Fair Value Measurements (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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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, 2015 and 2014 are as follows:
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Fair Value Based on
Significant Other Observable
Inputs (Level 2)
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December 31, 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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29,055
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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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29,055
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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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9,094
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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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913
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1,469
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Deferred compensation plan (4)
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13,551
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15,863
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Total liabilities
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$
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23,558
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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 Consolidated Balance Sheets.
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(2)
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As of December 31, 2015, approximately $4.6 million and $4.5 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets.
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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 Consolidated Balance Sheets.
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(3)
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As of December 31, 2015, approximately $0.5 million and $0.4 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets.
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As of December 31, 2014, approximately $0.7 million and $0.8 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets.
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(4)
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Included in other long-term liabilities in the accompanying Consolidated Balance Sheets.
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| Assets or Liabilities Measured at Fair Value on a Non-Recurring Basis |
The carrying value of assets or liabilities measured at fair value on a non-recurring basis but not completely adjusted to fair value in the accompanying Consolidated Balance Sheets as of December 31, 2015, are included in the table below. Certain components of long-lived assets held and used have been adjusted to fair value through impairment charges as discussed in Note 4, “Property and Equipment” and Note 5, “Intangible Assets and Goodwill.”
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Significant
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Unobservable
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Total Gains /
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Inputs
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(Losses) for the
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Balance as of
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(Level 3) as of
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Year Ended
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December 31, 2015
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December 31, 2015
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December 31, 2015
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(In thousands)
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Long-lived assets held and used (1)
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$
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886,902
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$
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886,902
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$
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(12,210
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)
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Goodwill (2)
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$
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471,493
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$
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471,493
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$
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(2,445
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)
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Franchise assets (2)
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$
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74,900
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$
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74,900
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$
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(3,300
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)
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(1)
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See Notes 1 and 4 for discussion.
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(2)
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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, 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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211,000
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$
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198,708
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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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284,250
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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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174,007
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$
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168,410
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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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818
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$
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823
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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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4,374
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$
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4,634
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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 December 31, 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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