XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Long-Term Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2018
Debt Disclosure [Abstract] |
Long-Term Debt | Long-term debt consists of the following:
| June 30, 2018 |  | December 31, 2017
| (In thousands)
2016 Revolving Credit Facility (1) | $ | 17,396 |  |  | $ | 75,000 |
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 |  |  | 250,000 |
Mortgage notes to finance companies-fixed rate, bearing interest from 3.51% to 7.03% | 229,828 |  |  | 199,972 |
Mortgage notes to finance companies-variable rate, bearing interest at 1.50 to 2.90 percentage points above one-month or three-month LIBOR | 192,767 |  |  | 219,719 |
Debt issuance costs | (12,121 | ) |  | (13,208 | )
Other | 3,771 |  |  | 3,947 |
Total debt | $ | 970,914 |  |  | $ | 1,024,703 |
Less current maturities | (37,786 | ) |  | (61,314 | )
Long-term debt | $ | 933,128 |  |  | $ | 963,389 |
(1) | The interest rate on the 2016 Revolving Credit Facility (as defined below) was 225 basis points above the London Interbank Offer Rate ("LIBOR") at both June 30, 2018 and December 31, 2017.
Financial Covenants Include Required Specified Ratios | Sonic was in compliance with the covenants under the 2016 Credit Facilities as of June 30, 2018. 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, 2018 actual | 1.13 |  | 1.43 |  | 5.05
Summary of Interest Received and Paid under Term of Cash Flow Swap | Under the terms of the interest rate cap agreements, Sonic will receive and pay interest based on the following:
Notional Amount |  | Pay Rate (1) |  | Receive Rate (2) |  | Start Date |  | End Date
(In millions) |  |  |  |  |  |  |  |
$ | 250.0 |  |  | 2.000% |  | one-month LIBOR |  | September 1, 2017 |  | June 30, 2018
$ | 375.0 |  |  | 2.000% |  | one-month LIBOR |  | July 1, 2018 |  | June 30, 2019
$ | 375.0 |  |  | 3.000% |  | one-month LIBOR |  | July 1, 2018 |  | June 30, 2019
$ | 312.5 |  |  | 2.000% |  | one-month LIBOR |  | July 1, 2019 |  | June 30, 2020
$ | 250.0 |  |  | 3.000% |  | one-month LIBOR |  | July 1, 2019 |  | June 30, 2020
$ | 225.0 |  |  | 3.000% |  | one-month LIBOR |  | July 1, 2020 |  | June 30, 2021
$ | 150.0 |  |  | 2.000% |  | one-month LIBOR |  | July 1, 2020 |  | July 1, 2021
$ | 250.0 |  |  | 3.000% |  | one-month LIBOR |  | July 1, 2021 |  | July 1, 2022
(1) | Under these interest rate cap agreements, no payment to or from the counterparty will occur unless the stated receive rate exceeds the stated pay rate, in which case a net payment to Sonic from the counterparty based on the spread between the receive rate and the pay rate will be recognized as a reduction of interest expense, other, net in the accompanying condensed consolidated statements of income.
(2) | The one-month LIBOR rate was approximately 2.090% at June 30, 2018.

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
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -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 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration