Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 28, 2019 | Feb. 29, 2020 | |
Entity Registrant Name | U. S. Premium Beef, LLC | |
Entity Central Index Key | 0001289237 | |
Document Type | 10-K | |
Document Period End Date | Dec. 28, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
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 | FY | |
Document Fiscal Year Focus | 2019 | |
Entity Public Float | $ 0 | |
Entity Emerging Growth | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 333-115164 | |
Entity Incorporation, State Country Code | DE | |
Class A Units [Member] | ||
Entity Common Stock, Shares Outstanding | 735,385 | |
Class B Units [Member] | ||
Entity Common Stock, Shares Outstanding | 755,385 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 77,909 | $ 88,411 |
Due from affiliates | 41 | 21 |
Other current assets | 29 | 27 |
Total current assets | 77,979 | 88,459 |
Property, plant, and equipment, at cost | 238 | 200 |
Less accumulated depreciation | 195 | 183 |
Net property, plant, and equipment | 43 | 17 |
Right of use assets, net | 232 | 0 |
Investment in National Beef Packing Company, LLC | 131,786 | 143,361 |
Other assets | 43 | 69 |
Total assets | 210,083 | 231,906 |
Current liabilities: | ||
Accounts payable - trade | 28 | 12 |
Due to affiliates | 29 | 44 |
Accrued compensation and benefits | 2,260 | 2,158 |
Lease obligations | 49 | 0 |
Other accrued expenses and liabilities | 1,307 | 515 |
Distributions payable | 50 | 5,687 |
Total current liabilities | 3,723 | 8,416 |
Long-term liabilities: | ||
Lease obligations | 183 | 0 |
Other liabilities | 3,340 | 3,734 |
Total long-term liabilities | 3,523 | 3,734 |
Total liabilities | 7,246 | 12,150 |
Commitments and contingencies | 0 | 0 |
Members' capital | ||
Members' contributed capital, 735,385 Class A units and 755,385 Class B units authorized, issued and outstanding | 202,837 | 219,756 |
Total members' capital | 202,837 | 219,756 |
Total liabilities and members' capital | $ 210,083 | $ 231,906 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - shares | Dec. 28, 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
Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Net sales | $ 0 | $ 0 | $ 0 |
Costs and expenses: | |||
Cost of sales | 0 | 0 | 0 |
Selling, general, and administrative expenses | 5,079 | 4,476 | 4,008 |
Depreciation and amortization | 17 | 12 | 13 |
Total costs and expenses | 5,096 | 4,488 | 4,021 |
Operating loss | (5,096) | (4,488) | (4,021) |
Other income : | |||
Interest income | 1,167 | 1,073 | 321 |
Interest expense | (15) | (15) | (13) |
Equity in income of National Beef Packing Company, LLC | 121,464 | 89,610 | 61,056 |
Other, net | 481 | 408 | 138 |
Total other income | 123,097 | 91,076 | 61,502 |
Net income | $ 118,001 | $ 86,588 | $ 57,481 |
Class A Units [Member] | |||
Income per unit: | |||
Basic and diluted | $ 16.05 | $ 11.77 | $ 7.82 |
Outstanding weighted-average Class A and Class B units: | |||
Basic and diluted | 735,385 | 735,385 | 735,385 |
Class B Units [Member] | |||
Income per unit: | |||
Basic and diluted | $ 140.59 | $ 103.16 | $ 68.49 |
Outstanding weighted-average Class A and Class B units: | |||
Basic and diluted | 755,385 | 755,385 | 755,385 |
Statements of Members' Capital
Statements of Members' Capital - Members' Capital - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Beginning Balance | $ 219,756 | $ 224,147 | $ 221,195 |
Net income for the year | 118,001 | 86,588 | 57,481 |
Member distribution | (134,920) | (90,979) | (54,529) |
Ending Balance | $ 202,837 | $ 219,756 | $ 224,147 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 118,001 | $ 86,588 | $ 57,481 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 17 | 12 | 13 |
Equity in net income of National Beef Packing Company, LLC | (121,464) | (89,610) | (61,056) |
Distributions from National Beef Packing Company, LLC | 133,039 | 68,023 | 33,531 |
Changes in assets and liabilities: | |||
Due from affiliates | (20) | 116 | (89) |
Other assets | 24 | 42 | 34 |
Accounts payable | 16 | (46) | (8) |
Due to affiliates | (15) | (344) | 351 |
Accrued compensation and benefits | (292) | (304) | 33 |
Other accrued expenses and liabilities | 792 | 231 | 31 |
Net cash (used in) provided by investing activities | 130,098 | 64,708 | 30,321 |
Cash flows from investing activities: | |||
Capital expenditures, including interest capitalized | (43) | (7) | 0 |
Distributions from National Beef Packing Company, LLC | 0 | 18,256 | 30,942 |
