Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2013
Fair Value Disclosures [Abstract]  
Assets and Liabilities Recorded at Fair Value

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

 

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

Assets:

      

Cash surrender value of life insurance policies (1)

    $ 24.0       $ 21.4   

Cash flow swaps designated as hedges (1)

      3.0         —     
  

 

 

     

 

 

  

Total assets

    $ 27.0       $ 21.4   
  

 

 

     

 

 

  

Liabilities:

      

Cash flow swaps designated as hedges (2)

    $ 21.1       $ 31.4   

Cash flow swaps not designated as hedges (3)

      2.2         2.9   

Deferred compensation plan (4)

      15.1         13.8   
  

 

 

     

 

 

  

Total liabilities

    $ 38.4       $ 48.1   
  

 

 

     

 

 

  

 

(1) Included in other assets in the accompanying Unaudited Condensed Consolidated Balance Sheets.
(2) As of September 30, 2013, approximately $10.2 million and $10.9 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 September 30, 2013, approximately $1.3 million and $0.9 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:

 

     September 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)

    $ 212,500       $ 198,380       $ 222,000       $ 198,282   

5.0% Notes (1)

    $ 273,750       $ 300,000       $ —         $ —     

Mortgage Notes (2)

    $ 165,986       $ 159,336       $ 148,244       $ 137,791   

Assumed Notes (2)

    $ 8,403       $ 8,805       $ 10,592       $ 11,289   

Other (2)

    $ 4,825       $ 5,168       $ 4,971       $ 5,341   

 

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