XML 58 R32.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Long-Term Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2016
Debt Instrument [Line Items] |
Long-Term Debt | Long-term debt consists of the following:
|  | December 31, 2016 |  |  | December 31, 2015 |
|  | (In thousands) |
2014 Revolving Credit Facility (1) |  | $ | - |  |  | $ | 4,203 |
2016 Revolving Credit Facility (2) |  |  | - |  |  |  | - |
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”) |  |  | 289,273 |  |  |  | 300,000 |
Mortgage notes to finance companies-fixed rate, bearing interest from 3.51% to 7.03% |  |  | 176,369 |  |  |  | 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 |  |  | 227,342 |  |  |  | 150,961 |
Net debt discount and premium (3) |  |  | (1,258 | ) |  |  | (1,562 | )
Debt issuance costs |  |  | (13,328 | ) |  |  | (12,884 | )
Other |  |  | 4,280 |  |  |  | 5,454 |
Total debt |  | $ | 882,678 |  |  | $ | 814,582 |
Less current maturities |  |  | (43,003 | ) |  |  | (33,437 | )
Long-term debt |  | $ | 839,675 |  |  | $ | 781,145 |
(1) | The interest rate on the 2014 Revolving Credit Facility was 225 basis points above LIBOR at December 31, 2015.
(2) | The interest rate on the 2016 Revolving Credit Facility was 225 basis points above LIBOR at December 31, 2016.
(3) | December 31, 2016 includes a $1.1 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.
Future Maturities of Long-Term Debt | Future maturities of long-term debt are as follows:
|  | Principal |  |  | Net of Discount/ Premium |
Year Ending December 31, |  | (In thousands) |
2017 |  | $ | 43,127 |  |  | $ | 43,003 |
2018 |  |  | 55,986 |  |  |  | 55,986 |
2019 |  |  | 19,605 |  |  |  | 19,605 |
2020 |  |  | 51,523 |  |  |  | 51,523 |
2021 |  |  | 45,434 |  |  |  | 45,434 |
Thereafter |  |  | 681,589 |  |  |  | 680,455 |
Total |  | $ | 897,264 |  |  | $ | 896,006 |
Financial Covenants Include Required Specified Ratios | Sonic was in compliance with the covenants under the 2016 Credit Facilities as of December 31, 2016. Financial covenants include required specified ratios (as each is defined in the 2016 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 |  |  |  | 5.75 |
December 31, 2016 actual |  |  | 1.17 |  |  |  | 1.92 |  |  |  | 4.08 |
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) |  |  |  |  |  |  |  |  |
$ | 2.3 |  |  |  | 7.100% |  |  | one-month LIBOR + 1.50% |  | July 10, 2017
$ | 7.3 |  |  |  | 4.655% |  |  | one-month LIBOR |  | December 10, 2017
$ | 6.6 |  | (2) |  | 6.860% |  |  | one-month LIBOR + 1.25% |  | August 1, 2017
$ | 6.0 |  | (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
$ | 50.0 |  |  |  | 1.320% |  |  | one-month LIBOR |  | July 1, 2017
$ | 250.0 |  | (3) |  | 1.887% |  |  | one-month LIBOR |  | June 30, 2018
$ | 25.0 |  |  |  | 2.080% |  |  | one-month LIBOR |  | July 1, 2017
$ | 100.0 |  |  |  | 1.560% |  |  | one-month LIBOR |  | July 1, 2017
$ | 125.0 |  |  |  | 1.303% |  |  | one-month LIBOR |  | July 1, 2017
$ | 125.0 |  | (4) |  | 1.900% |  |  | one-month LIBOR |  | July 1, 2018
$ | 50.0 |  | (5) |  | 2.320% |  |  | one-month LIBOR |  | July 1, 2019
$ | 200.0 |  | (5) |  | 2.313% |  |  | one-month LIBOR |  | July 1, 2019
$ | 100.0 |  | (6) |  | 1.384% |  |  | one-month LIBOR |  | July 1, 2020
$ | 125.0 |  | (5) |  | 1.158% |  |  | one-month LIBOR |  | July 1, 2019
$ | 150.0 |  | (6) |  | 1.310% |  |  | one-month LIBOR |  | July 1, 2020
$ | 125.0 |  | (4) |  | 1.020% |  |  | one-month LIBOR |  | July 1, 2018
(1) | The one-month LIBOR rate was approximately 0.772% at December 31, 2016.
(2) | Changes in fair value are recorded through earnings.
(3) | The effective date of this forward-starting swap is July 3, 2017.
(4) | The effective date of these forward-starting swaps is July 1, 2017.
(5) | The effective date of these forward-starting swaps is July 2, 2018.
(6) | The effective date of these forward-starting swaps is July 1, 2019.
7.0% Senior Subordinated Notes Due 2022 [Member] |
Debt Instrument [Line Items] |
Redemption Price, Percentage | Sonic may redeem the 7.0% Notes in whole or in part at any time on or after July 15, 2017 at the following redemption prices, which are expressed as percentages of the principal amount:
|  | Redemption Price |
Beginning on July 15, 2017 |  |  | 103.500 | %
Beginning on July 15, 2018 |  |  | 102.333 | %
Beginning on July 15, 2019 |  |  | 101.167 | %
Beginning on July 15, 2020 and thereafter |  |  | 100.000 | %
5.0% Senior Subordinated Notes due 2023 [Member] |
Debt Instrument [Line Items] |
Redemption Price, Percentage | Sonic may redeem the 5.0% Notes in whole or in part at any time on or after May 15, 2018 at the following redemption prices, which are expressed as percentages of the principal amount:
|  | Redemption Price |
Beginning on May 15, 2018 |  |  | 102.500 | %
Beginning on May 15, 2019 |  |  | 101.667 | %
Beginning on May 15, 2020 |  |  | 100.833 | %
Beginning on May 15, 2021 and thereafter |  |  | 100.000 | %

X
- Definition Debt instrument covenant. + References No definition available. + Details
Name: | sah_DebtInstrumentCovenantTableTextBlock
Namespace Prefix: | sah_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentRedemptionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=64930739&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=64930785&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=64930785&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
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DebtInstrumentAxis=sah_SevenPercentSeniorSubordinateNoteDueTwoThousandTwentyTwoMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=sah_FivePercentSeniorSubordinateNoteDueTwoThousandTwentyThreeMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |