SEC Info - Stonemor Partners LP - ‘10-Q’ for 9/30/13

Stonemor Partners LP – ‘10-Q’ for 9/30/13 – ‘R12’

On: Thursday, 11/7/13, at 1:56pm ET · For: 9/30/13 · Accession #: 1193125-13-432439 · File #: 1-32270

As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/07/13 Stonemor Partners LP 10-Q 9/30/13 88:11M Donnelley … Solutions/FA

Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 885K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 30K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 30K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 27K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 27K 85: R1 Document and Entity Information HTML 47K 58: R2 Condensed Consolidated Balance Sheet HTML 127K 53: R3 Condensed Consolidated Statement of Operations HTML 116K 15: R4 Condensed Consolidated Statement of Operations HTML 28K (Parenthetical) 56: R5 Condensed Consolidated Statement of Partners' HTML 42K Capital 37: R6 Condensed Consolidated Statement of Cash Flows HTML 149K 74: R7 Nature of Operations, Basis of Presentation And HTML 36K Summary of Significant Accounting Policies 38: R8 Long-Term Accounts Receivable, Net of Allowance HTML 40K 41: R9 Cemetery Property HTML 31K 16: R10 Property and Equipment HTML 34K 39: R11 Merchandise Trusts HTML 121K 73: R12 Perpetual Care Trusts HTML 115K 68: R13 Goodwill and Intangible Assets HTML 50K 54: R14 Long-Term Debt HTML 52K 81: R15 Income Taxes HTML 34K 72: R16 Deferred Cemetery Revenues, Net HTML 35K 12: R17 Commitments and Contingencies HTML 34K 20: R18 Partners' Capital HTML 37K 80: R19 Acquisitions HTML 126K 84: R20 Segment Information HTML 179K 86: R21 Fair Value Measurements HTML 100K 83: R22 Nature of Operations, Basis of Presentation And HTML 45K Summary of Significant Accounting Policies (Policies) 61: R23 Long-Term Accounts Receivable, Net of Allowance HTML 39K (Tables) 17: R24 Property and Equipment (Tables) HTML 38K 36: R25 Merchandise Trusts (Tables) HTML 204K 25: R26 Goodwill and Intangible Assets (Tables) HTML 48K 24: R27 Long-Term Debt (Tables) HTML 43K 43: R28 Deferred Cemetery Revenues, Net (Tables) HTML 34K 60: R29 Commitments and Contingencies (Tables) HTML 31K 70: R30 Partners' Capital (Tables) HTML 34K 30: R31 Acquisitions (Tables) HTML 102K 44: R32 Segment Information (Tables) HTML 169K 77: R33 Fair Value Measurements (Tables) HTML 93K 27: R34 Nature of Operations Basis of Presentation and HTML 35K Summary of Significant Accounting Policies - Additional Information (Detail) 66: R35 Long-Term Accounts Receivable Net (Detail) HTML 43K 67: R36 Activity in Allowance for Contract Cancellations HTML 36K (Detail) 46: R37 Cemetery Property (Detail) HTML 31K 23: R38 Major Classes of Property and Equipment (Detail) HTML 40K 65: R39 Property and Equipment - Additional Information HTML 29K (Detail) 28: R40 Merchandise Trusts - Additional Information HTML 49K (Detail) 42: R41 Cost and Market Value Associated with Assets Held HTML 60K in Merchandise Trusts (Detail) 71: R42 Contractual Maturities of Debt Securities Held in HTML 46K Merchandise Trusts (Detail) 34: R43 Aging of Unrealized Losses on Investments in Fixed HTML 69K Maturities and Equity Securities Held in Merchandise Trusts (Detail) 62: R44 Reconciliation of Merchandise Trust Activities HTML 46K (Detail) 52: R45 Cost and Market Value Associated with Assets Held HTML 56K in Perpetual Care Trusts (Detail) 26: R46 Contractual Maturities of Debt Securities Held in HTML 46K Perpetual Care Trusts (Detail) 76: R47 Aging of Unrealized Losses on Investments in Fixed HTML 69K Maturities and Equity Securities Held in Perpetual Care Trusts (Detail) 21: R48 Reconciliation of Perpetual Care Trust Activities HTML 46K (Detail) 29: R49 Perpetual Care Trusts - Additional Information HTML 39K (Detail) 51: R50 Goodwill by Reportable Segment (Detail) HTML 38K 59: R51 Major Classes of Intangible Assets (Detail) HTML 38K 75: R52 Outstanding Debt (Detail) HTML 45K 13: R53 Outstanding Debt (Parenthetical) (Detail) HTML 35K 63: R54 Long Term Debt - Additional Information (Detail) HTML 110K 48: R55 Measurement of Maximum Consolidated Leverage Ratio HTML 30K (Detail) 19: R56 Income Taxes - Additional Information (Detail) HTML 33K 22: R57 Deferred Cemetery Revenues Net (Detail) HTML 38K 57: R58 Commitments and Contingencies - Additional HTML 32K Information (Detail) 79: R59 Operating Leases Future Payments (Detail) HTML 45K 88: R60 Compensation Expense Recognized Related to Unit HTML 32K Appreciation Rights and Restricted Phantom Unit Awards (Detail) 87: R61 Partners Capital - Additional Information (Detail) HTML 46K 69: R62 Acquisitions - Additional Information (Detail) HTML 157K 33: R63 Preliminary Assessment of Fair Value of Net Assets HTML 70K Acquired of First Quarter Twenty Thirteen Acquisition (Detail) 31: R64 Preliminary Assessment of Fair Value of Net Assets HTML 58K Acquired and Resulting Gain on Bargain Purchase of Third Quarter Twenty Thirteen (Detail) 64: R65 Final Assessment of Fair Value of Net Assets HTML 53K Acquired Elimination of Debt and Other Assets and Purchase Price Recognition of Goodwill of First Quarter Twenty Twelve Acquisition (Detail) 78: R66 Final Assessment of Fair Value of Net Assets HTML 60K Acquired Elimination of Debt and Other Assets and Purchase Price Gain on Bargain Purchase of Bronswood Cemetery (Detail) 18: R67 Final Assessment of Fair Value of Net Assets HTML 67K Acquired Elimination of Debt and Other Assets and Purchase Price Gain on Bargain Purchase of Lodi Funeral Home Second (Detail) 82: R68 Final Assessment of Fair Value of Net Assets HTML 72K Acquired Purchase Price and Resulting Goodwill Third Quarter Twenty Twelve Acquisition (Detail) 35: R69 Consolidated Pro Forma Information (Detail) HTML 33K 47: R70 Fixed Rent for Cemeteries (Detail) HTML 40K 45: R71 Segment Information - Additional Information HTML 30K (Detail) 32: R72 Segment Information (Detail) HTML 124K 40: R73 Assets and Liabilities Measured at Fair Value HTML 98K (Detail) 50: XML IDEA XML File -- Filing Summary XML 138K 14: EXCEL IDEA Workbook of Financial Reports XLSX 308K 49: EXCEL IDEA Workbook of Financial Reports (.xls) XLS 1.84M 6: EX-101.INS XBRL Instance -- ston-20130930 XML 3.32M 8: EX-101.CAL XBRL Calculations -- ston-20130930_cal XML 208K 9: EX-101.DEF XBRL Definitions -- ston-20130930_def XML 1.41M 10: EX-101.LAB XBRL Labels -- ston-20130930_lab XML 1.42M 11: EX-101.PRE XBRL Presentations -- ston-20130930_pre XML 1.57M 7: EX-101.SCH XBRL Schema -- ston-20130930 XSD 244K 55: ZIP XBRL Zipped Folder -- 0001193125-13-432439-xbrl Zip 225K

