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Employee Benefit Plans (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| Employee Benefit Plans [Abstract] |
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| Status of options related to Stock Plans |
A summary of the status of the options related to
the Stock Plans is presented below:
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Options
Outstanding |
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Exercise
Price Per
Share
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Weighted
Average
Exercise
Price
Per Share |
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Weighted
Average
Remaining
Contractual
Term |
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Aggregate
Intrinsic
Value |
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($ in thousands, except per share data, term in years) |
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Balance — December 31, 2011
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2,734 |
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$ |
1.81 |
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- |
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37.50 |
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$ |
17.74 |
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4.1 |
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$ |
10,715 |
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Exercised
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(625 |
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1.81 |
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- |
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19.23 |
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6.33 |
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Forfeited
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(354 |
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15.90 |
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- |
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37.50 |
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32.68 |
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Balance — December 31, 2012
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1,755 |
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$ |
1.81 |
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- |
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30.07 |
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$ |
18.67 |
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3.4 |
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$ |
8,372 |
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Exercisable
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1,755 |
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$ |
1.81 |
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- |
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30.07 |
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$ |
18.67 |
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3.4 |
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$ |
8,372 |
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Year Ended December 31, |
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2012 |
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2011 |
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2010 |
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(In thousands, except
per option data) |
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Intrinsic Value of Options Exercised
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$ |
7,427 |
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$ |
4,039 |
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$ |
2,235 |
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Fair Value of Shares Vested
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$ |
426 |
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$ |
444 |
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$ |
555 |
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| Status of non-vested restricted stock and restricted stock unit grants related to Stock Plans |
A summary of the status
of non-vested restricted stock and restricted stock unit grants related to the Stock Plans is presented below:
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Non-vested Restricted
Stock and
Restricted Stock
Units |
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Weighted Average
Grant Date Fair
Value |
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(Shares in thousands) |
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Balance — December 31, 2011
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690 |
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$ |
11.91 |
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Granted
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451 |
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18.50 |
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Forfeited
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(10 |
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14.55 |
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Vested
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(304 |
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11.75 |
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Balance — December 31, 2012
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827 |
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$ |
15.53 |
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| Status of Supplemental Executive Retirement Plan |
The following table sets forth the status of the SERP:
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Year Ended December 31, |
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2012
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2011
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(In thousands) |
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Change in projected benefit obligation:
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Obligation at beginning of year
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$ |
2,392 |
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$ |
814 |
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Service cost
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1,638 |
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1,021 |
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Interest cost
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105 |
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49 |
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Actuarial loss (gain)
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276 |
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508 |
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Obligation at end of year(1)
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$ |
4,411 |
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$ |
2,392 |
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Accumulated benefit obligation
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$ |
3,420 |
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$ |
1,809 |
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(1) Included in other long-term liabilities in the accompanying Consolidated Balance Sheets.
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Change in fair value of plan assets:
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Plan assets at beginning of year
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$ |
— |
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$ |
— |
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Plan assets at end of year
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— |
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— |
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Funded Status Recognized
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$ |
(4,411 |
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$ |
(2,392 |
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| Cost components of Supplemental Executive Retirement Plan |
The following table provides the cost components of the SERP:
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Year Ended December 31, |
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2012
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2011
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(In thousands) |
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Service cost
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$ |
1,638 |
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$ |
1,021 |
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Interest cost
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105 |
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49 |
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Net Pension expense (benefit)
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$ |
1,743 |
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$ |
1,070 |
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| Weighted average assumptions used to determine benefit obligation and net periodic benefit costs |
The weighted average assumptions used to determine the benefit obligation and net
periodic benefit costs consist of:
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December 31, |
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2012
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2011
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Discount rate
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3.85 |
% |
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4.40 |
% |
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Rate of compensation increase
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3.00 |
% |
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3.00 |
% |
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| Estimated future benefit payments |
The estimated future benefit payments expected to be paid for each of the
next five years and the sum of the payments expected for the next five years thereafter are:
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Year Ending December 31,
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Estimated Future
Benefit Payments |
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(In thousands) |
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2013
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$ |
19 |
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2014
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10 |
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2015
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10 |
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2016
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9 |
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2017
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9 |
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2018 - 2022
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2,093 |
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| Schedule of multi-employer plans affecting period-to-period comparability of contributions |
The number of employees covered by Sonic’s multi-employer plans increased 4.1% from December 31, 2010 to December 31, 2011 and decreased 5.1% from December 31, 2011 to
December 31, 2012, affecting the period-to-period comparability of the contributions for years ended December 31, 2012, 2011 and 2010.
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EIN/Pension
Plan
Number
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Pension
Protection
Act Zone
Status |
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FIP/RP Status |
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Sonic Contributions |
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Surcharge
Imposed
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Collective-
Bargaining
Agreement
Expiration Date(1)
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Pension
Fund
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2012 |
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2011 |
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Pending/
Implemented
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Year Ended December 31, |
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2012 |
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2011 |
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2010 |
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(In thousands) |
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AI
Pension
Plan
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94-1133245 |
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Red |
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Red |
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RP Implemented |
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$ |
120 |
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$ |
120 |
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$ |
117 |
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Yes |
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Between
September 30, 2012
and August 31, 2014
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| (1) |
Collective bargaining agreement expiration dates vary by union and dealership. Dates shown represent the range of the earliest and latest stated expirations for our
union employees. |
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