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) |