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Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consists of the following:
September 30, 2018 December 31, 2017 
(In thousands) 
2016 Revolving Credit Facility (1)$13,526 $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% 226,548 199,972 
Mortgage notes to finance companies - variable rate, bearing interest at 1.50 to 2.90 percentage points above one-month or three-month LIBOR 183,499 219,719 
Debt issuance costs (11,528)(13,208)
Other 39,311 3,947 
Total debt $990,629 $1,024,703 
Less current maturities (33,110)(61,314)
Long-term debt $957,519 $963,389 
(1)  The interest rate on the 2016 Revolving Credit Facility (as defined below) was 250 and 225 basis points above the London Interbank Offer Rate (“LIBOR”) at September 30, 2018 and December 31, 2017, respectively.
Financial Covenants Include Required Specified Ratios
Sonic was in compliance with the covenants under the 2016 Credit Facilities as of September 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 
September 30, 2018 actual 1.13 1.45 5.11 
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, 2017June 30, 2018
$375.0 2.000%  one-month LIBOR July 1, 2018June 30, 2019
$375.0 3.000%  one-month LIBOR July 1, 2018June 30, 2019
$312.5 2.000%  one-month LIBOR July 1, 2019June 30, 2020
$250.0 3.000%  one-month LIBOR July 1, 2019June 30, 2020
$225.0 3.000%  one-month LIBOR July 1, 2020June 30, 2021
$150.0 2.000%  one-month LIBOR July 1, 2020July 1, 2021
$250.0 3.000%  one-month LIBOR July 1, 2021July 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 2.261% at September 30, 2018.