Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021 were as follows:

	Fair Value Based on Significant Other Observable Inputs (Level 2)
	June 30, 2022		December 31, 2021
	(In millions)
Assets:
Cash surrender value of life insurance policies (1)	$	37.2	$	39.5
Total assets	$	37.2	$	39.5
Liabilities:
Deferred compensation plan (2)	$	22.2	$	24.4
Total liabilities	$	22.2	$	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 June 30, 2022 and December 31, 2021, the fair value and carrying value of Sonic’s significant fixed rate long-term debt were as follows:

	June 30, 2022				December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
	(In millions)
4.875% Notes (1)	$	376.3	$	500.0	$	504.8	$	500.0
4.625% Notes (1)	$	503.8	$	650.0	$	655.9	$	650.0

(1)As determined by market quotations from similar securities as of June 30, 2022 and December 31, 2021, respectively (Level 2).