v2.4.0.6
FAIR VALUE MEASUREMENTS
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12 Months Ended |
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FAIR VALUE MEASUREMENTS |
16. |
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.
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Level 1:
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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 and publicly traded equity securities
and mutual funds in its level 1 investments. |
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Level 2:
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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 U.S. state and municipal, corporate and other fixed income
debt securities in its level 2 investments. |
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Level 3:
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Any and all pricing inputs that are generally unobservable
and not corroborated by market data. |
The following
table allocates the Company’s assets measured at fair value
as of December 31, 2012 and December 31, 2011.
As of December 31,
2012
Merchandise
Trust
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Description
|
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Level 1 |
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Level 2 |
|
|
Total |
|
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(in
thousands) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
|
$ |
27,890 |
|
|
$ |
— |
|
|
$ |
27,890 |
|
Fixed
maturities:
|
|
|
|
|
|
|
|
|
|
|
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|
U.S. government and federal
agency
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
U.S. state and local
government agency
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Corporate debt
securities
|
|
|
— |
|
|
|
8,714 |
|
|
|
8,714 |
|
Other debt
securities
|
|
|
— |
|
|
|
4,317 |
|
|
|
4,317 |
|
|
|
|
|
|
|
|
|
|
|
|
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Total fixed maturity
investments
|
|
|
— |
|
|
|
13,031 |
|
|
|
13,031 |
|
|
|
|
|
|
|
|
|
|
|
|
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Mutual funds—debt
securities
|
|
|
107,921 |
|
|
|
— |
|
|
|
107,921 |
|
Mutual funds—equity
securities—real estate sector
|
|
|
51,986 |
|
|
|
— |
|
|
|
51,986 |
|
Mutual funds—equity
securities—energy sector
|
|
|
5,666 |
|
|
|
— |
|
|
|
5,666 |
|
Mutual funds—equity
securities—MLP’s
|
|
|
29,336 |
|
|
|
— |
|
|
|
29,336 |
|
Mutual funds—equity
securities—other
|
|
|
58,082 |
|
|
|
— |
|
|
|
58,082 |
|
Equity
securities:
|
|
|
|
|
|
|
|
|
|
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Preferred
REIT’s
|
|
|
563 |
|
|
|
— |
|
|
|
563 |
|
Master limited
partnerships
|
|
|
42,410 |
|
|
|
— |
|
|
|
42,410 |
|
Global equity
securities
|
|
|
24,434 |
|
|
|
— |
|
|
|
24,434 |
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Other invested
assets
|
|
|
— |
|
|
|
7,097 |
|
|
|
7,097 |
|
|
|
|
|
|
|
|
|
|
|
|
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Total
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$ |
348,288 |
|
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$ |
20,128 |
|
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$ |
368,416 |
|
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|
|
|
|
|
|
|
|
|
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Perpetual Care
Trust
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Description
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|
Level 1 |
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Level 2 |
|
|
Total |
|
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(in
thousands) |
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Assets
|
|
|
|
|
|
|
|
|
|
|
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Short-term
investments
|
|
$ |
21,419 |
|
|
$ |
— |
|
|
$ |
21,419 |
|
Fixed
maturities:
|
|
|
|
|
|
|
|
|
|
|
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U.S. government and federal
agency
|
|
|
512 |
|
|
|
— |
|
|
|
512 |
|
U.S. state and local
government agency
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Corporate debt
securities
|
|
|
— |
|
|
|
23,291 |
|
|
|
23,291 |
|
Other debt
securities
|
|
|
— |
|
|
|
371 |
|
|
|
371 |
|
|
|
|
|
|
|
|
|
|
|
|
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Total fixed maturity
investments
|
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|
512 |
|
|
|
23,662 |
|
|
|
24,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Mutual funds—debt
securities
|
|
|
107,188 |
|
|
|
— |
|
|
|
107,188 |
|
Mutual funds—equity
securities—real estate sector
|
|
|
42,365 |
|
|
|
— |
|
|
|
42,365 |
|
Mutual funds—equity
securities—energy sector
