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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 were as follows:
| Fair Value Based on Significant Other Observable Inputs (Level 2)
| March 31, 2022 |  | December 31, 2021
| (In millions)
Assets: |  |  |
Cash surrender value of life insurance policies (1) | $ | 38.5 |  |  | $ | 39.5 |
Total assets | $ | 38.5 |  |  | $ | 39.5 |
Liabilities: |  |  |
Deferred compensation plan (2) | $ | 23.5 |  |  | $ | 24.4 |
Total liabilities | $ | 23.5 |  |  | $ | 24.4 |
(1)Included in other assets in the accompanying unaudited condensed consolidated balance sheets. (2)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 | As of March 31, 2022 and December 31, 2021, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows:
| March 31, 2022 |  | December 31, 2021
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
| (In millions)
4.875% Notes (1) | $ | 443.8 |  |  | $ | 500.0 |  |  | $ | 504.8 |  |  | $ | 500.0 |
4.625% Notes (1) | $ | 580.1 |  |  | $ | 650.0 |  |  | $ | 655.9 |  |  | $ | 650.0 |
(1)As determined by market quotations from similar securities as of March 31, 2022 and December 31, 2021, respectively (Level 2).

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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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