Net cash (used in) provided by investing activities | (43) | 18,249 | 30,942 |
Cash flows from financing activities: | |||
Member distributions | (140,557) | (113,620) | (27,419) |
Net cash used in financing activities | (140,557) | (113,620) | (27,419) |
Net (decrease) increase in cash | (10,502) | (30,663) | 33,844 |
Cash and cash equivalents at beginning of period | 88,411 | 119,074 | 85,230 |
Cash and cash equivalents at end of period | 77,909 | 88,411 | 119,074 |
Supplemental cash disclosures: | |||
Cash paid during the period for interest | 18 | 13 | 13 |
Supplemental noncash disclosures of operating activities: | |||
Right of use assets and lease obligations | 232 | 0 | 0 |
Supplemental Noncash Disclosures Of Investing Activities: | |||
Required contribution of purchased ownership interest to National Beef Packing Company, LLC | 23,692 | 0 | 0 |
Supplemental noncash disclosures of financing activities: | |||
Distributions payable | $ 0 | $ 5,867 | $ 0 |
1. Description of Business
1. Description of Business | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Description of Business | NOTE 1. Description of Business U.S. Premium Beef (USPB or the Company) was formed as a closed marketing cooperative on July 1, 1996. Its mission is to increase the quality of beef and long-term profitability of cattle producers by creating a fully integrated producer-owned beef processing system that is a global supplier of high quality, value-added beef products responsive to consumer desires. USPB operates an integrated cattle processing and beef marketing enterprise where consumer and processor demands and requirements are implemented through changes in genetics, feeding, and management. USPBs unitholders benefit from its supplier alliance with National Beef Packing Company, LLC (NBP) through (i) premiums received in excess of cash market prices for higher quality cattle, (ii) allocations of profits and potential distributions, (iii) potential unit price appreciation, and (iv) information that permits unitholders to make informed production decisions. On August 18, 2004, the shareholders of U.S. Premium Beef, Ltd. approved the conversion of the cooperative into a Delaware LLC. On December 5, 2011, USPB sold the majority of its membership interests in NBP to Leucadia National Corporation. Following the sale, USPB owned 15.0729% of NBPs membership interests. On November 29, 2019, Jefferies Financial Group, Inc. sold its remaining ownership interest in NBP to a combination of NBM US Holdings, Inc., a Delaware corporation owned by Marfrig Global Foods S.A.; NBPCo Holdings, LLC; and TMK Holdings, LLC. USPB elected to not participate in the acquisition and, as a result, USPBs ownership interest in National Beef remained at 15.0729%. As a result of the sale, USPBs investment in NBP will be 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. Ownership Structure As USPB is structured as a Limited Liability Company, its members are not personally liable for liabilities of USPB. USPBs members are taxed on their proportionate share of USPBs taxable income. Class A Units Class B Units. |
2. Basis of Presentation and Ac
2. Basis of Presentation and Accounting Policies | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | NOTE 2. Basis of Presentation and Accounting Policies Basis of Presentation 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. Fiscal Year The Companys fiscal year ends on the last Saturday in December. The Company files annual reports for each 52 week or 53 week period ended on the last Saturday in December. Use of Estimates The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, using managements best estimates and judgments where appropriate. These estimates and judgments affect the reported amounts of 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. