Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2013
Fair Value Measurements [Abstract]  
Assets or liabilities recorded at fair value

Level 2 assets and liabilities recorded at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012 are as follows:

 

                 
(In millions)   Fair Value Based on
Significant Other
Observable Inputs
(Level 2) 		 
    June 30,
2013		     December 31,
2012		  

Assets:

                

Cash surrender value of life insurance policies (1)

   $ 24.3     $ 21.4  

Cash flow swaps designated as hedges (1)

     4.0       —     
   

 

 

    

 

 

  

Total assets

   $ 28.3     $ 21.4  
   

 

 

    

 

 

  
     

Liabilities:

                

Cash flow swaps designated as hedges (2)

   $ 22.4     $ 31.4  

Cash flow swaps not designated as hedges (3)

     2.3       2.9  

Deferred compensation plan (4)

     15.0       13.8  
   

 

 

    

 

 

  

Total liabilities

   $ 39.7     $ 48.1  
   

 

 

    

 

 

  

 

(1) Included in other assets in the accompanying Unaudited Condensed Consolidated Balance Sheets.
(2) As of June 30, 2013, approximately $11.2 million was included in both other accrued liabilities and other long-term liabilities, 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 June 30, 2013, approximately $0.7 million and $1.6 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:

 

                                 
    June 30, 2013     December 31, 2012  
(In thousands)   Fair Value     Carrying Value     Fair Value     Carrying Value  
         

9.0% Notes (1)

   $ —        $ —        $ 231,525     $ 208,923  
         

7.0% Notes (1)

   $ 222,000     $ 198,347     $ 222,000     $ 198,282  
         

5.0% Notes (1)

   $ 268,142     $ 300,000     $ —        $ —     
         

Mortgage Notes (2)

   $ 151,174     $ 141,373     $ 148,244     $ 137,791  
         

Assumed Notes (2)

   $ 9,150     $ 9,643     $ 10,592     $ 11,289  
         

Other (2)

   $ 4,875     $ 5,227     $ 4,971     $ 5,341  

 

(1) As determined by market quotations as of June 30, 2013 and December 31, 2012, respectively (Level 1).
(2) As determined by discounted cash flows (Level 3).