246 2,513 2,405 2,409 Restricted share units 73 75 72 62 Weighted average shares — diluted 159,100 170,005 161,398 171,057 Amounts attributable to common stockholders: Earnings per share: Basic $ 0.77 $ 1.25 $ 2.98 $ 3.54 Diluted $ 0.76 $ 1.23 $ 2.93 $ 3.49 The computation of diluted EPS excludes outstanding stock options and restricted share units in certain periods in which the inclusion of such equity awards would be antidilutive to the periods presented. Total antidilutive options and restricted stock units not currently included in the computation of diluted earnings per share are as follows (in shares): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (In thousands) Antidilutive options 559 — 465 558 |
Acquisition Level 1 (Notes)
Acquisition Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions We spent $13.5 million and $9.2 million, net of cash acquired, for several business acquisitions during the nine months ended September 30, 2022 and 2021, respectively, and $8.9 million and $15.6 million, net of cash acquired, for several real estate acquisitions during the nine months ended September 30, 2022 and 2021, respectively. Subsequent to September 30, 2022, we spent $38.8 million, net of cash acquired, for a business acquisition on the West Coast and $1.1 million, net of cash acquired, for real estate acquisitions. 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 on divestitures and impairment charges, net , which comprised the following: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (In thousands) Gains on divestitures, net $ 14,403 $ 9,245 $ 15,492 $ 16,838 Impairment losses — (1,441) (306) (1,606) Gains on divestitures and impairment charges, net $ 14,403 $ 7,804 $ 15,186 $ 15,232 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Level 2 (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation Our unaudited condensed consolidated financial statements include the accounts of Service Corporation International 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. 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. Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on our consolidated net income or cash flows. 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, 2021, 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. |
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: September 30, 2022 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 33,613 $ 26,019 $ 32,500 $ 175 $ 92,307 Reserve for credit losses (3,228) (2,104) (359) (145) (5,836) Receivables, net $ 30,385 $ 23,915 $ 32,141 $ 30 $ 86,471 December 31, 2021 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 49,011 $ 27,461 $ 35,650 $ 267 $ 112,389 Reserve for credit losses (3,597) (2,231) (344) (166) (6,338) Receivables, net $ 45,414 $ 25,230 $ 35,306 $ 101 $ 106,051 Additionally, included in Deferred charges and other assets, net were long-term miscellaneous receivables, net and notes receivable, net as follows: September 30, 2022 December 31, 2021 (In thousands) Notes receivable $ 8,473 $ 8,684 Reserve for credit losses (2,546) (3,424) Notes receivable, net $ 5,927 $ 5,260 Long-term miscellaneous receivables $ 8,139 $ 8,146 Reserve for credit losses (1,070) (1,153) Long-term miscellaneous receivables, net $ 7,069 $ 6,993 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 nine months ended September 30, 2022: December 31, 2021 (Provision) benefit for Expected Credit Losses Acquisitions Write Offs Recoveries Effect of Foreign Currency and Other September 30, 2022 (In thousands) Trade receivables: Funeral $ (3,597) $ (4,192) $ (27) $ 6,082 $ (1,698) $ 204 $ (3,228) Cemetery (2,231) (572) (17) 881 (168) 3 (2,104) Total reserve for credit losses on trade receivables $ (5,828) $ (4,764) $ (44) $ 6,963 $ (1,866) $ 207 $ (5,332) Miscellaneous receivables: Current $ (344) $ (38) $ — $ — $ — $ 23 $ (359) Long-term (1,153) 83 — — — — (1,070) Total reserve for credit losses on miscellaneous receivables $ (1,497) $ 45 $ — $ — $ — $ 23 $ (1,429) Notes receivable $ (3,590) $ 15 $ — $ 877 $ — $ 7 $ (2,691) At September 30, 2022, the amortized cost basis of our miscellaneous and notes receivables by year of origination was as follows: 2022 2021 2020 2019 2018 Prior Revolving Line of Credit Total (In thousands) Miscellaneous receivables: Current $ 31,008 $ 747 $ 348 $ 301 $ 94 $ 2 $ — $ 32,500 Long-term 2,757 2,726 1,162 1,293 193 8 — 8,139 Total miscellaneous receivables $ 33,765 $ 3,473 $ 1,510 $ 1,594 $ 287 $ 10 $ — $ 40,639 Notes receivable $ — $ — $ — $ 49 $ — $ 4,675 $ 3,924 $ 8,648 At September 30, 2022, 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 $ — $ — $ — $ 135 $ 135 $ 32,365 $ 32,500 Long-term — — — — — 8,139 8,139 Total miscellaneous receivables $ — $ — $ — $ 135 $ 135 $ 40,504 $ 40,639 Notes receivable $ — $ — $ — $ 1,116 $ 1,116 $ 7,532 $ 8,648 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Business Combinations In October 2021, the Financial Accounting Standards Board ("FASB") amended guidance to require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. Generally, this new guidance will result in the Company recognizing contract assets and contract liabilities consistent with those reported by the acquiree immediately before the acquisition date. We have adopted the new guidance and will apply it to customer contracts acquired in business combinations, if any, after January 1, 2022. The adoption had no impact on our consolidated results of operations, consolidated financial position, and cash flows. Financial Instruments In March 2022, the FASB amended guidance to require public companies to disclose the vintage year of receivable write-offs during the reporting period. This new disclosure is required for us beginning with our Form 10-Q for the three months ended March 31, 2023 and we will add the additional disclosures if write-offs during the period are material. The amended guidance is not expected to have any impact on our consolidated results of operations, consolidated financial position, and cash flows. Fair Value Measurements |
Preneed Activities Level 3 (Tab
Preneed Activities Level 3 (Tables) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Preneed Activities [Abstract] | |||
Investment related activities [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (In thousands) Deposits $ 134,918 $ 134,923 $ 403,340 $ 389,025 Withdrawals $ 120,314 $ 111,196 $ 366,465 $ 341,354 Purchases of securities $ 389,487 $ 475,748 $ 1,293,426 $ 1,287,957 Sales of securities $ 378,798 $ 418,261 $ 1,202,445 $ 1,249,066 Realized gains from sales of securities (1) $ 53,134 $ 97,155 $ 274,373 $ 402,074 Realized losses from sales of securities (1) $ (69,442) $ (23,983) $ (150,085) $ (57,795) | ||