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December 28, 2019 and December 29, 2018, the Companys balance sheet reflected Cash and cash equivalents of $77.9 million and $88.4 million, respectively. Investment in National Beef Packing Company, LLC USPBs 15.0729% investment in NBP 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. he table below summarizes the changes to USPBs investment in NBP. December 28, 2019 December 29, 2018 (thousands of dollars) Beginning Investment Balance $ 143,361 $ 140,030 Purchase of ownership interest 23,692 — Equity in net income 121,464 89,610 Distributions (156,731 ) (86,279 ) Ending Investment Balance $ 131,786 $ 143,361 For fiscal years 2019 and 2018, USPB conducted an evaluation to determine if its investment in NBP was impaired as of the end of the fiscal year in accordance with Auditing Standards Codification (ASC) 323 Investments Equity Method and Joint Ventures On June 10, 2019, the members of NBP acquired 100% of the ownership interests in Iowa Premium, LLC (Iowa Premium) from Sysco Holdings, LLC for $153.2 million in cash after customary working capital adjustments. The cash utilized by NBPs members for the acquisition was distributed from NBP and immediately upon closing of the acquisition, each of the members of NBP contributed all its Iowa Premium ownership interests to NBP. The distribution, acquisition and contribution transactions were governed by several related agreements that resulted in NBP, in substance, acquiring 100% of the Iowa Premium ownership interests. On November 29, 2019, Jefferies Financial Group, Inc. sold its remaining ownership interest in NBP to a combination of NBM US Holdings, Inc., a Delaware corporation owned by Marfrig Global Foods S.A.; NBPCo Holdings, LLC; and TMK Holdings, LLC. USPB elected to not participate in the acquisition and, as a result, USPBs ownership interest in National Beef remained at 15.0729%. In conjunction with the sale, NBPs members, including USPB, received proportionate special distributions and tax distributions from NBP. Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Property, plant, and equipment are depreciated principally on a straight-line basis over the estimated useful life (based upon original acquisition date) of the individual asset by major asset class as follows: Machinery and equipment 2 to 15 years Furniture and fixtures 3 to 5 years Trailers and automotive equipment 2 to 5 years Normal repairs and maintenance costs are charged to Selling, general and administrative expenses, as incurred. A summary of cost and accumulated depreciation for property, plant, and equipment as of December 28, 2019 and December 29, 2018 follows (thousands of dollars): December 28, 2019 December 29, 2018 Machinery and equipment $ 19 $ 24 Furniture and fixtures 147 147 Trailers and automotive equipment 72 29 Total property, plant, and equipment, at cost 238 200 Accumulated depreciation 195 183 Property, plant, and equipment, net $ 43 $ 17 Depreciation expense was less than $0.1 million for fiscal years ended December 28, 2019 and December 29, 2018. Distributions Payable USPB utilizes a controlled disbursement account to fund cash distribution checks presented for payment by the holder. Checks that have been issued but have not cleared are reflected on the balance sheet as a reduction in cash. Amounts for checks that have not yet been issued are included in distributions payable and the change in the related balances are reflected in financing activities on the statement of cash flows. Distributions payable were less than $0.1 million as of December 28, 2019 and $5.7 million at December 29, 2018. Income Taxes Effective August 29, 2004, the Company converted to an LLC, and under this structure, taxes are not assessed at the Company level as the results of operations are included in the taxable income of the individual members. Although income taxes are assessed to the individual members, USPB is required to withhold state income taxes from the cash distributions it makes to it members. As of December 28, 2019 and December 29, 2018, Other accrued expenses and liabilities on the Companys balance sheet reflected state taxes payable of $1.2 million and $0.4 million, respectively. Selling, General, and Administrative Selling expenses consist primarily of salaries, bonuses, phantom unit option expense, trade promotions, advertising, commissions and other marketing costs. General and administrative costs consist primarily of general management, insurance and professional expenses. Noncompetition Payments The former CEOs employment agreement provided for him to receive noncompetition payments in connection with the Leucadia Transaction. During fiscal years 2019 and 2018, the former CEO was paid $845,897 and $844,938, respectively, in noncompetition payments. He will continue to receive noncompetition payments of approximately $845,000 per year during calendar years 2020 and 2021. The current CEOs employment agreement provides for him to receive noncompetition payments for a twelve-month period following his termination of employment with USPB. As of December 28, 2019 and December 