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, 2017 and December 31, 2016 are as follows:
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Fair Value Based on
Significant Other Observable
Inputs (Level 2)
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March 31, 2017
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December 31, 2016
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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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32,024
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$
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31,475
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Cash flow swaps designated as hedges (2)
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2,928
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2,772
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Total assets
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$
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34,952
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$
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34,247
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Liabilities:
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Cash flow swaps designated as hedges (3)
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$
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4,189
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$
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6,135
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Cash flow swaps not designated as hedges (4)
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200
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346
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Deferred compensation plan (5)
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15,808
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14,824
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Total liabilities
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$
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20,197
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$
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21,305
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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 March 31, 2017, approximately $0.2 million and $2.7 million were included in other current assets and other assets, respectively, in the accompanying condensed consolidated balance sheets. As of December 31, 2016, approximately $2.8 million was included in other assets in the accompanying condensed consolidated balance sheets.
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(3)
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As of March 31, 2017, approximately $2.6 million and $1.6 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets. As of December 31, 2016, approximately $3.7 million and $2.4 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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As of March 31, 2017, approximately $0.2 million was included in other accrued liabilities in the accompanying condensed consolidated balance sheets. As of December 31, 2016, approximately $0.3 million was included in other accrued liabilities in the accompanying condensed consolidated balance sheets.
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(5)
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Included in other long-term liabilities in the accompanying condensed consolidated balance sheets.
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Fair Value and Carrying Value of Significant Fixed Rate Long-Term Debt |
At March 31, 2017 and December 31, 2016, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows:
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March 31, 2017
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December 31, 2016
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Fair Value
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Carrying Value
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Fair Value
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Carrying Value
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(In thousands)
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7.0% Notes (1)
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$
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-
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$
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-
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$
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211,000
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$
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198,871
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5.0% Notes (1)
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$
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281,318
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$
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289,273
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$
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284,934
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$
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289,273
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6.125% Notes (1)
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$
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249,375
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$
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250,000
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$
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-
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$
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-
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Mortgage Notes (2)
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$
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189,383
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$
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183,045
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$
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185,979
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$
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176,369
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Other (2)
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$
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3,982
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$
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4,196
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$
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4,057
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$
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4,280
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(1)
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As determined by market quotations as of March 31, 2017 and December 31, 2016, respectively (Level 1).
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(2)
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As determined by discounted cash flows (Level 3).
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