v2.4.0.8
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FAIR VALUE MEASUREMENTS
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9 Months Ended |
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| FAIR VALUE MEASUREMENTS |
| 15. |
FAIR VALUE MEASUREMENTS |
The Fair Value Measurements and Disclosures topic of the ASC
defines fair value as the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction
between market participants. This topic also establishes a fair
value hierarchy that gives the highest priority to observable
inputs and the lowest priority to unobservable inputs. The three
levels of the fair value hierarchy defined by this topic are
described below.
Level 1: Quoted market prices available in active markets for
identical assets or liabilities. The Company includes short-term
investments, consisting primarily of money market funds, U.S.
Government debt securities, publicly traded equity securities and
mutual funds in its level 1 investments.
Level 2: Quoted prices in active markets for similar assets; quoted
prices in non-active markets for identical or similar assets;
inputs other than quoted prices that are observable. The Company
includes corporate and other fixed income debt securities in its
level 2 investments.
Level 3: Any and all pricing inputs that are generally unobservable
and not corroborated by market data.
On the Company’s unaudited condensed consolidated balance
sheet, current assets, long-term accounts receivable and current
liabilities are recorded at amounts that approximate fair
value.
The following table displays the Company’s assets measured at
fair value as of September 30, 2014 and December 31,
2013.
As of September 30, 2014
Merchandise Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Total |
|
| |
|
(in
thousands) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments
|
|
$ |
51,328 |
|
|
$ |
— |
|
|
$ |
51,328 |
|
|
Fixed maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. state and local government agency
|
|
|
— |
|
|
|
75 |
|
|
|
75 |
|
|
Corporate debt securities
|
|
|
— |
|
|
|
9,220 |
|
|
|
9,220 |
|
|
Other debt securities
|
|
|
— |
|
|
|
7,145 |
|
|
|
7,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturity investments
|
|
|
— |
|
|
|
16,440 |
|
|
|
16,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds—debt securities
|
|
|
128,300 |
|
|
|
— |
|
|
|
128,300 |
|
|
Mutual funds—equity securities—real estate sector
|
|
|
52,379 |
|
|
|
— |
|
|
|
52,379 |
|
|
Mutual funds—equity securities—energy sector
|
|
|
8,498 |
|
|
|
— |
|
|
|
8,498 |
|
|
Mutual funds—equity securities—MLP’s
|
|
|
29,821 |
|
|
|
— |
|
|
|
29,821 |
|
|
Mutual funds—equity securities—other
|
|
|
91,071 |
|
|
|
— |
|
|
|
91,071 |
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Master limited partnerships
|
|
|
56,196 |
|
|
|
— |
|
|
|
56,196 |
|
|
Global equity securities
|
|
|
34,309 |
|
|
|
— |
|
|
|
34,309 |
|
|
Other invested assets
|
|
|
— |
|
|
|
5,240 |
|
|
|
5,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
451,902 |
|
|
$ |
21,680 |
|
|
$ |
473,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Perpetual Care Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Total |
|
| |
|
(in
thousands) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments
|
|
$ |
27,257 |
|
|
$ |
— |
|
|
$ |
27,257 |
|
|
Fixed maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and federal agency
|
|
|
117 |
|
|
|
— |
|
|
|
117 |
|
|
U.S. state and local government agency
|
|
|
— |
|
|
|
57 |
|
|
|
57 |
|
|
Corporate debt securities
|
|
|
— |
|
|
|
24,456 |
|
|
|
24,456 |
|
|
Other debt securities
|
|
|
— |
|
|
|
371 |
|
|
|
371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturity investments
|
|
|
117 |
|
|
|
24,884 |
|
|
|
25,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds—debt securities
|
|
|
118,512 |
|
|
|
— |
|
|
|
118,512 |
|
|
Mutual funds—equity securities—real estate sector
|
|
|
38,183 |
|
|
|
— |
|
|
|
38,183 |
|
|
Mutual funds—equity securities—energy sector
|
|
|
16,296 |
|
|
|
— |
|
|
|
16,296 |
|
|
Mutual funds—equity securities—MLP’s
|
|
|
47,863 |
|
|
|
— |
|
|
|
47,863 |
|
|
Mutual funds—equity securities—other
|
|
|
23,757 |
|
|
|
— |
|
|
|
23,757 |
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Master limited partnerships
|
|
|
47,283 |
|
|
|
— |
|
|
|
47,283 |
|
|
Global equity securities
|
|
|
4,798 |
|
|
|
— |
|
|
|