29, 2018, the Company had accrued $1.9 million and $2.7 million, respectively, for the noncompetition agreements. The current and long-term portion of the accrued amounts are included in Accrued compensation and benefits and Other liabilities, respectively, on the balance sheet. The table below summarizes the current and long-term portions of the accrued non-compete amounts: December 28, 2019 December 29, 2018 (thousands of dollars) Current non-compete $ 848 $ 846 Long-term non-compete 1,089 1,843 $ 1,937 $ 2,689 Business Segments USPB is not organized by multiple operating segments for the purpose of making operating decisions or assessing performance. Accordingly, USPB has one reportable segment. Earnings 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, earnings per unit (EPU) has been presented in the accompanying Statement of Operations and in the table that follows. Basic EPU excludes dilution and is computed by first allocating 10% of net income or loss attributable to USPB to Class A units and the remaining 90% is allocated to Class B units. Net income or 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 Per Unit Calculation 52 weeks ended 52 weeks ended 52 weeks ended (thousands of dollars, except unit and per unit data) December 28, 2019 December 29, 2018 December 30, 2017 Basic and diluted earnings per unit: Income attributable to USPB available to unitholders (numerator) Class A $ 11,800 $ 8,659 $ 5,748 Class B $ 106,201 $ 77,929 $ 51,733 Weighted average outstanding units (denominator) Class A 735,385 735,385 735,385 Class B 755,385 755,385 755,385 Per unit amount Class A $ 16.05 $ 11.77 $ 7.82 Class B $ 140.59 $ 103.16 $ 68.49 |
3. Long-Term Debt and Loan Agre
3. Long-Term Debt and Loan Agreements | 12 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Loan Agreements | NOTE 3. Long-Term Debt and Loan Agreements (a) Master Loan Agreement On August 16, 2019, USPB and CoBank entered into an Amended and Restated Revolving Term Supplement to the Master Loan Agreement dated July 26, 2011. The Amended and Restated Revolving Term Supplement provides for a $1 million revolving credit commitment and the commitment fee was eliminated. The commitment has a remaining term of less than one year, maturing on June 30, 2020. The Pledge Agreement provides CoBank with a first-priority security interest in USPBs membership interests in, and distributions from, NBP. All of the $1 million revolving credit commitment was available as of December 28, 2019. Borrowings under the revolving credit commitment bear interest at the base rate or LIBOR rate plus applicable margin. The applicable margin over LIBOR was 200 bps at December 28, 2019. On December 30, 2011, in connection with the closing of the Leucadia Transaction, the Company and CoBank entered into the Consent and First Amendment to Pledge Agreement and Security Agreement, by which CoBank agreed to (i) consent to the Membership Interest Sale and the PA Distribution, (ii) release its security interest in, and liens on, the Membership Interests being sold pursuant to the Membership Interest Sale, (iii) consent to the NBP Pledge and (iv) consent to the amendments and restatements of the NBP Operating Agreement and the PA Newco Operating Agreement. The NBP Pledge grants NBP a perfected security interest in and to USPBs membership interests in, and distributions from, NBP, subject only to the prior first priority security interest held by CoBank. The Company was in compliance with the Master Loan Agreements Net Worth covenant as of December 28, 2019 and December 29, 2018. (b) Operating Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02, Leases Upon review of its lease arrangements, USPB determined that its two office leases were subject to the new leasing standard. The Kansas City, MO office lease has a remaining term of approximately 5.2 years (assuming the final 3-year renewal is exercised) and the Dodge City, KS office has a remaining term of approximately 1.0 years. Neither lease agreement provides for renewals beyond the remaining terms. The monthly lease payment for the Kansas City office is $3,790, subject to annual Consumer Price Index adjustments, which are capped at 3% per year. The monthly lease payment for the Dodge City office is $1,018, which is not subject to adjustment. Both offices are used for general office use only. As of December 28, 2019, the present value of the remaining operating lease payments for the offices equaled $0.2 million and USPBs balance sheet reflected Right of Use Assets and Lease Obligations equal to that amount. The discount rate used to compute the present value was USPBs incremental borrowing rate adjusted for lease term. USPB elected the package of practical expedients permitted under the transition guidance, which allows us to accept: 1) the original determination of whether a contract contained a lease, 2) a subsequent review of existing contracts is not necessary, and 3) USPB does not have to reassess the initial direct costs assigned to leases under previous leasing guidance. The new guidance did not have a material impact on our financial statements. |
