Employee Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Compensation And Retirement Disclosure [Abstract] |
|
| Status of Stock Options Related to Stock Plans |
A summary of the status of the stock options related to the Stock Plans is presented below:
|
|
|
Options
Outstanding
|
|
|
Exercise Price
Per Share
(Low - High)
|
|
Weighted
Average
Exercise
Price
Per Share
|
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
|
Aggregate
Intrinsic
Value
|
|
|
|
|
(In thousands, except per share data, term in years)
|
|
|
Balance at December 31, 2015
|
|
|
714
|
|
|
$
|
1.81
|
|
-
|
30.07
|
|
$
|
17.56
|
|
|
|
1.6
|
|
|
$
|
5,605
|
|
|
Exercised
|
|
|
(15
|
)
|
|
$
|
1.81
|
|
-
|
1.81
|
|
$
|
1.81
|
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(260
|
)
|
|
$
|
23.30
|
|
-
|
26.42
|
|
$
|
25.44
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2016
|
|
|
439
|
|
|
$
|
1.81
|
|
-
|
30.07
|
|
$
|
13.42
|
|
|
|
1.4
|
|
|
$
|
5,327
|
|
|
Exercisable
|
|
|
439
|
|
|
$
|
1.81
|
|
-
|
30.07
|
|
$
|
13.42
|
|
|
|
1.4
|
|
|
$
|
5,327
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(In thousands, except per option data)
|
|
|
Intrinsic value of stock options exercised
|
|
$
|
250
|
|
|
$
|
2,511
|
|
|
$
|
1,187
|
|
|
| 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:
|
|
|
Non-vested
Restricted
Stock Awards
and Restricted
Stock Units
|
|
|
Weighted
Average
Grant Date
Fair Value
per Share
|
|
|
|
|
(Shares in thousands)
|
|
|
Balance at December 31, 2015
|
|
|
1,831
|
|
|
$
|
23.33
|
|
|
Granted
|
|
|
750
|
|
|
$
|
16.30
|
|
|
Forfeited
|
|
|
(40
|
)
|
|
$
|
25.32
|
|
|
Vested
|
|
|
(361
|
)
|
|
$
|
23.40
|
|
|
Balance at December 31, 2016
|
|
|
2,180
|
|
|
$
|
20.86
|
|
|
| Status of Supplemental Executive Retirement Plan |
The following table sets forth the status of the SERP:
|
|
|
Year Ended December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
(In thousands)
|
|
|
Change in projected benefit obligation:
|
|
|
|
|
|
|
|
|
|
Obligation at January 1, 2016
|
|
$
|
9,234
|
|
|
$
|
7,976
|
|
|
Service cost
|
|
|
1,590
|
|
|
|
1,950
|
|
|
Interest cost
|
|
|
383
|
|
|
|
307
|
|
|
Actuarial loss (gain)
|
|
|
295
|
|
|
|
(737
|
)
|
|
Amendments/settlements/curtailments loss (gain)
|
|
|
-
|
|
|
|
-
|
|
|
Benefits paid
|
|
|
(269
|
)
|
|
|
(262
|
)
|
|
Obligation at December 31, 2016 (1)
|
|
$
|
11,233
|
|
|
$
|
9,234
|
|
|
Accumulated benefit obligation
|
|
$
|
8,557
|
|
|
$
|
7,115
|
|
|
(1)
|
Approximately $11.0 million is included in other long-term liabilities and approximately $0.3 million is included in other accrued liabilities in the accompanying consolidated balance sheets.
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|
|
|
Year Ended December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
(In thousands)
|
|
|
Change in fair value of plan assets:
|
|
|
|
|
|
|
|
|
|
Plan assets at January 1, 2016
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Actual return on plan assets
|
|
|
-
|
|
|
|
-
|
|
|
Employer contributions
|
|
|
269
|
|
|
|
262
|
|
|
Benefits paid
|
|
|
(269
|
)
|
|
|
(262
|
)
|
|
Plan assets at December 31, 2016
|
|
|
-
|
|
|
|
-
|
|
|
Funded status recognized
|
|
$
|
(11,233
|
)
|
|
$
|
(9,234
|
)
|
|
| Cost Components of Supplemental Executive Retirement Plan |
The following table provides the cost components of the SERP:
|
|
|
Year Ended December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
(In thousands)
|
|
|
Service cost
|
|
$
|
1,590
|
|
|
$
|
1,950
|
|
|
Interest cost
|
|
|
383
|
|
|
|
307
|
|
|
Net pension expense (benefit)
|
|
$
|
1,973
|
|
|
$
|
2,257
|
|
|
| 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:
|
|
|
As of December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Discount rate
|
|
|
4.04
|
%
|
|
|
4.21
|
%
|
|
Rate of compensation increase
|
|
|
3.00
|
%
|
|
|
3.00
|
%
|
|
| 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:
|
|
|
|
|
|
|
|
|
Estimated Future Benefit Payments
|
|
|
Year Ending December 31,
|
|
(In thousands)
|
|
|
2017
|
|
$
|
265
|
|
|
2018
|
|
$
|
265
|
|
|
2019
|
|
$
|
265
|
|
|
2020
|
|
$
|
364
|
|
|
2021
|
|
$
|
364
|
|
|
2022 - 2026
|
|
$
|
1,820
|
|
|
| Schedule of Multiemployer Pension Plans Affecting Period-to-Period Comparability of Contributions |
The number of employees covered by Sonic’s multiemployer pension plans increased 4.8% from December 31, 2014 to December 31, 2015 and increased 2.6% from December 31, 2015 to December 31, 2016, affecting the period-to-period comparability of the contributions for the years ended December 31, 2016, 2015 and 2014.
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Pension
Protection
Act Zone
Status
|
|
FIP/RP Status
|
|
Sonic Contributions
|
|
|
|
|
Collective
Bargaining
|
|
Pension
|
|
EIN/Pension
|
|
|
|
|
|
Pending /
|
|
Year Ended December 31,
|
|
|
Surcharge
|
|
Agreement
|
|
Fund
|
|
Plan Number
|
|
2016
|
|
2015
|
|
Implemented
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|
Imposed
|
|
Expiration Date (1)
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
AI Pension Plan
|
|
94-1133245
|
|
Red
|
|
Red
|
|
RP Implemented
|
|
$
|
150
|
|
|
$
|
140
|
|
|
$
|
148
|
|
|
Yes
|
|
Between
August 31, 2014
and November 29, 2017
|
|
(1)
|
Collective bargaining agreement expiration dates vary by union and dealership. Dates shown represent the range of the earliest and latest stated expirations for Sonic’s union employees, noting certain of Sonic’s collective bargaining agreements are expired as of December 31, 2016 and are currently under negotiation.
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