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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023 were as follows:
| Fair Value Based on Significant Other Observable Inputs (Level 2)
| December 31, 2024 |  | December 31, 2023
| (In millions)
Assets: |  |  |
Cash surrender value of life insurance policies (1) | $ | 47.3 |  |  | $ | 42.9 |
Interest rate caps designated as hedges (2) | — |  |  | 1.0 |
Total assets | $ | 47.3 |  |  | $ | 43.9 |
(1)Included in other assets in the accompanying consolidated balance sheets. (2)Included in other current assets in the accompanying audited condensed balance sheets.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | Nonfinancial assets such as goodwill, other intangible assets, and long-lived assets held and used are measured at fair value when there is an indicator of impairment and recorded at fair value only when impairment is recognized or for a business combination. The fair values less costs to sell of long-lived assets or assets held for sale are assessed each reporting period they remain classified as held for sale. Subsequent changes in the held for sale long-lived assets or assets held for sale group’s fair value less cost to sell (increase or decrease) are reported as an adjustment to its carrying amount, except that the adjusted carrying amount cannot exceed the carrying amount of the long-lived asset or disposal group at the time it was initially classified as held for sale. As of December 31, 2024 and 2023, 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.
Fair Value and Carrying Value of Fixed Rate Long-Term Debt | At December 31, 2024 and 2023, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows:
| December 31, 2024 |  | December 31, 2023
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
| (In millions)
4.875% Notes (1) | $ | 447.5 |  |  | $ | 500.0 |  |  | $ | 447.5 |  |  | $ | 500.0 |
4.625% Notes (1) | $ | 594.8 |  |  | $ | 650.0 |  |  | $ | 591.5 |  |  | $ | 650.0 |
Mortgage Notes (2) | $ | 93.4 |  |  | $ | 96.1 |  |  | $ | 156.6 |  |  | $ | 163.0 |
(1)As determined by market quotations as of December 31, 2024 and 2023, 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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + 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 -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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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