| Assets or Liabilities Recorded at Fair Value |
Assets and liabilities recorded at fair value in the accompanying
Unaudited Condensed Consolidated Balance Sheets as of June 30,
2014 and December 31, 2013 are as follows:
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|
|
|
|
|
|
|
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| |
|
Fair Value Based on
Significant Other
Observable Inputs
(Level 2)
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| |
|
June 30,
2014 |
|
|
December 31,
2013 |
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| |
|
(In
thousands) |
|
|
Assets:
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|
|
|
|
|
|
|
|
|
Cash surrender value of life insurance policies (1)
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|
$ |
27,425 |
|
|
$ |
25,301 |
|
|
Cash flow swaps designated as hedges (1)
|
|
|
1,513 |
|
|
|
3,707 |
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
28,938 |
|
|
$ |
29,008 |
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|
|
|
|
|
|
|
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|
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Liabilities:
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|
|
|
|
|
|
|
|
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Cash flow swaps designated as hedges (2)
|
|
$ |
14,615 |
|
|
$ |
17,995 |
|
|
Cash flow swaps not designated as hedges (3)
|
|
|
1,807 |
|
|
|
2,046 |
|
|
Deferred compensation plan (4)
|
|
|
15,613 |
|
|
|
14,842 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$ |
32,035 |
|
|
$ |
34,883 |
|
|
|
|
|
|
|
|
|
|
| (1) |
Included in other assets in the
accompanying Unaudited Condensed Consolidated Balance Sheets. |
| (2) |
As of June 30, 2014,
approximately $9.8 million and $4.8 million were included in other
accrued liabilities and other long-term liabilities, respectively,
in the accompanying Unaudited Condensed Consolidated Balance
Sheets. As of December 31, 2013, approximately $10.6 million
and $7.4 million were included in other accrued liabilities and
other long-term liabilities, respectively, in the accompanying
Unaudited Condensed Consolidated Balance Sheets. |
| (3) |
As of June 30, 2014,
approximately $0.7 million and $1.1 million were included in other
accrued liabilities and other long-term liabilities, respectively,
in the accompanying Unaudited Condensed Consolidated Balance
Sheets. As of December 31, 2013, approximately $1.0 million
was included in both other accrued liabilities and other long-term
liabilities in the accompanying Unaudited Condensed Consolidated
Balance Sheets. |
| (4) |
Included in other long-term
liabilities in the accompanying Unaudited Condensed Consolidated
Balance Sheets. |
|
| Fair Value and Carrying Value of Fixed Rate Long-Term Debt |
At June 30, 2014 and December 31, 2013, the fair value
and carrying value of Sonic’s fixed rate long-term debt were
as follows:
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|
|
|
|
|
|
|
|
|
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| |
|
June 30, 2014 |
|
|
December 31, 2013 |
|
| |
|
Fair Value |
|
|
Carrying Value |
|
|
Fair Value |
|
|
Carrying Value |
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| |
|
(In
thousands) |
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|
|
|
|
|
|
7.0% Notes (1)
|
|
$ |
222,000 |
|
|
$ |
198,484 |
|
|
$ |
218,000 |
|
|
$ |
198,414 |
|
|
|
|
|
|
|
5.0% Notes (1)
|
|
$ |
297,000 |
|
|
$ |
300,000 |
|
|
$ |
285,000 |
|
|
$ |
300,000 |
|
|
|
|
|
|
|
Mortgage Notes (2)
|
|
$ |
161,166 |
|
|
$ |
153,992 |
|
|
$ |
165,381 |
|
|
$ |
157,571 |
|
|
|
|
|
|
|
Assumed Notes (2)
|
|
$ |
6,041 |
|
|
$ |
6,256 |
|
|
$ |
7,636 |
|
|
$ |
7,993 |
|
|
|
|
|
|
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Other (2)
|
|
$ |
4,729 |
|
|
$ |
5,044 |
|
|
$ |
4,774 |
|
|
$ |
5,080 |
|
| (1) |
As determined by market quotations as
of June 30, 2014 and December 31, 2013, respectively
(Level 1). |
| (2) |
As determined by discounted cash
flows (Level 3). |
|