v3.5.0.2
PERPETUAL CARE TRUSTS
|
12 Months Ended |
|
|---|
| PERPETUAL CARE TRUSTS |
8. PERPETUAL CARE TRUSTS
At December 31, 2015 and 2014, the Partnership’s perpetual
care trusts consisted of investments in debt and equity marketable
securities and cash equivalents, both directly as well as through
mutual and investment funds. Certain assets related to 2015
acquisitions have not yet been received. Accordingly, a portion of
the assets are shown in a single line item in the disclosures below
as “Assets acquired via acquisition” and the cost basis
and fair value of such assets are based upon preliminary estimates
that the Partnership is required to make in accordance with
Accounting Topic 805.
All of these investments are classified as Available for Sale and
accordingly, all of the assets are carried at fair value. All of
these investments are considered either Level 1 or Level 2 assets
pursuant to the three-level hierarchy (see Note 15). There were no
Level 3 assets. The perpetual care trusts are VIEs for which
the Partnership is the primary beneficiary.
A reconciliation of the Partnership’s perpetual care trust
activities for the years ended December 31, 2015 and 2014 is
presented below (in thousands):
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| |
|
2015 |
|
|
2014 |
|
|
Balance - beginning of period
|
|
$ |
345,105 |
|
|
$ |
311,771 |
|
|
Contributions
|
|
|
15,919 |
|
|
|
34,332 |
|
|
Distributions
|
|
|
(15,003 |
) |
|
|
(14,308 |
) |
|
Interest and dividends
|
|
|
18,019 |
|
|
|
15,044 |
|
|
Capital gain distributions
|
|
|
1,952 |
|
|
|
125 |
|
|
Realized gains and losses
|
|
|
12,323 |
|
|
|
(164 |
) |
|
Other than temporary impairment
|
|
|
(29,047 |
) |
|
|
— |
|
|
Taxes
|
|
|
(631 |
) |
|
|
(654 |
) |
|
Fees
|
|
|
(2,163 |
) |
|
|
(2,054 |
) |
|
Unrealized change in fair value
|
|
|
(38,670 |
) |
|
|
1,013 |
|
|
|
|
|
|
|
|
|
|
|
Balance - end of period
|
|
$ |
307,804 |
|
|
$ |
345,105 |
|
|
|
|
|
|
|
|
|
|
During the year ended December 31, 2015, purchases and sales of
securities available for sale included in trust investments were
approximately $359.3 million and $349.0 million, respectively.
During the year ended December 31, 2014, purchases and sales of
securities available for sale included in trust investments were
approximately $157.5 million and $165.7 million, respectively.
The cost and market value associated with the assets held in the
perpetual care trusts at December 31, 2015 and 2014 were as follows
(in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
| |
|
Fair
Value |
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
|
December 31, 2015
|
|
Hierarchy Level |
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
|
Short-term investments
|
|
|
1 |
|
|
$ |
36,618 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
36,618 |
|
|
Fixed maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. State and local government agency
|
|
|
2 |
|
|
|
126 |
|
|
|
14 |
|
|
|
— |
|
|
|
140 |
|
|
Corporate debt securities
|
|
|
2 |
|
|
|
22,837 |
|
|
|
57 |
|
|
|
(845 |
) |
|
|
22,049 |
|
|
Other debt securities
|
|
|
2 |
|
|
|
36 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturities
|
|
|
|
|
|
|
22,999 |
|
|
|
71 |
|
|
|
(846 |
) |
|
|
22,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds - debt securities
|
|
|
1 |
|
|
|
184,866 |
|
|
|
35 |
|
|
|
(7,180 |
) |
|
|
177,721 |
|
|
Mutual funds - equity securities
|
|
|
1 |
|
|
|
68,079 |
|
|
|
1,054 |
|
|
|
(1,713 |
) |
|
|
67,420 |
|
|
Equity securities
|
|
|
1 |
|
|
|
2,319 |
|
|
|
636 |
|
|
|
(7 |
) |
|
|
2,948 |
|
|
Other invested assets
|
|
|
2 |
|
|
|
473 |
|
|
|
1 |
|
|
|
(162 |
) |
|
|
312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total managed investments
|
|
|
|
|
|
$ |
315,354 |
|
|
$ |
1,797 |
|
|
$ |
(9,908 |
) |
|
$ |
307,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired via acquisition
|
|
|
|
|
|
|
561 |
|
|
|
— |
|
|
|
— |
|
|
|
561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$ |
315,915 |
|
|
$ |
1,797 |
|
|
$ |
(9,908 |
) |
|
$ |
307,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
| |
|
Fair
Value |
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
|
December 31, 2014
|
|
Hierarchy Level |
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
|
Short-term investments
|
|
|
1 |
|
|
$ |
26,644 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26,644 |
|
|
Fixed maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and federal agency
|
|
|
1 |
|
|
|
100 |
|
|
|
16 |
|
|
|
— |
|
|
|
116 |
|
|
U.S. State and local government agency
|
|
|
2 |
|
|
|
78 |
|
|
|
1 |
|
|
|
— |
|
|
|
79 |
|
|
Corporate debt securities
|
|
|
2 |
|
|
|
24,275 |
|
|
|
104 |
|
|
|
(913 |
) |
|
|
23,466 |
|
|
Other debt securities
|
|
|
2 |
|
|
|
371 |
|
|
|
— |
|
|
|
— |
|
|
|
371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturities
|
|
|
|
|
|
|
24,824 |
|
|
|
121 |
|
|
|
(913 |
) |
|
|
24,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds - debt securities
|
|
|
1 |
|
|
|
128,735 |
|
|
|
379 |
|
|
|
(5,220 |
) |
|
|
123,894 |
|
|
Mutual funds - equity securities
|
|
|
1 |
|
|
|
103,701 |
|
|
|
23,003 |
|
|
|
(1,268 |
) |
|
|
125,436 |
|
|
Equity securities
|
|
|
1 |
|
|
|
30,617 |
|
|
|
14,704 |
|
|
|
(247 |
) |
|
|
45,074 |
|
|
Other invested assets
|
|
|
2 |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$ |
314,546 |
|
|
$ |
38,207 |
|
|
$ |
(7,648 |
) |
|
$ |
345,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The contractual maturities of debt securities held in the perpetual
care trusts as of December 31, 2015 were as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Less
than |
|
|
1 year
through |
|
|
6 years
through |
|
|
More
than |
|
|
December 31, 2015
|
|
1 year |
|
|
5 years |
|
|
10 years |
|
|
10 years |
|
|
U.S. State and local government agency
|
|
|
— |
|
|
|
112 |
|
|
|
28 |
|
|
|
— |
|
|
Corporate debt securities
|
|
|
202 |
|
|
|
16,138 |
|
|
|
5,650 |
|
|
|
59 |
|
|
Other debt securities
|
|
|
35 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturities
|
|
$ |
237 |
|
|
$ |
16,250 |
|
|
$ |
5,678 |
|
|
$ |
59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary Declines in Fair Value
The Partnership evaluates declines in fair value below cost of each
individual asset held in the perpetual care trusts on a quarterly
basis.
