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Employee Benefit Plans (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Compensation And Retirement Disclosure [Abstract] |
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| Status of Options Related to Stock Plans |
A summary of
the status of the options related to the Stock Plans is presented
below:
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Options
Outstanding |
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Exercise Price
Per Share |
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Weighted
Average
Exercise
Price
Per Share |
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Weighted
Average
Remaining
Contractual
Term |
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Aggregate
Intrinsic
Value |
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(In thousands, except
per share data, term in years) |
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Balance at
December 31, 2012
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1,755 |
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$ |
1.81 |
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— |
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30.07 |
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$ |
18.67 |
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3.4 |
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$ |
8,372 |
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Exercised
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(173 |
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1.81 |
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— |
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23.78 |
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14.15 |
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Forfeited
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(64 |
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19.23 |
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— |
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30.07 |
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27.00 |
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Balance at
December 31, 2013
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1,518 |
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$ |
1.81 |
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— |
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30.07 |
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$ |
18.83 |
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2.5 |
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$ |
9,831 |
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Exercisable
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1,518 |
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$ |
1.81 |
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— |
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30.07 |
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$ |
18.83 |
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2.5 |
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$ |
9,831 |
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Year Ended
December 31, |
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2013 |
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2012 |
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2011 |
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(In thousands,
except
per option data) |
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Intrinsic value of options
exercised
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$ |
1,657 |
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$ |
7,427 |
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$ |
4,039 |
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Fair value of options
vested
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$ |
— |
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$ |
426 |
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$ |
444 |
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| Status of Non-Vested Restricted Stock and Restricted Stock Unit Grants Related to Stock Plans |
A summary of
the status of non-vested restricted stock award and restricted
stock unit grants related to the Stock Plans is presented
below:
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Non-vested Restricted
Stock Awards and
Restricted Stock
Units
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Weighted Average
Grant Date Fair
Value |
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(Shares in
thousands) |
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Balance at
December 31, 2012
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827 |
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$ |
15.53 |
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Granted
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561 |
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$ |
23.10 |
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Forfeited(1)
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(193 |
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$ |
20.64 |
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Vested
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(390 |
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$ |
13.78 |
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Balance at
December 31, 2013
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805 |
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$ |
20.42 |
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| (1) |
Includes estimated
forfeiture of restricted stock units granted to certain executive
officers during the year ended December 31, 2013. This
forfeiture was based on estimated achievement of specified earnings
per share performance for the year ended December 31, 2013, to
be certified during 2014. |
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| Status of Supplemental Executive Retirement Plan |
The following
table sets forth the status of the SERP:
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Year Ended December 31, |
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2013 |
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2012 |
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(In
thousands) |
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Change in projected
benefit obligation:
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Obligation at
January 1, 2013
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$ |
4,411 |
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$ |
2,392 |
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Service cost
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1,967 |
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1,638 |
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Interest cost
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169 |
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105 |
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Actuarial loss
(gain)
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(1,191 |
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276 |
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Benefits paid
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(93 |
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— |
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Obligation at
December 31, 2013(1)
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$ |
5,263 |
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$ |
4,411 |
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Accumulated benefit
obligation
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$ |
4,089 |
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$ |
3,420 |
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| (1) |
Included in other long-term
liabilities in the accompanying Consolidated Balance
Sheets. |
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Year Ended December 31, |
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2013 |
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2012 |
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(In
thousands) |
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Change in fair value of
plan assets:
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Plan assets at
January 1, 2013
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$ |
— |
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$ |
— |
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Employer
contributions
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93 |
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— |
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Benefits paid
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(93 |
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— |
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Plan assets at
December 31, 2013
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— |
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— |
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Funded status
recognized
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$ |
(5,263 |
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$ |
(4,411 |
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| Cost Components of Supplemental Executive Retirement Plan |
The following
table provides the cost components of the SERP:
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Year Ended December 31, |
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| (In
thousands) |
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2013 |
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2012 |
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Service cost
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$ |
1,967 |
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$ |
1,638 |
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Interest cost
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169 |
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105 |
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Net Pension expense
(benefit)
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$ |
2,136 |
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$ |
1,743 |
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| Weighted Average Assumptions Used to Determine Benefit Obligation and Net Periodic Benefit Costs |
The weighted
average assumptions used to determine the benefit obligation and
net periodic benefit costs consist of:
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As of December 31, |
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2013 |
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2012 |
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Discount rate
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4.85 |
% |
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3.85 |
% |
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Rate of compensation
increase
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3.00 |
% |
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3.00 |
% |
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| Estimated Future Benefit Payments |
The estimated
future benefit payments expected to be paid for each of the next
five years and the sum of the payments expected for the next five
years thereafter are:
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Year Ending
December 31,
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Estimated Future
Benefit Payments |
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(In
thousands) |
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2014
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$ |
179 |
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2015
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$ |
131 |
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2016
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$ |
131 |
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2017
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$ |
131 |
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2018
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$ |
131 |
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2019 - 2023
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$ |
1,227 |
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| Schedule of Multi-Employer Plans Affecting Period-to-Period Comparability of Contributions |
The number of
employees covered by Sonic’s multi-employer plans decreased
5.1% from December 31, 2011 to December 31, 2012 and
increased 7.1% from December 31, 2012 to December 31,
2013, affecting the period-to-period comparability of the
contributions for years ended December 31, 2013, 2012 and
2011.
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EIN/Pension
Plan Number |
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Pension
Protection
Act Zone
Status |
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FIP/RP Status |
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Sonic
Contributions |
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Surcharge
Imposed
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Collective-
Bargaining
Agreement
Expiration Date(1)
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Pension
Fund
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2013 |
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2012 |
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Pending /
Implemented |
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Year Ended
December 31, |
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2013 |
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2012 |
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2011 |
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(In
thousands) |
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AI
Pension
Plan
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94-1133245 |
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Red |
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Red |
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RP Implemented |
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$135 |
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$120 |
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$120 |
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Yes |
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Between
August 31, 2014
and November 29, 2017
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| (1) |
Collective bargaining
agreement expiration dates vary by union and dealership. Dates
shown represent the range of the earliest and latest stated
expirations for our union employees, noting certain of our
collective bargaining agreements are expired as of
December 31, 2013 and are currently under
negotiation. |
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