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Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2016
Debt Disclosure [Abstract] |
Long-Term Debt | Long-term debt consists of the following:
|  | March 31, 2016 |  |  | December 31, 2015 |
|  | (In thousands) |
2014 Revolving Credit Facility (1) |  | $ | 3,690 |  |  | $ | 4,203 |
7.0% Senior Subordinated Notes due 2022 (the “7.0% Notes”) |  |  | 200,000 |  |  |  | 200,000 |
5.0% Senior Subordinated Notes due 2023 (the “5.0% Notes”) |  |  | 300,000 |  |  |  | 300,000 |
Mortgage notes to finance companies-fixed rate, bearing interest from 3.51% to 7.03% |  |  | 183,885 |  |  |  | 168,410 |
Mortgage notes to finance companies-variable rate, bearing interest at 1.25 to 2.80 percentage points above one-month or three-month LIBOR |  |  | 165,014 |  |  |  | 150,961 |
Net debt discount and premium (2) |  |  | (1,489 | ) |  |  | (1,562 | )
Debt issuance costs |  |  | (12,414 | ) |  |  | (12,884 | )
Other |  |  | 5,058 |  |  |  | 5,454 |
Total debt |  | $ | 843,744 |  |  | $ | 814,582 |
Less current maturities |  |  | (26,679 | ) |  |  | (33,437 | )
Long-term debt |  | $ | 817,065 |  |  | $ | 781,145 |
(1) | The interest on the 2014 Revolving Credit Facility was 2.25% above LIBOR at March 31, 2016 and December 31, 2015.
(2) | March 31, 2016 includes a $1.3 million discount associated with the 7.0% Notes and a $0.2 million discount associated with mortgage notes payable. December 31, 2015 includes a $1.3 million discount associated with the 7.0% Notes and a $0.3 million discount associated with mortgage notes payable.
Financial Covenants Include Required Specified Ratios | Sonic was in compliance with the covenants under the 2014 Credit Facilities as of March 31, 2016. Financial covenants include required specified ratios (as each is defined in the 2014 Credit Facilities) of:
|  | Covenant |
|  | Minimum Consolidated Liquidity Ratio |  |  | Minimum Consolidated Fixed Charge Coverage Ratio |  |  | Maximum Consolidated Total Lease Adjusted Leverage Ratio |
Required ratio |  |  | 1.05 |  |  |  | 1.20 |  |  |  | 5.50 |
March 31, 2016 actual |  |  | 1.16 |  |  |  | 1.75 |  |  |  | 4.21 |
Summary of Interest Received and Paid under Term of Cash Flow Swap | Under the terms of these cash flow swaps, Sonic will receive and pay interest based on the following:
Notional Amount |  |  | Pay Rate |  |  | Receive Rate (1) |  | Maturing Date
(In millions) |  |  |  |  |  |  |  |  |
$ | 2.5 |  |  |  | 7.100% |  |  | one-month LIBOR + 1.50% |  | July 10, 2017
$ | 7.8 |  |  |  | 4.655% |  |  | one-month LIBOR |  | December 10, 2017
$ | 6.9 |  | (2) |  | 6.860% |  |  | one-month LIBOR + 1.25% |  | August 1, 2017
$ | 6.1 |  | (2) |  | 6.410% |  |  | one-month LIBOR + 1.25% |  | September 12, 2017
$ | 100.0 |  |  |  | 2.065% |  |  | one-month LIBOR |  | June 30, 2017
$ | 100.0 |  |  |  | 2.015% |  |  | one-month LIBOR |  | June 30, 2017
$ | 200.0 |  |  |  | 0.788% |  |  | one-month LIBOR |  | July 1, 2016
$ | 50.0 |  | (3) |  | 1.320% |  |  | one-month LIBOR |  | July 1, 2017
$ | 250.0 |  | (4) |  | 1.887% |  |  | one-month LIBOR |  | June 30, 2018
$ | 25.0 |  | (3) |  | 2.080% |  |  | one-month LIBOR |  | July 1, 2017
$ | 100.0 |  |  |  | 1.560% |  |  | one-month LIBOR |  | July 1, 2017
$ | 125.0 |  | (3) |  | 1.303% |  |  | one-month LIBOR |  | July 1, 2017
$ | 125.0 |  | (5) |  | 1.900% |  |  | one-month LIBOR |  | July 1, 2018
$ | 50.0 |  | (6) |  | 2.320% |  |  | one-month LIBOR |  | July 1, 2019
$ | 200.0 |  | (6) |  | 2.313% |  |  | one-month LIBOR |  | July 1, 2019
(1) | The one-month LIBOR rate was approximately 0.437% at March 31, 2016.
(2) | Changes in fair value are recorded through earnings.
(3) | The effective date of these forward-starting swaps is July 1, 2016.
(4) | The effective date of this forward-starting swap is July 3, 2017.
(5) | The effective date of this forward-starting swap is July 1, 2017.
(6) | The effective date of these forward-starting swaps is July 2, 2018.

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
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