Fair Value Measurements (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and Liabilities Recorded at Fair Value |
Assets and liabilities recorded at fair value in the accompanying consolidated balance sheets as of December 31, 2022 and 2021 were as follows:
(1)Included in other assets in the accompanying consolidated balance sheets.
(2)Included in other long-term liabilities in the accompanying consolidated balance sheets.
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| Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis |
Nonfinancial assets such as goodwill, other intangible assets, and long-lived assets held and used are measured at fair value when there is an indicator of impairment and recorded at fair value only when impairment is recognized or for a business combination. The fair values less costs to sell of long-lived assets or assets held for sale are assessed each reporting period they remain classified as held for sale. Subsequent changes in the held for sale long-lived asset’s or assets held for sale group’s fair value less cost to sell (increase or decrease) are reported as an adjustment to its carrying amount, except that the adjusted carrying amount cannot exceed the carrying amount of the long-lived asset or disposal group at the time it was initially classified as held for sale.
The following table presents assets measured and recorded at fair value on a nonrecurring basis during the years ended December 31, 2022 and 2021:
(1)See Note 5, “Goodwill and Intangible Assets.”
As of December 31, 2022 and 2021, the fair values of our financial instruments, including receivables, notes receivable from finance contracts, notes payable - floor plan, trade accounts payable, borrowings under the revolving credit facilities and certain mortgage notes, approximated their carrying values due either to length of maturity or existence of variable interest rates that approximate prevailing market rates.
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| Fair Value and Carrying Value of Fixed Rate Long-Term Debt |
At December 31, 2022 and 2021, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows:
(1)As determined by market quotations as of December 31, 2022 and 2021, respectively (Level 2).
(2)As determined by the DCF method (Level 2).
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