Sonic Automotive, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Assets and Liabilities Recorded at Fair Value

Assets and liabilities recorded at fair value in the accompanying condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014 are as follows:

Fair Value and Carrying Value of Fixed Rate Long-Term Debt

At March 31, 2015 and December 31, 2014, the fair value and carrying value of Sonic’s fixed rate long-term debt were as follows:

	March 31, 2015		December 31, 2014
	Fair Value	Carrying Value	Fair Value	Carrying Value
	(In thousands)

7.0% Notes (1)	$ 218,000	$ 198,593	$ 216,000	$ 198,556
5.0% Notes (1)	$ 299,250	$ 300,000	$ 294,000	$ 300,000
Mortgage Notes (2)	$ 152,137	$ 145,732	$ 152,240	$ 147,554
Assumed Notes (2)	$ 3,494	$ 3,563	$ 4,365	$ 4,474
Other (2)	$ 4,530	$ 4,816	$ 4,588	$ 4,884

(1) As determined by market quotations as of March 31, 2015 and December 31, 2014, respectively (Level 1).
(2) As determined by discounted cash flows (Level 3).

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References + Details