| 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, 2017 and December 31, 2016 are as follows:
|
|
|
Fair Value Based on
Significant Other Observable
Inputs (Level 2)
|
|
|
|
|
|
September 30, 2017
|
|
|
December 31, 2016
|
|
|
|
|
|
(In thousands)
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Cash surrender value of life insurance policies (1)
|
|
$
|
32,745
|
|
|
$
|
31,475
|
|
|
|
Cash flow swaps and interest rate caps designated as hedges (2)
|
|
|
4,290
|
|
|
|
2,772
|
|
|
|
Total assets
|
|
$
|
37,035
|
|
|
$
|
34,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Cash flow swaps and interest rate caps designated as hedges (3)
|
|
$
|
2,903
|
|
|
$
|
6,135
|
|
|
|
Cash flow swaps not designated as hedges (4)
|
|
|
-
|
|
|
|
346
|
|
|
|
Deferred compensation plan (5)
|
|
|
17,216
|
|
|
|
14,824
|
|
|
|
Total liabilities
|
|
$
|
20,119
|
|
|
$
|
21,305
|
|
|
|
(1)
|
Included in other assets in the accompanying condensed consolidated balance sheets.
|
|
(2)
|
As of September 30, 2017, approximately $0.5 million and $3.8 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.
|
|
(3)
|
As of September 30, 2017, approximately $1.8 million and $1.1 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.
|
|
(4)
|
Included in other accrued liabilities in the accompanying condensed consolidated balance sheets.
|
|
(5)
|
Included in other long-term liabilities in the accompanying condensed consolidated balance sheets.
|
|
| Fair Value and Carrying Value of Significant Fixed Rate Long-Term Debt |
At September 30, 2017 and December 31, 2016, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows:
|
|
|
September 30, 2017
|
|
|
December 31, 2016
|
|
|
|
|
Fair Value
|
|
|
Carrying Value
|
|
|
Fair Value
|
|
|
Carrying Value
|
|
|
|
|
(In thousands)
|
|
|
7.0% Notes (1)
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
211,000
|
|
|
$
|
198,871
|
|
|
5.0% Notes (1)
|
|
$
|
282,764
|
|
|
$
|
289,273
|
|
|
$
|
284,934
|
|
|
$
|
289,273
|
|
|
6.125% Notes (1)
|
|
$
|
256,875
|
|
|
$
|
250,000
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Mortgage Notes (2)
|
|
$
|
200,614
|
|
|
$
|
197,053
|
|
|
$
|
185,979
|
|
|
$
|
176,369
|
|
|
Other (2)
|
|
$
|
3,836
|
|
|
$
|
4,031
|
|
|
$
|
4,057
|
|
|
$
|
4,280
|
|
|
(1)
|
As determined by market quotations as of September 30, 2017 and December 31, 2016, respectively (Level 1).
|
|
(2)
|
As determined by discounted cash flows (Level 3).
|
|