| Assets or Liabilities Recorded at Fair Value |
Assets and liabilities recorded at fair value in the accompanying
Unaudited Condensed Consolidated Balance Sheets as of
March 31, 2014 and December 31, 2013 are as follows:
|
|
|
|
|
|
|
|
|
| |
|
Fair Value Based on
Significant Other Observable
Inputs (Level 2) |
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| |
|
March 31,
2014 |
|
|
December 31,
2013 |
|
| |
|
(In
thousands) |
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
Cash surrender value of life insurance policies (1)
|
|
$ |
25,481 |
|
|
$ |
25,301 |
|
|
Cash flow swaps designated as hedges (1)
|
|
|
2,963 |
|
|
|
3,707 |
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
28,444 |
|
|
$ |
29,008 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Cash flow swaps designated as hedges (2)
|
|
$ |
15,579 |
|
|
$ |
17,995 |
|
|
Cash flow swaps not designated as hedges (3)
|
|
|
1,902 |
|
|
|
2,046 |
|
|
Deferred compensation plan (4)
|
|
|
15,219 |
|
|
|
14,842 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$ |
32,700 |
|
|
$ |
34,883 |
|
|
|
|
|
|
|
|
|
|
| (1) |
Included in other assets in the
accompanying Unaudited Condensed Consolidated Balance Sheets. |
| (2) |
As of March 31, 2014,
approximately $10.4 million and $5.2 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, 2013, approximately $10.6 million
and $7.4 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, 2014,
approximately $0.7 million and $1.2 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, 2013, approximately $1.0 million was
included in both 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:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31, 2014 |
|
|
December 31, 2013 |
|
| |
|
Fair Value |
|
|
Carrying Value |
|
|
Fair Value |
|
|
Carrying Value |
|
| |
|
(In
thousands) |
|
|
7.0% Notes (1)
|
|
$ |
220,000 |
|
|
$ |
198,448 |
|
|
$ |
218,000 |
|
|
$ |
198,414 |
|
|
5.0% Notes (1)
|
|
$ |
294,000 |
|
|
$ |
300,000 |
|
|
$ |
285,000 |
|
|
$ |
300,000 |
|
|
Mortgage Notes (2)
|
|
$ |
163,263 |
|
|
$ |
155,763 |
|
|
$ |
165,381 |
|
|
$ |
157,571 |
|
|
Assumed Notes (2)
|
|
$ |
6,847 |
|
|
$ |
7,128 |
|
|
$ |
7,636 |
|
|
$ |
7,993 |
|
|
Other (2)
|
|
$ |
4,783 |
|
|
$ |
5,107 |
|
|
$ |
4,774 |
|
|
$ |
5,080 |
|
| (1) |
As determined by market quotations as
of March 31, 2014 and December 31, 2013, respectively
(Level 1). |
| (2) |
As determined by discounted cash
flows (Level 3). |
|