|
Fair Value Measurements (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Fair Value Disclosures [Abstract] |
|
| Assets or Liabilities Recorded at Fair Value |
Assets or
liabilities recorded at fair value in the accompanying Consolidated
Balance Sheets as of December 31, 2013 and 2012 are as
follows:
|
|
|
|
|
|
|
|
|
| |
|
Fair Value Based
on
Significant Other Observable
Inputs (Level 2) |
|
| |
|
December 31,
2013 |
|
|
December 31,
2012 |
|
| |
|
(In
thousands) |
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
Cash surrender value of
life insurance policies(1)
|
|
$ |
25,301 |
|
|
$ |
21,442 |
|
|
Cash flow swaps designated
as hedges(1)
|
|
|
3,707 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
29,008 |
|
|
$ |
21,442 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Cash flow swaps designated
as hedges(2)
|
|
$ |
17,995 |
|
|
$ |
31,431 |
|
|
Cash flow swaps not
designated as hedges(3)
|
|
|
2,046 |
|
|
|
2,858 |
|
|
Deferred compensation
plan(4)
|
|
|
14,842 |
|
|
|
13,798 |
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
$ |
34,883 |
|
|
$ |
48,087 |
|
|
|
|
|
|
|
|
|
|
| (1) |
Included in other assets in
the accompanying Consolidated Balance Sheets. |
| (2) |
As of December 31,
2013, approximately $10.6 million and $7.4 million were included in
other accrued liabilities and other long-term liabilities,
respectively, in the accompanying 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
Consolidated Balance Sheets. |
| (3) |
As of December 31,
2013, approximately $1.0 million was included in both other accrued
liabilities and other long-term liabilities in the accompanying
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 Consolidated Balance Sheets. |
| (4) |
Included in other long-term
liabilities in the accompanying Consolidated Balance
Sheets. |
|
| Assets or Liabilities Measured at Fair Value on a Non-Recurring Basis |
The carrying
value of assets or liabilities measured at fair value on a
non-recurring basis but not completely adjusted to fair value in
the in the accompanying Consolidated Balance Sheets as of
December 31, 2013, are included in the table below. Certain
components of long-lived assets held and used have been adjusted to
fair value through impairment charges as discussed in Note 4,
“Property and Equipment.”
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Balance as of
December 31, 2013 |
|
|
Significant
Unobservable
Inputs
(Level 3) as of
December 31, 2013
|
|
|
Total Gains /
(Losses) for the
Year Ended
December 31, 2013 |
|
| |
|
(In
thousands) |
|
|
Long-lived assets held and
used(1)
|
|
$ |
702,011 |
|
|
$ |
702,011 |
|
|
$ |
(6,036 |
) |
|
Long-lived assets held for
sale(1)
|
|
$ |
4,101 |
|
|
$ |
4,101 |
|
|
$ |
(3,236 |
) |
|
Goodwill(2)
|
|
$ |
476,315 |
|
|
$ |
476,315 |
|
|
$ |
— |
|
|
Franchise
assets(2)
|
|
$ |
79,535 |
|
|
$ |
79,535 |
|
|
$ |
(600 |
) |
| (1) |
See Notes 1 and 4 for
discussion. |
| (2) |
See Notes 1 and 5 for
discussion. |
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31,
2013 |
|
|
December 31,
2012 |
|
| |
|
Fair
Value |
|
|
Carrying Value |
|
|
Fair
Value |
|
|
Carrying Value |
|
| |
|
(In
thousands) |
|
|
9.0% Notes(1)
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
231,525 |
|
|
$ |
208,923 |
|
|
7.0% Notes(1)
|
|
$ |
218,000 |
|
|
$ |
198,414 |
|
|
$ |
222,000 |
|
|
$ |
198,282 |
|
|
5.0% Notes(1)
|
|
$ |
285,000 |
|
|
$ |
300,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Mortgage
Notes(2)
|
|
$ |
165,381 |
|
|
$ |
157,571 |
|
|
$ |
148,244 |
|
|
$ |
137,791 |
|
|
Assumed Notes(2)
|
|
$ |
7,636 |
|
|
$ |
7,993 |
|
|
$ |
10,592 |
|
|
$ |
11,289 |
|
|
Other(2)
|
|
$ |
4,774 |
|
|
$ |
5,080 |
|
|
$ |
4,971 |
|
|
$ |
5,341 |
|
| (1) |
As determined by market
quotations as of December 31, 2013 and December 31, 2012,
respectively (Level 1). |
| (2) |
As determined by discounted
cash flows (Level 3). |
|