SERVICE CORP INTERNATIONAL
For the period ended Dec 31, 2023. Filed Feb 13, 2024.
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FY2023 · Filed Feb 13, 2024
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13. Segment Reporting
PART II
- Segment Reporting
Our operations are both product-based and geography-based, and the reportable operating segments presented below include our funeral and cemetery operations. Our geographic areas include the United States and Canada, where we conduct both funeral and cemetery operations.
Our reportable segment information, including disaggregated revenue, was as follows and includes a reconciliation of gross profit to our consolidated income before income taxes.
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Revenue from customers: | |||
| Funeral revenue: | |||
| Atneed revenue | $1,185,413 | $1,242,269 | $1,268,111 |
| Matured preneed revenue | 715,298 | 705,273 | 700,473 |
| Core funeral revenue | 1,900,711 | 1,947,542 | 1,968,584 |
| Non-funeral home revenue | 85,904 | 76,311 | 74,099 |
| Non-funeral home preneed sales revenue | 134,770 | 146,496 | 139,260 |
| Core general agency and other revenue | 181,646 | 161,696 | 161,233 |
| Total funeral revenue | 2,303,031 | 2,332,045 | 2,343,176 |
| Cemetery revenue: | |||
| Atneed revenue | 433,925 | 448,143 | 477,950 |
| Recognized preneed property revenue | 874,724 | 868,740 | 846,528 |
| Recognized preneed merchandise and services revenue | 365,018 | 338,463 | 343,899 |
| Core cemetery revenue | 1,673,667 | 1,655,346 | 1,668,377 |
| Other revenue | 123,080 | 121,270 | 131,590 |
| Total cemetery revenue | 1,796,747 | 1,776,616 | 1,799,967 |
| Total revenue from customers | $4,099,778 | $4,108,661 | $4,143,143 |
| Gross profit: | |||
| Funeral gross profit | $497,106 | $545,693 | $639,775 |
| Cemetery gross profit | 594,701 | 608,909 | 683,300 |
| Gross profit from reportable segments | 1,091,807 | 1,154,602 | 1,323,075 |
| Corporate general and administrative expenses | (157,368) | (237,248) | (157,568) |
| Gains on divestitures and impairment charges, net | 9,816 | 9,962 | 25,169 |
| Operating income | 944,255 | 927,316 | 1,190,676 |
| Interest expense | (239,447) | (172,109) | (150,610) |
| Losses on early extinguishment of debt, net | (1,114) | (1,225) | (5,226) |
| Other income, net | 4,912 | 1,646 | 10,660 |
| Income before income taxes | $708,606 | $755,628 | $1,045,500 |
76 Service Corporation International
PART II
Other reportable segment information as of and for the year ended December 31 was as follows:
| Reportable Segments | ||||
|---|---|---|---|---|
| Funeral | Cemetery | Corporate | Consolidated | |
| (In thousands) | ||||
| Interest expense | $2,092 | $764 | $236,591 | $239,447 |
| Depreciation and amortization | $133,544 | $46,713 | $11,015 | $191,272 |
| Amortization of intangibles | $12,025 | $6,706 | $5 | $18,736 |
| Amortization of cemetery property | $— | $101,234 | $— | $101,234 |
| Capital expenditures | $125,922 | $212,406 | $23,465 | $361,793 |
| Total assets | $6,573,950 | $9,168,173 | $613,277 | $16,355,400 |
| Interest expense | $1,734 | $493 | $169,882 | $172,109 |
| Depreciation and amortization | $123,165 | $41,502 | $10,663 | $175,330 |
| Amortization of intangibles | $11,735 | $6,620 | $— | $18,355 |
| Amortization of cemetery property | $— | $94,123 | $— | $94,123 |
| Capital expenditures | $153,224 | $196,371 | $20,114 | $369,709 |
| Total assets | $6,236,270 | $8,404,900 | $424,867 | $15,066,037 |
| Interest expense | $2,864 | $681 | $147,065 | $150,610 |
| Depreciation and amortization | $111,687 | $37,373 | $10,246 | $159,306 |
| Amortization of intangibles | $12,980 | $7,016 | $6 | $20,002 |
| Amortization of cemetery property | $— | $98,162 | $— | $98,162 |
| Capital expenditures | $139,420 | $148,737 | $15,503 | $303,660 |
Our geographic area information as of and for the year ended December 31 was as follows:
| United States | Canada | Total | |
|---|---|---|---|
| (In thousands) | |||
| Revenue from external customers | $3,881,333 | $218,445 | $4,099,778 |
| Interest expense | $239,103 | $344 | $239,447 |
| Depreciation and amortization | $180,093 | $11,179 | $191,272 |
| Amortization of intangibles | $18,495 | $241 | $18,736 |
| Amortization of cemetery property | $97,471 | $3,763 | $101,234 |
| Operating income | $887,110 | $57,145 | $944,255 |
| Gains on divestitures and impairment charges, net | $8,512 | $1,304 | $9,816 |
| Long-lived assets | $7,386,819 | $339,142 | $7,725,961 |
| Revenue from external customers | $3,876,689 | $231,972 | $4,108,661 |
| Interest expense | $171,912 | $197 | $172,109 |
| Depreciation and amortization | $165,004 | $10,326 | $175,330 |
| Amortization of intangibles | $18,080 | $275 | $18,355 |
| Amortization of cemetery property | $89,545 | $4,578 | $94,123 |
| Operating income | $856,277 | $71,039 | $927,316 |
| Gains on divestitures and impairment charges, net | $7,220 | $2,742 | $9,962 |
| Long-lived assets | $7,094,859 | $331,520 | $7,426,379 |
| Revenue from external customers | $3,918,777 | $224,366 | $4,143,143 |
| Interest expense | $150,385 | $225 | $150,610 |
| Depreciation and amortization | $149,351 | $9,955 | $159,306 |
| Amortization of intangibles | $19,721 | $281 | $20,002 |
| Amortization of cemetery property | $92,128 | $6,034 | $98,162 |
| Operating income | $1,120,154 | $70,522 | $1,190,676 |
| Gains on divestitures and impairment charges, net | $19,837 | $5,332 | $25,169 |
FORM 10-K 77
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