Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 25, 2016 | Jul. 30, 2016 | |
Entity Registrant Name | U. S. Premium Beef, LLC | |
Entity Central Index Key | 1,289,237 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 25, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-26 | |
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 | Q2 | |
Document Fiscal Year Focus | 2,016 | |
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 ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 88,686 | $ 85,220 |
Due from affiliates | 106 | 137 |
Other current assets | 19 | 8 |
Total current assets | 88,811 | 85,365 |
Property, plant, and equipment, at cost | 223 | 223 |
Less accumulated depreciation | 182 | 175 |
Net property, plant, and equipment | 41 | 48 |
Investment in National Beef Packing Company, LLC | 140,253 | 132,628 |
Other assets | 147 | 196 |
Total assets | 229,252 | 218,237 |
Current liabilities: | ||
Accounts payable - trade | 2 | 14 |
Accrued compensation and benefits | 1,027 | 1,066 |
Other accrued expenses and liabilities | 189 | 179 |
Patronage notices payable | 21 | 90 |
Total current liabilities | 1,239 | 1,349 |
Long-term liabilities: | ||
Other liabilities | 4,911 | 5,118 |
Total long-term liabilities | 4,911 | 5,118 |
Total liabilities | 6,150 | 6,467 |
Commitments and contingencies | ||
Capital shares and equities: | ||
Members' capital, 735,385 Class A units and 755,385 Class B units authorized, issued and outstanding | 223,102 | 211,770 |
Total capital shares and equities | 223,102 | 211,770 |
Total liabilities and capital shares and equities | $ 229,252 | $ 218,237 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Jun. 25, 2016 | Dec. 26, 2015 |
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 Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Net sales | ||||
Costs and expenses: | ||||
Cost of sales | ||||
Selling, general, and administrative expenses | 804 | 380 | 1,555 | 1,185 |
Depreciation and amortization | 4 | 1 | 7 | 2 |
Total costs and expenses | 808 | 381 | 1,562 | 1,187 |
Operating loss | (808) | (381) | (1,562) | (1,187) |
Other income (expense): | ||||
Interest income | 11 | 11 | 24 | 23 |
Interest expense | (3) | (3) | (6) | (6) |
Equity interest in net income (loss) of National Beef Packing Company, LLC | 9,391 | (1,451) | 12,530 | (6,505) |
Other, net | 8 | 346 | ||
Income (loss) before taxes | 8,599 | (1,824) | 11,332 | (7,675) |
Income tax expense | ||||
Net income (loss) | $ 8,599 | $ (1,824) | $ 11,332 | $ (7,675) |
Class A Units [Member] | ||||
Income (loss) per unit: | ||||
Basic | $ 1.17 | $ (0.25) | $ 1.54 | $ (1.04) |
Diluted | $ 1.17 | $ (0.25) | $ 1.54 | $ (1.04) |
Outstanding weighted-average Class A and Class B units: | ||||
Basic | 735,385 | 735,385 | 735,385 | 735,385 |
Diluted | 735,385 | 735,385 | 735,385 | 735,385 |
Class B Units [Member] | ||||
Income (loss) per unit: | ||||
Basic | $ 10.25 | $ (2.17) | $ 13.50 | $ (9.14) |
Diluted | $ 10.25 | $ (2.17) | $ 13.50 | $ (9.14) |
Outstanding weighted-average Class A and Class B units: | ||||
Basic | 755,385 | 755,385 | 755,385 | 755,385 |
Diluted | 755,385 | 755,385 | 755,385 | 755,385 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 25, 2016 | Jun. 27, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 11,332 | $ (7,675) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 7 | 2 |
Equity in net (income) loss of National Beef Packing Company, LLC | (12,530) | 6,505 |
Changes in assets and liabilities: | ||
Due from affiliates | 31 | (12) |
Other assets | 39 | 40 |
Accounts payable | (12) | 20 |
Due to affiliates | 8 | |
Accrued compensation and benefits | (246) | (646) |
Other accrued expenses and liabilities | 10 | (22) |
Net cash used in operating activities | (1,369) | (1,780) |
Cash flows from investing activities: | ||
Capital expenditures | (21) | |
Distribution from National Beef Packing Company, LLC | 4,904 | |
Net cash provided by (used in) investing activities | 4,904 | (21) |
