Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2014
Accounting Policies [Abstract]  
Summary of Operating Lease Exit Accruals

A summary of the activity of these operating lease exit accruals consists of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

Balance, December 31, 2013

 

$

27,234

 

 

 

 

 

Lease exit expense (1)

 

 

(272

)

 

 

 

 

Payments (2)

 

 

(5,445

)

 

 

 

 

Lease buyout (3)

 

 

(1,556

)

 

 

 

 

Balance, September 30, 2014

 

$

19,961

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)   Expense of approximately $0.2 million is recorded in interest expense, other, net, expense of approximately $0.1 million

 

 

is recorded in selling, general and administrative expenses, and income of approximately $0.6 million is recorded

 

 

in income (loss) from discontinued operations in the accompanying Unaudited Condensed Consolidated

 

 

Statements of Income.

 

 

(2)   Amount is recorded as an offset to rent expense in selling, general and administrative expenses, with approximately

 

 

$0.6 million in continuing operations and $4.8 million in income (loss) from discontinued operations in the

 

 

accompanying Unaudited Condensed Consolidated Statements of Income.

 

 

(3)   Amount represents write-off of accrual related to an early lease buyout agreement which was completed and paid,

 

 

relieving Sonic of any future lease obligation.