U. S. Premium Beef (USPB) 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 28, 2015	Apr. 25, 2015
Entity Registrant Name	U. S. Premium Beef, LLC
Entity Central Index Key	1289237
Document Type	10-Q
Document Period End Date	28-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-14
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015
Class A Units [Member]
Entity Common Stock, Shares Outstanding		735,385
Class B Units [Member]
Entity Common Stock, Shares Outstanding		755,385

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 28, 2015	Dec. 27, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$91,492	$92,344
Due from affiliates	58	82
Other current assets	29	5
Total current assets	91,579	92,431
Property, plant, and equipment, at cost	217	219
Less accumulated depreciation	213	214
Net property, plant, and equipment	4	5
Investment in National Beef Packing Company, LLC	142,754	147,808
Other assets	196	257
Total assets	234,533	240,501
Current liabilities:
Accounts payable - trade	119	34
Due to affiliates	19	17
Accrued compensation and benefits	1,114	1,169
Other accrued expenses and liabilities	101	120
Patronage notices payable	90	90
Distributions payable	2	2
Total current liabilities	1,445	1,432
Long-term liabilities:
Other liabilities	5,853	5,983
Total long-term liabilities	5,853	5,983
Total liabilities	7,298	7,415
Commitments and contingencies
Capital shares and equities:
Members' capital, 735,385, 755,385 authorized, issued and outstanding	227,235	233,086
Total capital shares and equities	227,235	233,086
Total liabilities and capital shares and equities	$234,533	$240,501

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical)	Mar. 28, 2015	Dec. 27, 2014
Class A Units [Member]
Members' capital, units authorized	735,385	735,385
Members' capital, units issued	735,385	735,385
Members' capital, units outstanding	735,385	735,385
Class B Units [Member]
Members' capital, units authorized	755,385	755,385
Members' capital, units issued	755,385	755,385
Members' capital, units outstanding	755,385	755,385

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
Net sales
Costs and expenses:
Cost of sales
Selling, general, and administrative expenses	806	984
Depreciation and amortization	1
Total costs and expenses	807	984
Operating loss	-807	-984
Other income (expense):
Interest income	12	12
Interest expense	-3	-13
Equity interest in net loss of National Beef Packing Company, LLC	-5,054	-4,252
Other, net	1	173
Loss before taxes	-5,851	-5,064
Income tax expense
Net loss	($5,851)	($5,064)
Class A Units [Member]
Loss per unit:
Basic	($0.80)	($0.69)
Diluted	($0.80)	($0.69)
Outstanding weighted-average Class A and Class B units:
Basic	735,385	735,385
Diluted	735,385	735,385
Class B Units [Member]
Loss per unit:
Basic	($6.97)	($6.03)
Diluted	($6.97)	($6.03)
Outstanding weighted-average Class A and Class B units:
Basic	755,385	755,385
Diluted	755,385	755,385

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
Cash flows from operating activities:
Net loss	($5,851)	($5,064)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	1
Equity in losses of National Beef Packing Company, LLC	5,054	4,252
Changes in assets and liabilities:
Due from affiliates	24	579
Other receivables		3
Other assets	37	227
Accounts payable	85	97
Due to affiliates	2	30
Accrued compensation and benefits	-185	-653
Other accrued expenses and liabilities	-19	14
Net cash used in operating activities	-852	-515
Cash flows from investing activities:
Release of escrowed funds related to the 2011 transaction with Leucadia		36,943
Net cash provided by investing activities		36,943
Cash flows from financing activities:
Change in overdraft balances		-190
Prior year excess distribution		818
Member distributions		-2,087
Net cash used in financing activities		-1,459
Net (decrease) increase in cash	-852	34,969
Cash and cash equivalents at beginning of period	92,344	59,812
Cash and cash equivalents at end of period	$91,492	$94,781

