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Fair Value Measurements (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Fair Value Disclosures [Abstract] |
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| Assets or Liabilities Recorded at Fair Value |
Assets or liabilities recorded at fair value in the accompanying Consolidated Balance Sheets as of December 31, 2014 and 2013 are as follows:
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Fair Value Based on
Significant Other Observable
Inputs (Level 2)
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December 31, 2014
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December 31, 2013
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(In thousands)
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Assets:
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Cash surrender value of life insurance policies (1)
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$
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27,552
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$
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25,301
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Cash flow swaps designated as hedges (1)
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618
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3,707
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Total assets
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$
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28,170
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$
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29,008
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Liabilities:
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Cash flow swaps designated as hedges (2)
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$
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10,251
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$
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17,995
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Cash flow swaps not designated as hedges (3)
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1,469
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2,046
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Deferred compensation plan (4)
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15,863
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14,842
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Total liabilities
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$
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27,583
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$
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34,883
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(1) Included in other assets in the accompanying Consolidated Balance Sheets.
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(2) As of December 31, 2014, approximately $7.5 million and $2.8 million were included in other accrued liabilities
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and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets.
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As of December 31, 2013, approximately $10.6 million and $7.4 million were included in other accrued liabilities
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and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets.
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(3) As of December 31, 2014, approximately $0.7 million and $0.8 million were included in other accrued liabilities
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and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets.
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As of December 31, 2013, approximately $1.0 million was included in both other accrued liabilities
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and other long-term liabilities in the accompanying Consolidated Balance Sheets.
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(4) Included in other long-term liabilities in the accompanying Consolidated Balance Sheets.
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| Assets or Liabilities Measured at Fair Value on a Non-Recurring Basis |
The carrying value of assets or liabilities measured at fair value on a non-recurring basis but not completely adjusted to fair value in the in the accompanying Consolidated Balance Sheets as of December 31, 2014, are included in the table below. Certain components of long-lived assets held and used have been adjusted to fair value through impairment charges as discussed in Note 4, “Property and Equipment.”
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Significant
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Unobservable
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Total Gains /
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Inputs
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(Losses) for the
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Balance as of
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(Level 3) as of
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Year Ended
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December 31, 2014
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December 31, 2014
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December 31, 2014
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(In thousands)
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Long-lived assets held and used (1)
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$
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799,319
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$
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799,319
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$
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(4,394
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)
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Goodwill (2)
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$
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475,929
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$
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475,929
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$
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-
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Franchise assets (2)
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$
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77,100
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$
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77,100
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$
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(2,200
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(1) See Notes 1 and 4 for discussion.
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(2) See Notes 1 and 5 for discussion.
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| Fair Value and Carrying Value of Fixed Rate Long-Term Debt |
The fair value and carrying value of Sonic’s fixed rate long-term debt was as follows:
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December 31, 2014
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December 31, 2013
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Fair Value
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Carrying Value
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Fair Value
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Carrying Value
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(In thousands)
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7.0% Notes (1)
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$
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216,000
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$
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198,556
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$
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218,000
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$
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198,414
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5.0% Notes (1)
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$
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294,000
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$
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300,000
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$
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285,000
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$
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300,000
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Mortgage Notes (2)
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$
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152,240
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$
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147,554
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$
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165,381
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$
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157,571
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Assumed Notes (2)
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$
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4,365
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$
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4,474
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$
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7,636
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$
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7,993
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Other (2)
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$
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4,588
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$
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4,884
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$
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4,774
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$
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5,080
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(1) As determined by market quotations as of December 31, 2014 and December 31, 2013, respectively (Level 1).
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(2) As determined by discounted cash flows (Level 3).
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