Long-term receivable and investment components [Table Text Block] | September 30, 2022 December 31, 2021 (In thousands) Preneed receivables, net $ 1,347,159 $ 1,243,781 Trust investments, at market 5,320,816 6,536,851 Insurance-backed fixed income securities and other 217,593 231,589 Trust investments 5,538,409 6,768,440 Less: Cemetery perpetual care trust investments (1,607,502) (1,996,898) Preneed trust investments 3,930,907 4,771,542 Preneed receivables, net and trust investments $ 5,278,066 $ 6,015,323 Preneed receivables, net comprised the following: September 30, 2022 Funeral Cemetery Total (In thousands) Preneed receivables $ 176,702 $ 1,213,588 $ 1,390,290 Unearned finance charges (11,270) (7,498) (18,768) Preneed receivables, at amortized cost 165,432 1,206,090 1,371,522 Reserve for credit losses (13,713) (10,650) (24,363) Preneed receivables, net $ 151,719 $ 1,195,440 $ 1,347,159 December 31, 2021 Funeral Cemetery Total (In thousands) Preneed receivables $ 162,183 $ 1,125,539 $ 1,287,722 Unearned finance charges (12,038) (11,176) (23,214) Preneed receivables, at amortized cost 150,145 1,114,363 1,264,508 Reserve for credit losses (12,722) (8,005) (20,727) Preneed receivables, net $ 137,423 $ 1,106,358 $ 1,243,781 | ||
Preneed Funeral Receivables, Net and Trust Investments [Table Text Block] | The components of Preneed receivables, net and trust investments in our unaudited Condensed Consolidated Balance Sheet were as follows: September 30, 2022 December 31, 2021 (In thousands) Preneed receivables, net $ 1,347,159 $ 1,243,781 Trust investments, at market 5,320,816 6,536,851 Insurance-backed fixed income securities and other 217,593 231,589 Trust investments 5,538,409 6,768,440 Less: Cemetery perpetual care trust investments (1,607,502) (1,996,898) Preneed trust investments 3,930,907 4,771,542 Preneed receivables, net and trust investments $ 5,278,066 $ 6,015,323 | ||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | December 31, 2021 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 51,002 $ 795 $ (283) $ 51,514 Canadian government 2 29,881 28 — 29,909 Corporate 2 170 6 (2) 174 Residential mortgage-backed 2 1,407 58 (15) 1,450 Asset-backed 2 274 2 (10) 266 Equity securities: Preferred stock 2 4,843 4 (1,024) 3,823 Common stock: United States 1 1,648,785 624,349 (56,092) 2,217,042 Canada 1 34,787 19,617 (898) 53,506 Other international 1 129,486 42,171 (9,819) 161,838 Mutual funds: Equity 1 875,828 140,893 (10,116) 1,006,605 Fixed income 1 1,025,327 12,560 (18,675) 1,019,212 Other 3 187 1 — 188 Trust investments, at fair value 3,801,977 840,484 (96,934) 4,545,527 Commingled funds Fixed income 662,125 115,939 (3,171) 774,893 Equity 230,926 161,125 (114) 391,937 Money market funds 408,762 — — 408,762 Alternative investments 292,888 128,197 (5,353) 415,732 Trust investments, at net asset value 1,594,701 405,261 (8,638) 1,991,324 Trust investments, at market $ 5,396,678 $ 1,245,745 $ (105,572) $ 6,536,851 | September 30, 2022 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,521 $ 29 $ (2,109) $ 43,441 Canadian government 2 29,079 15 — 29,094 Corporate 2 1,357 — (129) 1,228 Residential mortgage-backed 2 1,424 — (110) 1,314 Asset-backed 2 299 1 (50) 250 Equity securities: Preferred stock 2 4,350 — (2,009) 2,341 Common stock: United States 1 1,674,835 210,790 (272,253) 1,613,372 Canada 1 44,694 10,484 (13,826) 41,352 Other international 1 145,601 5,905 (29,682) 121,824 Mutual funds: Equity 1 933,390 39,591 (184,846) 788,135 Fixed income 1 1,129,188 2,767 (181,305) 950,650 Other 3 187 1 — 188 Trust investments, at fair value 4,009,925 269,583 (686,319) 3,593,189 Commingled funds Fixed income 726,801 9 (97,686) 629,124 Equity 308,184 6,918 (9,379) 305,723 Money market funds 317,884 — — 317,884 Alternative investments 302,912 172,349 (365) 474,896 Trust investments, at net asset value 1,655,781 179,276 (107,430) 1,727,627 Trust investments, at market $ 5,665,706 $ 448,859 $ (793,749) $ 5,320,816 | |
Preneed Activities Text Block | 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: September 30, 2022 December 31, 2021 (In thousands) Preneed receivables, net $ 1,347,159 $ 1,243,781 Trust investments, at market 5,320,816 6,536,851 Insurance-backed fixed income securities and other 217,593 231,589 Trust investments 5,538,409 6,768,440 Less: Cemetery perpetual care trust investments (1,607,502) (1,996,898) Preneed trust investments 3,930,907 4,771,542 Preneed receivables, net and trust investments $ 5,278,066 $ 6,015,323 Preneed receivables, net comprised the following: September 30, 2022 Funeral Cemetery Total (In thousands) Preneed receivables $ 176,702 $ 1,213,588 $ 1,390,290 Unearned finance charges (11,270) (7,498) (18,768) Preneed receivables, at amortized cost 165,432 1,206,090 1,371,522 Reserve for credit losses (13,713) (10,650) (24,363) Preneed receivables, net $ 151,719 $ 1,195,440 $ 1,347,159 December 31, 2021 Funeral Cemetery Total (In thousands) Preneed receivables $ 162,183 $ 1,125,539 $ 1,287,722 Unearned finance charges (12,038) (11,176) (23,214) Preneed receivables, at amortized cost 150,145 1,114,363 1,264,508 Reserve for credit losses (12,722) (8,005) (20,727) Preneed receivables, net $ 137,423 $ 1,106,358 $ 1,243,781 At September 30, 2022, the amortized cost basis of our preneed receivables by year of origination was as follows: 2022 2021 2020 2019 2018 Prior Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 61,654 $ 48,407 $ 24,884 $ 13,341 $ 4,633 $ 12,513 $ 165,432 Cemetery 401,803 396,951 226,421 101,421 48,875 30,619 1,206,090 Total preneed receivables, at amortized cost $ 463,457 $ 445,358 $ 251,305 $ 114,762 $ 53,508 $ 43,132 $ 1,371,522 At September 30, 2022, 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 $ 4,913 $ 3,146 $ 2,007 $ 20,517 $ 30,583 $ 134,849 $ 165,432 Cemetery 42,306 24,116 6,045 5,965 78,432 1,127,658 1,206,090 Total preneed receivables, at amortized cost $ 47,219 $ 27,262 $ 8,052 $ 26,482 $ 109,015 $ 1,262,507 $ 1,371,522 The following table summarizes the activity for the reserve for credit losses on preneed receivables for the nine months ended September 30, 2022: December 31, 2021 Provision for Expected Credit Losses Write Offs Effect of Foreign Currency September 30, 2022 (In thousands) Funeral $ (12,722) $ (3,498) $ 2,498 $ 9 $ (13,713) Cemetery (8,005) (3,202) 538 19 (10,650) Total reserve for credit losses on preneed receivables $ (20,727) $ (6,700) $ 3,036 $ 28 $ (24,363) The table below sets forth certain investment-related activities associated with our trusts: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (In thousands) Deposits $ 134,918 $ 134,923 $ 403,340 $ 389,025 Withdrawals $ 120,314 $ 111,196 $ 366,465 $ 341,354 Purchases of securities $ 389,487 $ 475,748 $ 1,293,426 $ 1,287,957 Sales of securities $ 378,798 $ 418,261 $ 1,202,445 $ 1,249,066 Realized gains from sales of securities (1) $ 53,134 $ 97,155 $ 274,373 $ 402,074 Realized losses from sales of securities (1) $ (69,442) $ (23,983) $ (150,085) $ (57,795) (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. September 30, 2022 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,521 $ 29 $ (2,109) $ 43,441 Canadian government 2 29,079 15 — 29,094 Corporate 2 1,357 — (129) 1,228 Residential mortgage-backed 2 1,424 — (110) 1,314 