Cover Page Details
Cover Page Details - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
Document Information [Line Items] | ||
Document Quarterly Report | true | |
Document Type | 10-Q | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
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 ($1 par value) | |
Trading Symbol | SCI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 151,939,138 | |
Subsequent Event [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 151,169,858 |
Document and Entity Information
Document and Entity Information Document | 3 Months Ended |
Mar. 31, 2023 shares | |
Document Information [Line Items] | |
Entity Registrant Name | SERVICE CORPORATION INTERNATIONAL |
Entity Central Index Key | 0000089089 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q1 |
Entity Shell Company | false |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 151,939,138 |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Product Information [Line Items] | ||
Revenue | $ 1,028,709 | $ 1,112,403 |
Costs of revenue | (739,615) | (735,490) |
Gross profit | 289,094 | 376,913 |
Corporate general and administrative expenses | (44,160) | (41,704) |
Gains on divestitures and impairment charges, net | 691 | 489 |
Operating income | 245,625 | 335,698 |
Interest expense | (53,916) | (39,028) |
Losses on early extinguishment of debt, net | (1,060) | 0 |
Other income (expense), net | 1,209 | 128 |
Income before income taxes | 191,858 | 296,798 |
(Provision for) benefit from income taxes | (47,029) | (77,231) |
Net income | 144,829 | 219,567 |
Net income attributable to noncontrolling interests | (66) | (54) |
Net income attributable to common stockholders | $ 144,763 | $ 219,513 |
Basic earnings per share: | ||
Net income attributable to common stockholders, basic | $ 0.95 | $ 1.36 |
Basic weighted average number of shares | 153,125 | 161,328 |
Diluted earnings per share: | ||
Net income attributable to common stockholders, diluted | $ 0.93 | $ 1.34 |
Diluted weighted average number of shares | 155,300 | 163,807 |
Dividends declared per share | $ 270 | |
Product [Member] | ||
Product Information [Line Items] | ||
Revenue | $ 515,242 | $ 561,547 |
Costs of revenue | (258,602) | (260,051) |
Service [Member] | ||
Product Information [Line Items] | ||
Revenue | 439,505 | 480,609 |
Costs of revenue | (231,298) | (219,538) |
Product and Service, Other [Member] | ||
Product Information [Line Items] | ||
Revenue | 73,962 | 70,247 |
Costs of revenue | $ (249,715) | $ (255,901) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 144,829 | $ 219,567 |
Foreign currency translation adjustments | 298 | 7,279 |
Total comprehensive income | 145,127 | 226,846 |
Total comprehensive income attributable to noncontrolling interests | (65) | (54) |
Total comprehensive income attributable to common stockholders | $ 145,062 | $ 226,792 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 157,831 | $ 191,938 |
Receivables, net | 100,864 | 96,681 |
Inventories | 35,200 | 31,740 |
Other | 32,219 | 39,487 |
Total current assets | 326,114 | 359,846 |
Accounts Receivable, Allowance for Credit Loss | (5,112) | (6,186) |
Preneed receivables, net and trust investments | 5,777,597 | 5,577,499 |
Cemetery property | 1,948,809 | 1,939,816 |
Property and equipment, net | 2,372,563 | 2,350,549 |
Goodwill | 1,948,014 | 1,945,588 |
Allowance for credit losses for Deferred charges and other assets | 2,577 | 3,602 |
Deferred charges and other assets | 1,196,326 | 1,190,426 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (28,353) | (27,314) |
Cemetery perpetual care trust investments | 1,774,489 | 1,702,313 |
Total assets | 15,343,912 | 15,066,037 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 659,112 | 707,488 |
Current maturities of long-term debt | 71,358 | 90,661 |
Income taxes payable | 36,929 | 1,131 |
Total current liabilities | 767,399 | 799,280 |
Long-term debt | 4,327,787 | 4,251,083 |
Deferred preneed revenue | 1,644,714 | 1,624,028 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 444,484 | 445,040 |
Other liabilities | 420,685 | 411,376 |
Deferred receipts held in trust | 4,347,600 | 4,163,520 |
Care trusts’ corpus | 1,769,342 | 1,698,287 |
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 | 151,939,138 | 153,940,365 |
Equity: | ||
Common Stock, Value, Outstanding | $ 151,939 | $ 153,940 |
Capital in excess of par value | 953,368 | 958,329 |
Retained Earnings (Accumulated Deficit) | 499,567 | 544,384 |
Accumulated other comprehensive income | 16,837 | 16,538 |
Total common stockholders’ equity | 1,621,711 | 1,673,191 |
Noncontrolling interests | 190 | 232 |
Total equity | 1,621,901 | 1,673,423 |
Total liabilities and equity | $ 15,343,912 | $ 15,066,037 |
Common stock, shares, issued | 156,518,824 | 156,088,438 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses for Deferred charges and other assets | $ 2,577 | $ 3,602 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 144,829 | $ 219,567 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on early extinguishment of debt | 1,060 | 0 |
Depreciation and amortization | 46,114 | 42,436 |
Amortization of intangibles | 4,731 | 5,074 |
Amortization of cemetery property | 20,338 | 24,849 |
Amortization of loan costs | 1,697 | 1,644 |
Provision for expected credit losses | 1,906 | 3,078 |
Benefit from deferred income taxes | (492) | (4,580) |
Share-based compensation | 4,478 | 3,687 |
Gain (Loss) on Disposition of Assets | (691) | (489) |
Change in assets and liabilities, net of effects from acquisitions and divestitures: | ||
Increase (Decrease) in Accounts Receivable | 8,329 | 5,435 |
Increase (Decrease) in Other Operating Assets | (17,421) | (2,714) |
Increase (Decrease) in Operating Liabilities | (1,977) | (52,003) |
Effect of preneed funeral production and maturities: | ||
Increase in preneed receivables, net and trust investments | (39,923) | (91,641) |
Increase in deferred revenue, net | 41,030 | 67,625 |
Increase in deferred receipts held in trust | 1,610 | 6,199 |
Net cash provided by operating activities | 219,572 | 332,173 |
Cash flows from investing activities: | ||
Capital expenditures | (77,903) | (56,748) |
Payments to Acquire Businesses, Net of Cash Acquired | (8,700) | 0 |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | (16,666) | (226) |
Proceeds from divestitures and sales of property and equipment | 9,741 | 2,986 |
Payment to Acquire Life Insurance Policy, Investing Activities | (1,366) | (1,666) |
Net cash used in investing activities | (94,894) | (55,654) |
Cash flows from financing activities | ||
Payments of Debt Issuance Costs | 7,471 | 0 |
Proceeds from issuance of long-term debt | 408,383 | 75,000 |
Early payments and extinguishment of debt | (345,073) | 0 |
Finance Lease, Principal Payments | 8,537 | 9,059 |
Repayments of Unsecured Debt | (5,287) | (9,075) |
Proceeds from exercise of stock options | 8,763 | 272 |
Purchase of Company common stock | (165,950) | (256,355) |
Payments of dividends | (41,207) | (39,964) |
Bank overdrafts and other | (6,729) | (12,517) |
Net cash (used in) provided by financing activities | (163,108) | (251,698) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | 20 | 2,556 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (38,410) | 27,377 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 166,114 | $ 305,932 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings [Member] | Accumulated Other Comprehensive Income | Noncontrolling Interest | Treasury Stock, Common |
Balance at beginning of period at Dec. 31, 2021 | $ 1,909,449 | $ 166,822 | $ 979,096 | $ 727,021 | $ 40,214 | $ 4 | $ (3,708) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 226,846 | 0 | 0 | 219,513 | 7,279 | 54 | 0 |
Dividends, Common Stock | (39,964) | 0 | 0 | 39,964 | 0 | 0 | 0 |
Stock option exercises | 272 | 7 | 265 | 0 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 147 | (147) | 0 | 0 | 0 | 0 |
Employee share-based compensation earned | 3,687 | 0 | 3,687 | 0 | 0 | 0 | 0 |
Purchase of Company common stock | (256,355) | 0 | (24,613) | (227,638) | 0 | 0 | (4,104) |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 162 | 0 | 0 | 0 | 0 | 162 | 0 |
Other | 1,127 | 0 | 1,127 | 0 | 0 | 0 | 0 |
Balance at end of period at Mar. 31, 2022 | 1,842,646 | 166,976 | 957,161 | 678,932 | 47,493 | (104) | (7,812) |
Balance at beginning of period at Dec. 31, 2022 | 1,673,423 | 156,089 | 958,329 | 544,384 | 16,538 | 232 | (2,149) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Comprehensive income | 145,127 | 0 | 0 | 144,763 | 299 | 65 | 0 |
Dividends, Common Stock | $ (41,207) | 0 | 0 | (41,207) | 0 | 0 | 0 |
Dividends declared per share | $ 270 | ||||||
Stock option exercises | $ 8,763 | 298 | 8,465 | 0 | 0 | 0 | 0 |
Restricted stock awards, net of forfeitures | 0 | 132 | (133) | 0 | 0 | 0 | 1 |
Employee share-based compensation earned | 4,478 | 0 | 4,478 | 0 | 0 | 0 | 0 |
Purchase of Company common stock | (167,305) | 0 | (16,500) | (148,373) | 0 | 0 | (2,432) |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 107 | 0 | 0 | 0 | 0 | 107 | 0 |
Other | 1,271 | 0 | 1,271 | 0 | 0 | 0 | 0 |
Balance at end of period at Mar. 31, 2023 | $ 1,621,901 | $ 156,519 | $ 953,368 | $ 499,567 | $ 16,837 | $ 190 | $ (4,580) |
Preneed Activities Preneed Acti
Preneed Activities Preneed Activities Receivables Net and Trust Invesments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Total Preneed receivables, Past Due | $ 106,057 | |
Preneed Receivable, Not Past Due | 1,339,018 | |
Investments | 6,135,364 | $ 5,877,603 |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,445,075 | 1,429,523 |
Beginning balance — Preneed funeral receivables and trust investments | 5,577,499 | |
Deposits to trust | 137,245 | |
Ending balance — Preneed funeral receivables and trust investments | 5,777,597 | |
Cemetery perpetual care trust investments | 1,774,489 | 1,702,313 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (17,804) | (17,889) |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 1,416,722 | 1,402,209 |
Preneed Accounts Receivable Gross | 1,462,879 | 1,447,412 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (28,353) | (27,314) |
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 153,220 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 572,301 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 370,592 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 197,838 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 85,025 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 66,099 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 799 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (1,841) | |
