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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 8. Fair Value Measurements 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. There were no instances during the three months ended March 31, 2022 which required a fair value measurement of assets ordinarily measured at fair value on a non-recurring basis. These assets will be evaluated as of the annual valuation assessment date of October 1, 2022 or as events or changes in circumstances require. As of March 31, 2022 and December 31, 2021, the fair values of Sonic’s 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. 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). For further discussion of Sonic’s fair value measurements, see Note 11, “Fair Value Measurements,” to the consolidated financial statements in Sonic’s Annual Report on Form 10-K for the year ended December 31, 2021.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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