Asset-backed 2 299 1 (50) 250 Equity securities: Preferred stock 2 4,350 — (2,009) 2,341 Common stock: United States 1 1,674,835 210,790 (272,253) 1,613,372 Canada 1 44,694 10,484 (13,826) 41,352 Other international 1 145,601 5,905 (29,682) 121,824 Mutual funds: Equity 1 933,390 39,591 (184,846) 788,135 Fixed income 1 1,129,188 2,767 (181,305) 950,650 Other 3 187 1 — 188 Trust investments, at fair value 4,009,925 269,583 (686,319) 3,593,189 Commingled funds Fixed income 726,801 9 (97,686) 629,124 Equity 308,184 6,918 (9,379) 305,723 Money market funds 317,884 — — 317,884 Alternative investments 302,912 172,349 (365) 474,896 Trust investments, at net asset value 1,655,781 179,276 (107,430) 1,727,627 Trust investments, at market $ 5,665,706 $ 448,859 $ (793,749) $ 5,320,816 December 31, 2021 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 51,002 $ 795 $ (283) $ 51,514 Canadian government 2 29,881 28 — 29,909 Corporate 2 170 6 (2) 174 Residential mortgage-backed 2 1,407 58 (15) 1,450 Asset-backed 2 274 2 (10) 266 Equity securities: Preferred stock 2 4,843 4 (1,024) 3,823 Common stock: United States 1 1,648,785 624,349 (56,092) 2,217,042 Canada 1 34,787 19,617 (898) 53,506 Other international 1 129,486 42,171 (9,819) 161,838 Mutual funds: Equity 1 875,828 140,893 (10,116) 1,006,605 Fixed income 1 1,025,327 12,560 (18,675) 1,019,212 Other 3 187 1 — 188 Trust investments, at fair value 3,801,977 840,484 (96,934) 4,545,527 Commingled funds Fixed income 662,125 115,939 (3,171) 774,893 Equity 230,926 161,125 (114) 391,937 Money market funds 408,762 — — 408,762 Alternative investments 292,888 128,197 (5,353) 415,732 Trust investments, at net asset value 1,594,701 405,261 (8,638) 1,991,324 Trust investments, at market $ 5,396,678 $ 1,245,745 $ (105,572) $ 6,536,851 Our alternative investments include funds invested in limited partnerships with interests in private equity, private market real estate, energy and natural resources, infrastructure, transportation, and private debt including both distressed debt 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' managers have not communicated the timing of any liquidations. Maturity dates of our fixed income securities range from 2022 to 2040. Maturities of fixed income securities (excluding mutual and commingled funds) at September 30, 2022 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 49,957 Due in one to five years 20,998 Due in five to ten years 4,177 Thereafter 195 Total estimated maturities of fixed income securities $ 75,327 Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $31.6 million and $46.1 million, for the three months ended September 30, 2022 and 2021, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $19.3 million and $23.1 million for the three months ended September 30, 2022 and 2021, respectively. Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $113.1 million and $134.8 million, for the nine months ended September 30, 2022 and 2021, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $64.6 million and $71.0 million for the nine months ended September 30, 2022 and 2021, respectively. 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: September 30, 2022 December 31, 2021 (In thousands) Deferred revenue $ 2,435,314 $ 2,259,364 Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts (834,976) (726,615) Deferred revenue, net $ 1,600,338 $ 1,532,749 The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust : Nine months ended September 30, 2022 2021 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 6,299,241 $ 5,761,291 Net preneed contract sales 1,104,812 985,830 Acquisitions (dispositions) of businesses, net 616 (5,921) Net investment (losses) gains (1) (851,904) 299,374 Recognized revenue from backlog (2) (406,358) (376,084) Recognized revenue from current period sales (498,086) (470,644) Change in amounts due on unfulfilled performance obligations (108,360) (62,323) Change in cancellation reserve (366) (315) Effect of foreign currency and other (17,371) 2,688 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 5,522,224 $ 6,133,896 | ||
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 : Nine months ended September 30, 2022 2021 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 6,299,241 $ 5,761,291 Net preneed contract sales 1,104,812 985,830 Acquisitions (dispositions) of businesses, net 616 (5,921) Net investment (losses) gains (1) (851,904) 299,374 Recognized revenue from backlog (2) (406,358) (376,084) Recognized revenue from current period sales (498,086) (470,644) Change in amounts due on unfulfilled performance obligations (108,360) (62,323) Change in cancellation reserve (366) (315) Effect of foreign currency and other (17,371) 2,688 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 5,522,224 $ 6,133,896 | ||
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,347,159 | $ 1,243,781 | |
Assets Held-in-trust | 5,320,816 | 6,536,851 | |
Insurance-backed fixed income securities and other [Line Items] | 217,593 | 231,589 | |
Cemetery perpetual care trust investments | $ (1,607,502) | $ (1,996,898) | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturity dates of our fixed income securities range from 2022 to 2040. Maturities of fixed income securities (excluding mutual and commingled funds) at September 30, 2022 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 49,957 Due in one to five years 20,998 Due in five to ten years 4,177 Thereafter 195 Total estimated maturities of fixed income securities $ 75,327 |
Debt Level 3 (Tables)
Debt Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | : September 30, 2022 December 31, 2021 (In thousands) 7.5% Senior Notes due April 2027 $ 138,274 $ 152,710 4.625% Senior Notes due December 2027 550,000 550,000 5.125% Senior Notes due June 2029 750,000 750,000 3.375% Senior Notes due August 2030 850,000 850,000 4.0% Senior Notes due May 2031 800,000 800,000 Term Loan due May 2024 544,375 568,750 Bank Credit Facility due May 2024 415,000 155,000 Obligations under finance leases 123,795 136,847 Mortgage notes and other debt, maturities through 2050 60,196 48,113 Unamortized debt issuance costs (40,719) (45,100) Total debt 4,190,921 3,966,320 Less: Current maturities of long-term debt (63,510) (65,016) Total long-term debt $ 4,127,411 $ 3,901,304 |
Credit Risk and Fair Value of_2
Credit Risk and Fair Value of Financial Instruments Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Credit Risk and Fair Value of Financial Instruments [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The fair value of our debt instruments was as follows: September 30, 2022 December 31, 2021 (In thousands) 7.5% Senior Notes due April 2027 $ 139,950 $ 181,511 4.625% Senior Notes due December 2027 503,937 575,443 5.125% Senior Notes due June 2029 686,850 809,737 3.375% Senior Notes due August 2030 669,060 836,825 4.0% Senior Notes due May 2031 646,144 813,552 Term Loan due May 2024 544,375 568,750 Bank Credit Facility due May 2024 415,000 155,000 Mortgage notes and other debt, maturities through 2050 56,784 46,878 Total fair value of debt instruments $ 3,662,100 $ 3,987,696 |
