Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.6
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2012
Summary of Significant Accounting Policies [Abstract]  
Summary of lease exit accruals
         
    (In thousands)  
   

Balance, December 31, 2011

  $ 39,118  

Lease exit expense (1)

    1,450  

Payments (2)

    (4,331

Lease buyout (3)

    (1,657
   

 

 

 

Balance, June 30, 2012

  $ 34,580  
   

 

 

 

 

(1) Approximately $0.2 million is recorded in interest expense, other, net, approximately $0.1 million is recorded in selling, general and administrative expenses and approximately $1.2 million is recorded to income (loss) from operations and the sale of dealerships in the accompanying Unaudited Condensed Consolidated Statements of Income.
(2) Amount is recorded as reduction of rent expense in selling, general and administrative expenses, with approximately $0.8 million in continuing operations and $3.5 million as a reduction to income (loss) from operations and the sale of dealerships in the accompanying Unaudited Condensed Consolidated Statements of Income.
(3) Amount represents write-off of accrual related to an early lease buyout agreement which was completed and paid, relieving Sonic of any future lease obligation.