|
|
|
13,061 |
|
|
|
— |
|
|
|
13,061 |
|
Mutual funds—equity
securities—MLP’s
|
|
|
34,805 |
|
|
|
— |
|
|
|
34,805 |
|
Mutual funds—equity
securities—other
|
|
|
8,981 |
|
|
|
— |
|
|
|
8,981 |
|
Equity
securities
|
|
|
|
|
|
|
|
|
|
|
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Preferred
REIT’s
|
|
|
486 |
|
|
|
— |
|
|
|
486 |
|
Master limited
partnerships
|
|
|
28,693 |
|
|
|
— |
|
|
|
28,693 |
|
Global equity
securities
|
|
|
726 |
|
|
|
— |
|
|
|
726 |
|
Other invested
assets
|
|
|
— |
|
|
|
415 |
|
|
|
415 |
|
|
|
|
|
|
|
|
|
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Total
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$ |
258,236 |
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$ |
24,077 |
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$ |
282,313 |
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As of December 31,
2011
Merchandise
Trust
|
|
|
|
|
|
|
|
|
|
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Description
|
|
Level 1 |
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|
Level 2 |
|
|
Total |
|
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|
(in
thousands) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
|
$ |
38,312 |
|
|
$ |
— |
|
|
$ |
38,312 |
|
Fixed
maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and federal
agency
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
U.S. state and local
government agency
|
|
|
— |
|
|
|
23 |
|
|
|
23 |
|
Corporate debt
securities
|
|
|
— |
|
|
|
9,765 |
|
|
|
9,765 |
|
Other debt
securities
|
|
|
— |
|
|
|
1,100 |
|
|
|
1,100 |
|
|
|
|
|
|
|
|
|
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|
|
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Total fixed maturity
investments
|
|
|
— |
|
|
|
10,888 |
|
|
|
10,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds—debt
securities
|
|
|
67,421 |
|
|
|
— |
|
|
|
67,421 |
|
Mutual funds—equity
securities—real estate sector
|
|
|
22,847 |
|
|
|
— |
|
|
|
22,847 |
|
Mutual funds—equity
securities—energy sector
|
|
|
28,057 |
|
|
|
— |
|
|
|
28,057 |
|
Mutual funds—equity
securities—MLP’s
|
|
|
20,308 |
|
|
|
— |
|
|
|
20,308 |
|
Mutual funds—equity
securities—other
|
|
|
70,076 |
|
|
|
— |
|
|
|
70,076 |
|
Equity
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
REIT’s
|
|
|
9,001 |
|
|
|
— |
|
|
|
9,001 |
|
Master limited
partnerships
|
|
|
41,469 |
|
|
|
— |
|
|
|
41,469 |
|
Global equity
securities
|
|
|
21,882 |
|
|
|
— |
|
|
|
21,882 |
|
Other invested
assets
|
|
|
— |
|
|
|
7,360 |
|
|
|
7,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total
|
|
$ |
319,373 |
|
|
$ |
18,248 |
|
|
$ |
337,621 |
|
|
|
|
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|
|
|
|
|
|
|
|
|
Perpetual Care
Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Level 1 |
|
|
Level 2 |
|
|
Total |
|
|
|
(in
thousands) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
|
$ |
22,607 |
|
|
$ |
— |
|
|
$ |
22,607 |
|
Fixed
maturities:
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and federal
agency
|
|
|
513 |
|
|
|
— |
|
|
|
513 |
|
U.S. state and local
government agency
|
|
|
— |
|
|
|
147 |
|
|
|
147 |
|
Corporate debt
securities
|
|
|
— |
|
|
|
22,154 |
|
|
|
22,154 |
|
Other debt
securities
|
|
|
— |
|
|
|
371 |
|
|
|
371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturity
investments
|
|
|
513 |
|
|
|
22,672 |
|
|
|
23,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds—debt
securities
|
|
|
60,806 |
|
|
|
— |
|
|
|
60,806 |
|
Mutual funds—equity
securities—real estate sector
|
|
|
24,580 |
|
|
|
— |
|
|
|
24,580 |
|
Mutual funds—equity
securities—energy sector
|
|
|
20,069 |
|
|
|
— |
|
|
|
20,069 |
|
Mutual funds—equity
securities—MLP’s
|
|
|
13,515 |
|
|
|
— |
|
|
|
13,515 |
|
Mutual funds—equity
securities—other
|
|
|
41,334 |
|
|
|
— |
|
|
|
41,334 |
|
Equity
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
REIT’s
|
|
|
19,720 |
|
|
|
— |
|
|
|
19,720 |
|
Master limited
partnerships
|
|
|
27,998 |
|
|
|
— |
|
|
|
27,998 |
|
Global equity
securities
|
|
|
695 |
|
|
|
— |
|
|
|
695 |
|
Other invested
assets
|
|
|
— |
|
|
|
170 |
|
|
|
170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
231,837 |
|
|
$ |
22,842 |
|
|
$ |
254,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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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
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258
Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612
Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612
+ Details
Name: |
us-gaap_FairValueDisclosuresTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
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