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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2016
Fair Value Disclosures [Abstract] |
Assets or Liabilities Recorded at Fair Value | Assets or liabilities recorded at fair value in the accompanying consolidated balance sheets as of December 31, 2016 and 2015 are as follows:
|  | Fair Value Based on Significant Other Observable Inputs (Level 2) |  |
|  | December 31, 2016 |  |  | December 31, 2015 |  |
|  | (In thousands) |  |
Assets: |  |  |  |  |  |  |  |  |
Cash surrender value of life insurance policies (1) |  | $ | 31,475 |  |  | $ | 29,055 |  |
Cash flow swaps designated as hedges (1) |  |  | 2,772 |  |  |  | - |  |
Total assets |  | $ | 34,247 |  |  | $ | 29,055 |  |
Liabilities: |  |  |  |  |  |  |  |  |
Cash flow swaps designated as hedges (2) |  | $ | 6,135 |  |  | $ | 9,094 |  |
Cash flow swaps not designated as hedges (3) |  |  | 346 |  |  |  | 913 |  |
Deferred compensation plan (4) |  |  | 14,824 |  |  |  | 13,551 |  |
Total liabilities |  | $ | 21,305 |  |  | $ | 23,558 |  |
(1) | Included in other assets in the accompanying consolidated balance sheets.
As of December 31, 2016, approximately $3.7 million and $2.4 million were included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying consolidated balance sheets.
(2) | As of December 31, 2016, approximately $0.3 million was included in other accrued liabilities in the accompanying 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 consolidated balance sheets.
(3) | 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 consolidated balance sheets.
(4) | Included in other long-term liabilities in the accompanying consolidated balance sheets.
Assets or Liabilities Measured at Fair Value on a Non-Recurring Basis | The carrying value of assets or liabilities measured at fair value on a non-recurring basis but not completely adjusted to fair value in the accompanying consolidated balance sheets as of December 31, 2016, are included in the table below. Certain components of long-lived assets held and used have been adjusted to fair value through impairment charges as discussed in Note 4, “Property and Equipment” and Note 5, “Intangible Assets and Goodwill.”
|  |  |  |  |  | Significant |  |  |  |  |
|  |  |  |  |  | Unobservable |  |  | Total Gains / |
|  |  |  |  |  | Inputs |  |  | (Losses) for the |
|  | Balance as of |  |  | (Level 3) as of |  |  | Year Ended |
|  | December 31, 2016 |  |  | December 31, 2016 |  |  | December 31, 2016 |
|  | (In thousands) |
Long-lived assets held and used (1) |  | $ | 1,010,380 |  |  | $ | 1,010,380 |  |  | $ | (8,063 | )
Goodwill (2) |  | $ | 472,437 |  |  | $ | 472,437 |  |  | $ | - |
Franchise assets (2) |  | $ | 74,900 |  |  | $ | 74,900 |  |  | $ | - |
(1) | See Notes 1 and 4 for discussion.
(2) | See Notes 1 and 5 for discussion.
Fair Value and Carrying Value of Fixed Rate Long-Term Debt | The fair value and carrying value of Sonic’s fixed rate long-term debt were as follows:
|  | December 31, 2016 |  |  | December 31, 2015 |
|  | Fair Value |  |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |
|  | (In thousands) |
7.0% Notes (1) |  | $ | 211,000 |  |  | $ | 198,871 |  |  | $ | 211,000 |  |  | $ | 198,708 |
5.0% Notes (1) |  | $ | 284,934 |  |  | $ | 289,273 |  |  | $ | 284,250 |  |  | $ | 300,000 |
Mortgage Notes (2) |  | $ | 185,979 |  |  | $ | 176,369 |  |  | $ | 174,007 |  |  | $ | 168,410 |
Other (2) |  | $ | 4,057 |  |  | $ | 4,280 |  |  | $ | 5,192 |  |  | $ | 5,457 |
(1) | As determined by market quotations as of December 31, 2016 and 2015, respectively (Level 1).
(2) | As determined by discounted cash flows (Level 3).

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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