Cash flows from financing activities: | ||
Change in overdraft balances | (69) | |
Net cash used in financing activities | (69) | |
Net increase (decrease) in cash | 3,466 | (1,801) |
Cash and cash equivalents at beginning of the period | 85,220 | 92,344 |
Cash and cash equivalents at end of the period | $ 88,686 | $ 90,543 |
Interim Financial Statements
Interim Financial Statements | 6 Months Ended |
Jun. 25, 2016 | |
Quarterly Financial Information Disclosure [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 managements 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 Companys Annual Report on Form 10-K on file with the Securities and Exchange Commission (SEC), for the fiscal year ended December 26, 2015. The results of operations for the interim periods presented are not necessarily indicative of the results for a full fiscal year. USPBs 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 | 6 Months Ended |
Jun. 25, 2016 | |
Members' Equity [Abstract] | |
Members' Capital | (2) Members Capital The following table represents a reconciliation of Members Capital for the twenty-six week period ended June 25, 2016 (thousands of dollars). Balance at December 26, 2015 $ 211,770 Net income for the twenty-six week period ended June 25, 2016 11,332 Balance at June 25, 2016 $ 223,102 |
Income (Loss) Attributable to U
Income (Loss) Attributable to USPB Per Unit | 6 Months Ended |
Jun. 25, 2016 | |
Limited Liability Company (LLC) Members' Equity [Abstract] | |
Income (Loss) Attributable to USPB Per Unit | (3) Income (Loss) Attributable to USPB Per Unit Under the LLC structure, earnings of the Company are to be allocated 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 and twenty-six week periods ended June 25, 2016 and June 27, 2015, net income (loss) was allocated 10% to the Class As and 90% to the Class Bs. The net income (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 to the extent that any outstanding dilutive Class A or Class B units were exercised. There are no potentially dilutive Class A or Class B units outstanding. Income (Loss) Per Unit Calculation 13 weeks ended 13 weeks ended 26 weeks ended 26 weeks ended (thousands of dollars, except unit and per unit data) June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Basic earnings per unit Net income (loss) attributable to USPB available to unitholders (numerator) Class A $ 860 $ (182) $ 1,133 $ (768) Class B $ 7,739 $ (1,642) $ 10,199 $ (6,907) Weighted average outstanding units (denominator) Class A 735,385 735,385 735,385 735,385 Class B 755,385 755,385 755,385 755,385 Per unit amount Class A $ 1.17 $ (0.25) $ 1.54 $ (1.04) Class B $ 10.25 $ (2.17) $ 13.50 $ (9.14) Diluted earnings per unit: Net income (loss) attributable to USPB available to unitholders (numerator) Class A $ 860 $ (182) $ 1,133 $ (768) Class B $ 7,739 $ (1,642) $ 10,199 $ (6,907) Weighted average outstanding Class A units 735,385 735,385 735,385 735,385 Effect of dilutive securities - Class A unit options - - - - Units (denominator) 735,385 735,385 735,385 735,385 Weighted average outstanding Class B units 755,385 755,385 755,385 755,385 Effect of dilutive securities - Class B unit options - - - - Units (denominator) 755,385 755,385 755,385 755,385 Per unit amount Class A $ 1.17 $ (0.25) $ 1.54 $ (1.04) Class B $ 10.25 $ (2.17) $ 13.50 $ (9.14) |
Investment in National Beef Pac
Investment in National Beef Packing Company, LLC | 6 Months Ended |
Jun. 25, 2016 | |
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 USPBs 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 and twenty-six week periods ended June 25, 2016 and June 27, 2015 (thousands of dollars): 13 weeks ended 13 weeks ended 26 weeks ended 26 weeks ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Net sales $ 1,797,383 $ 1,994,486 $ 3,428,753 $ 3,846,795 Costs and expenses: Cost of sales 1,690,908 1,961,499 3,260,373 3,809,657 Selling, general, and administrative expenses 17,914 16,156 34,894 31,397 Depreciation and amortization 22,785 22,082 45,411 43,868 Total costs and expenses 1,731,607 1,999,737 3,340,678 3,884,922 Operating income (loss) 65,776 (5,251) 88,075 (38,127) Other income (expense): Interest income 63 - 63 17 Interest expense (3,796) (4,300) (7,763) (8,716) Other, net 813 151 3,890 3,841 Income (loss) before taxes 62,856 (9,400) 84,265 (42,985) Income tax expense (552) (226) (1,135) (172) Net income (loss) 62,304 (9,626) 83,130 (43,157) NBP's net income (loss) attributable to USPB $ 9,391 $ (1,451) $ 12,530 $ (6,505) |