Segment Reporting Level 3 (Tabl
Segment Reporting Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (In thousands) Revenue from customers: Funeral revenue: Atneed revenue $ 291,640 $ 318,432 $ 931,000 $ 938,835 Matured preneed revenue 167,427 172,410 528,122 522,051 Core funeral revenue 459,067 490,842 1,459,122 1,460,886 Non-funeral home revenue 18,150 18,478 56,694 55,089 Recognized preneed revenue 40,132 45,552 125,824 120,414 Other revenue 36,621 37,417 110,239 107,041 Total funeral revenue 553,970 592,289 1,751,879 1,743,430 Cemetery revenue: Atneed revenue 108,604 123,443 341,397 357,094 Recognized preneed property revenue 200,811 201,876 640,378 643,016 Recognized preneed merchandise and services revenue 85,707 84,989 255,535 258,525 Core cemetery revenue 395,122 410,308 1,237,310 1,258,635 Other revenue 28,628 31,775 91,789 97,823 Total cemetery revenue 423,750 442,083 1,329,099 1,356,458 Total revenue from customers $ 977,720 $ 1,034,372 $ 3,080,978 $ 3,099,888 Gross profit: Funeral gross profit $ 101,844 $ 168,451 $ 414,456 $ 474,650 Cemetery gross profit 129,112 169,552 460,058 519,120 Gross profit from reportable segments 230,956 338,003 874,514 993,770 Corporate general and administrative expenses (41,911) (41,461) (129,336) (116,779) Gains on divestitures and impairment charges, net 14,403 7,804 15,186 15,232 Operating income 203,448 304,346 760,364 892,223 Interest expense (43,508) (38,618) (123,107) (111,865) Losses on early extinguishment of debt, net — — (1,225) (5,226) Other (expense) income, net (1,514) 8,218 (2,489) 9,214 Income before income taxes $ 158,426 $ 273,946 $ 633,543 $ 784,346 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Our geographic area information was as follows: United States Canada Total (In thousands) Three months ended September 30, Revenue from external customers: 2022 $ 923,738 $ 53,982 $ 977,720 2021 $ 978,850 $ 55,522 $ 1,034,372 Nine months ended September 30, Revenue from external customers: 2022 $ 2,905,975 $ 175,003 $ 3,080,978 2021 $ 2,932,464 $ 167,424 $ 3,099,888 |
Earnings Per Share Level 3 (Tab
Earnings Per Share Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the numerators and denominators of basic and diluted EPS is presented below: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income — basic and diluted $ 120,850 $ 209,855 $ 473,033 $ 596,439 Weighted average shares: Weighted average shares — basic 156,781 167,417 158,921 168,586 Stock options 2,246 2,513 2,405 2,409 Restricted share units 73 75 72 62 Weighted average shares — diluted 159,100 170,005 161,398 171,057 Amounts attributable to common stockholders: Earnings per share: Basic $ 0.77 $ 1.25 $ 2.98 $ 3.54 Diluted $ 0.76 $ 1.23 $ 2.93 $ 3.49 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (In thousands) Antidilutive options 559 — 465 558 |
Acquisition Level 3 (Tables)
Acquisition Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Gains (Losses) on Divestitures and Impairment Charges [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (In thousands) Gains on divestitures, net $ 14,403 $ 9,245 $ 15,492 $ 16,838 Impairment losses — (1,441) (306) (1,606) Gains on divestitures and impairment charges, net $ 14,403 $ 7,804 $ 15,186 $ 15,232 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies, Textuals (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Accounts Receivable, before Allowance for Credit Loss, Current | $ 92,307,000 | $ 112,389,000 | |
Restricted Cash and Cash Equivalents | 20,480,000 | 9,929,000 | |
Restricted Cash, Current | 18,245,000 | 7,847,000 | |
Receivables, Net, Current, Total | 86,471,000 | 106,051,000 | |
Amortization of cemetery property | 69,059,000 | $ 75,394,000 | |
Depreciation | 130,451,000 | $ 119,200,000 | |
Other Assets, Current | 52,315,000 | 40,448,000 | |
Accounts Receivable, Allowance for Credit Loss | 5,836,000 | 6,338,000 | |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (24,363,000) | (20,727,000) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 3,036,000 | ||
Trade Accounts Receivable [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (5,332,000) | (5,828,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (4,764,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | (1,866,000) | ||
Allowance For Credit Losses Foreign Currency Translation | 207,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 6,963,000 | ||
Acquisitions (Divestitures), net | (44,000) | ||
Notes Receivable [Member] | |||
Note Receivable, Not Past Due | 7,532,000 | ||
Financing Receivable, Allowance for Credit Loss, Noncurrent | 2,546,000 | 3,424,000 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 8,648,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (2,691,000) | (3,590,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 15,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Allowance For Credit Losses Foreign Currency Translation | 7,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 877,000 | ||
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 | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 49,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,675,000 | ||
Financing Receivable, Allowance for Credit Loss, Noncurrent | (2,546,000) | (3,424,000) | |
Revolving Line of Credit | 3,924,000 | ||
Total Note Receivable, Past Due | 1,116,000 | ||
Acquisitions (Divestitures), net | 0 | ||
Notes Receivable [Member] | Note Receivable, 1 to 29 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Notes Receivable [Member] | Note Receivable, 30 to 90 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Notes Receivable [Member] | Note Receivables, 91 to 180 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Notes Receivable [Member] | Note Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 1,116,000 | ||
Miscellaneous accounts receivable [Member] | |||
Financing Receivable, Allowance for Credit Loss, Noncurrent | 1,070,000 | 1,153,000 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 40,639,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (1,429,000) | (1,497,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 45,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Allowance For Credit Losses Foreign Currency Translation | 23,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Financing Receivable, Originated in Current Fiscal Year | 33,765,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,473,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,510,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,594,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 287,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10,000 | ||
Financing Receivable, Allowance for Credit Loss, Noncurrent | (1,070,000) | (1,153,000) | |
Miscellaneous Receivable, Not Past Due | 40,504,000 | ||
Revolving Line of Credit | 0 | ||
Total Miscellaneous Receivables | 135,000 | ||
Acquisitions (Divestitures), net | 0 | ||
Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, 1 to 29 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, 30 to 90 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, 91 to 180 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 135,000 | ||
Funeral [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (13,713,000) | (12,722,000) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 2,498,000 | ||
Funeral [Member] | Trade Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 33,613,000 | 49,011,000 | |
Receivables, Net, Current, Total | 30,385,000 | 45,414,000 | |
Accounts Receivable, Allowance for Credit Loss | 3,228,000 | 3,597,000 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (3,228,000) | (3,597,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (4,192,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | (1,698,000) | ||
Allowance For Credit Losses Foreign Currency Translation | 204,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 6,082,000 | ||
Acquisitions (Divestitures), net | (27,000) | ||
Other Accounts Receivable Current [Member] | Trade Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 32,500,000 | 35,650,000 | |
Receivables, Net, Current, Total | 32,141,000 | 35,306,000 | |
Accounts Receivable, Allowance for Credit Loss | 359,000 | 344,000 | |
Current [Member] | Notes Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 175,000 | 267,000 | |
Receivables, Net, Current, Total | 30,000 | 101,000 | |
Accounts Receivable, Allowance for Credit Loss | 145,000 | 166,000 | |
Current [Member] | Miscellaneous accounts receivable [Member] | |||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 32,500,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (359,000) | (344,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (38,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Allowance For Credit Losses Foreign Currency Translation | 23,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Financing Receivable, Originated in Current Fiscal Year | 31,008,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 747,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 348,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 301,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 94,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,000 | ||
Miscellaneous Receivable, Not Past Due | 32,365,000 | ||
Revolving Line of Credit | 0 | ||
Total Miscellaneous Receivables | 135,000 | ||
Current [Member] | Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, 1 to 29 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Current [Member] | Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, 30 to 90 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Current [Member] | Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, 91 to 180 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Current [Member] | Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 135,000 | ||
Long Term [Member] | Notes Receivable [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 5,927,000 | 5,260,000 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 8,473,000 | 8,684,000 | |
Long Term [Member] | Miscellaneous accounts receivable [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 7,069,000 | 6,993,000 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 8,139,000 | 8,146,000 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 8,139,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (1,070,000) | (1,153,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 83,000 | ||
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 | 2,757,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,726,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,162,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,293,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 193,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 8,000 | ||
Miscellaneous Receivable, Not Past Due | 8,139,000 | ||
Revolving Line of Credit | 0 | ||
Total Miscellaneous Receivables | 0 | ||
Acquisitions (Divestitures), net | 0 | ||
Long Term [Member] | Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, 1 to 29 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Long Term [Member] | Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, 30 to 90 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Long Term [Member] | Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, 91 to 180 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Long Term [Member] | Miscellaneous accounts receivable [Member] | Miscellaneous Receivables, Equal to Greater than 180 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 0 | ||
Cemetery [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (10,650,000) | (8,005,000) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 538,000 | ||
Cemetery [Member] | Trade Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 26,019,000 | 27,461,000 | |
Receivables, Net, Current, Total | 23,915,000 | 25,230,000 | |
Accounts Receivable, Allowance for Credit Loss | 2,104,000 | 2,231,000 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (2,104,000) | $ (2,231,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (572,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | (168,000) | ||
Allowance For Credit Losses Foreign Currency Translation | 3,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 881,000 | ||
Acquisitions (Divestitures), net | $ (17,000) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Revenue Recognition (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Notes Receivable [Member] | ||
Financing Receivable, Allowance for Credit Loss, Noncurrent | $ (2,546) | $ (3,424) |
Preneed Activities Investment R
Preneed Activities Investment Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Preneed Activities [Abstract] | ||||
Deposits to trust | $ 134,918 | $ 134,923 | $ 403,340 | $ 389,025 |
Withdrawals | 120,314 | 111,196 | 366,465 | 341,354 |
Payments to Acquire Debt Securities, Available-for-sale | 389,487 | 475,748 | 1,293,426 | 1,287,957 |
Proceeds from Sale of Debt Securities, Available-for-sale | 378,798 | 418,261 | 1,202,445 | 1,249,066 |
Debt Securities, Available-for-sale, Realized Gain | 53,134 | 97,155 | 274,373 | 402,074 |
Debt Securities, Available-for-sale, Realized Loss | $ 69,442 | $ 23,983 | $ 150,085 | $ 57,795 |
Preneed Activities Preneed Ac_3
Preneed Activities Preneed Activities Preneed Receivables and Trust Investments (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Preneed Receivables and Trust Investments [Abstract] | |||
Preneed receivables, net and trust investments | $ 5,278,066 | $ 6,015,323 | |
Change in amounts due for unfulfilled performance obligations | (108,360) | $ (62,323) | |
Amounts Due for Unfulfilled Performance Obligations | $ (834,976) | $ (726,615) |
Preneed Activities Long-term Re
Preneed Activities Long-term Receivable and Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Long-term receivable and investment components [Line Items] | ||
Preneed receivables, net and trust investments | $ 5,278,066 | $ 6,015,323 |
Cemetery perpetual care trust investments | (1,607,502) | (1,996,898) |
Preneed trust investments | 3,930,907 | 4,771,542 |
Preneed receivables, net and trust investments, excluding allowance for cancellation | 5,278,066 | 6,015,323 |
Insurance-backed fixed income securities and other [Line Items] | 217,593 | 231,589 |
Investments | 5,538,409 | 6,768,440 |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 1,347,159 | 1,243,781 |
Assets Held-in-trust | 5,320,816 | 6,536,851 |
Funeral [Member] | ||
Long-term receivable and investment components [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 151,719 | 137,423 |
Cemetery [Member] | ||
Long-term receivable and investment components [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,195,440 | $ 1,106,358 |
Preneed Activities Schedule of
Preneed Activities Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 4,009,925 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 269,583 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (686,319) | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 3,593,189 | |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 3,801,977 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 840,484 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (96,934) | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 4,545,527 | |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 45,521 | 51,002 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 29 | 795 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (2,109) | (283) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 43,441 | 51,514 |
Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 29,079 | 29,881 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 15 | 28 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | 0 | 0 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 29,094 | 29,909 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,357 | 170 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 0 | 6 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (129) | (2) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 1,228 | 174 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,424 | 1,407 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 0 | 58 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (110) | (15) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 1,314 | 1,450 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 299 | 274 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 1 | 2 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (50) | (10) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 250 | 266 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 4,350 | 4,843 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 0 | 4 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (2,009) | (1,024) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 2,341 | 3,823 |
Fair Value, Inputs, Level 1 [Member] | US Common Stock Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,674,835 | 1,648,785 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 210,790 | 624,349 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (272,253) | (56,092) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 1,613,372 | 2,217,042 |
Fair Value, Inputs, Level 1 [Member] | Canada Common Stock Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 44,694 | 34,787 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 10,484 | 19,617 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (13,826) | (898) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 41,352 | 53,506 |
Fair Value, Inputs, Level 1 [Member] | Other International Common Stock Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 145,601 | 129,486 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 5,905 | 42,171 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (29,682) | (9,819) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 121,824 | 161,838 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 933,390 | 875,828 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 39,591 | 140,893 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (184,846) | (10,116) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 788,135 | 1,006,605 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,129,188 | 1,025,327 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 2,767 | 12,560 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (181,305) | (18,675) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 950,650 | 1,019,212 |
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 187 | 187 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 1 | 1 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | 0 | 0 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 188 | 188 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,655,781 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 179,276 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (107,430) | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 1,727,627 | |
Reported Value Measurement [Member] | Commingled funds - Fixed inc [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 726,801 | 662,125 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 9 | 115,939 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (97,686) | (3,171) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 629,124 | 774,893 |
Reported Value Measurement [Member] | Commingled funds - Equity [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 308,184 | 230,926 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 6,918 | 161,125 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (9,379) | (114) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 305,723 | 391,937 |
Reported Value Measurement [Member] | Money Market Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 317,884 | 408,762 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 0 | 0 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | 0 | 0 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 317,884 | 408,762 |
Reported Value Measurement [Member] | Private Equity Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 302,912 | 292,888 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 172,349 | 128,197 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (365) | (5,353) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 474,896 | 415,732 |
Reported Value Measurement [Member] | Reported At Net Asset Value [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,594,701 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 405,261 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (8,638) | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 1,991,324 | |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 5,665,706 | 5,396,678 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 448,859 | 1,245,745 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (793,749) | (105,572) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | $ 5,320,816 | $ 6,536,851 |