Effect of Foreign Exchange on Allowance for Credit Loss | 3 | |
Financing Receivables 30 To 90 Days Past Due [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Accounts Receivable, Noncurrent, Past Due [Table] | 30,495 | |
Financing Receivables 91 To180 Days Past Due [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Accounts Receivable, Noncurrent, Past Due [Table] | 8,120 | |
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] | 25,941 | |
Financial Receivables, 1 to 29 Days Past Due [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Accounts Receivable, Noncurrent, Past Due [Table] | 41,501 | |
Funeral [Member] | ||
Total Preneed receivables, Past Due | 31,504 | |
Preneed Receivable, Not Past Due | 146,163 | |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 177,667 | 168,979 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (10,837) | (11,129) |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 162,519 | 154,541 |
Preneed Accounts Receivable Gross | 188,504 | 180,108 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (15,148) | (14,438) |
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 28,445 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 67,155 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 38,001 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 18,284 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 10,092 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 15,690 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 590 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (1,300) | |
Effect of Foreign Exchange on Allowance for Credit Loss | 0 | |
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] | 2,845 | |
Funeral [Member] | Financing Receivables 91 To180 Days Past Due [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Accounts Receivable, Noncurrent, Past Due [Table] | 2,249 | |
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] | 23,166 | |
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] | 3,244 | |
Cemetery [Member] | ||
Total Preneed receivables, Past Due | 74,553 | |
Preneed Receivable, Not Past Due | 1,192,855 | |
Accounts Receivable, before Allowance for Credit Loss, Noncurrent | 1,267,408 | 1,260,544 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | (6,967) | (6,760) |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 1,254,203 | 1,247,668 |
Preneed Accounts Receivable Gross | 1,274,375 | 1,267,304 |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (13,205) | $ (12,876) |
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | 124,775 | |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 505,146 | |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 332,591 | |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 179,554 | |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 74,933 | |
Accounts Receivable, Noncurrent, Originated Five or More Years before Latest Fiscal Year | 50,409 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 209 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (541) | |
Effect of Foreign Exchange on Allowance for Credit Loss | 3 | |
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] | 27,650 | |
Cemetery [Member] | Financing Receivables 91 To180 Days Past Due [Member] | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Accounts Receivable, Noncurrent, Past Due [Table] | 5,871 | |
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] | 2,775 | |
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] | $ 38,257 |
Preneed Activities Preneed Ac_2
Preneed Activities Preneed Activities Deferred Preneed Revenues - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Preneed Revenues [Roll Forward] | ||||
Deferred revenue and deferred receipts held in trust | $ 5,992,314 | $ 6,141,979 | $ 5,787,548 | $ 6,299,240 |
Net preneed contract sales | 364,463 | 391,243 | ||
Acquisitions (dispositions) of businesses, net | 2,904 | 269 | ||
Net investment (losses) earnings | 178,220 | (201,580) | ||
Change in amounts due for unfulfilled performance obligations | (22,519) | (36,201) | ||
Recognized Revenue From Backlog | (180,172) | (176,913) | ||
Recognized Revenue From Current Period | (137,324) | (138,905) | ||
Change in cancellation allowance | 26 | (146) | ||
Effect of foreign currency and other | $ (832) | $ 4,972 |
Nature of Operations Level 1 (N
Nature of Operations Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Nature of Operations [Abstract] | |
Nature of Operations [Text Block] | Nature of Operations |
Summary of Significant Accounti
Summary of Significant Accounting Policies Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
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. 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, 2022, 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: March 31, 2023 December 31, 2022 (In thousands) Cash and cash equivalents $ 157,831 $ 191,938 Restricted cash (1) Included in Other current assets 6,076 10,379 Included in Deferred charges and other assets, net 2,207 2,207 Total restricted cash 8,283 12,586 Total cash, cash equivalents, and restricted cash $ 166,114 $ 204,524 (1) Restricted cash in both periods primarily consists of proceeds from divestitures deposited into escrow accounts under IRS code section 1031 and collateralized obligations under certain insurance policies. Receivables, net The components of Receivables, net in our unaudited Condensed Consolidated Balance Sheet were as follows: March 31, 2023 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 30,615 $ 22,301 $ 52,889 $ 171 $ 105,976 Reserve for credit losses (2,572) (2,038) (365) (137) (5,112) Receivables, net $ 28,043 $ 20,263 $ 52,524 $ 34 $ 100,864 December 31, 2022 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 44,417 $ 19,781 $ 38,483 $ 186 $ 102,867 Reserve for credit losses (3,627) (2,076) (344) (139) (6,186) Receivables, net $ 40,790 $ 17,705 $ 38,139 $ 47 $ 96,681 Additionally, included in Deferred charges and other assets, net were long-term miscellaneous receivables, net and notes receivable, net as follows: March 31, 2023 December 31, 2022 (In thousands) Notes receivable $ 9,498 $ 9,367 Reserve for credit losses (1,795) (2,546) Notes receivable, net $ 7,703 $ 6,821 Long-term miscellaneous receivables $ 7,619 $ 7,993 Reserve for credit losses (782) (1,056) Long-term miscellaneous receivables, net $ 6,837 $ 6,937 The following table summarizes the activity in our reserve for credit losses by portfolio segment, excluding preneed receivables which are presented in Note 3, for the three months ended March 31, 2023: December 31, 2022 (Provision) benefit for Expected Credit Losses Acquisitions Write Offs Recoveries Effect of Foreign Currency and Other March 31, 2023 (In thousands) Trade receivables: Funeral $ (3,627) $ (134) $ (83) $ 1,605 $ (390) $ 57 $ (2,572) Cemetery (2,076) (186) — 294 (69) (1) (2,038) Total reserve for credit losses on trade receivables $ (5,703) $ (320) $ (83) $ 1,899 $ (459) $ 56 $ (4,610) Miscellaneous receivables: Current $ (344) $ (22) $ — $ — $ — $ 1 $ (365) Long-term (1,056) 274 — — — — (782) Total reserve for credit losses on miscellaneous receivables $ (1,400) $ 252 $ — $ — $ — $ 1 $ (1,147) Notes receivable $ (2,685) $ 3 $ — $ 750 $ — $ — $ (1,932) At March 31, 2023, the amortized cost basis of our miscellaneous and notes receivables by year of origination was as follows: 2023 2022 2021 2020 2019 Prior Revolving Line of Credit Total (In thousands) Miscellaneous receivables: Current $ 48,972 $ 2,798 $ 601 $ 306 $ 200 $ 12 $ — $ 52,889 Long-term 793 3,077 2,080 768 852 49 — 7,619 Total miscellaneous receivables $ 49,765 $ 5,875 $ 2,681 $ 1,074 $ 1,052 $ 61 $ — $ 60,508 Notes receivable $ — $ — $ — $ 12 $ — $ 4,730 $ 4,927 $ 9,669 At March 31, 2023, 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 $ — $ — $ 316 $ 1,103 $ 1,419 $ 51,470 $ 52,889 Long-term — — — — — 7,619 7,619 Total miscellaneous receivables $ — $ — $ 316 $ 1,103 $ 1,419 $ 59,089 $ 60,508 Notes receivable $ — $ — $ — $ 1,116 $ 1,116 $ 8,553 $ 9,669 Accounting Standards Adopted in 2023 Financial Instruments In March 2022, the Financial Accounting Standards Board (FASB) amended guidance to require public companies to disclose the vintage year of receivable write-offs during the reporting period. We adopted the amended guidance in 2023 with no impact on our consolidated results of operations, consolidated financial position, and cash flows. As receivable write-offs in the first quarter of 2023 were immaterial, we have not included the vintage year disclosure in this filing. We will add the vintage year disclosure in future filings for periods in which receivable write-offs are material, if any. Recently Issued Accounting Standards Investments In March 2023, the FASB amended guidance for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. The amended guidance expands the option to use the proportional amortization method from investments in low-income-housing tax credit structures to all tax credit structures that meet certain requirements. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the investment amortization and the income tax credits presented net in the statement of operations as a component of income tax expense. The new guidance is effective as of January 1, 2024 with early adoption permitted. We are still evaluating the impact of the guidance on our consolidated results of operations, consolidated financial position, and cash flows. Leases In March 2023, the FASB amended guidance on determining the useful life of leasehold improvements associated with a lease between related parties under common control. The amended guidance requires that the leasehold improvements be amortized over the useful life of the improvements to the common control group as a whole. The new guidance is effective for us on January 1, 2024 and 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) | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 (In thousands) Preneed receivables, net $ 1,416,722 $ 1,402,209 Trust investments, at market 5,924,847 5,663,163 Insurance-backed fixed income securities and other 210,517 214,440 Trust investments 6,135,364 5,877,603 Less: Cemetery perpetual care trust investments (1,774,489) (1,702,313) Preneed trust investments 4,360,875 4,175,290 Preneed receivables, net and trust investments $ 5,777,597 $ 5,577,499 Preneed receivables, net comprised the following: March 31, 2023 Funeral Cemetery Total (In thousands) Preneed receivables $ 188,504 $ 1,274,375 $ 1,462,879 Unearned finance charges (10,837) (6,967) (17,804) Preneed receivables, at amortized cost 177,667 1,267,408 1,445,075 Reserve for credit losses (15,148) (13,205) (28,353) Preneed receivables, net $ 162,519 $ 1,254,203 $ 1,416,722 December 31, 2022 Funeral Cemetery Total (In thousands) Preneed receivables $ 180,108 $ 1,267,304 $ 1,447,412 Unearned finance charges (11,129) (6,760) (17,889) Preneed receivables, at amortized cost 168,979 1,260,544 1,429,523 Reserve for credit losses (14,438) (12,876) (27,314) Preneed receivables, net $ 154,541 $ 1,247,668 $ 1,402,209 At March 31, 2023, the amortized cost basis of our preneed receivables by year of origination was as follows: 2023 2022 2021 2019 2018 Prior Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 28,445 $ 67,155 $ 38,001 $ 18,284 $ 10,092 $ 15,690 $ 177,667 Cemetery 124,775 505,146 332,591 179,554 74,933 50,409 1,267,408 Total preneed receivables, at amortized cost $ 153,220 $ 572,301 $ 370,592 $ 197,838 $ 85,025 $ 66,099 $ 1,445,075 At March 31, 2023, the payment status of our preneed receivables was as follows: Past Due <30 Days 30-90 Days 90-180 Days >180 Days Total Current Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 3,244 $ 2,845 $ 2,249 $ 23,166 $ 31,504 $ 146,163 $ 177,667 Cemetery 38,257 27,650 5,871 2,775 74,553 1,192,855 1,267,408 Total preneed receivables, at amortized cost $ 41,501 $ 30,495 $ 8,120 $ 25,941 $ 106,057 $ 1,339,018 $ 1,445,075 The following table summarizes the activity for the reserve for credit losses on preneed receivables for the three months ended March 31, 2023: December 31, 2022 Provision for Expected Credit Losses Write-Offs Effect of Foreign Currency March 31, 2023 (In thousands) Funeral $ (14,438) $ (1,300) $ 590 $ — $ (15,148) Cemetery (12,876) (541) 209 3 (13,205) Total reserve for credit losses on preneed receivables $ (27,314) $ (1,841) $ 799 $ 3 $ (28,353) The table below sets forth certain investment-related activities associated with our trusts: Three months ended March 31, 2023 2022 (In thousands) Deposits $ 137,245 $ 127,972 Withdrawals $ 124,245 $ 122,364 Purchases of securities $ 607,476 $ 469,312 Sales of securities $ 630,740 $ 394,424 Realized gains from sales of securities (1) $ 82,330 $ 103,555 Realized losses from sales of securities (1) $ (49,910) $ (27,932) (1) All realized gains and losses are recognized in Other income, net for our trust investments and are offset by a corresponding reclassification in Other income, net to Deferred receipts held in trust and Care trusts’ corpus. The cost and market values associated with trust investments recorded at market value are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities held by the trusts. March 31, 2023 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,239 $ 37 $ (1,749) $ 43,527 Canadian government 2 33,130 — — 33,130 Corporate 2 175 — (18) 157 Residential mortgage-backed 2 5,485 23 (111) 5,397 Asset-backed 2 293 — (51) 242 Equity securities: Preferred stock 2 4,196 — (2,062) 2,134 Common stock: United States 1 1,765,274 293,953 (155,781) 1,903,446 Canada 1 50,325 14,876 (6,962) 58,239 Other international 1 97,626 12,049 (10,055) 99,620 Mutual funds: Equity 1 916,174 82,279 (77,552) 920,901 Fixed income 1 1,098,174 1,776 (140,387) 959,563 Trust investments, at fair value 4,016,091 404,993 (394,728) 4,026,356 Commingled funds Fixed income 733,119 — (76,465) 656,654 Equity 306,512 67,597 (1,130) 372,979 Money market funds 345,577 — — 345,577 Alternative investments 372,793 154,721 (4,233) 523,281 Trust investments, at net asset value 1,758,001 222,318 (81,828) 1,898,491 Trust investments, at market $ 5,774,092 $ 627,311 $ (476,556) $ 5,924,847 December 31, 2022 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,084 $ 22 $ (2,033) $ 43,073 Canadian government 2 30,200 — — 30,200 Corporate 2 175 — (18) 157 Residential mortgage-backed 2 1,420 — (101) 1,319 Asset-backed 2 294 — (52) 242 Equity securities: Preferred stock 2 4,144 — (2,340) 1,804 Common stock: United States 1 1,707,240 283,423 (208,523) 1,782,140 Canada 1 47,821 11,765 (11,117) 48,469 Other international 1 123,440 10,561 (19,009) 114,992 Mutual funds: Equity 1 917,686 64,895 (112,374) 870,207 Fixed income 1 1,135,815 1,231 (166,286) 970,760 Trust investments, at fair value 4,013,319 371,897 (521,853) 3,863,363 Commingled funds Fixed income 730,940 2 (89,246) 641,696 Equity 309,893 40,820 (3,846) 346,867 Money market funds 325,562 — — 325,562 Alternative investments 307,275 179,491 (1,091) 485,675 Trust investments, at net asset value 1,673,670 220,313 (94,183) 1,799,800 Trust investments, at market $ 5,686,989 $ 592,210 $ (616,036) $ 5,663,163 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 2023 to 2040. Maturities of fixed income securities (excluding mutual and commingled funds) at March 31, 2023 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 55,274 Due in one to five years 19,780 Due in five to ten years 7,289 Thereafter 110 Total estimated maturities of fixed income securities $ 82,453 Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $36.0 million and $45.9 million for the three months ended March 31, 2023 and 2022, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $22.0 million and $24.4 million for the three months ended March 31, 2023 and 2022, 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: March 31, 2023 December 31, 2022 (In thousands) Deferred revenue $ 2,515,817 $ 2,472,693 Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts (871,103) (848,665) Deferred revenue, net $ 1,644,714 $ 1,624,028 The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust : Three months ended March 31, 2023 2022 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,787,548 $ 6,299,240 Net preneed contract sales 364,463 391,243 Acquisitions (dispositions) of businesses, net 2,904 269 Net investment gains (losses) (1) 178,220 (201,580) Recognized revenue from backlog (2) (180,172) (176,913) Recognized revenue from current period sales (137,324) (138,905) Change in amounts due on unfulfilled performance obligations (22,519) (36,201) Change in cancellation reserve 26 (146) Effect of foreign currency and other (832) 4,972 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 5,992,314 $ 6,141,979 (1) Includes both realized and unrealized investment gains (losses) |
Income Taxes Level 1 (Notes)
Income Taxes Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
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 24.5% and 26.0% for the three months ended March 31, 2023 and 2022, respectively. The lower effective tax rate for the three months ended March 31, 2023 was primarily due to greater excess tax benefits recognized on the settlement of employee share-based awards. The effective tax rate for the three months ended March 31, 2023 was higher than the federal statutory tax rate of 21.0% primarily due to state tax expense. Unrecognized Tax Benefits As of March 31, 2023, 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) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt The components of Debt are: March 31, 2023 December 31, 2022 (In thousands) 7.5% Senior Notes due April 2027 $ 138,274 $ 138,274 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 — 536,250 Term Loan due January 2028 670,781 — Bank Credit Facility due May 2024 — 570,000 Bank Credit Facility due January 2028 490,000 — Obligations under finance leases 119,807 120,837 Mortgage notes and other debt, maturities through 2050 70,179 66,248 Unamortized debt issuance costs (39,896) (39,865) Total debt 4,399,145 4,341,744 Less: Current maturities of long-term debt (71,358) (90,661) Total long-term debt $ 4,327,787 $ 4,251,083 Current maturities of debt at March 31, 2023 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. Approximately, 71% and 72% of our total debt had a fixed interest rate at March 31, 2023 and December 31, 2022, respectively. The components of our weighted average interest rate are as follows: March 31, 2023 December 31, 2022 Fixed Debt 4.32 % 4.32 % Floating Debt 6.45 % 2.95 % Total Debt 4.93 % 4.00 % During the three months ended March 31, 2023 and 2022, we paid $29.6 million and $17.7 million in cash interest, respectively. Bank Credit Agreement In January 2023, we amended our $1.650 billion credit agreement due May 2024 to enter into a new $2.175 billion bank credit agreement due January 2028 with a syndicate of banks. The $2.175 billion bank credit agreement comprises a $1.5 billion Bank Credit Facility, including a sublimit of $100.0 million for letters of credit and a $675.0 million Term Loan, both due January 2028. As a result of the new agreement, we netted to a $138.8 million increase in our outstanding Term Loan balance. We also netted to a $155.0 million decrease in our outstanding Bank Credit Facility balance. 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 a maximum leverage ratio financial covenant and certain dividend and share repurchase restrictions. As of March 31, 2023, we were in compliance with all of our debt covenant. We issued $33.5 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.15% at March 31, 2023. As of March 31, 2023, we had $976.5 million in borrowing capacity under the Bank Credit Facility. The Bank Credit Facility had an interest rate of 6.78% and 5.64% at March 31, 2023 and December 31, 2022, respectively. Subsequent to March 31, 2023, we increased our outstanding borrowings by $75.0 million to $565.0 million under our Bank Credit Facility due January 2028. Debt Issuances and Additions During the three months ended March 31, 2023, we issued or added $408.4 million of debt including: • $284.1 million in proceeds from certain members of the syndicate of banks in our Term Loan; • $65.0 million on our Bank Credit Facility due January 2028; • $44.3 million in proceeds from certain members of the syndicate of banks in our Bank Credit Facility; • $10.0 million on our Bank Credit Facility due May 2024; and • $5.0 million in other debt. Net proceeds from newly issued debt during the three months ended March 31, 2023 were used to pay down our Bank Credit Facility due May 2024, Term Loan due May 2024, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $7.5 million. During the three months ended March 31, 2022, we drew $75.0 million on our Bank Credit Facility due May 2024 for general corporate purposes. Debt Extinguishments and Reductions During the three months ended March 31, 2023, we made aggregate debt payments of $350.4 million for scheduled and early debt extinguishment payments including: • $199.3 million in aggregate principal payments to other members of our Bank Credit Facility; • $145.3 million in aggregate principal payments to other members of our Term Loan; • $4.2 million in aggregate principal of our Term Loan due January 2028; • $0.4 million of premiums paid on early extinguishment of debt; and • $1.2 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $1.1 million recorded in Losses on early extinguishment of debt in our Consolidated Statement of Operations for the three months ended March 31, 2023. |
