Debt including Capital Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying values of the company's debt and capital lease obligations represent amortized cost and are summarized below with estimated fair values:



	December 31, 2013					December 31, 2012
	Carrying			Estimated		Carrying			Estimated
(In thousands)	Value			Fair Value¹		Value			Fair Value¹
7.875% Senior Secured Notes due 2021	$	422,174		$	459,000	$	—		$	—
7½% Senior Notes due 2014	—			—		106,438			106,000
4.25% Convertible Senior Notes due 2016	164,050			194,000		153,082			174,000
ABL Term Loan	6,375			6,000		—			—
Credit Facility Revolver	—			—		40,000			38,000
Credit Facility Term Loan	—			—		305,250			296,000
Capital lease obligations²	39,025			39,000		755			700
Less current portion	(2,271		)			(65,008		)
Total long-term debt and capital lease obligations	$	629,353				$	540,517

The fair value of the senior notes is based on observable inputs, which include quoted prices for similar assets or liabilities in an active market and market-corroborated inputs (Level 2). All other debt may be traded on the secondary loan market, and the fair value is based on either the last available trading price, if recent, or trading prices of comparable debt (Level 3). See also Note 12 for discussion of fair value.


²	Capital lease obligations at December 31, 2013 include the borrowings for the salad production and warehousing facility in the Midwest. See further description of the build-to-suit lease below.

Schedule of Maturities of Long-term Debt

Debt maturities are as follows:



(In thousands)	Long-Term Debt		Capital Lease Obligations		Total
2014	$	1,500	$	771	$	2,271
2015	1,500		971		2,471
2016	201,500		830		202,330
2017	1,500		882		2,382
2018	375		915		1,290
Later years	425,000		34,656		459,656

Debt Instrument Redemption

CBII and CBL may also redeem the 7.875% Notes as follows:



If redeemed during the 12-month period commencing February 1,		Redemption Price
2016		105.906%
2017		103.938%
2018		101.969%
2019 and thereafter		100.000%

Carrying Amounts of Convertible Debt and Equity Components

The carrying amounts of the debt and equity components of the Convertible Notes are as follows:



	December 31,
(In thousands)	2013			2012
Principal amount of debt component¹	$	200,000		$	200,000
Unamortized discount	(35,950		)	(46,918		)
Net carrying amount of debt component	$	164,050		$	153,082

Equity component	$	84,904		$	84,904
Issuance costs and income taxes	(3,210		)	(3,210		)
Equity component, net of issuance costs and income taxes	$	81,694		$	81,694


¹	As of December 31, 2013 and 2012, the Convertible Notes' “if-converted” value did not exceed their principal amount because the company's common stock price was below the conversion price of the Convertible Notes.

The interest expense related to the Convertible Notes was as follows:



	December 31,
(In thousands)	2013		2012		2011
4.25% coupon interest	$	8,500	$	8,500	$	8,500
Amortization of deferred financing fees	469		469		469
Amortization of discount on the debt component	10,968		9,715		8,606
	$	19,937	$	18,684	$	17,575

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

Estimated future minimum lease payments required under capital lease obligations, primarily related to the Midwest salad production and warehousing facility described above, at December 31, 2013 are as follows, assuming no CPI increases:



(In thousands)
2014	$	4,290
2015	4,427
2016	4,227
2017	4,195
2018	4,145
Later years	65,168
Total minimum payments	86,452
Less: interest	47,427
Capital lease obligation	39,025
Less: current portion	771
Capital lease obligation, net of current portion	$	38,254