Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.6
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2013
Fair Value Measurements [Abstract]  
Assets or liabilities recorded at fair value

As of March 31, 2013 and December 31, 2012, there were no Level 1 or Level 3 assets or liabilities recorded at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheets. Level 2 assets and liabilities recorded at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheets as of March 31, 2013 and December 31, 2012 are as follows:

 

                 
(In millions)   Fair Value Based on
Significant Other
Observable Inputs
(Level 2) 		 
    March 31,
2013		     December 31,
2012		  
     

Assets:

                

Cash surrender value of life insurance policies (1)

   $ 23.7     $ 21.4  
     

Liabilities:

                

Cash flow swaps designated as hedges (2)

   $ 28.5     $ 31.4  

Cash flow swaps not designated as hedges (3)

     2.7       2.9  

Deferred compensation plan (4)

     14.7       13.8  
   

 

 

    

 

 

  
     

Total liabilities

   $ 45.9     $ 48.1  
   

 

 

    

 

 

  

 

(1) Included in other assets in the accompanying Unaudited Condensed Consolidated Balance Sheets.
(2) As of March 31, 2013, approximately $11.2 million and $17.3 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying Unaudited Condensed Consolidated Balance Sheets. As of December 31, 2012, approximately $11.4 million and $20.0 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying Unaudited Condensed Consolidated Balance Sheets.
(3) As of March 31, 2013, approximately $0.7 million and $2.0 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying Unaudited Condensed Consolidated Balance Sheets. As of December 31, 2012, approximately $0.7 million and $2.2 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying Unaudited Condensed Consolidated Balance Sheets.
(4) Included in other long-term liabilities in the accompanying Unaudited Condensed Consolidated Balance Sheets.
Fair value and carrying value of fixed rate long-term debt

The fair value and carrying value of Sonic’s fixed rate long-term debt was as follows:

 

                                 
    March 31, 2013     December 31, 2012  
(In thousands)   Fair Value     Carrying Value     Fair Value     Carrying Value  
         

9.0% Notes (1)

   $ 231,525     $ 208,963     $ 231,525     $ 208,923  
         

7.0% Notes (1)

   $ 222,500     $ 198,314     $ 222,000     $ 198,282  
         

Mortgage Notes (2)

   $ 148,973     $ 136,328     $ 148,244     $ 137,791  
         

Assumed Notes (2)

   $ 9,877     $ 10,469     $ 10,592     $ 11,289  
         

Other (2)

   $ 4,923     $ 5,284     $ 4,971     $ 5,341  

 

(1) As determined by market quotations as of March 31, 2013 and December 31, 2012, respectively (Level 1).
(2) As determined by discounted cash flows (Level 3).