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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2012
Commitments and Contingencies [Abstract] |
Summary of lease exit accruals | A summary of the activity of these operating lease accruals consists of the following:
|  | (In thousands) |
Balance, December 31, 2011 |  | $ | 39,118 |
Lease exit expense(1) |  |  | 4,286 |
Payments(2) |  |  | (8,764 | )
Lease buyout(3) |  |  | (1,657 | )
Balance, December 31, 2012 |  | $ | 32,983 |
(1) | Expense of approximately $0.4 million is recorded in interest expense, other, net. A benefit of approximately $0.4 million is recorded in selling, general and administrative expenses. Expense of approximately $4.3 million is recorded to income (loss) from operations and the sale of dealerships in the accompanying Consolidated Statements of Income.
(2) | Amount is recorded as an offet to rent expense in selling, general and administrative expenses, with approximately $1.3 million in continuing operations and $7.4 million as a reduction to income (loss) from operations and the sale of dealerships in the accompanying 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.
Minimum future lease payments for both continuing and discontinued operations | Minimum future lease payments for facility leases and future receipts from subleases as required under non-cancelable operating leases for both continuing and discontinued operations based on current interest rates in effect are as follows:
Year Ending December 31, |  | Future Minimum Lease Payments, Net |  |  | Receipts from Future Subleases |
|  | (In thousands) |
2013 |  | $ | 104,159 |  |  | $ | (19,243 | )
2014 |  |  | 91,735 |  |  |  | (19,013 | )
2015 |  |  | 78,793 |  |  |  | (17,445 | )
2016 |  |  | 75,090 |  |  |  | (15,095 | )
2017 |  |  | 68,261 |  |  |  | (9,700 | )
Thereafter |  |  | 230,977 |  |  |  | (33,388 | )
Financial covenants related to amended subordination and guaranty agreement | The required financial covenants related to the amended subordination and guaranty agreement are as follows:
|  | Covenant |
|  | Minimum Consolidated Liquidity Ratio |  |  | Minimum Consolidated Fixed Charge Coverage Ratio |  |  | Maximum Consolidated Total Lease Adjusted Leverage Ratio |  |  | Minimum EBTDAR to Rent Ratio |
Required ratio |  |  | 1.05 |  |  |  | 1.20 |  |  |  | 5.50 |  |  |  | 1.50 |
December 31, 2012 actual |  |  | 1.15 |  |  |  | 1.69 |  |  |  | 3.94 |  |  |  | 3.14 |

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- Definition Schedule of financial covenants related to amended subordination and guaranty agreement. + References No definition available. + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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