Preneed Activities Investments
Preneed Activities Investments Classified by Contractual Maturity Date (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Preneed Activities [Abstract] | |
Due in one year or less | $ 49,957 |
Due in one to five years | 20,998 |
Due in five to ten years | 4,177 |
Thereafter | 195 |
Total | $ 75,327 |
Preneed Activities Preneed Ac_4
Preneed Activities Preneed Activities Deferred Revenue Net (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred Revenue [Abstract] | ||
Deferred revenue, Gross | $ 2,435,314 | $ 2,259,364 |
Deferred Revenue | 1,600,338 | 1,532,749 |
Amounts Due for Unfulfilled Performance Obligations | $ 834,976 | $ 726,615 |
Preneed Activities Preneed Ac_5
Preneed Activities Preneed Activities, Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Preneed Activities [Abstract] | ||||
Investment Earnings, Net | $ 31.6 | $ 46.1 | $ 113.1 | $ 134.8 |
Available-for-sale securities, estimated maturity date, maximum | 2040 | |||
Available-for-sale securities, estimated maturity date, minimum | 2022 | |||
ECF Investment Earnings, Net | $ 19.3 | $ 23.1 | $ 64.6 | $ 71 |
Income Taxes Income Taxes Level
Income Taxes Income Taxes Level 4-Detail 1 (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Taxes [Abstract] | ||||
Total effective tax rate | 23.70% | 23.40% | 25.20% | 23.90% |
Unrecognized Tax Benefits | $ 1.3 | $ 1.3 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0.9 | $ 0.9 | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 2,100% |
Debt Level 4 (Details)
Debt Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Repayments of Debt | $ 92,800 | $ 727,000 | |||
Repayments of Other Debt | 2,900 | 2,800 | |||
Losses on early extinguishment of debt, net | $ 0 | $ 0 | (1,225) | (5,226) | |
Notes Payable to Bank, Noncurrent | 544,375 | 544,375 | $ 568,750 | ||
Total debt | 4,190,921 | 4,190,921 | 3,966,320 | ||
Current maturities of long-term debt | (63,510) | (63,510) | (65,016) | ||
Less current maturities | 63,510 | 63,510 | 65,016 | ||
Total long-term debt | $ 4,127,411 | $ 4,127,411 | $ 3,901,304 | ||
Debt, Weighted Average Interest Rate | 3.77% | 3.77% | 3.70% | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 75% | 75% | 79% | ||
Letters of Credit, Maximum Borrowing Capacity | $ 33,700 | $ 33,700 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 98,400 | 86,200 | |||
Unamortized Debt Issuance Expense | (40,719) | (40,719) | $ (45,100) | ||
Bank credit facility | $ 415,000 | 415,000 | $ 155,000 | ||
Redemption Premium | 1,100 | 4,800 | |||
Proceeds from Issuance of Debt | $ 325,000 | 820,000 | |||
Bank Facility Interest Rate | 4.12% | 4.12% | 1.11% | ||
January 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Bank credit facility | $ 415,000 | $ 415,000 | $ 155,000 | ||
Term Loan December 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 24,400 | ||||
May 2031 | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 800,000 | $ 800,000 | |||
Unsecured Debt [Member] | April 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 138,274 | 138,274 | 152,710 | ||
Unsecured Debt [Member] | December 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 550,000 | 550,000 | 550,000 | ||
Unsecured Debt [Member] | June 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 750,000 | 750,000 | 750,000 | ||
Unsecured Debt [Member] | August 2030 | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 850,000 | 850,000 | 850,000 | ||
Unsecured Debt [Member] | May 2031 | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 800,000 | 800,000 | 800,000 | ||
Capital Lease Obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Finance Lease, Liability | 123,795 | 123,795 | 136,847 | ||
Mortgages [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage notes and other debt, maturities through 2047 | $ 60,196 | $ 60,196 | $ 48,113 |
Debt Debt, Textuals (Details)
Debt Debt, Textuals (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Nov. 02, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 3.77% | 3.77% | 3.70% | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 75% | 75% | 79% | |||
Notes Payable to Bank, Noncurrent | $ 544,375 | $ 544,375 | $ 568,750 | |||
Line of Credit Facility, Amount Outstanding | 415,000 | $ 415,000 | 155,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | |||||
Letters of Credit, Maximum Borrowing Capacity | 33,700 | $ 33,700 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 551,300 | 551,300 | ||||
Repayments of Other Debt | 2,900 | $ 2,800 | ||||
Repayments of Debt | 92,800 | 727,000 | ||||
Losses on early extinguishment of debt, net | 0 | $ 0 | (1,225) | (5,226) | ||
Long-term Debt, Fair Value | 3,662,100 | 3,662,100 | 3,987,696 | |||
Redemption Premium | 1,100 | 4,800 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 98,400 | 86,200 | ||||
Line of Credit Facility, Increase (Decrease), Net | 310,000 | 20,000 | ||||
Debt Instrument, Periodic Payment | 50,000 | |||||
Unamortized Debt Issuance Expense | 40,719 | 40,719 | 45,100 | |||
Debt Issuance Costs, Net | 13,600 | 13,600 | ||||
Proceeds from Issuance of Debt | 325,000 | 820,000 | ||||
Other Long-Term Debt | 15,000 | 15,000 | ||||
Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Amount Outstanding | $ 445,000 | |||||
Line of Credit Facility, Increase (Decrease), Net | $ 30,000 | |||||
April 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Periodic Payment | 14,400 | |||||
January 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Amount Outstanding | 415,000 | 415,000 | 155,000 | |||
May 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Periodic Payment | 24,400 | |||||
Bank Credit Facility 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Periodic Payment | 545,000 | |||||
Term Loan December 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 24,400 | |||||
November 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 150,000 | |||||
May 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | $ 800,000 | $ 800,000 | ||||
Unsecured Debt [Member] | April 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | 138,274 | 138,274 | 152,710 | |||
Unsecured Debt [Member] | December 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | 550,000 | 550,000 | 550,000 | |||
Unsecured Debt [Member] | August 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | 850,000 | 850,000 | 850,000 | |||
Unsecured Debt [Member] | June 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | 750,000 | 750,000 | 750,000 | |||
Unsecured Debt [Member] | May 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | $ 800,000 | $ 800,000 | $ 800,000 |
Credit Risk and Fair Value of_3
Credit Risk and Fair Value of Financial Instruments Level 4 (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility | $ 415,000 | $ 155,000 |
Notes Payable | 56,784 | 46,878 |
Long-term Debt, Fair Value | 3,662,100 | 3,987,696 |
January 2022 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility | 415,000 | 155,000 |
