Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.5.0.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 are as follows:

 

 

Fair Value Based on

Significant Other Observable

Inputs (Level 2)

 

 

 

 

June 30, 2016

 

 

December 31, 2015

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

Cash surrender value of life insurance policies (1)

 

$

31,039

 

 

$

29,055

 

 

Total assets

 

$

31,039

 

 

$

29,055

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Cash flow swaps designated as hedges (2)

 

$

16,770

 

 

$

9,094

 

 

Cash flow swaps not designated as hedges (3)

 

 

681

 

 

 

913

 

 

Deferred compensation plan (4)

 

 

13,885

 

 

 

13,551

 

 

Total liabilities

 

$

31,336

 

 

$

23,558

 

 

 

(1)

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

(2)

As of June 30, 2016, approximately $6.0 million and $10.8 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets. As of December 31, 2015, approximately $4.6 million and $4.5 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets.

(3)

As of June 30, 2016, approximately $0.6 million and $0.1 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying condensed consolidated balance sheets. As of December 31, 2015, approximately $0.5 million and $0.4 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 Significant Fixed Rate Long-Term Debt

At June 30, 2016 and December 31, 2015, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows:

 

 

June 30, 2016

 

 

December 31, 2015

 

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

 

(In thousands)

 

7.0% Notes (1)

 

$

211,000

 

 

$

198,788

 

 

$

211,000

 

 

$

198,708

 

5.0% Notes (1)

 

$

292,500

 

 

$

300,000

 

 

$

284,250

 

 

$

300,000

 

Mortgage Notes (2)

 

$

191,903

 

 

$

181,412

 

 

$

174,007

 

 

$

168,410

 

Other (2)

 

$

4,483

 

 

$

4,725

 

 

$

5,192

 

 

$

5,457

 

 

(1)

As determined by market quotations as of June 30, 2016 and December 31, 2015, respectively (Level 1).

(2)

As determined by discounted cash flows (Level 3).