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(dollars in thousands, except per share amounts.)
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The implementation of SAB No. 101 resulted in the addition of two categories to the balance sheet: prearranged receivables and prearranged deferred revenue. Consequently, this disclosure is provided as of October 31, 2001 only and is not applicable as of October 31, 2000. See Notes 6 and 7 for a discussion of prearranged funeral and cemetery trust fund and escrow accounts in fiscal year 2000.
Prearranged receivables are comprised of funds owed to the Company for the preneed sale of funeral and cemetery merchandise and services (1) from preneed funeral merchandise and service trusts and from preneed cemetery merchandise and service trusts, which represent amounts already paid by customers and realized earnings on those amounts, (2) from customers and (3) from insurance companies.
As of October 31, 2001, prearranged receivables were comprised of the following:
As of October 31, 2001, amounts due from preneed funeral trust and escrow accounts are comprised of the following investments:
As of October 31, 2001, amounts due from preneed cemetery merchandise trust fund and escrow accounts are comprised of the following investments:
The amounts due from customers represent installment contracts bearing interest at prevailing rates. The Company also has similar installment contracts for the preneed sale of cemetery property as discussed in Note 10. The total finance charges earned related to preneed funeral and cemetery merchandise and services, as well as preneed cemetery property, amounted to $23,660, $27,141 and $26,274 for fiscal years 2001, 2000 and 1999, respectively. Finance charges earned are included in funeral and cemetery revenue.
As of October 31, 2001, prearranged deferred revenue was comprised of the following:
The prearranged deferred funeral service and merchandise revenue includes $274,759 related to insurance-funded sales. Both the prearranged deferred funeral service and merchandise revenue and prearranged deferred cemetery property, merchandise and service revenue include deferred trust earnings as discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Current Accounting for Trust and Escrow Account Earnings.”
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