4,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
324,066 |
|
|
$ |
24,884 |
|
|
$ |
348,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2013
Merchandise Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Total |
|
| |
|
(in
thousands) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments
|
|
$ |
46,518 |
|
|
$ |
— |
|
|
$ |
46,518 |
|
|
Fixed maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities
|
|
|
— |
|
|
|
9,171 |
|
|
|
9,171 |
|
|
Other debt securities
|
|
|
— |
|
|
|
7,324 |
|
|
|
7,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturity investments
|
|
|
— |
|
|
|
16,495 |
|
|
|
16,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds—debt securities
|
|
|
111,333 |
|
|
|
— |
|
|
|
111,333 |
|
|
Mutual funds—equity securities—real estate sector
|
|
|
49,103 |
|
|
|
— |
|
|
|
49,103 |
|
|
Mutual funds—equity securities—MLP’s
|
|
|
36,193 |
|
|
|
— |
|
|
|
36,193 |
|
|
Mutual funds—equity securities—other
|
|
|
72,234 |
|
|
|
— |
|
|
|
72,234 |
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Master limited partnerships
|
|
|
57,258 |
|
|
|
— |
|
|
|
57,258 |
|
|
Global equity securities
|
|
|
28,437 |
|
|
|
— |
|
|
|
28,437 |
|
|
Other invested assets
|
|
|
— |
|
|
|
5,723 |
|
|
|
5,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
401,076 |
|
|
$ |
22,218 |
|
|
$ |
423,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Perpetual Care Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Total |
|
| |
|
(in
thousands) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments
|
|
$ |
16,686 |
|
|
$ |
— |
|
|
$ |
16,686 |
|
|
Fixed maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and federal agency
|
|
|
372 |
|
|
|
— |
|
|
|
372 |
|
|
Corporate debt securities
|
|
|
— |
|
|
|
24,510 |
|
|
|
24,510 |
|
|
Other debt securities
|
|
|
— |
|
|
|
371 |
|
|
|
371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturity investments
|
|
|
372 |
|
|
|
24,881 |
|
|
|
25,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds—debt securities
|
|
|
116,013 |
|
|
|
— |
|
|
|
116,013 |
|
|
Mutual funds—equity securities—real estate sector
|
|
|
40,763 |
|
|
|
— |
|
|
|
40,763 |
|
|
Mutual funds—equity securities—energy sector
|
|
|
14,761 |
|
|
|
— |
|
|
|
14,761 |
|
|
Mutual funds—equity securities—MLP’s
|
|
|
46,817 |
|
|
|
— |
|
|
|
46,817 |
|
|
Mutual funds—equity securities—other
|
|
|
13,252 |
|
|
|
— |
|
|
|
13,252 |
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Master limited partnerships
|
|
|
36,925 |
|
|
|
— |
|
|
|
36,925 |
|
|
Global equity securities
|
|
|
919 |
|
|
|
— |
|
|
|
919 |
|
|
Other invested assets
|
|
|
— |
|
|
|
382 |
|
|
|
382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
286,508 |
|
|
$ |
25,263 |
|
|
$ |
311,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 securities primarily consist of actively publicly traded
money market funds, mutual funds and equity securities.
Level 2 securities primarily consist of corporate and other fixed
income debt securities. The Company obtains pricing information for
these securities from an independent pricing vendor. The pricing
vendor uses various pricing models for each asset class that are
consistent with what other market participants would use. The
inputs and assumptions to the pricing vendor’s model are
derived from market observable sources including benchmark yields,
reported trades, broker/dealer quotes, issuer spreads, benchmark
securities, bids, offers, and other market-related data. Since many
fixed income securities do not trade on a daily basis, the pricing
vendor uses available information as applicable such as benchmark
curves, benchmarking of like securities, sector groupings and
matrix pricing. Thus, certain securities may not be priced using
quoted prices, but rather determined from market observable
information. These investments are included in Level 2. The Company
reviews the information provided by the pricing vendor on a regular
basis. In addition, the pricing vendor has an established process
in place for the identification and resolution of potentially
erroneous prices.
There were no level 3 assets.
|
| X |
- Definition
The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
+ References+ Details
| Name: |
us-gaap_FairValueDisclosuresTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
nonnum:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
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