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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Assets and Liabilities Recorded at Fair Value | Assets and liabilities recorded at fair value in the accompanying consolidated balance sheets as of December 31, 2021 and 2020 were as follows:
| Fair Value Based on Significant Other Observable Inputs (Level 2)
| December 31, 2021 |  | December 31, 2020
| (In millions)
Assets: |  |  |
Cash surrender value of life insurance policies (1) | $ | 39.5 |  |  | $ | 35.7 |
Total assets | $ | 39.5 |  |  | $ | 35.7 |
Liabilities: |  |  |
Deferred compensation plan (2) | $ | 24.4 |  |  | $ | 20.7 |
Total liabilities | $ | 24.4 |  |  | $ | 20.7 |
(1)Included in other assets in the accompanying consolidated balance sheets. (2)Included in other long-term liabilities in the accompanying consolidated balance sheets.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | The carrying value of assets and liabilities measured at fair value on a non-recurring basis but not completely adjusted to fair value in the accompanying consolidated balance sheet as of December 31, 2021, are included in the table below. Certain components of long-lived assets held and used have been adjusted to fair value through impairment charges as discussed in Note 4, “Property and Equipment,” and Note 5, “Intangible Assets and Goodwill.” As of December 31, 2021 and 2020, the fair values of our financial instruments, including receivables, notes receivable from finance contracts, notes payable - floor plan, trade accounts payable, borrowings under the revolving credit facilities and certain mortgage notes, approximated their carrying values due either to length of maturity or existence of variable interest rates that approximate prevailing market rates.
Fair Value and Carrying Value of Fixed Rate Long-Term Debt | At December 31, 2021 and 2020, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows:
| December 31, 2021 |  | December 31, 2020
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
| (In millions)
4.875% Notes (1) | $ | 504.8 |  |  | $ | 500.0 |  |  | $ | — |  |  | $ | — |
4.625% Notes (1) | $ | 655.9 |  |  | $ | 650.0 |  |  | $ | — |  |  | $ | — |
6.125% Notes (1) | $ | — |  |  | $ | — |  |  | $ | 263.4 |  |  | $ | 250.0 |
Mortgage Notes (2) | $ | 216.6 |  |  | $ | 213.4 |  |  | $ | 215.9 |  |  | $ | 212.1 |
(1)As determined by market quotations as of December 31, 2021 and 2020, respectively (Level 2). (2)As determined by the DCF method (Level 2).

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 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 (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: 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=123874694&loc=d3e19207-110258 + Details
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- 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=123594938&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=123874694&loc=d3e19207-110258 + Details
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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=123874694&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=123874694&loc=d3e19207-110258 + Details
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