Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.23.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 were as follows:
Fair Value Based on Significant Other Observable Inputs (Level 2)
September 30, 2023 December 31, 2022
(In millions)
Assets:
Cash surrender value of life insurance policies (1) $ 41.3  $ 38.2 
Interest rate caps designated as hedges (2) 2.9  — 
Total assets $ 44.2  $ 38.2 
Liabilities:
Deferred compensation plan (3) $ 24.5  $ 21.1 
Total liabilities $ 24.5  $ 21.1 
(1)Included in other assets in the accompanying unaudited condensed consolidated balance sheets.
(2)As of September 30, 2023, approximately $2.1 million and $0.8 million were included in other current assets and other assets, respectively, in the accompanying unaudited condensed consolidated balance sheets.
(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
As of September 30, 2023 and December 31, 2022, the fair value and the carrying value of Sonic’s significant fixed rate long-term debt were as follows:
September 30, 2023 December 31, 2022
Fair Value Carrying Value Fair Value Carrying Value
(In millions)
4.875% Notes (1) $ 397.5  $ 500.0  $ 390.3  $ 500.0 
4.625% Notes (1) $ 536.3  $ 650.0  $ 519.5  $ 650.0 
Mortgage Notes (2) $ 159.0  $ 166.3  $ 174.0  $ 186.6 
(1)As determined by market quotations from similar securities as of September 30, 2023 and December 31, 2022, respectively (Level 2).
(2)As determined by the DCF method (Level 2).