XML 39 R27.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Long-Term Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2017
Debt Instrument [Line Items] |
Long-Term Debt | Long-term debt consists of the following:
|  | June 30, 2017 |  |  | December 31, 2016 |
|  | (In thousands) |
2016 Revolving Credit Facility (1) |  | $ | - |  |  | $ | - |
7.0% Senior Subordinated Notes due 2022 (the “7.0% Notes”) |  |  | - |  |  |  | 200,000 |
5.0% Senior Subordinated Notes due 2023 (the “5.0% Notes”) |  |  | 289,273 |  |  |  | 289,273 |
6.125% Senior Subordinated Notes due 2027 (the “6.125% Notes”) |  |  | 250,000 |  |  |  | - |
Mortgage notes to finance companies-fixed rate, bearing interest from 3.51% to 7.03% |  |  | 199,856 |  |  |  | 176,369 |
Mortgage notes to finance companies-variable rate, bearing interest at 1.25 to 2.80 percentage points above one-month or three-month LIBOR |  |  | 225,427 |  |  |  | 227,342 |
Net debt discount and premium (2) |  |  | (58 | ) |  |  | (1,258 | )
Debt issuance costs |  |  | (14,055 | ) |  |  | (13,328 | )
Other |  |  | 4,115 |  |  |  | 4,280 |
Total debt |  | $ | 954,558 |  |  | $ | 882,678 |
Less current maturities |  |  | (67,231 | ) |  |  | (43,003 | )
Long-term debt |  | $ | 887,327 |  |  | $ | 839,675 |
(1) | The interest rate on the 2016 Revolving Credit Facility (as defined below) was 200 basis points and 225 basis points above LIBOR at June 30, 2017 and December 31, 2016, respectively.
(2) | June 30, 2017 includes a $0.1 million discount associated with mortgage notes payable. 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.
Financial Covenants Include Required Specified Ratios | Sonic was in compliance with the covenants under the 2016 Credit Facilities as of June 30, 2017. 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 |
June 30, 2017 actual |  |  | 1.14 |  |  |  | 1.95 |  |  |  | 4.38 |
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) |  |  |  |  |  |  |  |  |
$ | 2.2 |  |  |  | 7.100% |  |  | one-month LIBOR + 1.50% |  | July 10, 2017
$ | 7.0 |  |  |  | 4.655% |  |  | one-month LIBOR |  | December 10, 2017
$ | 6.4 |  | (2) |  | 6.860% |  |  | one-month LIBOR + 1.25% |  | August 1, 2017
$ | 5.9 |  | (2) |  | 6.410% |  |  | one-month LIBOR + 1.25% |  | September 12, 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 1.224% at June 30, 2017.
(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.
6.125% Senior Subordinated Notes due 2027 [Member] |
Debt Instrument [Line Items] |
Redemption Price, Percentage | Sonic may redeem the 6.125% Notes, in whole or in part, at any time on or after March 15, 2022 at the following redemption prices, which are expressed as percentages of the principal amount:
|  | Redemption Price |
Beginning on March 15, 2022 |  |  | 103.063 | %
Beginning on March 15, 2023 |  |  | 102.042 | %
Beginning on March 15, 2024 |  |  | 101.021 | %
Beginning on March 15, 2025 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=84159872&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=75038535&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=84159872&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=84159872&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=84159872&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=84234895&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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