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Employee Benefit Plans (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Compensation And Retirement Disclosure [Abstract] |
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| Status of Options Related to Stock Plans |
A summary of the status of the options related to the Stock Plans is presented below:
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Options
Outstanding
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Exercise Price
Per Share
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Weighted
Average
Exercise
Price
Per Share
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Weighted
Average
Remaining
Contractual
Term
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Aggregate
Intrinsic
Value
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(In thousands, except per share data, term in years)
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Balance at December 31, 2013
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1,518
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$
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1.81
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-
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30.07
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$
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18.83
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2.5
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$
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9,831
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Exercised
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(179
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1.81
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-
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23.42
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18.33
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Forfeited
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(275
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18.73
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-
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25.05
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23.87
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Balance at December 31, 2014
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1,064
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$
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1.81
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-
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25.05
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$
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17.62
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2.2
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$
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10,444
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Exercisable
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1,064
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$
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1.81
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-
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23.42
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$
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17.62
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2.2
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$
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10,444
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Year Ended December 31,
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2014
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2013
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2012
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(In thousands, except per option data)
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Intrinsic value of options exercised
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$
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1,187
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$
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1,657
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$
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7,427
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Fair value of options vested
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$
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-
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$
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-
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$
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426
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| Status of Non-Vested Restricted Stock and Restricted Stock Unit Grants Related to Stock Plans |
A summary of the status of non-vested restricted stock award and restricted stock unit grants related to the Stock Plans is presented below:
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Non-vested
Restricted
Stock Awards
and Restricted
Stock Units
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Weighted
Average
Grant Date
Fair Value
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(Shares in thousands)
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Balance at December 31, 2013
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805
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$
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20.42
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Granted
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504
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$
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21.24
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Forfeited
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(10
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$
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21.17
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Vested
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(410
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$
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19.43
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Balance at December 31, 2014
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889
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$
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21.33
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| Status of Supplemental Executive Retirement Plan |
The following table sets forth the status of the SERP:
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Year Ended December 31,
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2014
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2013
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(In thousands)
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Change in projected benefit obligation:
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Obligation at January 1
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$
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5,263
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$
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4,411
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Service cost
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1,467
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1,967
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Interest cost
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251
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169
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Actuarial loss (gain)
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1,174
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(1,191
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Amendments/settlements/curtailments loss (gain)
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-
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-
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Benefits paid
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(179
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(93
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Obligation at December 31 (1)
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$
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7,976
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$
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5,263
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Accumulated benefit obligation
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$
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6,002
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$
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4,089
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(1)
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Included in other long-term liabilities in the accompanying Consolidated Balance Sheets.
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Year Ended December 31,
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2014
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2013
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(In thousands)
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Change in fair value of plan assets:
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Plan assets at January 1
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$
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-
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$
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-
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Actual return on plan assets
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-
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-
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Employer contributions
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179
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93
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Benefits paid
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(179
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(93
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Plan assets at December 31
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-
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-
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Funded status recognized
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$
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(7,976
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$
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(5,263
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| Cost Components of Supplemental Executive Retirement Plan |
The following table provides the cost components of the SERP:
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Year Ended December 31,
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(In thousands)
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2014
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2013
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Service cost
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$
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1,467
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$
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1,967
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Interest cost
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251
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169
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Net Pension expense (benefit)
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$
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1,718
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$
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2,136
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| Weighted Average Assumptions Used to Determine Benefit Obligation and Net Periodic Benefit Costs |
The weighted average assumptions used to determine the benefit obligation and net periodic benefit costs consist of:
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As of December 31,
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2014
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2013
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Discount rate
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3.88
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%
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4.85
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%
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Rate of compensation increase
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3.00
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%
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3.00
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%
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| Estimated Future Benefit Payments |
The estimated future benefit payments expected to be paid for each of the next five years and the sum of the payments expected for the next five years thereafter are:
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Estimated Future
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Benefit Payments
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Year Ending December 31,
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(In thousands)
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2015
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$ 131
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2016
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$ 131
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2017
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$ 131
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2018
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$ 131
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2019
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$ 131
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2020 - 2024
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$ 1,497
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| Schedule of Multi-Employer Plans Affecting Period-to-Period Comparability of Contributions |
The number of employees covered by Sonic’s multi-employer plans increased 7.1% from December 31, 2012 to December 31, 2013 and increased 2.8% from December 31, 2013 to December 31, 2014, affecting the period-to-period comparability of the contributions for years ended December 31, 2014, 2013 and 2012.
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Pension
Protection
Act Zone
Status
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FIP/RP Status
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Sonic Contributions
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Collective-
Bargaining
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Pension
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EIN/Pension
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Pending /
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Year Ended December 31,
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Surcharge
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Agreement
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Fund
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Plan Number
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2014
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2013
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Implemented
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2014
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2013
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2012
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Imposed
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Expiration Date (1)
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(In thousands)
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AI Pension Plan
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94-1133245
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Red
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Red
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RP Implemented
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$ 148
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$ 135
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$ 120
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Yes
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Between
August 31, 2014
and November 29, 2017
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(1) Collective bargaining agreement expiration dates vary by union and dealership. Dates shown represent the range of
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the earliest and latest stated expirations for Sonic's union employees, noting certain of Sonic's collective bargaining
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agreements are expired as of December 31, 2014 and are currently under negotiation.
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