| Assets and Liabilities Recorded at Fair Value |
Assets and liabilities recorded at fair value in the accompanying condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 are as follows:
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Fair Value Based on
Significant Other Observable
Inputs (Level 2)
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September 30, 2015
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December 31, 2014
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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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28,683
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$
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27,552
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Cash flow swaps designated as hedges (1)
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-
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618
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Total assets
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$
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28,683
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$
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28,170
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Liabilities:
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Cash flow swaps designated as hedges (2)
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$
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13,905
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$
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10,251
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Cash flow swaps not designated as hedges (3)
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1,125
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1,469
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Deferred compensation plan (4)
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15,553
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15,863
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Total liabilities
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$
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30,583
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$
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27,583
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(1)
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Included in other assets in the accompanying condensed consolidated balance sheets.
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(2)
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As of September 30, 2015, approximately $5.1 million and $8.8 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets. As of December 31, 2014, approximately $7.5 million and $2.8 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets.
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(3)
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As of September 30, 2015, approximately $0.5 million and $0.6 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets. As of December 31, 2014, approximately $0.7 million and $0.8 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets.
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(4)
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Included in other long-term liabilities in the accompanying condensed consolidated balance sheets.
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| Fair Value and Carrying Value of Fixed Rate Long-Term Debt |
At September 30, 2015 and December 31, 2014, the fair value and carrying value of Sonic’s fixed rate long-term debt were as follows:
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September 30, 2015
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December 31, 2014
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Fair Value
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Carrying Value
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Fair Value
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Carrying Value
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(In thousands)
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7.0% Notes (1)
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$
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211,500
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$
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198,669
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$
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216,000
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$
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198,556
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5.0% Notes (1)
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$
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290,250
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$
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300,000
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$
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294,000
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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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177,363
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$
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170,621
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$
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152,240
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$
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147,554
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Assumed Notes (2)
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$
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1,687
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$
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1,696
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$
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4,365
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$
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4,474
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Other (2)
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$
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4,425
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$
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4,705
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$
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4,588
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$
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4,884
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(1)
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As determined by market quotations as of September 30, 2015 and December 31, 2014, respectively (Level 1).
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(2)
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As determined by discounted cash flows (Level 3)
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