v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2025 and December 31, 2024 were as follows:
Fair Value Based on Significant Other Observable Inputs (Level 2)
June 30, 2025December 31, 2024
(In millions)
Assets:
Cash surrender value of life insurance policies (1)$48.5 $47.3 
Interest rate caps designated as hedges (2)0.5 — 
Total assets$49.0 $47.3 
(1)Included in other assets in the accompanying unaudited condensed consolidated balance sheets.
(2)As of June 30, 2025, approximately $0.5 million was included in other assets in the accompanying unaudited condensed consolidated balance sheet.
Fair Value and Carrying Value of Significant Fixed Rate Long-Term Debt
As of June 30, 2025 and December 31, 2024, the fair value and the carrying value of Sonic’s significant fixed rate long-term debt were as follows:
June 30, 2025December 31, 2024
Fair ValueCarrying ValueFair ValueCarrying Value
(In millions)
4.875% Notes (1)$473.8 $500.0 $447.5 $500.0 
4.625% Notes (1)$628.9 $650.0 $594.8 $650.0 
Mortgage Notes (2)$43.9 $45.6 $93.4 $96.1 
(1)As determined by market quotations from similar securities as of June 30, 2025 and December 31, 2024, respectively (Level 2).
(2)As determined by the DCF method (Level 2).