SERVICE CORP INTERNATIONAL
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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6. Credit Risk and Fair Value of Financial Instruments
- Credit Risk and Fair Value of Financial Instruments
Fair Value Estimates
The fair value estimates of the following financial instruments have been determined using available market information and appropriate valuation methodologies. The carrying values of cash and cash equivalents, trade receivables, and trade payables approximate the fair values of those instruments due to the short-term nature of the instruments. The carrying values of receivables on preneed funeral and cemetery contracts approximate fair value as the terms and conditions of these contracts are comparable to our current contract offerings.
20 Service Corporation International
PART I
The fair value of our debt instruments was as follows:
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| (In thousands) | ||
| 7.5% Senior Notes due April 2027 | $142,964 | $142,749 |
| 4.625% Senior Notes due December 2027 | 529,144 | 532,125 |
| 5.125% Senior Notes due June 2029 | 726,060 | 732,173 |
| 3.375% Senior Notes due August 2030 | 731,527 | 739,500 |
| 4.0% Senior Notes due May 2031 | 704,752 | 711,336 |
| Term Loan due January 2028 | 653,906 | 658,125 |
| Bank Credit Facility due January 2028 | 755,000 | 790,000 |
| Mortgage notes and other debt, maturities through 2050 | 77,583 | 79,426 |
| Total fair value of debt instruments | $4,320,936 | $4,385,434 |
The fair values of our long-term, fixed rate loans were estimated using market prices for those loans, and therefore they are classified within Level 2 of the fair value measurements hierarchy. The Term Loan, Bank Credit Facility, and the mortgage and other debt are classified within Level 3 of the fair value measurements hierarchy. The fair values of these instruments have been estimated using discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. An increase (decrease) in the inputs results in a directionally opposite change in the fair value of the instruments.
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