4. Employee Options and Benefit
4. Employee Options and Benefit Plans | 12 Months Ended |
Dec. 28, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Employee Options and Benefit Plans | NOTE 4. Employee Options and Benefit Plans In September 2010, USPBs Board of Directors approved a management phantom unit plan. The phantom unit plan provides for the award of unit appreciation rights to management employees of USPB. USPBs CEO administers the phantom unit plan and awards Phantom Units (Class A and Class B Units) to employees in amounts determined by the CEO, subject to the total Phantom Unit amount approved by the Board of Directors of USPB. A total of 5,000 Class A phantom units and 5,000 Class B phantom units were awarded to management employees, with a strike price of $118 and $157, respectively. The closing of the Leucadia Transaction resulted in management employees receiving a payment under the management phantom unit plan. As a result of that payment, the strike price for both the Class A phantom units and Class B phantom units was satisfied and is now $0. As a result of the retirement of one of USPBs employees on December 31, 2014, 50 Class A phantom units and 50 Class B phantom units were forfeited as they were not vested. One third of the retiring employees vested phantom units were exercised and the appreciation rights paid in three tranches (retirement, and first and second anniversary of retirement). At the end of fiscal year 2019, 4,750 Class A phantom units and 4,750 Class B phantom units remain outstanding. The phantom units became fully vested in August 2015. For the management phantom unit plan, compensation expense of $1.0 million, $0.6 million, and $0.3 million was recognized in fiscal years 2019, 2018, and 2017, respectively. On November 16, 2012, USPBs Board of Directors approved the issuance of an additional 1,500 Class A phantom units, with a strike price of $66.04 and 1,500 Class B phantom units, with a strike price of $73.70, to certain members of management, to be effective on January 28, 2013. The phantom units became fully vested in January 2018. Compensation expense of $0.3 million, $0.2 million and $0.1 million was recognized in fiscal years 2019, 2018, and 2017, respectively. As of December 28, 2019 and December 29, 2018, the Company had accrued $2.3 million and $1.9 million, respectively, for the management phantom plans. The accrued amounts are included in Other liabilities on the balance sheet. USPB provides its employees the opportunity to earn cash incentives and bonuses. The cash incentive and bonus plans were designed to provide the financial incentive to the employees to influence USPB unitholder benefits and are only paid after certain levels of benefits have been achieved. As of December 28, 2019 and December 29, 2018, the Company had accrued $1.4 million and $1.3 million, respectively, for the cash incentive and bonus plans. The accrued amounts are included in Accrued compensation and benefits on the balance sheet. The Company maintains a tax-qualified employee savings and retirement plan (401(k) Plan) covering the Companys non-union employees. Pursuant to the 401(k) Plan, eligible employees may elect to reduce their current compensation by up to the lesser of 75% of their annual compensation or the statutorily prescribed annual limit and have the amount of such reduction contributed to the 401(k) Plan. The 401(k) Plan provides for additional matching contributions by the Company, based on specific terms contained in the 401(k) Plan. The trustee of the 401(k) Plan, at the direction of each participant, invests the assets of the 401(k) Plan in designated investment options. The 401(k) Plan is intended to qualify under Section 401 of the Internal Revenue Code. Expenses related to the 401(k) Plan totaled approximately $0.1 million, $0.1 million, and $0.1 million for fiscal years 2019, 2018, and 2017, respectively. |
