Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 29, 2019 | Jul. 27, 2019 | |
Entity Registrant Name | U. S. Premium Beef, LLC | |
Entity Central Index Key | 0001289237 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 29, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-28 | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Emerging Growth | false | |
Entity Small Business | false | |
Entity Interactive data current | Yes | |
Entity File Number | 333-115164 | |
Entity State of Incorporation | DE | |
Class B Units [Member] | ||
Entity Common Stock, Shares Outstanding | 755,385 | |
Class A Units [Member] | ||
Entity Common Stock, Shares Outstanding | 735,385 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 59,685 | $ 88,411 |
Due from affiliates | 4 | 21 |
Other current assets | 19 | 27 |
Total current assets | 59,708 | 88,459 |
Property, plant, and equipment, at cost | 243 | 200 |
Less accumulated depreciation | 192 | 183 |
Net property, plant, and equipment | 51 | 17 |
Right of use assets, net | 251 | 0 |
Investment in National Beef Packing Company, LLC | 157,508 | 143,361 |
Other assets | 43 | 69 |
Total assets | 217,561 | 231,906 |
Current liabilities: | ||
Accounts payable - trade | 35 | 12 |
Due to affiliates | 3 | 44 |
Accrued compensation and benefits | 1,741 | 2,158 |
Lease obligations | 50 | 0 |
Other accrued expenses and liabilities | 76 | 515 |
Distributions payable | 49 | 5,687 |
Total current liabilities | 1,954 | 8,416 |
Long-term liabilities: | ||
Lease obligations | 201 | 0 |
Other liabilities | 3,710 | 3,734 |
Total long-term liabilities | 3,911 | 3,734 |
Total liabilities | 5,865 | 12,150 |
Commitments and contingencies | ||
Capital shares and equities: | ||
Members' capital, 735,385 Class A units and 755,385 Class B units authorized, issued and outstanding | 211,696 | 219,756 |
Total capital shares and equities | 211,696 | 219,756 |
Total liabilities and capital shares and equities | $ 217,561 | $ 231,906 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - shares | Jun. 29, 2019 | Dec. 29, 2018 |
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 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |
Costs and expenses: | ||||
Cost of sales | 0 | 0 | 0 | 0 |
Selling, general, and administrative expenses | 887 | 1,089 | 2,691 | 2,531 |
Depreciation and amortization | 4 | 3 | 9 | 6 |
Total costs and expenses | 891 | 1,092 | 2,700 | 2,537 |
Operating loss | (891) | (1,092) | (2,700) | (2,537) |
Other income (expense): | ||||
Interest income | 263 | 265 | 647 | 458 |
Interest expense | (3) | (3) | (15) | (6) |
Equity in net income of National Beef Packing Company, LLC | 25,194 | 28,338 | 36,957 | 38,684 |
Other, net | 185 | 280 | 396 | 390 |
Total other income | 25,639 | 28,880 | 37,985 | 39,526 |
Comprehensive income | $ 24,748 | $ 27,788 | $ 35,285 | $ 36,989 |
Class A Units [Member] | ||||
Earnings per unit: | ||||
Basic and diluted | $ 3.37 | $ 3.78 | $ 4.80 | $ 5.03 |
Outstanding weighted-average Class A and Class B units: | ||||
Basic and diluted | 735,385 | 735,385 | 735,385 | 735,385 |
Class B Units [Member] | ||||
Earnings per unit: | ||||
Basic and diluted | $ 29.49 | $ 33.11 | $ 42.04 | $ 44.07 |
Outstanding weighted-average Class A and Class B units: | ||||
Basic and diluted | 755,385 | 755,385 | 755,385 | 755,385 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Comprehensive income | $ 35,285 | $ 36,989 |
Adjustments to reconcile comprehensive income to net cash used in operating activities: | ||
Depreciation and amortization | 9 | 6 |
Equity in net income of National Beef Packing Company, LLC | (36,957) | (38,684) |
Distributions from National Beef Packing Company, LLC | 22,810 | 38,684 |
Changes in assets and liabilities: | ||
Due from affiliates | 17 | 133 |
Other assets | 34 | 50 |
Accounts payable | 23 | (26) |
Due to affiliates | (41) | (384) |
Accrued compensation and benefits | (441) | (535) |
Other accrued expenses and liabilities | (438) | (173) |
Net cash used in operating activities | 20,301 | 36,060 |
Cash flows from investing activities: | ||
Capital expenditures | (43) | (7) |
Distributions from National Beef Packing Company, LLC | 0 | 18,256 |
Net cash (used in)/provided by investing activities | (43) | 18,249 |
Cash flows from financing activities: | ||
Member distributions | (48,984) | (91,742) |
Net cash used in financing activities | (48,984) | (91,742) |
Net decrease in cash | (28,726) | (37,433) |
Cash and cash equivalents at beginning of the period | 88,411 | 119,074 |
Cash and cash equivalents at end of the period | 59,685 | 81,641 |
Supplemental noncash disclosures of operating activities: | ||
Right of use assets | 251 | 0 |
custom:SupplementalNoncashDisclosuresOfInvestingActivitiesAbstract | ||
Investment in National Beef Packing Company, LLC | $ 23,691 | $ 0 |
1. Interim Financial Statements
1. Interim Financial Statements | 6 Months Ended |
Jun. 29, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Statements | (1) Interim Financial Statements Basis of Presentation |
2. Accounting Policies
2. Accounting Policies | 6 Months Ended |
Jun. 29, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies | (2) Accounting Policies Accounting for Investment in NBP. Accounting for Leases. Leases |
3. Members' Capital
3. Members' Capital | 6 Months Ended |
Jun. 29, 2019 | |
Members' Equity [Abstract] | |
Members' Capital | (3) Members’ Capital The following table represents a reconciliation of Members’ Capital for the twenty-six week period ended June 29, 2019 (thousands of dollars). Balance at December 29, 2018 $ 219,756 Allocation of comprehensive income for the twenty-six week period ended June 29, 2019 35,285 Member distributions (43,345 ) Balance at June 29, 2019 $ 211,696 |
4. Earnings Per Unit
4. Earnings Per Unit | 6 Months Ended |
Jun. 29, 2019 | |
Earnings per unit: | |
Earnings Per Unit | (4) Earnings Per Unit Comprehensive Income Per Unit Calculation 13 weeks ended 26 weeks ended (thousands of dollars, except unit and per unit data) June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (unaudited) (unaudited) (unaudited) (unaudited) Basic and diluted earnings per unit: Comprehensive income attributable to USPB available to unitholders (numerator) Class A $ 2,475 $ 2,779 $ 3,529 $ 3,699 Class B $ 22,273 $ 25,009 $ 31,757 $ 33,290 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 $ 3.37 $ 3.78 $ 4.80 $ 5.03 Class B $ 29.49 $ 33.11 $ 42.04 $ 44.07 |
5. Investment in National Beef
5. Investment in National Beef Packing Company, LLC | 6 Months Ended |
Jun. 29, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investment in National Beef Packing Company, LLC | (5) Investment in National Beef Packing Company, LLC 13 weeks ended 26 weeks ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (unaudited) (unaudited) (unaudited) (unaudited) Net sales $ 2,113,648 $ 1,942,690 $ 3,940,720 $ 3,724,609 Costs and expenses: Cost of sales 1,890,238 1,706,825 3,591,638 3,377,599 Selling, general, and administrative expenses 22,425 18,132 39,395 32,825 Depreciation and amortization 29,722 25,805 57,617 51,324 Total costs and expenses 1,942,385 1,750,762 3,688,650 3,461,748 Operating income 171,263 191,928 252,070 262,861 Other income (expense): Interest income 120 78 238 146 Interest expense (3,587 ) (3,370 ) (6,142 ) (5,478 ) Income before taxes 167,796 188,636 246,166 257,529 Income tax expense (646 ) (629 ) (980 ) (883 ) Net income $ 167,150 $ 188,007 $ 245,186 $ 256,646 NBP's net income attributable to USPB $ 25,194 $ 28,338 $ 36,957 $ 38,684 |
6. Subsequent Events
6. Subsequent Events | 6 Months Ended |
Jun. 29, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (6) Subsequent Events |
2. Accounting Policies (Policie
2. Accounting Policies (Policies) | 6 Months Ended |
Jun. 29, 2019 | |
Accounting Policies [Abstract] | |
Accounting for Investment in NBP | Accounting for Investment in NBP. |
Accounting for Leases | Accounting for Leases. Leases |
3. Members' Capital (Tables)
3. Members' Capital (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Members' Equity [Abstract] | |
Schedule of Reconciliation of Members' Capital | Balance at December 29, 2018 $ 219,756 Allocation of comprehensive income for the twenty-six week period ended June 29, 2019 35,285 Member distributions (43,345 ) Balance at June 29, 2019 $ 211,696 |
4. Earnings Per Unit (Tables)
4. Earnings Per Unit (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Limited Liability Company (LLC) Members' Equity [Abstract] | |
Schedule of Income (Loss) Per Unit Calculation | Comprehensive Income Per Unit Calculation 13 weeks ended 26 weeks ended (thousands of dollars, except unit and per unit data) June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (unaudited) (unaudited) (unaudited) (unaudited) Basic and diluted earnings per unit: Comprehensive income attributable to USPB available to unitholders (numerator) Class A $ 2,475 $ 2,779 $ 3,529 $ 3,699 Class B $ 22,273 $ 25,009 $ 31,757 $ 33,290 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 $ 3.37 $ 3.78 $ 4.80 $ 5.03 Class B $ 29.49 $ 33.11 $ 42.04 $ 44.07 |