Credit Risk and Fair Value of F
Credit Risk and Fair Value of Financial Instruments Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 (In thousands) 7.5% Senior Notes due April 2027 $ 145,533 $ 141,499 4.625% Senior Notes due December 2027 529,760 513,909 5.125% Senior Notes due June 2029 724,508 709,125 3.375% Senior Notes due August 2030 727,549 702,202 4.0% Senior Notes due May 2031 706,000 685,680 Term Loan due May 2024 — 536,250 Term Loan due January 2028 670,781 — Bank Credit Facility due May 2024 — 570,000 Bank Credit Facility due January 2028 490,000 — Mortgage notes and other debt, maturities through 2050 67,643 63,168 Total fair value of debt instruments $ 4,061,774 $ 3,921,833 |
Commitments and Contingencies L
Commitments and Contingencies Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Insurance Loss Reserves We purchase comprehensive general liability, morticians and cemetery professional liability, automobile liability, and workers’ compensation insurance coverage structured with high deductibles. The high-deductible insurance program means we are primarily self-insured for claims and associated costs and losses covered by these policies. As of March 31, 2023 and December 31, 2022, we had self-insurance reserves of $99.8 million and $99.3 million, respectively. Litigation and Regulatory Matters |
Equity Level 1 (Notes)
Equity Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
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 three months ended March 31, 2023, we repurchased 2,432,483 shares of common stock at an aggregate cost of $167.3 million, which is an average cost per share of $68.78. After these repurchases, the remaining dollar value of shares authorized to be purchased under the share repurchase program was $421.6 million at March 31, 2023. Subsequent to March 31, 2023, we repurchased 768,901 shares for $53.9 million at an average cost per share of $70.10. After these repurchases, the remaining dollar value of shares authorized to be purchased under the share repurchase program is $367.7 million. |
Segment Reporting Level 1 (Note
Segment Reporting Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 (In thousands) Revenue from customers: Funeral revenue: Atneed revenue $ 313,240 $ 353,369 Matured preneed revenue 185,709 194,927 Core funeral revenue 498,949 548,296 Non-funeral home revenue 21,209 20,810 Recognized preneed revenue 46,426 43,122 Other revenue 43,125 36,869 Total funeral revenue 609,709 649,097 Cemetery revenue: Atneed revenue 110,274 123,389 Recognized preneed property revenue 191,729 221,539 Recognized preneed merchandise and services revenue 86,160 85,000 Core cemetery revenue 388,163 429,928 Other revenue 30,837 33,378 Total cemetery revenue 419,000 463,306 Total revenue from customers $ 1,028,709 $ 1,112,403 Gross profit: Funeral gross profit $ 149,466 $ 195,983 Cemetery gross profit 139,628 180,930 Gross profit from reportable segments 289,094 376,913 Corporate general and administrative expenses (44,160) (41,704) Gains on divestitures and impairment charges, net 691 489 Operating income 245,625 335,698 Interest expense (53,916) (39,028) Losses on early extinguishment of debt (1,060) — Other income, net 1,209 128 Income before income taxes $ 191,858 $ 296,798 Our geographic area information was as follows: United States Canada Total (In thousands) Three months ended March 31, Revenue from external customers: 2023 $ 971,509 $ 57,200 $ 1,028,709 2022 $ 1,050,620 $ 61,783 $ 1,112,403 |
Earnings Per Share Level 1 (Not
Earnings Per Share Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income — basic and diluted $ 144,763 $ 219,513 Weighted average shares: Weighted average shares — basic 153,125 161,328 Stock options 2,104 2,402 Restricted share units 71 77 Weighted average shares — diluted 155,300 163,807 Amounts attributable to common stockholders: Earnings per share: Basic $ 0.95 $ 1.36 Diluted $ 0.93 $ 1.34 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 not currently included in the computation of diluted earnings per share are as follows (in shares): Three months ended March 31, 2023 2022 (In thousands) Antidilutive options 186 274 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Level 2 (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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. 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, 2022, 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: March 31, 2023 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 30,615 $ 22,301 $ 52,889 $ 171 $ 105,976 Reserve for credit losses (2,572) (2,038) (365) (137) (5,112) Receivables, net $ 28,043 $ 20,263 $ 52,524 $ 34 $ 100,864 December 31, 2022 Atneed Funeral Atneed Cemetery Miscellaneous Current Portion of Notes Total (In thousands) Receivables $ 44,417 $ 19,781 $ 38,483 $ 186 $ 102,867 Reserve for credit losses (3,627) (2,076) (344) (139) (6,186) Receivables, net $ 40,790 $ 17,705 $ 38,139 $ 47 $ 96,681 Additionally, included in Deferred charges and other assets, net were long-term miscellaneous receivables, net and notes receivable, net as follows: March 31, 2023 December 31, 2022 (In thousands) Notes receivable $ 9,498 $ 9,367 Reserve for credit losses (1,795) (2,546) Notes receivable, net $ 7,703 $ 6,821 Long-term miscellaneous receivables $ 7,619 $ 7,993 Reserve for credit losses (782) (1,056) Long-term miscellaneous receivables, net $ 6,837 $ 6,937 The following table summarizes the activity in our reserve for credit losses by portfolio segment, excluding preneed receivables which are presented in Note 3, for the three months ended March 31, 2023: December 31, 2022 (Provision) benefit for Expected Credit Losses Acquisitions Write Offs Recoveries Effect of Foreign Currency and Other March 31, 2023 (In thousands) Trade receivables: Funeral $ (3,627) $ (134) $ (83) $ 1,605 $ (390) $ 57 $ (2,572) Cemetery (2,076) (186) — 294 (69) (1) (2,038) Total reserve for credit losses on trade receivables $ (5,703) $ (320) $ (83) $ 1,899 $ (459) $ 56 $ (4,610) Miscellaneous receivables: Current $ (344) $ (22) $ — $ — $ — $ 1 $ (365) Long-term (1,056) 274 — — — — (782) Total reserve for credit losses on miscellaneous receivables $ (1,400) $ 252 $ — $ — $ — $ 1 $ (1,147) Notes receivable $ (2,685) $ 3 $ — $ 750 $ — $ — $ (1,932) At March 31, 2023, the amortized cost basis of our miscellaneous and notes receivables by year of origination was as follows: 2023 2022 2021 2020 2019 Prior Revolving Line of Credit Total (In thousands) Miscellaneous receivables: Current $ 48,972 $ 2,798 $ 601 $ 306 $ 200 $ 12 $ — $ 52,889 Long-term 793 3,077 2,080 768 852 49 — 7,619 Total miscellaneous receivables $ 49,765 $ 5,875 $ 2,681 $ 1,074 $ 1,052 $ 61 $ — $ 60,508 Notes receivable $ — $ — $ — $ 12 $ — $ 4,730 $ 4,927 $ 9,669 At March 31, 2023, 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 $ — $ — $ 316 $ 1,103 $ 1,419 $ 51,470 $ 52,889 Long-term — — — — — 7,619 7,619 Total miscellaneous receivables $ — $ — $ 316 $ 1,103 $ 1,419 $ 59,089 $ 60,508 Notes receivable $ — $ — $ — $ 1,116 $ 1,116 $ 8,553 $ 9,669 |
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. An increase (decrease) in the inputs results in a directionally opposite change in the fair value of the instruments. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Investments In March 2023, the FASB amended guidance for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. The amended guidance expands the option to use the proportional amortization method from investments in low-income-housing tax credit structures to all tax credit structures that meet certain requirements. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the investment amortization and the income tax credits presented net in the statement of operations as a component of income tax expense. The new guidance is effective as of January 1, 2024 with early adoption permitted. We are still evaluating the impact of the guidance on our consolidated results of operations, consolidated financial position, and cash flows. Leases In March 2023, the FASB amended guidance on determining the useful life of leasehold improvements associated with a lease between related parties under common control. The amended guidance requires that the leasehold improvements be amortized over the useful life of the improvements to the common control group as a whole. The new guidance is effective for us on January 1, 2024 and 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 | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Preneed Activities [Abstract] | |||
Investment related activities [Table Text Block] | Three months ended March 31, 2023 2022 (In thousands) Deposits $ 137,245 $ 127,972 Withdrawals $ 124,245 $ 122,364 Purchases of securities $ 607,476 $ 469,312 Sales of securities $ 630,740 $ 394,424 Realized gains from sales of securities (1) $ 82,330 $ 103,555 Realized losses from sales of securities (1) $ (49,910) $ (27,932) | ||
Long-term receivable and investment components [Table Text Block] | March 31, 2023 December 31, 2022 (In thousands) Preneed receivables, net $ 1,416,722 $ 1,402,209 Trust investments, at market 5,924,847 5,663,163 Insurance-backed fixed income securities and other 210,517 214,440 Trust investments 6,135,364 5,877,603 Less: Cemetery perpetual care trust investments (1,774,489) (1,702,313) Preneed trust investments 4,360,875 4,175,290 Preneed receivables, net and trust investments $ 5,777,597 $ 5,577,499 Preneed receivables, net comprised the following: March 31, 2023 Funeral Cemetery Total (In thousands) Preneed receivables $ 188,504 $ 1,274,375 $ 1,462,879 Unearned finance charges (10,837) (6,967) (17,804) Preneed receivables, at amortized cost 177,667 1,267,408 1,445,075 Reserve for credit losses (15,148) (13,205) (28,353) Preneed receivables, net $ 162,519 $ 1,254,203 $ 1,416,722 December 31, 2022 Funeral Cemetery Total (In thousands) Preneed receivables $ 180,108 $ 1,267,304 $ 1,447,412 Unearned finance charges (11,129) (6,760) (17,889) Preneed receivables, at amortized cost 168,979 1,260,544 1,429,523 Reserve for credit losses (14,438) (12,876) (27,314) Preneed receivables, net $ 154,541 $ 1,247,668 $ 1,402,209 | ||
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: March 31, 2023 December 31, 2022 (In thousands) Preneed receivables, net $ 1,416,722 $ 1,402,209 Trust investments, at market 5,924,847 5,663,163 Insurance-backed fixed income securities and other 210,517 214,440 Trust investments 6,135,364 5,877,603 Less: Cemetery perpetual care trust investments (1,774,489) (1,702,313) Preneed trust investments 4,360,875 4,175,290 Preneed receivables, net and trust investments $ 5,777,597 $ 5,577,499 | ||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | March 31, 2023 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,239 $ 37 $ (1,749) $ 43,527 Canadian government 2 33,130 — — 33,130 Corporate 2 175 — (18) 157 Residential mortgage-backed 2 5,485 23 (111) 5,397 Asset-backed 2 293 — (51) 242 Equity securities: Preferred stock 2 4,196 — (2,062) 2,134 Common stock: United States 1 1,765,274 293,953 (155,781) 1,903,446 Canada 1 50,325 14,876 (6,962) 58,239 Other international 1 97,626 12,049 (10,055) 99,620 Mutual funds: Equity 1 916,174 82,279 (77,552) 920,901 Fixed income 1 1,098,174 1,776 (140,387) 959,563 Trust investments, at fair value 4,016,091 404,993 (394,728) 4,026,356 Commingled funds Fixed income 733,119 — (76,465) 656,654 Equity 306,512 67,597 (1,130) 372,979 Money market funds 345,577 — — 345,577 Alternative investments 372,793 154,721 (4,233) 523,281 Trust investments, at net asset value 1,758,001 222,318 (81,828) 1,898,491 Trust investments, at market $ 5,774,092 $ 627,311 $ (476,556) $ 5,924,847 | December 31, 2022 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,084 $ 22 $ (2,033) $ 43,073 Canadian government 2 30,200 — — 30,200 Corporate 2 175 — (18) 157 Residential mortgage-backed 2 1,420 — (101) 1,319 Asset-backed 2 294 — (52) 242 Equity securities: Preferred stock 2 4,144 — (2,340) 1,804 Common stock: United States 1 1,707,240 283,423 (208,523) 1,782,140 Canada 1 47,821 11,765 (11,117) 48,469 Other international 1 123,440 10,561 (19,009) 114,992 Mutual funds: Equity 1 917,686 64,895 (112,374) 870,207 Fixed income 1 1,135,815 1,231 (166,286) 970,760 Trust investments, at fair value 4,013,319 371,897 (521,853) 3,863,363 Commingled funds Fixed income 730,940 2 (89,246) 641,696 Equity 309,893 40,820 (3,846) 346,867 Money market funds 325,562 — — 325,562 Alternative investments 307,275 179,491 (1,091) 485,675 Trust investments, at net asset value 1,673,670 220,313 (94,183) 1,799,800 Trust investments, at market $ 5,686,989 $ 592,210 $ (616,036) $ 5,663,163 | |
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: March 31, 2023 December 31, 2022 (In thousands) Preneed receivables, net $ 1,416,722 $ 1,402,209 Trust investments, at market 5,924,847 5,663,163 Insurance-backed fixed income securities and other 210,517 214,440 Trust investments 6,135,364 5,877,603 Less: Cemetery perpetual care trust investments (1,774,489) (1,702,313) Preneed trust investments 4,360,875 4,175,290 Preneed receivables, net and trust investments $ 5,777,597 $ 5,577,499 Preneed receivables, net comprised the following: March 31, 2023 Funeral Cemetery Total (In thousands) Preneed receivables $ 188,504 $ 1,274,375 $ 1,462,879 Unearned finance charges (10,837) (6,967) (17,804) Preneed receivables, at amortized cost 177,667 1,267,408 1,445,075 Reserve for credit losses (15,148) (13,205) (28,353) Preneed receivables, net $ 162,519 $ 1,254,203 $ 1,416,722 December 31, 2022 Funeral Cemetery Total (In thousands) Preneed receivables $ 180,108 $ 1,267,304 $ 1,447,412 Unearned finance charges (11,129) (6,760) (17,889) Preneed receivables, at amortized cost 168,979 1,260,544 1,429,523 Reserve for credit losses (14,438) (12,876) (27,314) Preneed receivables, net $ 154,541 $ 1,247,668 $ 1,402,209 At March 31, 2023, the amortized cost basis of our preneed receivables by year of origination was as follows: 2023 2022 2021 2019 2018 Prior Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 28,445 $ 67,155 $ 38,001 $ 18,284 $ 10,092 $ 15,690 $ 177,667 Cemetery 124,775 505,146 332,591 179,554 74,933 50,409 1,267,408 Total preneed receivables, at amortized cost $ 153,220 $ 572,301 $ 370,592 $ 197,838 $ 85,025 $ 66,099 $ 1,445,075 At March 31, 2023, the payment status of our preneed receivables was as follows: Past Due <30 Days 30-90 Days 90-180 Days >180 Days Total Current Total (In thousands) Preneed receivables, at amortized cost: Funeral $ 3,244 $ 2,845 $ 2,249 $ 23,166 $ 31,504 $ 146,163 $ 177,667 Cemetery 38,257 27,650 5,871 2,775 74,553 1,192,855 1,267,408 Total preneed receivables, at amortized cost $ 41,501 $ 30,495 $ 8,120 $ 25,941 $ 106,057 $ 1,339,018 $ 1,445,075 The following table summarizes the activity for the reserve for credit losses on preneed receivables for the three months ended March 31, 2023: December 31, 2022 Provision for Expected Credit Losses Write-Offs Effect of Foreign Currency March 31, 2023 (In thousands) Funeral $ (14,438) $ (1,300) $ 590 $ — $ (15,148) Cemetery (12,876) (541) 209 3 (13,205) Total reserve for credit losses on preneed receivables $ (27,314) $ (1,841) $ 799 $ 3 $ (28,353) The table below sets forth certain investment-related activities associated with our trusts: Three months ended March 31, 2023 2022 (In thousands) Deposits $ 137,245 $ 127,972 Withdrawals $ 124,245 $ 122,364 Purchases of securities $ 607,476 $ 469,312 Sales of securities $ 630,740 $ 394,424 Realized gains from sales of securities (1) $ 82,330 $ 103,555 Realized losses from sales of securities (1) $ (49,910) $ (27,932) (1) All realized gains and losses are recognized in Other income, net for our trust investments and are offset by a corresponding reclassification in Other income, net to Deferred receipts held in trust and Care trusts’ corpus. The cost and market values associated with trust investments recorded at market value are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities held by the trusts. March 31, 2023 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,239 $ 37 $ (1,749) $ 43,527 Canadian government 2 33,130 — — 33,130 Corporate 2 175 — (18) 157 Residential mortgage-backed 2 5,485 23 (111) 5,397 Asset-backed 2 293 — (51) 242 Equity securities: Preferred stock 2 4,196 — (2,062) 2,134 Common stock: United States 1 1,765,274 293,953 (155,781) 1,903,446 Canada 1 50,325 14,876 (6,962) 58,239 Other international 1 97,626 12,049 (10,055) 99,620 Mutual funds: Equity 1 916,174 82,279 (77,552) 920,901 Fixed income 1 1,098,174 1,776 (140,387) 959,563 Trust investments, at fair value 4,016,091 404,993 (394,728) 4,026,356 Commingled funds Fixed income 733,119 — (76,465) 656,654 Equity 306,512 67,597 (1,130) 372,979 Money market funds 345,577 — — 345,577 Alternative investments 372,793 154,721 (4,233) 523,281 Trust investments, at net asset value 1,758,001 222,318 (81,828) 1,898,491 Trust investments, at market $ 5,774,092 $ 627,311 $ (476,556) $ 5,924,847 December 31, 2022 Fair Value Hierarchy Level Cost Unrealized Unrealized Value (In thousands) Fixed income securities: U.S. Treasury 2 $ 45,084 $ 22 $ (2,033) $ 43,073 Canadian government 2 30,200 — — 30,200 Corporate 2 175 — (18) 157 Residential mortgage-backed 2 1,420 — (101) 1,319 Asset-backed 2 294 — (52) 242 Equity securities: Preferred stock 2 4,144 — (2,340) 1,804 Common stock: United States 1 1,707,240 283,423 (208,523) 1,782,140 Canada 1 47,821 11,765 (11,117) 48,469 Other international 1 123,440 10,561 (19,009) 114,992 Mutual funds: Equity 1 917,686 64,895 (112,374) 870,207 Fixed income 1 1,135,815 1,231 (166,286) 970,760 Trust investments, at fair value 4,013,319 371,897 (521,853) 3,863,363 Commingled funds Fixed income 730,940 2 (89,246) 641,696 Equity 309,893 40,820 (3,846) 346,867 Money market funds 325,562 — — 325,562 Alternative investments 307,275 179,491 (1,091) 485,675 Trust investments, at net asset value 1,673,670 220,313 (94,183) 1,799,800 Trust investments, at market $ 5,686,989 $ 592,210 $ (616,036) $ 5,663,163 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 2023 to 2040. Maturities of fixed income securities (excluding mutual and commingled funds) at March 31, 2023 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 55,274 Due in one to five years 19,780 Due in five to ten years 7,289 Thereafter 110 Total estimated maturities of fixed income securities $ 82,453 Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $36.0 million and $45.9 million for the three months ended March 31, 2023 and 2022, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $22.0 million and $24.4 million for the three months ended March 31, 2023 and 2022, 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: March 31, 2023 December 31, 2022 (In thousands) Deferred revenue $ 2,515,817 $ 2,472,693 Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts (871,103) (848,665) Deferred revenue, net $ 1,644,714 $ 1,624,028 The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust : Three months ended March 31, 2023 2022 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,787,548 $ 6,299,240 Net preneed contract sales 364,463 391,243 Acquisitions (dispositions) of businesses, net 2,904 269 Net investment gains (losses) (1) 178,220 (201,580) Recognized revenue from backlog (2) (180,172) (176,913) Recognized revenue from current period sales (137,324) (138,905) Change in amounts due on unfulfilled performance obligations (22,519) (36,201) Change in cancellation reserve 26 (146) Effect of foreign currency and other (832) 4,972 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 5,992,314 $ 6,141,979 (1) Includes both realized and unrealized investment gains (losses) | ||
Deferred Preneed Funeral Revenues [Table Text Block] | The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust : Three months ended March 31, 2023 2022 (In thousands) Beginning balance — Deferred revenue, net and Deferred receipts held in trust $ 5,787,548 $ 6,299,240 Net preneed contract sales 364,463 391,243 Acquisitions (dispositions) of businesses, net 2,904 269 Net investment gains (losses) (1) 178,220 (201,580) Recognized revenue from backlog (2) (180,172) (176,913) Recognized revenue from current period sales (137,324) (138,905) Change in amounts due on unfulfilled performance obligations (22,519) (36,201) Change in cancellation reserve 26 (146) Effect of foreign currency and other (832) 4,972 Ending balance — Deferred revenue, net and Deferred receipts held in trust $ 5,992,314 $ 6,141,979 (1) Includes both realized and unrealized investment gains (losses) | ||
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,416,722 | $ 1,402,209 | |
Assets Held-in-trust | 5,924,847 | 5,663,163 | |
