Long-Term Debt (Details Textual) (USD $)
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3 Months Ended | 6 Months Ended | |||
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Jun. 30, 2013
Agreement
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Jun. 30, 2012
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Jun. 30, 2013
Agreement
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Jun. 30, 2012
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Dec. 31, 2012
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Long-Term Debt (Textual) [Abstract] | |||||
Receive Rate | one-month LIBOR | ||||
Premium associated with notes | $ 500,000 | $ 500,000 | $ 700,000 | ||
Incremental interest expense | 2,900,000 | 2,500,000 | 5,800,000 | 6,900,000 | |
One-month LIBOR rate | 0.195% | 0.195% | |||
Notional forward | 3 | 3 | |||
Duration of Interest rate cash flow swap agreements | swap agreements become effective in July 2015, July 2016 and July 2017, respectively, and terminate in July 2016, July 2017 and June 2018, respectively. | ||||
Net expense expected to be reclassified | 7,400,000 | 7,400,000 | |||
Outstanding principal amount of the 7.0% Notes | 25.00% | ||||
Remaining unamortized premium balance | 500,000 | 500,000 | 700,000 | ||
Loss on Extinguishment of Notes | (28,235,000) | (2,578,000) | |||
Incremental Interest expense | 14,390,000 | 13,835,000 | 28,749,000 | 30,244,000 | |
Swap agreement effective date | Jul. 01, 2015 | ||||
Cash Flow Swap 13 [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Receive Rate | one-month LIBOR | ||||
Interest rate cash flow swap agreements | 200,000,000 | 200,000,000 | |||
Interest rate cash flow swap agreements maturing date | Jul. 01, 2016 | ||||
Cash Flow Swap 14 [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Receive Rate | one-month LIBOR | ||||
Interest rate cash flow swap agreements | 50,000,000 | 50,000,000 | |||
Interest rate cash flow swap agreements maturing date | Jul. 01, 2017 | ||||
Swap agreement effective date | Jul. 01, 2016 | ||||
Cash Flow Swap 15 [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Receive Rate | one-month LIBOR | ||||
Interest rate cash flow swap agreements | 250,000,000 | 250,000,000 | |||
Interest rate cash flow swap agreements maturing date | Jun. 30, 2018 | ||||
Swap agreement effective date | Jul. 03, 2017 | ||||
9.0% Senior Subordinate Notes due 2018 [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Interest on notes | 9.00% | 9.00% | |||
Discount associated with notes | 1,100,000 | ||||
Unsecured senior subordinated obligations, description | 9.0% Notes | ||||
Loss on Extinguishment of Notes | 28,200,000 | ||||
Repayment Of Cash to Repurchase 9.0% Notes | 237,200,000 | ||||
Incremental Interest expense | 800,000 | ||||
7.0% Senior Subordinated Notes due 2022 [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Interest on notes | 7.00% | 7.00% | |||
Discount associated with notes | 1,700,000 | 1,700,000 | 1,700,000 | ||
5.0% Senior Subordinated Notes due 2023 [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Interest on notes | 5.00% | 5.00% | |||
Notes Issued at a Price of principal Amount | 100.00% | ||||
Notes maturity date | May 15, 2023 | ||||
Principal amount | 300,000,000 | 300,000,000 | |||
Interest payable description | semi-annually in arrears on May 15 and November 15 of each year | ||||
Notes redeemed percentage of aggregate principal amount | 35.00% | ||||
Notes redemption price percentage of the principal amount | 100.00% | ||||
Notes redemption price percentage of the par value | 105.00% | ||||
Notes redemption price percentage of the par value due to change of control | 101.00% | ||||
Debt instrument maximum allowed dividends per share | $ 0.10 | ||||
Outstanding principal amount of the 7.0% Notes | 25.00% | ||||
Indebtedness with outstanding balance | 50,000,000 | ||||
Restrictive Covenants Under 2011 Credit facilities and 7 % Notes with 5% Notes | Specifically, the indenture governing Sonic’s 5.0% Notes limits Sonic’s ability to pay quarterly cash dividends on Sonic’s Class A and B common stock in excess of $0.10 per share. Sonic may only pay quarterly cash dividends on Sonic’s Class A and B common stock if Sonic complies with the terms of the indenture governing the 5.0% Notes | ||||
Debt Default Description under 5% and 7% Notes | Sonic’s obligations under the 5.0% Notes may be accelerated by the holders of 25% of the outstanding principal amount of the 5.0% Notes then outstanding if certain events of default occur, including: (1) defaults in the payment of principal or interest when due; (2) defaults in the performance, or breach, of Sonic’s covenants under the 5.0% Notes; and (3) certain defaults under other agreements under which Sonic or its subsidiaries have outstanding indebtedness in excess of $50.0 million. | ||||
Senior Subordinated Notes [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Interest on notes | 7.00% | 7.00% | |||
Notes maturity date | Jul. 15, 2022 | ||||
Interest payable description | Semi-annually in arrears on January 15 and July 15 of each year | ||||
Notes redeemed percentage of aggregate principal amount | 35.00% | ||||
Notes redemption price percentage of the principal amount | 100.00% | ||||
Notes redemption price percentage of the par value | 107.00% | ||||
Notes redemption price percentage of the par value due to change of control | 101.00% | ||||
Debt instrument maximum allowed dividends per share | $ 0.10 | ||||
Indebtedness with outstanding balance | 35,000,000 | ||||
Restrictive Covenants Under 2011 Credit facilities and 7 % Notes with 5% Notes | Specifically, the indenture governing Sonic’s 7.0% Notes limits Sonic’s ability to pay quarterly cash dividends on Sonic’s Class A and B common stock in excess of $0.10 per share. Sonic may only pay quarterly cash dividends on Sonic’s Class A and B common stock if Sonic complies with the terms of the indenture governing the 7.0% Notes. | ||||
Debt Default Description under 5% and 7% Notes | Sonic’s obligations under the 7.0% Notes may be accelerated by the holders of 25% of the outstanding principal amount of the 7.0% Notes then outstanding if certain events of default occur, including: (1) defaults in the payment of principal or interest when due; (2) defaults in the performance, or breach, of Sonic’s covenants under the 7.0% Notes; and (3) certain defaults under other agreements under which Sonic or its subsidiaries have outstanding indebtedness in excess of $35.0 million. | ||||
Mortgage Notes Payable [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Discount associated with notes | 600,000 | 600,000 | 700,000 | ||
Mortgage Notes [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Debt weighted average interest rate on note | 4.10% | 4.10% | |||
Mortgage financing aggregate | 220,900,000 | 220,900,000 | |||
Mortgage financing related to dealership properties | 23 | ||||
Notes payable due date | between August 2014 and March 2031 | ||||
Derivative Instruments and Hedging Activities [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Fair value of swap positions | 20,700,000 | 20,700,000 | 34,300,000 | ||
Derivative Instruments and Hedging Activities [Member] | Other accrued liabilities [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Fair value of swap positions | 11,900,000 | 11,900,000 | 12,100,000 | ||
Derivative Instruments and Hedging Activities [Member] | Other long-term liabilities [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Fair value of swap positions | 12,800,000 | 12,800,000 | 22,200,000 | ||
Derivative Instruments and Hedging Activities [Member] | Other Assets [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Fair value of swap positions included in other assets | 4,000,000 | 4,000,000 | |||
Maximum [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Interest on notes | 10.52% | 10.52% | |||
Maximum [Member] | Mortgage Loan at Fix Interest Rate [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Interest on notes | 7.03% | 7.03% | |||
Maximum [Member] | Mortgage Loan at Variable Interest Rate [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
One-month LIBOR rate | 3.50% | 3.50% | |||
Minimum [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Interest on notes | 9.52% | 9.52% | |||
Minimum [Member] | Mortgage Loan at Fix Interest Rate [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Interest on notes | 3.51% | 3.51% | |||
Minimum [Member] | Mortgage Loan at Variable Interest Rate [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
One-month LIBOR rate | 1.25% | 1.25% | |||
Weighted Average [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Interest on notes | 10.19% | 10.19% | |||
2011 Revolving Credit Facility [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Interest rate | 2.00% | 2.00% | 2.25% | ||
2011 Credit facility, Amendment, Number of Common Stock Pledged As Collateral, Reductions | 5,000,000 | 5,000,000 | |||
Increased Borrowing Capacity | 225,000,000 | 225,000,000 | |||
Borrowing Base | 139,300,000 | 139,300,000 | |||
Letters of credit outstanding amount | 32,300,000 | 32,300,000 | |||
Borrowing Availability Amount | 107,000,000 | 107,000,000 | |||
2011 Revolving Credit Facility [Member] | Maximum [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Increased Borrowing Capacity | 175,000,000 | 175,000,000 | |||
2011 Credit Facility [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Maturity date of 2011 Revolving credit facility and Floor plan facility | Aug. 15, 2016 | ||||
Credit facilities amendment date | Mar. 14, 2013 | ||||
2011 Credit Facility [Member] | Maximum [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
EBTDAR to rent ratio | 3.36 | 3.36 | |||
2011 Credit Facility [Member] | Maximum [Member] | Required ratio [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
EBTDAR to rent ratio | 1.50 | 1.50 | |||
2011 Credit Facility [Member] | Minimum [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
EBTDAR to rent ratio | 1.00 | 1.00 | |||
2011 Credit Facility [Member] | Minimum [Member] | Required ratio [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
EBTDAR to rent ratio | 1.00 | 1.00 | |||
Common Class A [Member]
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Long-Term Debt (Textual) [Abstract] | |||||
Estimated fair value of common stock issued | $ 615,000 | $ 615,000 | $ 614,000 | ||
Estimated fair value of common stock issued per share | $ 0.01 | $ 0.01 | $ 0.01 |