Term Loan | 544,375 | 568,750 |
April 2027 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 139,950 | 181,511 |
December 2027 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 503,937 | 575,443 |
June 2029 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 686,850 | 809,737 |
August 2030 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 669,060 | 836,825 |
May 2031 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 646,144 | $ 813,552 |
Commitments and Contingencies_2
Commitments and Contingencies Level 4 (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Self Insurance Reserve | $ 95.2 | $ 94.3 |
Equity Textuals (Details)
Equity Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Nov. 02, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Common stock, shares, issued | 167,598,044 | 167,598,044 | 166,821,502 | ||||
Common stock, shares outstanding | 154,737,723 | 154,737,723 | 163,114,202 | ||||
Treasury Stock, Shares, Acquired | 9,152,151 | ||||||
Treasury Stock, Value, Acquired, Par Value Method | $ 586,600 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ 64.09 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 307,900 | $ 307,900 | |||||
Dividends declared per share | $ 250 | $ 230 | $ 210 | ||||
Payments of Dividends, Common Stock | 118,435 | $ 109,285 | |||||
Stock Repurchase Program, Authorized Amount | $ 600,000 | $ 600,000 | |||||
Subsequent Event [Member] | |||||||
Treasury Stock, Shares, Acquired | 932,211 | ||||||
Treasury Stock, Value, Acquired, Par Value Method | $ 56,100 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ 60.18 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 251,800 |
Segment Reporting Level 4 (Deta
Segment Reporting Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Restricted Cash and Cash Equivalents, Noncurrent | $ 2,235 | $ 2,235 | $ 2,082 | ||
Revenues | 977,720 | $ 1,034,372 | 3,080,978 | $ 3,099,888 | |
Interest expense | (43,508) | (38,618) | (123,107) | (111,865) | |
Depreciation and amortization | 130,451 | 119,200 | |||
Amortization of intangibles | 14,059 | 15,095 | |||
Amortization of cemetery property | 69,059 | 75,394 | |||
Total assets | 14,491,529 | 14,491,529 | $ 15,691,178 | ||
Capital expenditures | 252,763 | 177,767 | |||
Gross profits from reportable segments | 230,956 | 338,003 | 874,514 | 993,770 | |
Corporate general and administrative expenses | (41,911) | (41,461) | (129,336) | (116,779) | |
Gains on divestitures and impairment charges, net | (14,403) | (7,804) | (15,186) | (15,232) | |
Operating income | 203,448 | 304,346 | 760,364 | 892,223 | |
Losses on early extinguishment of debt, net | 0 | 0 | (1,225) | (5,226) | |
Other income (expense), net | (1,514) | 8,218 | (2,489) | 9,214 | |
Income from continuing operations before income taxes | 158,426 | 273,946 | 633,543 | 784,346 | |
UNITED STATES | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 923,738 | 978,850 | 2,905,975 | 2,932,464 | |
CANADA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 53,982 | 55,522 | 175,003 | 167,424 | |
Funeral [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 553,970 | 592,289 | 1,751,879 | 1,743,430 | |
Gross profits from reportable segments | 101,844 | 168,451 | 414,456 | 474,650 | |
Cemetery [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 423,750 | 442,083 | 1,329,099 | 1,356,458 | |
Gross profits from reportable segments | 129,112 | 169,552 | 460,058 | 519,120 | |
Funeral Atneed Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 291,640 | 318,432 | 931,000 | 938,835 | |
Funeral Matured Preneed Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 167,427 | 172,410 | 528,122 | 522,051 | |
Funeral Core Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 459,067 | 490,842 | 1,459,122 | 1,460,886 | |
Non-funeral Home Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 18,150 | 18,478 | 56,694 | 55,089 | |
Funeral Recognized Preneed Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 40,132 | 45,552 | 125,824 | 120,414 | |
Funeral Other Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 36,621 | 37,417 | 110,239 | 107,041 | |
Cemetery Atneed Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 108,604 | 123,443 | 341,397 | 357,094 | |
Cemetery Recognized Preneed Property Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 200,811 | 201,876 | 640,378 | 643,016 | |
Cemetery Recognized Preneed Merchandise And Service Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 85,707 | 84,989 | 255,535 | 258,525 | |
Cemetery Core Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 395,122 | 410,308 | 1,237,310 | 1,258,635 | |
Cemetery Other Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 28,628 | $ 31,775 | $ 91,789 | $ 97,823 |
Earnings Per Share Level 4 (Det
Earnings Per Share Level 4 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income (Loss) Attributable to Parent [Abstract] | ||||
Net income attributable to common stockholders | $ 120,850 | $ 209,855 | $ 473,033 | $ 596,439 |
Weighted average shares (denominator): | ||||
Weighted average shares — basic | 156,781 | 167,417 | 158,921 | 168,586 |
Weighted average shares — diluted | 159,100 | 170,005 | 161,398 | 171,057 |
Net income attributable to common stockholders, basic | $ 0.77 | $ 1.25 | $ 2.98 | $ 3.54 |
Net income attributable to common stockholders, diluted | $ 0.76 | $ 1.23 | $ 2.93 | $ 3.49 |
Revenues | $ 977,720 | $ 1,034,372 | $ 3,080,978 | $ 3,099,888 |
Stock Options [Member] | ||||
Weighted average shares (denominator): | ||||
Share based compensation | 2,246 | 2,513 | 2,405 | 2,409 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 559,000 | 0 | 465,000 | 558,000 |
Restricted Stock Units (RSUs) [Member] | ||||
Weighted average shares (denominator): | ||||
Share based compensation | 73 | 75 | 72 | 62 |
Acquisition, Textuals (Details)
Acquisition, Textuals (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Acquisitions [Abstract] | |||||
(Losses) gains on divestitures | $ 14,403 | $ 9,245 | $ 15,492 | $ 16,838 | |
Impairment losses | 0 | (1,441) | (306) | (1,606) | |
Gains on divestitures and impairment charges, net | $ 14,403 | $ 7,804 | 15,186 | 15,232 | |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | 8,901 | 15,642 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 13,488 | 9,221 | |||
Asset Acquisition [Line Items] | |||||
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | 8,901 | 15,642 | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 13,488 | $ 9,221 | |||
Subsequent Event [Member] | |||||
Acquisitions [Abstract] | |||||
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | $ 1,100 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 38,800 | ||||
Asset Acquisition [Line Items] | |||||
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | 1,100 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 38,800 |
Uncategorized Items - sci-20220
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 238,610,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 278,555,000 |