Interim_Financial_Statements

Interim Financial Statements	3 Months Ended
	Mar. 28, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	(1) Interim Financial Statements
	Basis of Presentation
	The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP), for interim financial information; therefore, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included using management’s best estimates and judgments where appropriate. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. For further information, refer to the audited Consolidated Financial Statements and Notes to Consolidated Financial Statements, which are included in the Company’s Annual Report on Form 10-K on file with the Securities and Exchange Commission (SEC), for the fiscal year ended December 27, 2014. The results of operations for the interim periods presented are not necessarily indicative of the results for a full fiscal year.
	As a result of the transaction with Leucadia National Corporation (Leucadia) on December 30, 2011 in which Leucadia purchased 56.2415% of the membership interests in National Beef Packing Company, LLC (NBP) from the Company, the Company’s financial statements are no longer consolidated with NBP. USPB’s remaining 15.0729% investment in NBP is accounted for using the equity method of accounting as the Company has the ability to exercise significant influence, but does not have financial or operational control.

Members_Capital

Members' Capital	3 Months Ended
	Mar. 28, 2015
Members' Equity [Abstract]
Members' Capital	(2) Members’ Capital
	The following table represents a reconciliation of Members’ Capital for the thirteen week period ended March 28, 2015 (thousands of dollars).
	Balance at December 27, 2014	$	233,086
	Allocation of net loss for the thirteen week period ended March 28, 2015		(5,851	)
	Balance at March 28, 2015	$	227,235

Loss_Attributable_to_USPB_Per_

Loss Attributable to USPB Per Unit	3 Months Ended
	Mar. 28, 2015
Limited Liability Company (LLC) Members' Equity [Abstract]
Loss Attributable to USPB Per Unit	(3) Loss Attributable to USPB Per Unit
	Under the LLC structure, earnings of the Company are to be distributed to unitholders based on their proportionate share of underlying equity, and, as a result, income attributable to USPB per unit (EPU) has been presented in the accompanying Statements of Operations and in the table that follows.
	Basic EPU excludes dilution and is computed by first allocating a portion of net income (loss) attributable to USPB to Class A units and the remainder is allocated to Class B units. For the thirteen week periods ended March 28, 2015 and March 29, 2014, net loss was allocated 10% to the Class A’s and 90% to the Class B’s. The net loss allocated to the Class A and Class B units is then divided by the weighted-average number of Class A and Class B units outstanding for the period to determine the basic EPU for each respective class of unit.
	Diluted EPU reflects the potential dilution that could occur if the purchase rights or appreciation right provided for in the former CEO’s employment agreement were exercised. The diluted loss per Class A unit calculations for the 13 week period ended March 29, 2014 in the following table excludes the effect of the 20,000 Class A unit purchase rights as the effect of including them would have been anti-dilutive to the calculation. In April 2014, the former CEO exercised his right to receive unit appreciation rights on his 20,000 Class A phantom units and was paid approximately $2.2 million for the Class A phantom appreciation right payment.
	Loss Per Unit Calculation
		13 weeks ended			13 weeks ended
	(thousands of dollars, except unit and per unit data)	28-Mar-15			29-Mar-14
	Basic loss per unit
	Loss attributable to USPB available to unitholders (numerator)
	Class A	$	(585	)	$	(506	)
	Class B	$	(5,266	)	$	(4,558	)
	Weighted average outstanding units (denominator)
	Class A		735,385			735,385
	Class B		755,385			755,385
	Per unit amount
	Class A	$	(0.80	)	$	(0.69	)
	Class B	$	(6.97	)	$	(6.03	)
	Diluted loss per unit:
	Loss attributable to USPB available to unitholders (numerator)
	Class A	$	(585	)	$	(506	)
	Class B	$	(5,266	)	$	(4,558	)
	Weighted average outstanding Class A units		735,385			735,385
	Effect of dilutive securities - Class A unit options		-			-
	Units (denominator)		735,385			735,385
	Weighted average outstanding Class B units		755,385			755,385
	Effect of dilutive securities - Class B unit options		-			-
	Units (denominator)		755,385			755,385
	Per unit amount
	Class A	$	(0.80	)	$	(0.69	)
	Class B	$	(6.97	)	$	(6.03	)