An aging of unrealized losses on the Partnership’s
investments in fixed maturities and equity securities at December
31, 2015 and 2014 is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Less than 12 months |
|
|
12 Months or more |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
December 31, 2015
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
| |
|
(in
thousands) |
|
|
Fixed maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. State and local government agency
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
112 |
|
|
$ |
— |
|
|
$ |
112 |
|
|
$ |
— |
|
|
Corporate debt securities
|
|
|
12,482 |
|
|
|
535 |
|
|
|
4,505 |
|
|
|
310 |
|
|
|
16,987 |
|
|
|
845 |
|
|
Other debt securities
|
|
|
35 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
35 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturities
|
|
|
12,517 |
|
|
|
536 |
|
|
|
4,617 |
|
|
|
310 |
|
|
|
17,134 |
|
|
|
846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds - debt securities
|
|
|
81,215 |
|
|
|
4,263 |
|
|
|
50,774 |
|
|
|
2,917 |
|
|
|
131,989 |
|
|
|
7,180 |
|
|
Mutual funds - equity securities
|
|
|
16,514 |
|
|
|
1,363 |
|
|
|
4,308 |
|
|
|
350 |
|
|
|
20,822 |
|
|
|
1,713 |
|
|
Equity securities
|
|
|
488 |
|
|
|
6 |
|
|
|
1,137 |
|
|
|
1 |
|
|
|
1,625 |
|
|
|
7 |
|
|
Other invested assets
|
|
|
— |
|
|
|
— |
|
|
|
315 |
|
|
|
162 |
|
|
|
315 |
|
|
|
162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
110,734 |
|
|
$ |
6,168 |
|
|
$ |
61,151 |
|
|
$ |
3,740 |
|
|
$ |
171,885 |
|
|
$ |
9,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Less than 12 months |
|
|
12 Months or more |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
December 31, 2014
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
| |
|
(in
thousands) |
|
|
Fixed maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities
|
|
$ |
14,434 |
|
|
$ |
798 |
|
|
$ |
2,519 |
|
|
$ |
115 |
|
|
$ |
16,953 |
|
|
$ |
913 |
|
|
Other debt securities
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturities
|
|
|
14,434 |
|
|
|
798 |
|
|
|
2,519 |
|
|
|
115 |
|
|
|
16,953 |
|
|
|
913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds - debt securities
|
|
|
30,345 |
|
|
|
768 |
|
|
|
86,814 |
|
|
|
4,452 |
|
|
|
117,159 |
|
|
|
5,220 |
|
|
Mutual funds - equity securities
|
|
|
13,035 |
|
|
|
1,268 |
|
|
|
— |
|
|
|
— |
|
|
|
13,035 |
|
|
|
1,268 |
|
|
Equity securities
|
|
|
3,866 |
|
|
|
245 |
|
|
|
620 |
|
|
|
2 |
|
|
|
4,486 |
|
|
|
247 |
|
|
Other invested assets
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
61,680 |
|
|
$ |
3,079 |
|
|
$ |
89,953 |
|
|
$ |
4,569 |
|
|
$ |
151,633 |
|
|
$ |
7,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For all securities in an unrealized loss position, the Partnership
evaluated the severity of the impairment and length of time that a
security has been in a loss position and concluded the decline in
fair value below the asset’s cost was temporary in nature. In
addition, the Partnership is not aware of any circumstances that
would prevent the future market value recovery for these
securities.
Other-Than-Temporary Impairment of Trust Assets
The Partnership assesses its perpetual care trust assets for
other-than-temporary declines in fair value on a quarterly basis.
During the year ended December 31, 2015, the Partnership
determined that there were securities with an aggregate cost basis
of approximately $107.7 million and an aggregate fair value of
approximately $78.7 million, resulting in an impairment of
$29.0 million, with such impairment considered to be
other-than-temporary. During the year ended December 31, 2014,
the Partnership determined that there were securities with an
aggregate cost basis of approximately $1.4 million and an aggregate
fair value of approximately $0.8 million, resulting in an
impairment of $0.6 million, with such impairment considered to be
other-than-temporary. Accordingly, the Partnership adjusted the
cost basis of these assets to their current value and offset this
change against the liability for perpetual care trust corpus.
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| X |
- DefinitionThe entire disclosure for investments held in perpetual care trusts including 1) tabular presentation of cost, unrealized gains and losses and fair value by major investment category, 2) tabular presentation of contractual maturities, 3) tabular presentation of unrealized losses and 4) discussion of other than temporary impairment.
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