6.	PERPETUAL CARE TRUSTS

At September 30, 2013, the Company’s perpetual care trusts consisted of the following types of assets:

•

Money Market Funds that invest in low risk short term securities;

•

Publicly traded mutual funds that invest in underlying debt securities;

•

Publicly traded mutual funds that invest in underlying equity securities;

•

Equity investments that are currently paying dividends or distributions. These investments include REIT’s, Master Limited Partnerships and global equity securities;

•

Fixed maturity debt securities issued by various corporate entities;

•

Fixed maturity debt securities issued by the U.S. Government and U.S. Government agencies; and

•

Fixed maturity debt securities issued by U.S. states and local government agencies.

All of these investments are classified as Available for Sale as defined by the Investments in Debt and Equity topic of the ASC. Accordingly, all of the assets are carried at fair value. All of these investments are considered to be either Level 1 or Level 2 assets as defined by the Fair Value Measurements and Disclosures topic of the ASC. See Note 15 for further details. There were no Level 3 assets.

The cost and market value associated with the assets held in perpetual care trusts at September 30, 2013 and December 31, 2012 were as follows:


			Gross		Gross
			Unrealized		Unrealized			Fair
As of September 30, 2013	Cost		Gains		Losses			Value
	(in thousands)
Short-term investments	$	13,971	$	—	$	—		$	13,971
Fixed maturities:
U.S. Government and federal agency		302		73		—			375
U.S. State and local government agency		—		—		—			—
Corporate debt securities		24,258		249		(437	)		24,070
Other debt securities		371		—		—			371

Total fixed maturities		24,931		322		(437	)		24,816

Mutual funds - debt securities		120,560		530		(4,664	)		116,426
Mutual funds - equity securities		96,743		14,468		—			111,211
Equity securities		26,309		9,764		(22	)		36,051
Other invested assets		99		192		—			291

Total	$	282,613	$	25,276	$	(5,123	)	$	302,766


As of December 31, 2012	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Short-term investments	$	21,419	$	—	$	—		$	21,419
Fixed maturities:
U.S. Government and federal agency		408		104		—			512
U.S. State and local government agency		—		—		—			—
Corporate debt securities		22,690		702		(101	)		23,291
Other debt securities		371		—		—			371