Insurance-backed fixed income securities and other [Line Items] | 210,517 | 214,440 | |
Cemetery perpetual care trust investments | $ (1,774,489) | $ (1,702,313) | |
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturity dates of our fixed income securities range from 2023 to 2040. Maturities of fixed income securities (excluding mutual and commingled funds) at March 31, 2023 are estimated as follows: Fair Value (In thousands) Due in one year or less $ 55,274 Due in one to five years 19,780 Due in five to ten years 7,289 Thereafter 110 Total estimated maturities of fixed income securities $ 82,453 |
Debt Level 3 (Tables)
Debt Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | : March 31, 2023 December 31, 2022 (In thousands) 7.5% Senior Notes due April 2027 $ 138,274 $ 138,274 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 — 536,250 Term Loan due January 2028 670,781 — Bank Credit Facility due May 2024 — 570,000 Bank Credit Facility due January 2028 490,000 — Obligations under finance leases 119,807 120,837 Mortgage notes and other debt, maturities through 2050 70,179 66,248 Unamortized debt issuance costs (39,896) (39,865) Total debt 4,399,145 4,341,744 Less: Current maturities of long-term debt (71,358) (90,661) Total long-term debt $ 4,327,787 $ 4,251,083 |
Credit Risk and Fair Value of_2
Credit Risk and Fair Value of Financial Instruments Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 (In thousands) 7.5% Senior Notes due April 2027 $ 145,533 $ 141,499 4.625% Senior Notes due December 2027 529,760 513,909 5.125% Senior Notes due June 2029 724,508 709,125 3.375% Senior Notes due August 2030 727,549 702,202 4.0% Senior Notes due May 2031 706,000 685,680 Term Loan due May 2024 — 536,250 Term Loan due January 2028 670,781 — Bank Credit Facility due May 2024 — 570,000 Bank Credit Facility due January 2028 490,000 — Mortgage notes and other debt, maturities through 2050 67,643 63,168 Total fair value of debt instruments $ 4,061,774 $ 3,921,833 |
Segment Reporting Level 3 (Tabl
Segment Reporting Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended March 31, 2023 2022 (In thousands) Revenue from customers: Funeral revenue: Atneed revenue $ 313,240 $ 353,369 Matured preneed revenue 185,709 194,927 Core funeral revenue 498,949 548,296 Non-funeral home revenue 21,209 20,810 Recognized preneed revenue 46,426 43,122 Other revenue 43,125 36,869 Total funeral revenue 609,709 649,097 Cemetery revenue: Atneed revenue 110,274 123,389 Recognized preneed property revenue 191,729 221,539 Recognized preneed merchandise and services revenue 86,160 85,000 Core cemetery revenue 388,163 429,928 Other revenue 30,837 33,378 Total cemetery revenue 419,000 463,306 Total revenue from customers $ 1,028,709 $ 1,112,403 Gross profit: Funeral gross profit $ 149,466 $ 195,983 Cemetery gross profit 139,628 180,930 Gross profit from reportable segments 289,094 376,913 Corporate general and administrative expenses (44,160) (41,704) Gains on divestitures and impairment charges, net 691 489 Operating income 245,625 335,698 Interest expense (53,916) (39,028) Losses on early extinguishment of debt (1,060) — Other income, net 1,209 128 Income before income taxes $ 191,858 $ 296,798 |
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 March 31, Revenue from external customers: 2023 $ 971,509 $ 57,200 $ 1,028,709 2022 $ 1,050,620 $ 61,783 $ 1,112,403 |
Earnings Per Share Level 3 (Tab
Earnings Per Share Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 (In thousands, except per share amounts) Amounts attributable to common stockholders: Net income — basic and diluted $ 144,763 $ 219,513 Weighted average shares: Weighted average shares — basic 153,125 161,328 Stock options 2,104 2,402 Restricted share units 71 77 Weighted average shares — diluted 155,300 163,807 Amounts attributable to common stockholders: Earnings per share: Basic $ 0.95 $ 1.36 Diluted $ 0.93 $ 1.34 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended March 31, 2023 2022 (In thousands) Antidilutive options 186 274 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies, Textuals (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accounts Receivable, before Allowance for Credit Loss, Current | $ 105,976,000 | $ 102,867,000 | |
Restricted Cash and Cash Equivalents | 8,283,000 | 12,586,000 | |
Restricted Cash, Current | 6,076,000 | 10,379,000 | |
Receivables, Net, Current, Total | 100,864,000 | 96,681,000 | |
Amortization of cemetery property | 20,338,000 | $ 24,849,000 | |
Depreciation | 46,114,000 | $ 42,436,000 | |
Other Assets, Current | 32,219,000 | 39,487,000 | |
Accounts Receivable, Allowance for Credit Loss | 5,112,000 | 6,186,000 | |
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (28,353,000) | (27,314,000) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 799,000 | ||
Trade Accounts Receivable [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (4,610,000) | (5,703,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (320,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | (459,000) | ||
Allowance For Credit Losses Foreign Currency Translation | 56,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1,899,000 | ||
Acquisitions (Divestitures), net | (83,000) | ||
Notes Receivable [Member] | |||
Note Receivable, Not Past Due | 8,553,000 | ||
Financing Receivable, Allowance for Credit Loss, Noncurrent | 1,795,000 | 2,546,000 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 9,669,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (1,932,000) | (2,685,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 3,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Allowance For Credit Losses Foreign Currency Translation | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 750,000 | ||
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 | 12,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,730,000 | ||
Financing Receivable, Allowance for Credit Loss, Noncurrent | (1,795,000) | (2,546,000) | |
Revolving Line of Credit | 4,927,000 | ||
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 | 782,000 | 1,056,000 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 60,508,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (1,147,000) | (1,400,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 252,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Allowance For Credit Losses Foreign Currency Translation | 1,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Financing Receivable, Originated in Current Fiscal Year | 49,765,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,875,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,681,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,074,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,052,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 61,000 | ||
Financing Receivable, Allowance for Credit Loss, Noncurrent | (782,000) | (1,056,000) | |
Miscellaneous Receivable, Not Past Due | 59,089,000 | ||
Revolving Line of Credit | 0 | ||
Total Miscellaneous Receivables | 1,419,000 | ||
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 | 316,000 | ||
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 | 1,103,000 | ||
Funeral [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | (15,148,000) | (14,438,000) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 590,000 | ||
Funeral [Member] | Trade Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 30,615,000 | 44,417,000 | |
Receivables, Net, Current, Total | 28,043,000 | 40,790,000 | |
Accounts Receivable, Allowance for Credit Loss | 2,572,000 | 3,627,000 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (2,572,000) | (3,627,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (134,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | (390,000) | ||
Allowance For Credit Losses Foreign Currency Translation | 57,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1,605,000 | ||
Acquisitions (Divestitures), net | (83,000) | ||
Other Accounts Receivable Current [Member] | Trade Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 52,889,000 | 38,483,000 | |
Receivables, Net, Current, Total | 52,524,000 | 38,139,000 | |
Accounts Receivable, Allowance for Credit Loss | 365,000 | 344,000 | |
Current [Member] | Notes Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 171,000 | 186,000 | |
Receivables, Net, Current, Total | 34,000 | 47,000 | |
Accounts Receivable, Allowance for Credit Loss | 137,000 | 139,000 | |
Current [Member] | Miscellaneous accounts receivable [Member] | |||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 52,889,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (365,000) | (344,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (22,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Allowance For Credit Losses Foreign Currency Translation | 1,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Financing Receivable, Originated in Current Fiscal Year | 48,972,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,798,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 601,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 306,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 200,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 12,000 | ||
Miscellaneous Receivable, Not Past Due | 51,470,000 | ||
Revolving Line of Credit | 0 | ||
Total Miscellaneous Receivables | 1,419,000 | ||
Acquisitions (Divestitures), net | 0 | ||
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 | 316,000 | ||
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 | 1,103,000 | ||
Long Term [Member] | Notes Receivable [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 7,703,000 | 6,821,000 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 9,498,000 | 9,367,000 | |
Long Term [Member] | Miscellaneous accounts receivable [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 6,837,000 | 6,937,000 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 7,619,000 | 7,993,000 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 7,619,000 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (782,000) | (1,056,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 274,000 | ||
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 | 793,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,077,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,080,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 768,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 852,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 49,000 | ||
Miscellaneous Receivable, Not Past Due | 7,619,000 | ||
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 | (13,205,000) | (12,876,000) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 209,000 | ||
Cemetery [Member] | Trade Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 22,301,000 | 19,781,000 | |
Receivables, Net, Current, Total | 20,263,000 | 17,705,000 | |
Accounts Receivable, Allowance for Credit Loss | 2,038,000 | 2,076,000 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (2,038,000) | $ (2,076,000) | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (186,000) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | (69,000) | ||
Allowance For Credit Losses Foreign Currency Translation | (1,000) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 294,000 | ||
Acquisitions (Divestitures), net | $ 0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Revenue Recognition (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Notes Receivable [Member] | ||
Financing Receivable, Allowance for Credit Loss, Noncurrent | $ (1,795) | $ (2,546) |
Preneed Activities Investment R
Preneed Activities Investment Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Preneed Activities [Abstract] | ||
Deposits to trust | $ 137,245 | $ 127,972 |
Withdrawals | 124,245 | 122,364 |
Payments to Acquire Debt Securities, Available-for-sale | 607,476 | 469,312 |
Proceeds from Sale of Debt Securities, Available-for-sale | 630,740 | 394,424 |
Debt Securities, Available-for-sale, Realized Gain | 82,330 | 103,555 |
Debt Securities, Available-for-sale, Realized Loss | $ 49,910 | $ 27,932 |
Preneed Activities Preneed Ac_3
Preneed Activities Preneed Activities Preneed Receivables and Trust Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Preneed Receivables and Trust Investments [Abstract] | |||
Preneed receivables, net and trust investments | $ 5,777,597 | $ 5,577,499 | |
Change in amounts due for unfulfilled performance obligations | (22,519) | $ (36,201) | |
Amounts Due for Unfulfilled Performance Obligations | $ (871,103) | $ (848,665) |
Preneed Activities Long-term Re
Preneed Activities Long-term Receivable and Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Long-term receivable and investment components [Line Items] | ||
Preneed receivables, net and trust investments | $ 5,777,597 | $ 5,577,499 |
Cemetery perpetual care trust investments | (1,774,489) | (1,702,313) |
Preneed trust investments | 4,360,875 | 4,175,290 |
Preneed receivables, net and trust investments, excluding allowance for cancellation | 5,777,597 | 5,577,499 |
Insurance-backed fixed income securities and other [Line Items] | 210,517 | 214,440 |
Investments | 6,135,364 | 5,877,603 |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 1,416,722 | 1,402,209 |
Assets Held-in-trust | 5,924,847 | 5,663,163 |
Funeral [Member] | ||
Long-term receivable and investment components [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | 162,519 | 154,541 |
Cemetery [Member] | ||
Long-term receivable and investment components [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,254,203 | $ 1,247,668 |
Preneed Activities Schedule of
Preneed Activities Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 4,016,091 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 404,993 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (394,728) | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 4,026,356 | |
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 | $ 4,013,319 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 371,897 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (521,853) | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 3,863,363 | |
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 | 45,239 | 45,084 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 37 | 22 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (1,749) | (2,033) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 43,527 | 43,073 |
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 | 33,130 | 30,200 |
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 | 33,130 | 30,200 |
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 | 175 | 175 |
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 | (18) | (18) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 157 | 157 |
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 | 5,485 | 1,420 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 23 | 0 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (111) | (101) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 5,397 | 1,319 |
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 | 293 | 294 |
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 | (51) | (52) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 242 | 242 |
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 | 4,196 | 4,144 |
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 | (2,062) | (2,340) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 2,134 | 1,804 |
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 | 1,765,274 | 1,707,240 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 293,953 | 283,423 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (155,781) | (208,523) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 1,903,446 | 1,782,140 |
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 | 50,325 | 47,821 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 14,876 | 11,765 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (6,962) | (11,117) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 58,239 | 48,469 |
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 | 97,626 | 123,440 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 12,049 | 10,561 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (10,055) | (19,009) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 99,620 | 114,992 |
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 | 916,174 | 917,686 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 82,279 | 64,895 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (77,552) | (112,374) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 920,901 | 870,207 |
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 | 1,098,174 | 1,135,815 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 1,776 | 1,231 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (140,387) | (166,286) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 959,563 | 970,760 |
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 | 1,758,001 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 222,318 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (81,828) | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 1,898,491 | |
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 | 733,119 | 730,940 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 0 | 2 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (76,465) | (89,246) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 656,654 | 641,696 |
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 | 306,512 | 309,893 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 67,597 | 40,820 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (1,130) | (3,846) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 372,979 | 346,867 |
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 | 345,577 | 325,562 |
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 | 345,577 | 325,562 |
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 | 372,793 | 307,275 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 154,721 | 179,491 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (4,233) | (1,091) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 523,281 | 485,675 |
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 | 1,673,670 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 220,313 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (94,183) | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | 1,799,800 | |
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 | 5,774,092 | 5,686,989 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Gain | 627,311 | 592,210 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Cumulative Unrecognized Loss | (476,556) | (616,036) |
Debt Securities, Available-for-Sale and Held-to-Maturity, Fair Value | $ 5,924,847 | $ 5,663,163 |
Preneed Activities Investments
Preneed Activities Investments Classified by Contractual Maturity Date (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Preneed Activities [Abstract] | |
Due in one year or less | $ 55,274 |
Due in one to five years | 19,780 |
Due in five to ten years | 7,289 |
Thereafter | 110 |
Total | $ 82,453 |
Preneed Activities Preneed Ac_4
Preneed Activities Preneed Activities Deferred Revenue Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deferred Revenue [Abstract] | ||
Deferred revenue, Gross | $ 2,515,817 | $ 2,472,693 |
Deferred Revenue | 1,644,714 | 1,624,028 |
Amounts Due for Unfulfilled Performance Obligations | $ 871,103 | $ 848,665 |
Preneed Activities Preneed Ac_5
Preneed Activities Preneed Activities, Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Preneed Activities [Abstract] | ||
Investment Earnings, Net | $ 36 | $ 45.9 |
Available-for-sale securities, estimated maturity date, maximum | 2040 | |
Available-for-sale securities, estimated maturity date, minimum | 2023 | |
ECF Investment Earnings, Net | $ 22 | $ 24.4 |
Income Taxes Income Taxes Level
Income Taxes Income Taxes Level 4-Detail 1 (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes [Abstract] | ||
Total effective tax rate | 24.50% | 26% |
Unrecognized Tax Benefits | $ 1.3 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0.9 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Debt Level 4 (Details)
Debt Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 350,400 | $ 9,100 | |
Repayments of Other Debt | 1,200 | 1,000 | |
Losses on early extinguishment of debt, net | (1,060) | 0 | |
Total debt | 4,399,145 | $ 4,341,744 | |
Current maturities of long-term debt | (71,358) | (90,661) | |
Less current maturities | 71,358 | 90,661 | |
Total long-term debt | $ 4,327,787 | $ 4,251,083 | |
Debt, Weighted Average Interest Rate | 4.93% | 4% | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.32% | 4.32% | |
Letters of Credit, Maximum Borrowing Capacity | $ 33,500 | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 29,600 | $ 17,700 | |
Unamortized Debt Issuance Expense | (39,896) | $ (39,865) | |
Bank credit facility | $ 570,000 | ||
Redemption Premium | 400 | ||
Proceeds from Issuance of Debt | $ 408,400 | ||
Bank Facility Interest Rate | 6.78% | 5.64% | |
May 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable to Bank, Noncurrent | $ 0 | $ 536,250 | |
Bank credit facility | 0 | 570,000 | |
January 2028 | |||
Debt Instrument [Line Items] | |||
Notes Payable to Bank, Noncurrent | 670,781 | 0 | |
Bank credit facility | 490,000 | 0 | |
Unsecured Debt [Member] | April 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 550,000 | 550,000 | |
Unsecured Debt [Member] | December 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 138,274 | 138,274 | |
Unsecured Debt [Member] | June 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 750,000 | 750,000 | |
Unsecured Debt [Member] | August 2030 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 850,000 | 850,000 | |
Unsecured Debt [Member] | May 2031 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 800,000 | 800,000 | |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Finance Lease, Liability | 119,807 | 120,837 | |
Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes and other debt, maturities through 2047 | $ 70,179 | $ 66,248 |
Debt Debt, Textuals (Details)
Debt Debt, Textuals (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
May 02, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 4.93% | 4% | ||
Line of Credit Facility, Amount Outstanding | $ 570,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||
Letters of Credit, Maximum Borrowing Capacity | $ 33,500 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 976,500 | |||
Repayments of Other Debt | 1,200 | $ 1,000 | ||
Repayments of Debt | 350,400 | 9,100 | ||
Losses on early extinguishment of debt, net | (1,060) | 0 | ||
Long-term Debt, Fair Value | 4,061,774 | 3,921,833 | ||
Redemption Premium | 400 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 29,600 | 17,700 | ||
Unamortized Debt Issuance Expense | 39,896 | $ 39,865 | ||
Proceeds from Issuance of Debt | 408,400 | |||
Other Long-Term Debt | 5,000 | |||
Debt Issuance Costs, Gross | $ 7,500 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.32% | 4.32% | ||
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate | 6.45% | 2.95% | ||
Total Debt with Fixed Interest | 71% | 72% | ||
Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | $ 565,000 | |||
Line of Credit Facility, Increase (Decrease), Net | $ 75,000 | |||
May 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable to Bank, Noncurrent | $ 0 | $ 536,250 | ||
Line of Credit Facility, Amount Outstanding | 0 | 570,000 | ||
Debt Instrument, Periodic Payment | $ 145,300 | 8,100 | ||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Description | 1.650 | |||
Bank Credit Facility 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | $ 0 | |||
Line of Credit Facility, Increase (Decrease), Net | 10,000 | $ 75,000 | ||
Debt Instrument, Periodic Payment | 199,300 | |||
January 2028 | ||||
Debt Instrument [Line Items] | ||||
Notes Payable to Bank, Noncurrent | 670,781 | 0 | ||
Line of Credit Facility, Amount Outstanding | 490,000 | 0 | ||
Line of Credit Facility, Increase (Decrease), Net | 65,000 | |||
Debt Instrument, Periodic Payment | 4,200 | |||
Term loans | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Increase (Decrease), Net | 284,100 | |||
Debt Instrument, Increase (Decrease), Net | 138,800 | |||
Bank Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Increase (Decrease), Net | 44,300 | |||
Debt Instrument, Increase (Decrease), Net | $ 155,000 | |||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Description | 2.175 | |||
1.5 Billion Bank Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Description | 1.5 | |||
100 Million Bank Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Description | 100.0 | |||
675 Million Term Loan | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Description | 675.0 | |||
Unsecured Debt [Member] | April 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 550,000 | 550,000 | ||
Unsecured Debt [Member] | December 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 138,274 | 138,274 | ||
Unsecured Debt [Member] | August 2030 | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 850,000 | 850,000 | ||
Unsecured Debt [Member] | June 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 750,000 | 750,000 | ||
Unsecured Debt [Member] | May 2031 | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 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 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Noncurrent | $ 536,250 | |
Bank credit facility | 570,000 | |
Notes Payable | $ 67,643 | 63,168 |
Long-term Debt, Fair Value | 4,061,774 | 3,921,833 |
May 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility | 0 | 570,000 |
April 2027 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 145,533 | 141,499 |
December 2027 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 529,760 | 513,909 |
June 2029 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 724,508 | 709,125 |
August 2030 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 727,549 | 702,202 |
May 2031 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 706,000 | 685,680 |
Term loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Noncurrent | 0 | |
Term loan January 2028 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Noncurrent | 670,781 | |
Bank Credit Facility 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility | 0 | |
Bank Credit Facility 2028 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility | $ 490,000 | 0 |
Bank Facility and Term Loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank credit facility | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies Level 4 (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Self Insurance Reserve | $ 99.8 | $ 99.3 |
Equity Textuals (Details)
Equity Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
May 02, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | |
Common stock, shares, issued | 156,518,824 | 156,088,438 | |||
Common stock, shares outstanding | 151,939,138 | 153,940,365 | |||
Treasury Stock, Shares, Acquired | 2,432,483 | ||||
Treasury Stock, Value, Acquired, Par Value Method | $ 167,300 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 68.78 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 421,600 | ||||
Dividends declared per share | $ 270 | $ 250 | |||
Payments of Dividends, Common Stock | $ 41,207 | $ 39,964 | |||
Subsequent Event [Member] | |||||
Treasury Stock, Shares, Acquired | 768,901 | ||||
Treasury Stock, Value, Acquired, Par Value Method | $ 53,900 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 70.10 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 367,700 |
Segment Reporting Level 4 (Deta
Segment Reporting Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Restricted Cash and Cash Equivalents, Noncurrent | $ 2,207 | $ 2,207 | |
Revenues | 1,028,709 | $ 1,112,403 | |
Interest expense | (53,916) | (39,028) | |
Depreciation and amortization | 46,114 | 42,436 | |
Amortization of intangibles | 4,731 | 5,074 | |
Amortization of cemetery property | 20,338 | 24,849 | |
Total assets | 15,343,912 | $ 15,066,037 | |
Capital expenditures | 77,903 | 56,748 | |
Gross profits from reportable segments | 289,094 | 376,913 | |
Corporate general and administrative expenses | (44,160) | (41,704) | |
Gains on divestitures and impairment charges, net | (691) | (489) | |
Operating income | 245,625 | 335,698 | |
Losses on early extinguishment of debt, net | (1,060) | 0 | |
Other income (expense), net | 1,209 | 128 | |
Income from continuing operations before income taxes | 191,858 | 296,798 | |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Revenues | 971,509 | 1,050,620 | |
CANADA | |||
Segment Reporting Information [Line Items] | |||
Revenues | 57,200 | 61,783 | |
Funeral [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 609,709 | 649,097 | |
Gross profits from reportable segments | 149,466 | 195,983 | |
Cemetery [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 419,000 | 463,306 | |
Gross profits from reportable segments | 139,628 | 180,930 | |
Funeral Atneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 313,240 | 353,369 | |
Funeral Matured Preneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 185,709 | 194,927 | |
Funeral Core Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 498,949 | 548,296 | |
Non-funeral Home Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 21,209 | 20,810 | |
Funeral Recognized Preneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 46,426 | 43,122 | |
Funeral Other Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 43,125 | 36,869 | |
Cemetery Atneed Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 110,274 | 123,389 | |
Cemetery Recognized Preneed Property Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 191,729 | 221,539 | |
Cemetery Recognized Preneed Merchandise And Service Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 86,160 | 85,000 | |
Cemetery Core Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 388,163 | 429,928 | |
Cemetery Other Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 30,837 | $ 33,378 |
Earnings Per Share Level 4 (Det
Earnings Per Share Level 4 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Income (Loss) Attributable to Parent [Abstract] | ||
Net income attributable to common stockholders | $ 144,763 | $ 219,513 |
Weighted average shares (denominator): | ||
Weighted average shares — basic | 153,125 | 161,328 |
Weighted average shares — diluted | 155,300 | 163,807 |
Net income attributable to common stockholders, basic | $ 0.95 | $ 1.36 |
Net income attributable to common stockholders, diluted | $ 0.93 | $ 1.34 |
Revenues | $ 1,028,709 | $ 1,112,403 |
Stock Options [Member] | ||
Weighted average shares (denominator): | ||
Share based compensation | 2,104 | 2,402 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 186,000 | 274,000 |
Restricted Stock Units (RSUs) [Member] | ||
Weighted average shares (denominator): | ||
Share based compensation | 71 | 77 |
Acquisition, Textuals (Details)
Acquisition, Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Acquisitions [Abstract] | ||
(Losses) gains on divestitures | $ 691 | $ 701 |
Impairment losses | 0 | (212) |
Gains on divestitures and impairment charges, net | 691 | 489 |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | 16,666 | 226 |
Payments to Acquire Businesses, Net of Cash Acquired | 8,700 | 0 |
Asset Acquisition [Line Items] | ||
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | 16,666 | 226 |
Payments to Acquire Businesses, Net of Cash Acquired | $ 8,700 | $ 0 |
Uncategorized Items - sci-20230
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 278,555,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 204,524,000 |