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PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
60
estimated to be approximately: $8.8 million in fiscal 2016, $8.8 million in fiscal 2017, $8.7 million in fiscal 2018, $8.3 million
in fiscal 2019, $7.2 million in fiscal 2020 and $22.1 million thereafter.
10. Accrued Expenses
Accrued expenses consisted of the following (in thousands):
December 29,
2015
December 30,
2014
Unredeemed gift cards, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 123,363 $ 105,576
Compensation and related employment taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,882 59,442
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,914 56,808
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,208 32,559
Taxes, other than income tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,206 21,068
Fresh dough and other product operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,854 6,812
Occupancy costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,594 7,263
Deferred revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,690 5,291
Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,242 10,147
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,581 5,527
Loyalty program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,653 2,525
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,277 20,183
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 359,464 $ 333,201
11. Debt
Long-term debt consisted of the following (in thousands):
December 29,
2015
December 30,
2014
2014 Term Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100,000 $ 100,000
2015 Term Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296,250 —
2015 Note Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,144 —
Debt assumed in Tatte acquisition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,147 —
Aggregate unamortized lender fees and issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,341)(216)
Total carrying amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406,200 99,784
Current portion of long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,229 —
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 388,971 $ 99,784
Term Loans
On June 11, 2014, the Company entered into a term loan agreement (the “2014 Term Loan Agreement”), by and among the
Company, as borrower, Bank of America, N.A., as administrative agent, and other lenders party thereto. The 2014 Term Loan
Agreement provides for an unsecured term loan in the amount of $100 million (the "2014 Term Loan"). The 2014 Term Loan is
scheduled to mature on July 11, 2019, subject to acceleration upon certain specified events of default, including breaches of
representations or covenants, failure to pay other material indebtedness or a change of control of the Company, as defined in the
2014 Term Loan Agreement. The Company incurred lender fees and issuance costs totaling $0.2 million in connection with the
issuance of the 2014 Term Loan. The lender fees and issuance costs are being amortized to expense over the term of the 2014
Term Loan.
On July 16, 2015, the Company entered into a term loan agreement (the “2015 Term Loan Agreement”), with Bank of America,
N.A., as administrative agent, and other lenders party thereto. The 2015 Term Loan Agreement provides for an unsecured term
loan in the amount of $300 million (the "2015 Term Loan"). The 2015 Term Loan is scheduled to mature on July 16, 2020, subject
to acceleration upon certain specified events of default, including breaches of representations or covenants, failure to pay other
material indebtedness or a change of control of the Company, as defined in the 2015 Term Loan Agreement, and is amortized in
equal quarterly installments in an amount equal to 1.25 percent of the original principal amount of the 2015 Term Loan. The
Company incurred lender fees and issuance costs totaling $1.4 million in connection with the issuance of the 2015 Term Loan.
The lender fees and issuance costs are being amortized to expense over the term of the 2015 Term Loan. As of December 29,