Total fixed maturities		23,469		806		(101	)		24,174

Mutual funds - debt securities		103,909		3,429		(150	)		107,188
Mutual funds - equity securities		94,239		5,222		(249	)		99,212
Equity securities		23,797		6,563		(455	)		29,905
Other invested assets		113		302		—			415

Total	$	266,946	$	16,322	$	(955	)	$	282,313

The contractual maturities of debt securities as of September 30, 2013 were as follows:


	Less than		1 year through		6 years through		More than
As of September 30, 2013	1 year		5 years		10 years		10 years
	(in thousands)
U.S. Government and federal agency	$	254	$	121	$	—	$	—
U.S. State and local government agency		—		—		—		—
Corporate debt securities		153		10,162		13,755		—
Other debt securities		371		—		—		—

Total fixed maturities	$	778	$	10,283	$	13,755	$	—

An aging of unrealized losses on the Company’s investments in fixed maturities and equity securities at September 30, 2013 and December 31, 2012 held in perpetual care trusts is presented below:


	Less than 12 months				12 Months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of September 30, 2013	Value		Losses		Value		Losses		Value		Losses
	(in thousands)
Fixed maturities:
U.S. Government and federal agency	$	—	$	—	$	—	$	—	$	—	$	—
U.S. State and local government agency		—		—		—		—		—		—
Corporate debt securities		11,142		342		1,910		95		13,052		437
Other debt securities		—		—		—		—		—		—

Total fixed maturities		11,142		342		1,910		95		13,052		437

Mutual funds - debt securites		97,340		3,869		15,542		795		112,882		4,664
Mutual funds - equity securites		—		—		—		—		—		—
Equity securities		1,011		22		—		—		1,011		22
Other invested assets		—		—		—		—		—		—

Total	$	109,493	$	4,233	$	17,452	$	890	$	126,945	$	5,123


	Less than 12 months				12 Months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of December 31, 2012	Value		Losses		Value		Losses		Value		Losses
	(in thousands)
Fixed maturities:
U.S. Government and federal agency	$	—	$	—	$	—	$	—	$	—	$	—
U.S. State and local government agency		—		—		—		—		—		—
Corporate debt securities		4,630		48		711		53		5,341		101
Other debt securities		—		—		—		—		—		—

Total fixed maturities		4,630		48		711		53		5,341		101

Mutual funds - debt securites		859		35		870		115		1,729		150
Mutual funds - equity securites		34,805		249		—		—		34,805		249
Equity securities		4,269		238		545		217		4,814		455
Other invested assets		—		—		—		—		—		—

Total	$	44,563	$	570	$	2,126	$	385	$	46,689	$	955

A reconciliation of the Company’s perpetual care trust activities for the nine months ended September 30, 2013 is presented below:

Fair

Capital

Realized

Unrealized

Fair

Value at

Interest/

Gain

Gain/

Change in

Value at

12/31/2012

Contributions

Distributions

Dividends

Distributions

Loss

Taxes

Fees

Fair Value

9/30/2013

(in thousands)

$282,313

12,565

(9,428

)

11,060

—

3,773

(647

)

(1,656

)

4,786

302,766

The Company made net contributions into the trusts of approximately $3.1 million during the nine months ended September 30, 2013. During the nine months ended September 30, 2013, purchases and sales of securities available for sale included in trust investments were approximately $95.9 million and $95.1 million, respectively. Contributions include $5.9 million of assets that were acquired through acquisitions during the nine months ended September 30, 2013.

Other-Than-Temporary Impairments of Trust Assets

During the three and nine months ended September 30, 2013 and 2012, the Company determined that there were no other than temporary impairments to the investment portfolio in the perpetual care trusts.

This ‘10-Q’ Filing

Date

Other Filings

Filed on:

11/7/13

8-K

For Period end:

9/30/13

12/31/12

10-K

9/30/12

10-Q

List all Filings

Stonemor Partners LP – ‘10-Q’ for 9/30/13 – ‘R12’

On: Thursday, 11/7/13, at 1:56pm ET · For: 9/30/13 · Accession #: 1193125-13-432439 · File #: 1-32270

Previous ‘10-Q’: ‘10-Q’ on 8/7/13 for 6/30/13 · Next: ‘10-Q’ on 5/8/14 for 3/31/14 · Latest: ‘10-Q’ on 11/8/19 for 9/30/19

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

‘R12’ — Perpetual Care Trusts

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Stonemor Partners LP – ‘10-Q’ for 9/30/13 – ‘R12’

On: Thursday, 11/7/13, at 1:56pm ET · For: 9/30/13 · Accession #: 1193125-13-432439 · File #: 1-32270

Previous ‘10-Q’: ‘10-Q’ on 8/7/13 for 6/30/13 · Next: ‘10-Q’ on 5/8/14 for 3/31/14 · Latest: ‘10-Q’ on 11/8/19 for 9/30/19

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘R12’ — Perpetual Care Trusts

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents