Debt Including Capital Lease Obligations (Tables)

9 Months Ended

Sep. 30, 2015

Debt Instrument, Redemption [Line Items]

Debt Instrument Redemption [Table Text Block]

On or before February 1, 2016, CBII and CBL may redeem on one or more occasions up to 35% of the aggregate principal amounts with cash proceeds from certain equity sales at a redemption price of 107.875% of the principal amount plus accrued interest, provided that at least 65% of the original aggregate principal amount of the 7.875% Notes remains outstanding after each such redemption. Also, on or before February 5, 2016, CBII and CBL may redeem a portion of the 7.875% Notes at a redemption price of 103% of the principal amount plus accrued interest, provided that no more than $42.5 million aggregate principal amount may be redeemed each year. 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%

Upon a change of control of CBII, CBII and CBL (or a third party on their behalf) was required to make an offer to purchase the notes at 101% of their principal amount, plus accrued interest.

Schedule of carrying values and estimated fair values of debt instruments

The carrying values of our debt represent amortized cost and are summarized below with estimated fair values:

	September 30, 2015					December 31, 2014					September 30, 2014
	Carrying Value			Estimated Fair Value1		Carrying Value			Estimated Fair Value1		Carrying Value			Estimated Fair Value1
(In thousands)
7.875% Senior Secured Notes due 2021	$	190,390		$	203,000	$	412,483		$	447,000	$	412,403		$	449,000
4.25% Convertible Senior Notes due 2016	45,872			45,000		176,431			200,000		173,194			200,000
2013 ABL Term Loan	—			—		4,875			4,800		5,250			5,000
Capital lease obligations2	40,192			40,100		41,891			41,800		42,142			42,000
Other debt	4,956			4,900		6,541			6,500		6,541			6,000
Less current portion	(2,999		)			(4,703		)			(4,648		)
Total long-term debt and capital lease obligations	$	278,411				$	637,518				$	634,882

¹  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 Note 8 for further discussion of fair value.

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

Carrying amounts of convertible debt and equity components

The carrying amounts of the debt component of the Convertible Notes are as follows:

(In thousands)	September 30, 2015			December 31, 2014			September 30, 2014
Principal amount of debt component1	$	49,071		$	200,000		$	200,000
Unamortized discount	(3,199		)	(23,569		)	(26,806		)
Net carrying amount of debt component	$	45,872		$	176,431		$	173,194

¹  As of December 31, 2014 and September 30, 2014, the Convertible Notes' "if-converted" value did not exceed their principal amount because our common stock price was below the conversion price of the Convertible Notes. The September 30, 2015 principal amount was reduced due to the repurchased Convertible Notes during the first quarter of 2015. See above for further discussion.

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

	Quarter Ended September 30,				Nine Months Ended September 30,
(In thousands)	2015		2014		2015		2014
4.25% coupon interest	$	521	$	2,125	$	2,366	$	6,375
Amortization of deferred financing fees	28		117		114		352
Amortization of discount on the debt component	870		3,141		3,805		9,144
Total interest expense related to the Convertible Notes	$	1,419	$	5,383	$	6,285	$	15,871