Members' Capital (Tables)
Members' Capital (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Members' Equity [Abstract] | |
Schedule of Reconciliation of Members' Capital | The following table represents a reconciliation of Members Capital for the twenty-six week period ended June 25, 2016 (thousands of dollars). Balance at December 26, 2015 $ 211,770 Net income for the twenty-six week period ended June 25, 2016 11,332 Balance at June 25, 2016 $ 223,102 |
Income (Loss) Attributable to11
Income (Loss) Attributable to USPB Per Unitt (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Limited Liability Company (LLC) Members' Equity [Abstract] | |
Schedule of Income (Loss) Per Unit Calculation | Income (Loss) Per Unit Calculation 13 weeks ended 13 weeks ended 26 weeks ended 26 weeks ended (thousands of dollars, except unit and per unit data) June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Basic earnings per unit Net income (loss) attributable to USPB available to unitholders (numerator) Class A $ 860 $ (182) $ 1,133 $ (768) Class B $ 7,739 $ (1,642) $ 10,199 $ (6,907) Weighted average outstanding units (denominator) Class A 735,385 735,385 735,385 735,385 Class B 755,385 755,385 755,385 755,385 Per unit amount Class A $ 1.17 $ (0.25) $ 1.54 $ (1.04) Class B $ 10.25 $ (2.17) $ 13.50 $ (9.14) Diluted earnings per unit: Net income (loss) attributable to USPB available to unitholders (numerator) Class A $ 860 $ (182) $ 1,133 $ (768) Class B $ 7,739 $ (1,642) $ 10,199 $ (6,907) Weighted average outstanding Class A units 735,385 735,385 735,385 735,385 Effect of dilutive securities - Class A unit options - - - - Units (denominator) 735,385 735,385 735,385 735,385 Weighted average outstanding Class B units 755,385 755,385 755,385 755,385 Effect of dilutive securities - Class B unit options - - - - Units (denominator) 755,385 755,385 755,385 755,385 Per unit amount Class A $ 1.17 $ (0.25) $ 1.54 $ (1.04) Class B $ 10.25 $ (2.17) $ 13.50 $ (9.14) |
Investment in National Beef P12
Investment in National Beef Packing Company, LLC (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
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 and twenty-six week periods ended June 25, 2016 and June 27, 2015 (thousands of dollars): 13 weeks ended 13 weeks ended 26 weeks ended 26 weeks ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Net sales $ 1,797,383 $ 1,994,486 $ 3,428,753 $ 3,846,795 Costs and expenses: Cost of sales 1,690,908 1,961,499 3,260,373 3,809,657 Selling, general, and administrative expenses 17,914 16,156 34,894 31,397 Depreciation and amortization 22,785 22,082 45,411 43,868 Total costs and expenses 1,731,607 1,999,737 3,340,678 3,884,922 Operating income (loss) 65,776 (5,251) 88,075 (38,127) Other income (expense): Interest income 63 - 63 17 Interest expense (3,796) (4,300) (7,763) (8,716) Other, net 813 151 3,890 3,841 Income (loss) before taxes 62,856 (9,400) 84,265 (42,985) Income tax expense (552) (226) (1,135) (172) Net income (loss) 62,304 (9,626) 83,130 (43,157) NBP's net income (loss) attributable to USPB $ 9,391 $ (1,451) $ 12,530 $ (6,505) |
Interim Financial Statements (D
Interim Financial Statements (Details Narrative) | Jun. 25, 2016 |
Quarterly Financial Information Disclosure [Abstract] | |
Remaining membership interests in National Beef Packing Company, LLC (NBP) | 15.0729% |
Members' Capital (Details)
Members' Capital (Details) $ in Thousands | 6 Months Ended |
Jun. 25, 2016USD ($) | |
Members' Equity [Abstract] | |
Beginning balance | $ 211,770 |
Net income for the twenty-six week period ended June 25, 2016 | 11,332 |
Ending balance | $ 223,102 |
Income (Loss) Attributable to15
Income (Loss) Attributable to USPB Per Unit (Details Narrative) | 6 Months Ended | |
Jun. 25, 2016 | Jun. 27, 2015 | |
Class A Units [Member] | ||
Class of Stock [Line Items] | ||
Ownership percentage | 10.00% | 10.00% |
Class B Units [Member] | ||
Class of Stock [Line Items] | ||
Ownership percentage | 90.00% | 90.00% |
Income (Loss) Attributable to16
Income (Loss) Attributable to USPB Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Basic earnings per unit | ||||
Net income (loss) attributable to USPB available to unitholders (numerator) | $ 11,332 | |||
Class A Units [Member] | ||||
Basic earnings per unit | ||||
Net income (loss) attributable to USPB available to unitholders (numerator) | $ 860 | $ (182) | $ 1,133 | $ (768) |
Weighted average outstanding units (denominator) | 735,385 | 735,385 | 735,385 | 735,385 |
Per unit amount | $ 1.17 | $ (0.25) | $ 1.54 | $ (1.04) |
Diluted earnings per unit: | ||||
Net income (loss) attributable to USPB available to unitholders (numerator) | $ 860 | $ (182) | $ 1,133 | $ (768) |
Weighted average outstanding | ||||
Weighted average outstanding units (denominator) | 735,385 | 735,385 | 735,385 | 735,385 |
Effect of dilutive securities | ||||
Units (denominator) | 735,385 | 735,385 | 735,385 | 735,385 |
Per unit amount | $ 1.17 | $ (0.25) | $ 1.54 | $ (1.04) |
Class B Units [Member] | ||||
Basic earnings per unit | ||||
Net income (loss) attributable to USPB available to unitholders (numerator) | $ 7,739 | $ (1,642) | $ 10,199 | $ (6,907) |
Weighted average outstanding units (denominator) | 755,385 | 755,385 | 755,385 | 755,385 |
Per unit amount | $ 10.25 | $ (2.17) | $ 13.50 | $ (9.14) |
Diluted earnings per unit: | ||||
Net income (loss) attributable to USPB available to unitholders (numerator) | $ 7,739 | $ (1,642) | $ 10,199 | $ (6,907) |
Weighted average outstanding | ||||
Weighted average outstanding units (denominator) | 755,385 | 755,385 | 755,385 | 755,385 |
Effect of dilutive securities | ||||
Units (denominator) | 755,385 | 755,385 | 755,385 | 755,385 |
Per unit amount | $ 10.25 | $ (2.17) | $ 13.50 | $ (9.14) |
Investment in National Beef P17
Investment in National Beef Packing Company, LLC (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Schedule of Investments [Line Items] | ||||
Net sales | ||||
Costs and expenses: | ||||
Cost of sales | ||||
Selling, general, and administrative expenses | 804 | 380 | 1,555 | 1,185 |
Depreciation and amortization | 4 | 1 | 7 | 2 |
Total costs and expenses | 808 | 381 | 1,562 | 1,187 |
Operating income (loss) | (808) | (381) | (1,562) | (1,187) |
Other income (expense): | ||||
Interest income | 11 | 11 | 24 | 23 |
Interest expense | (3) | (3) | (6) | (6) |
Other, net | 8 | 346 | ||
Income (loss) before taxes | 8,599 | (1,824) | 11,332 | (7,675) |
Income tax expense | ||||
National Beef Packing Company, LLC [Member] | ||||
Schedule of Investments [Line Items] | ||||
Net sales | 1,797,383 | 1,994,486 | 3,428,753 | 3,846,795 |
Costs and expenses: | ||||
Cost of sales | 1,690,908 | 1,961,499 | 3,260,373 | 3,809,657 |
Selling, general, and administrative expenses | 17,914 | 16,156 | 34,894 | 31,397 |
Depreciation and amortization | 22,785 | 22,082 | 45,411 | 43,868 |
Total costs and expenses | 1,731,607 | 1,999,737 | 3,340,678 | 3,884,922 |
Operating income (loss) | 65,776 | (5,251) | 88,075 | (38,127) |
Other income (expense): | ||||
Interest income | 63 | 63 | 17 | |
Interest expense | (3,796) | (4,300) | (7,763) | (8,716) |
Other, net | 813 | 151 | 3,890 | 3,841 |
Income (loss) before taxes | 62,856 | (9,400) | 84,265 | (42,985) |
Income tax expense | (552) | (226) | (1,135) | (172) |
Net income (loss) | 62,304 | (9,626) | 83,130 | (43,157) |
NBP's net income (loss) attributable to USPB | $ 9,391 | $ (1,451) | $ 12,530 | $ (6,505) |