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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Status of Stock Options Related to Stock Plans | A summary of the status of the stock options related to the Stock Plans is presented below:
| Options Outstanding |  | Exercise Price Per Share (Low - High) |  | Weighted-Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term |  | Aggregate Intrinsic Value
| (In millions, except per share data, term in years)
Balance at December 31, 2023 | 0.5 |  |  | $ | 16.76 | - | 16.76 |  | $ | 16.76 |  |  | 6.3 |  | $ | 18.6 |
Exercised | (0.4) |  |  | $ | 16.76 | - | 16.76 |  | $ | 16.76 |  |  |  |  |
Balance at December 31, 2024 | 0.1 |  |  | $ | 16.76 | - | 16.76 |  | $ | 16.76 |  |  | 5.3 |  | $ | 6.1 |
Exercisable | 0.1 |  |  | $ | 16.76 | - | 16.76 |  | $ | 16.76 |  |  | 5.3 |  | $ | 6.1 |
Schedule Intrinsic Value of Options Exercised |
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In millions, except per option amounts)
Weighted-average grant date fair value per option | $ | 4.17 |  |  | $ | 4.17 |  |  | $ | 4.17 |
Intrinsic value of stock options exercised | $ | 14.7 |  |  | $ | 27.8 |  |  | $ | 18.0 |
Status of Non-Vested Restricted Stock and Restricted Stock Unit Grants Related to Stock Plans | A summary of the status of the non-vested restricted stock award and restricted stock unit grants related to the Stock Plans is presented below:
| Non-Vested Restricted Stock Awards and Restricted Stock Units |  | Weighted- Average Grant Date Fair Value per Share
| (In millions, except per share data)
Balance at December 31, 2023 | 1.6 |  |  | $ | 39.72 |
Granted | 0.4 |  |  | $ | 53.61 |
Forfeited | (0.1) |  |  | $ | 56.73 |
Vested | (0.4) |  |  | $ | 49.53 |
Balance at December 31, 2024 | 1.5 |  |  | $ | 40.17 |
Status of Supplemental Executive Retirement Plan | The following table sets forth the status of the SERP:
| Year Ended December 31,
| 2024 |  | 2023
Change in projected benefit obligation: | (In millions)
Obligation at January 1 | $ | 22.3 |  |  | $ | 20.7 |
Service cost | 1.0 |  |  | 1.1 |
Interest cost | 1.1 |  |  | 1.0 |
Actuarial loss (gain) | (2.2) |  |  | (0.1) |
Benefits paid | (0.4) |  |  | (0.4) |
Obligation at December 31 (1) | $ | 21.8 |  |  | $ | 22.3 |
Accumulated benefit obligation | $ | 18.0 |  |  | $ | 17.8 |
(1)As of December 31, 2024, approximately $0.5 million was included in other accrued liabilities and approximately $21.3 million was included in other long-term liabilities in the accompanying consolidated balance sheet as of such date. As of December 31, 2023, approximately $0.4 million was included in other accrued liabilities and approximately $21.9 million was included in other long-term liabilities in the accompanying consolidated balance sheet as of such date.
Schedule of Funded Status |
| Year Ended December 31,
| 2024 |  | 2023
Change in fair value of plan assets: | (In millions)
Plan assets at January 1 | $ | — |  |  | $ | — |
Actual return on plan assets | — |  |  | — |
Employer contributions | 0.4 |  |  | 0.4 |
Benefits paid | (0.4) |  |  | (0.4) |
Plan assets at December 31 | — |  |  | — |
Funded status recognized | $ | (21.8) |  |  | $ | (22.3) |
Cost Components of Supplemental Executive Retirement Plan | The following table provides the cost components of the SERP:
| Year Ended December 31,
| 2024 |  | 2023
| (In millions)
Service cost | $ | 1.0 |  |  | $ | 1.1 |
Interest cost | 1.1 |  |  | 1.0 |
Amortization of gain (loss) | (0.2) |  |  | (0.2) |
Net pension expense (benefit) | $ | 1.9 |  |  | $ | 1.9 |
Weighted Average Assumptions Used to Determine Benefit Obligation and Net Periodic Benefit Costs | The weighted-average assumptions used to determine the benefit obligation and net periodic benefit costs consist of:
| As of December 31,
| 2024 |  | 2023
Discount rate | 5.43 | % |  | 4.76 | %
Rate of compensation increase | 3.00 | % |  | 3.00 | %
Estimated Future Benefit Payments | The estimated future benefit payments expected to be paid for each of the next five years and the sum of the payments expected for the next five years thereafter are:
| Estimated Future Benefit Payments
Year Ending December 31, | (In millions)
2025 | $ | 0.5 |
2026 | $ | 0.5 |
2027 | $ | 0.5 |
2028 | $ | 0.5 |
2029 | $ | 0.6 |
2030 - 2034 | $ | 10.1 |
Schedule of Multiemployer Pension Plans Affecting Period-to-Period Comparability of Contributions | Our participation in the AI Pension Plan for 2024, 2023 and 2022 is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employee Identification Number (the “EIN”). Unless otherwise noted, the most recent Pension Protection Act of 2006 (the “PPA”) zone status available in the years ended December 31, 2024 and 2023 is for the plan’s year-end at December 31, 2023 and 2022, respectively. The zone status is based on information that we received from the AI Pension Plan. Among other factors, plans in the red zone are generally less than 65% funded (“Critical Status”), plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The “FIP/RP Status - Pending/Implemented” column indicates plans for which a Financial Improvement Plan (“FIP”) or a Rehabilitation Plan (“RP”) is either pending or has been implemented. The last column lists the expiration dates of the collective bargaining agreements to which the plan is subject. The number of employees covered by the AI Pension Plan increased 9.6% from December 31, 2022 to December 31, 2023 and decreased 1.3% from December 31, 2023 to December 31, 2024, affecting the period-to-period comparability of the contributions for 2024, 2023 and 2022.
|  |  |  | Pension Protection Act Zone Status |  | FIP/RP Status |  | Sonic Contributions |  | Surcharge Imposed |  | Collective Bargaining Agreement Expiration Date
Pension Fund |  | EIN/Pension Plan Number |  | 2024 |  | 2023 |  | Pending /Implemented |  | Year Ended December 31, |  |
|  |  |  |  | 2024 |  | 2023 |  | 2022 |  |
|  |  |  |  |  |  |  |  |  | (In millions) |  |  |  |
AI Pension Plan |  | 94-1133245 |  | Red |  | Red |  | RP Implemented |  | $0.2 |  | $0.2 |  | $0.2 |  | Yes |  | Between November 2024 and January 2025

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