Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.20.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Recorded at Fair Value
Assets and liabilities recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 are as follows:
Fair Value Based on Significant Other Observable Inputs (Level 2)
March 31, 2020 December 31, 2019
(In thousands)
Assets:
Cash surrender value of life insurance policies (1) $ 32,209    $ 32,799   
Interest rate caps designated as hedges (2) 88    97   
Total assets $ 32,297    $ 32,896   
Liabilities:
Deferred compensation plan (3) $ 17,934    $ 17,890   
Total liabilities $ 17,934    $ 17,890   
(1)Included in other assets in the accompanying unaudited condensed consolidated balance sheets.
(2)As of both March 31, 2020 and December 31, 2019, approximately $0.1 million was included in other assets in the accompanying unaudited condensed consolidated balance sheet.
(3)Included in other long-term liabilities in the accompanying unaudited condensed consolidated balance sheets.
Fair Value and Carrying Value of Significant Fixed Rate Long-Term Debt
At March 31, 2020 and December 31, 2019, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows:
March 31, 2020 December 31, 2019
Fair Value Carrying Value Fair Value Carrying Value
(In thousands)
6.125% Notes (1) $ 207,500    $ 250,000    $ 261,250    $ 250,000   
Mortgage Notes (2) $ 194,265    $ 191,248    $ 195,962    $ 194,535   
(1)As determined by market quotations as of March 31, 2020 and December 31, 2019, respectively (Level 1).
(2)As determined by discounted cash flows (Level 3) based on estimated current market interest rates for comparable instruments.