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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities Recorded at Fair Value

Assets and liabilities recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 are as follows:

			Fair Value Based on Significant Other Observable Inputs (Level 2)
			June 30, 2020						December 31, 2019
			(In thousands)
Assets:
Cash surrender value of life insurance policies (1)			$	32,805					$	32,799
Interest rate caps designated as hedges (2)			53						97
Total assets			$	32,858					$	32,896
Liabilities:
Deferred compensation plan (3)			$	18,107					$	17,890
Total liabilities			$	18,107					$	17,890

(1)Included in other assets in the accompanying unaudited condensed consolidated balance sheets.

(2)As of both June 30, 2020 and December 31, 2019, approximately $0.1 million was included in other assets in the accompanying unaudited condensed consolidated balance sheet as of each such date.

(3)Included in other long-term liabilities in the accompanying unaudited condensed consolidated balance sheets.

Fair Value and Carrying Value of Significant Fixed Rate Long-Term Debt

At June 30, 2020 and December 31, 2019, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows:

			June 30, 2020																		December 31, 2019
			Fair Value						Carrying Value						Fair Value						Carrying Value
			(In thousands)
6.125% Notes (1)			$	247,500					$	250,000					$	261,250					$	250,000
Mortgage Notes (2)			$	230,669					$	224,929					$	195,962					$	194,535

(1)As determined by market quotations as of June 30, 2020 and December 31, 2019, respectively (Level 1).

(2)As determined by discounted cash flows (Level 3) based on estimated current market interest rates for comparable instruments.

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- References

No definition available.

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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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