5. Investment in National Bee_2
5. Investment in National Beef Packing Company, LLC (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Schedule of Operations for NBP | 13 weeks ended 26 weeks ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (unaudited) (unaudited) (unaudited) (unaudited) Net sales $ 2,113,648 $ 1,942,690 $ 3,940,720 $ 3,724,609 Costs and expenses: Cost of sales 1,890,238 1,706,825 3,591,638 3,377,599 Selling, general, and administrative expenses 22,425 18,132 39,395 32,825 Depreciation and amortization 29,722 25,805 57,617 51,324 Total costs and expenses 1,942,385 1,750,762 3,688,650 3,461,748 Operating income 171,263 191,928 252,070 262,861 Other income (expense): Interest income 120 78 238 146 Interest expense (3,587 ) (3,370 ) (6,142 ) (5,478 ) Income before taxes 167,796 188,636 246,166 257,529 Income tax expense (646 ) (629 ) (980 ) (883 ) Net income $ 167,150 $ 188,007 $ 245,186 $ 256,646 NBP's net income attributable to USPB $ 25,194 $ 28,338 $ 36,957 $ 38,684 |
1. Interim Financial Statemen_2
1. Interim Financial Statements (Details Narrative) | Jun. 29, 2019 |
Quarterly Financial Information Disclosure [Abstract] | |
Remaining membership interests in National Beef Packing Company, LLC (NBP) | 15.0729% |
2. Accounting Policies (Details
2. Accounting Policies (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 29, 2019USD ($) | |
Present value of remaining operating lease payments | $ 300,000 |
Kansas City, MO Office Lease [Member] | |
Remaining term of lease | 5 years 6 months |
Lease periodic term | monthly |
Lease periodic payment | $ 3,790 |
Dodge City, KS Office Lease [Member] | |
Remaining term of lease | 1 year 6 months |
Lease periodic term | monthly |
Lease periodic payment | $ 1,018 |
3. Members' Capital (Details)
3. Members' Capital (Details) $ in Thousands | 6 Months Ended |
Jun. 29, 2019USD ($) | |
Members' Equity [Abstract] | |
Beginning balance | $ 219,756 |
Allocation of comprehensive income | 35,285 |
Member distributions | (43,345) |
Ending balance | $ 211,696 |
4. Earnings Per Unit (Details)
4. Earnings Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Class A Units [Member] | ||||
Basic and diluted earnings per unit | ||||
Comprehensive income attributable to USPB unitholders (numerator) | $ 2,475 | $ 2,779 | $ 3,529 | $ 3,699 |
Weighted average outstanding units (denominator) | 735,385 | 735,385 | 735,385 | 735,385 |
Per unit amount | $ 3.37 | $ 3.78 | $ 4.80 | $ 5.03 |
Class B Units [Member] | ||||
Basic and diluted earnings per unit | ||||
Comprehensive income attributable to USPB unitholders (numerator) | $ 22,273 | $ 25,009 | $ 31,757 | $ 33,290 |
Weighted average outstanding units (denominator) | 755,385 | 755,385 | 755,385 | 755,385 |
Per unit amount | $ 29.49 | $ 33.11 | $ 42.04 | $ 44.07 |
4. Earnings Per Unit (Details N
4. Earnings Per Unit (Details Narrative) | 6 Months Ended |
Jun. 29, 2019 | |
Class A Units [Member] | |
Class of Stock [Line Items] | |
Ownership percentage | 10.00% |
Class B Units [Member] | |
Class of Stock [Line Items] | |
Ownership percentage | 90.00% |
5. Investment in National Bee_3
5. Investment in National Beef Packing Company, LLC (Details) - National Beef Packing Company, LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Investment in National Beef Packing | ||||
Net sales | $ 2,113,648 | $ 1,942,690 | $ 3,940,720 | $ 3,724,609 |
Costs and expenses: | ||||
Cost of sales | 1,890,238 | 1,706,825 | 3,591,638 | 3,377,599 |
Selling, general, and administrative expenses | 22,425 | 18,132 | 39,395 | 32,825 |
Depreciation and amortization | 29,722 | 25,805 | 57,617 | 51,324 |
Total costs and expenses | 1,942,385 | 1,750,762 | 3,688,650 | 3,461,748 |
Operating income | 171,263 | 191,928 | 252,070 | 262,861 |
Other income (expense): | ||||
Interest income | 120 | 78 | 238 | 146 |
Interest expense | (3,587) | (3,370) | (6,142) | (5,478) |
Income before taxes | 167,796 | 188,636 | 246,166 | 257,529 |
Income tax expense | (646) | (629) | (980) | (883) |
Net income | 167,150 | 188,007 | 245,186 | 256,646 |
NBP's net income attributable to USPB | $ 25,194 | $ 28,338 | $ 26,957 | $ 36,684 |