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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
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, 2023 and December 31, 2022 were as follows:
| Fair Value Based on Significant Other Observable Inputs (Level 2)
| June 30, 2023 |  | December 31, 2022
| (In millions)
Assets: |  |  |
Cash surrender value of life insurance policies (1) | $ | 40.1 |  |  | $ | 38.2 |
Interest rate caps designated as hedges (2) | 2.9 |  |  | — |
Total assets | $ | 43.0 |  |  | $ | 38.2 |
Liabilities: |  |  |
Deferred compensation plan (3) | $ | 23.0 |  |  | $ | 21.1 |
Total liabilities | $ | 23.0 |  |  | $ | 21.1 |
(1)Included in other assets in the accompanying unaudited condensed consolidated balance sheets. (2)As of June 30, 2023, approximately $1.9 million and $1.0 million were included in other current assets and other assets, respectively, in the accompanying unaudited condensed consolidated balance sheets. (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 | As of June 30, 2023 and December 31, 2022, the fair value and the carrying value of Sonic’s significant fixed rate long-term debt were as follows:
| June 30, 2023 |  | December 31, 2022
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
| (In millions)
4.875% Notes (1) | $ | 408.8 |  |  | $ | 500.0 |  |  | $ | 390.3 |  |  | $ | 500.0 |
4.625% Notes (1) | $ | 544.4 |  |  | $ | 650.0 |  |  | $ | 519.5 |  |  | $ | 650.0 |
Mortgage Notes (2) | $ | 161.8 |  |  | $ | 169.5 |  |  | $ | 174.0 |  |  | $ | 186.6 |
(1)As determined by market quotations from similar securities as of June 30, 2023 and December 31, 2022, respectively (Level 2). (2)As determined by the DCF method (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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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