Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.3.0.814
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Assets and Liabilities Recorded at Fair Value

Assets and liabilities recorded at fair value in the accompanying condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 are as follows:

 

 

 

Fair Value Based on

Significant Other Observable

Inputs (Level 2)

 

 

 

 

September 30, 2015

 

 

December 31, 2014

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

Cash surrender value of life insurance policies (1)

 

$

28,683

 

 

$

27,552

 

 

Cash flow swaps designated as hedges (1)

 

 

-

 

 

 

618

 

 

Total assets

 

$

28,683

 

 

$

28,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Cash flow swaps designated as hedges (2)

 

$

13,905

 

 

$

10,251

 

 

Cash flow swaps not designated as hedges (3)

 

 

1,125

 

 

 

1,469

 

 

Deferred compensation plan (4)

 

 

15,553

 

 

 

15,863

 

 

Total liabilities

 

$

30,583

 

 

$

27,583

 

 

 

(1)

Included in other assets in the accompanying condensed consolidated balance sheets.

(2)

As of September 30, 2015, approximately $5.1 million and $8.8 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets. As of December 31, 2014, approximately $7.5 million and $2.8 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets.

(3)

As of September 30, 2015, approximately $0.5 million and $0.6 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets. As of December 31, 2014, approximately $0.7 million and $0.8 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets.

(4)

Included in other long-term liabilities in the accompanying condensed consolidated balance sheets.

Fair Value and Carrying Value of Fixed Rate Long-Term Debt

At September 30, 2015 and December 31, 2014, the fair value and carrying value of Sonic’s fixed rate long-term debt were as follows:

 

 

 

September 30, 2015

 

 

December 31, 2014

 

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

 

(In thousands)

 

7.0% Notes (1)

 

$

211,500

 

 

$

198,669

 

 

$

216,000

 

 

$

198,556

 

5.0% Notes (1)

 

$

290,250

 

 

$

300,000

 

 

$

294,000

 

 

$

300,000

 

Mortgage Notes (2)

 

$

177,363

 

 

$

170,621

 

 

$

152,240

 

 

$

147,554

 

Assumed Notes (2)

 

$

1,687

 

 

$

1,696

 

 

$

4,365

 

 

$

4,474

 

Other (2)

 

$

4,425

 

 

$

4,705

 

 

$

4,588

 

 

$

4,884

 

 

(1)

As determined by market quotations as of September 30, 2015 and December 31, 2014, respectively (Level 1).

(2)

As determined by discounted cash flows (Level 3)