Investment_in_National_Beef_Pa

Investment in National Beef Packing Company, LLC	3 Months Ended
	Mar. 28, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investment in National Beef Packing Company, LLC	(4) Investment in National Beef Packing Company, LLC
	As of December 31, 2011, USPB’s investment in NBP is accounted for using the equity method of accounting as the Company has the ability to exercise significant influence, but does not have financial or operational control. Below is a summary of the results of operations for NBP for the thirteen week periods ended March 28, 2015 and March 29, 2014 (thousands of dollars):
		13 weeks ended			13 weeks ended
		28-Mar-15			29-Mar-14
	Net sales	$	1,852,309		$	1,885,754
	Costs and expenses:
	Cost of sales		1,848,157			1,874,963
	Selling, general, and administrative expenses		15,241			14,018
	Depreciation and amortization		21,787			20,760
	Total costs and expenses		1,885,185			1,909,741
	Operating loss		(32,876	)		(23,987	)
	Other income (expense):
	Interest income		17			3
	Interest expense		(4,416	)		(3,254	)
	Other, net		3,690			(774	)
	Loss before taxes		(33,585	)		(28,012	)
	Income tax expense		54			(197	)
	Net loss		(33,531	)		(28,209	)
	NBP’s net loss attributable to USPB	$	(5,054	)	$	(4,252	)

Members_Capital_Tables

Members' Capital (Tables)	3 Months Ended
	Mar. 28, 2015
Members' Equity [Abstract]
Schedule of Reconciliation of Members' Capital	The following table represents a reconciliation of Members’ Capital for the thirteen week period ended March 28, 2015 (thousands of dollars).
	Balance at December 27, 2014	$	233,086
	Allocation of net loss for the thirteen week period ended March 28, 2015		(5,851	)
	Balance at March 28, 2015	$	227,235

Loss_Attributable_to_USPB_Per_1

Loss Attributable to USPB Per Unit (Tables)	3 Months Ended
	Mar. 28, 2015
Limited Liability Company (LLC) Members' Equity [Abstract]
Schedule of Income (Loss) Per Unit Calculation	Loss Per Unit Calculation
		13 weeks ended			13 weeks ended
	(thousands of dollars, except unit and per unit data)	28-Mar-15			29-Mar-14
	Basic loss per unit
	Loss attributable to USPB available to unitholders (numerator)
	Class A	$	(585	)	$	(506	)
	Class B	$	(5,266	)	$	(4,558	)
	Weighted average outstanding units (denominator)
	Class A		735,385			735,385
	Class B		755,385			755,385
	Per unit amount
	Class A	$	(0.80	)	$	(0.69	)
	Class B	$	(6.97	)	$	(6.03	)
	Diluted loss per unit:
	Loss attributable to USPB available to unitholders (numerator)
	Class A	$	(585	)	$	(506	)
	Class B	$	(5,266	)	$	(4,558	)
	Weighted average outstanding Class A units		735,385			735,385
	Effect of dilutive securities - Class A unit options		-			-
	Units (denominator)		735,385			735,385
	Weighted average outstanding Class B units		755,385			755,385
	Effect of dilutive securities - Class B unit options		-			-
	Units (denominator)		755,385			755,385
	Per unit amount
	Class A	$	(0.80	)	$	(0.69	)
	Class B	$	(6.97	)	$	(6.03	)

Investment_in_National_Beef_Pa1

Investment in National Beef Packing Company, LLC (Tables)	3 Months Ended
	Mar. 28, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Schedule of Operations for NBP	Below is a summary of the results of operations for NBP for the thirteen week periods ended March 28, 2015 and March 29, 2014 (thousands of dollars):
		13 weeks ended			13 weeks ended
		28-Mar-15			29-Mar-14
	Net sales	$	1,852,309		$	1,885,754
	Costs and expenses:
	Cost of sales		1,848,157			1,874,963
	Selling, general, and administrative expenses		15,241			14,018
	Depreciation and amortization		21,787			20,760
	Total costs and expenses		1,885,185			1,909,741
	Operating loss		(32,876	)		(23,987	)
	Other income (expense):
	Interest income		17			3
	Interest expense		(4,416	)		(3,254	)
	Other, net		3,690			(774	)
	Loss before taxes		(33,585	)		(28,012	)
	Income tax expense		54			(197	)
	Net loss		(33,531	)		(28,209	)
	NBP’s net loss attributable to USPB	$	(5,054	)	$	(4,252	)

Basis_of_Presentation_Details_

Basis of Presentation (Details Narrative)	Dec. 30, 2011
Basis of Presentation Details:
Leucadia to purchase of the membership interests in NBP	56.24%
Remaining membership interests in National Beef Packing Company, LLC (NBP)	15.07%

Members_Capital_Details

Members' Capital (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015
Members' Equity [Abstract]
Beginning balance	$233,086
Allocation of net income (loss)	-5,851
Ending balance	$227,235

Income_Loss_Attributable_to_US

Income (Loss) Attributable to USPB Per Unit (Details Narrative)	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
Class B Units [Member]
Class of Stock [Line Items]
Ownership percentage	90.00%	90.00%
Class A Units [Member]
Class of Stock [Line Items]
Ownership percentage	10.00%	10.00%

Income_Loss_Attributable_to_US1

Income (Loss) Attributable to USPB Per Unit (Details Narrative 1) (Phantom Share Units (PSUs) [Member], USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 29, 2014
Phantom Share Units (PSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	20,000
Payment for phantom appreciation rights	$2,200

Income_Loss_Attributable_to_US2

Income (Loss) Attributable to USPB Per Unit (Schedule of Earnings Per Unit) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
Basic income (loss) per unit
Income (loss) attributable to USPB available to unitholders (numerator)	($5,851)
Diluted income (loss) per unit:
Income (loss) attributable to USPB available to unitholders (numerator)	-5,851
Class A Units [Member]
Basic income (loss) per unit
Income (loss) attributable to USPB available to unitholders (numerator)	-585	-506
Weighted average outstanding units (denominator)	735,385	735,385
Per unit amount	($0.80)	($0.69)
Diluted income (loss) per unit:
Income (loss) attributable to USPB available to unitholders (numerator)	-585	-506
Weighted average outstanding
Basic	735,385	735,385
Weighted average outstanding units (denominator)	735,385	735,385
Effect of dilutive securities	735,385	735,385
Per unit amount	($0.80)	($0.69)
Class B Units [Member]
Basic income (loss) per unit
Income (loss) attributable to USPB available to unitholders (numerator)	-5,266	-4,558
Weighted average outstanding units (denominator)	755,385	755,385
Per unit amount	($6.97)	($6.03)
Diluted income (loss) per unit:
Income (loss) attributable to USPB available to unitholders (numerator)	($5,266)	($4,558)
Weighted average outstanding
Basic	755,385	755,385
Weighted average outstanding units (denominator)	755,385	755,385
Effect of dilutive securities	755,385	755,385
Per unit amount	($6.97)	($6.03)

Investment_in_National_Beef_Pa2

Investment in National Beef Packing Company, LLC (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
Schedule of Investments [Line Items]
Net sales
Costs and expenses:
Cost of sales
Selling, general, and administrative expenses	806	984
Depreciation and amortization	1
Total costs and expenses	807	984
Operating loss	-807	-984
Other income (expense):
Interest income	12	12
Interest expense	-3	-13
Other, net	1	173
Loss before taxes	-5,851	-5,064
Income tax expense
National Beef Packing Company, LLC [Member]
Schedule of Investments [Line Items]
Net sales	1,852,309	1,885,754
Costs and expenses:
Cost of sales	1,848,157	1,874,963
Selling, general, and administrative expenses	15,241	14,018
Depreciation and amortization	21,787	20,760
Total costs and expenses	1,885,185	1,909,741
Operating loss	-32,876	-23,987
Other income (expense):
Interest income	17	3
Interest expense	-4,416	-3,254
Other, net	3,690	-774
Loss before taxes	-33,585	-28,012
Income tax expense	54	-197
Net loss	-33,531	-28,209
NBP's net income attributable to USPB	($5,054)	($4,252)