5. Other Income
5. Other Income | 12 Months Ended |
Dec. 28, 2019 | |
Other income : | |
Other Income | NOTE 5. Other Income Other non-operating income, net was $0.5 million, $0.4 million, and $0.1 million, for fiscal years 2019, 2018, and 2017, respectively. Other non-operating income primarily includes income related to lease income on additional delivery rights made available by the Company. |
6. Income Taxes
6. Income Taxes | 12 Months Ended |
Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 6. Income Taxes USPB is structured as an LLC and is taxed as a partnership for federal income tax purposes. As a result, its taxable income/loss are passed through to the unitholders at the end of each tax year. Certain states assess an entity level tax, which is paid by USPB. Such taxes were less than $0.1 million in tax years 2019, 2018, and 2017. |
7. Related Party Transactions
7. Related Party Transactions | 12 Months Ended |
Dec. 28, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 7. Related Party Transactions All of the Companys directors hold Class A units of the Company. By virtue of their ownership of the units, each of these individuals is obligated to deliver cattle to the Company. The amount and terms of the payments received by these individuals (or the entities they represent) for the delivery of cattle are made on exactly the same basis as those received by other unitholders of the Company for the delivery of their cattle. On June 10, 2019, USPB entered into the First Amended and Restated Cattle Purchase and Sale Agreement with NBP (Amended Agreement). Per the terms and conditions of the Amended Agreement, NBP is required to purchase through USPB from its members, and USPB is required to cause to be sold and delivered from its members to NBP, a base amount of 735,385 (subject to adjustment) head of cattle per year. In fiscal years 2019, 2018, and 2017, USPB elected to increase the number of cattle that its members could deliver during USPBs delivery year by up to 10%. During fiscal years 2019, 2018, and 2017, USPBs members and associates provided approximately 23%, 25%, and 24%, respectively, of NBPs total cattle requirements. The purchase price for the cattle is determined by pricing grids, which, at all times, are required to be no less favorable than any other pricing grid being utilized by NBP and the pricing grid shall be competitive with NBPs major competitors for the purchase of cattle. NBP believes the pricing grids are based on terms that could be obtained from an unaffiliated party. The terms and conditions of the Amended Agreement are substantially the same as the previous agreement except in the following material ways: Under the Amended Agreement, if NBP acquires or develops new processing (slaughter) facilities, then USPB has a first right to provide 25% of the cattle to the new NBP facility. The purchase price of cattle delivered by USPB members to the Tama, Iowa processing facility shall be no less favorable than any other pricing grid that NBP offers to any other seller of cattle delivering to such Tama, Iowa processing facility or to non-grid cattle with comparable performance. On each anniversary of the Amended Agreement, the term of the Amended Agreement shall be extended to five years, unless either party elects to not extend the term. NBP also purchased additional cattle from certain USPB members and associates outside of the Amended Agreement. On June 10, 2019, the members of NBP acquired 100% of the ownership interests in Iowa Premium, LLC (Iowa Premium) from Sysco Holdings, LLC for $153.2 million in cash after customary working capital adjustments. The cash utilized by NBPs members for the acquisition was distributed from NBP and immediately upon closing of the acquisition, each of the members of NBP contributed all its Iowa Premium ownership interests to NBP. The distribution, acquisition and contribution transactions were governed by several related agreements that resulted in NBP, in substance, acquiring 100% of the Iowa Premium ownership interests. On November 29, 2019, Jefferies Financial Group, Inc. (Jefferies) sold its remaining ownership interest in NBP to a combination of NBM US Holdings, Inc., a Delaware corporation owned by Marfrig Global Foods S.A.; NBPCo Holdings, LLC; and TMK Holdings, LLC. USPBs Board of Directors elected to not participate in the acquisition and, as a result, USPBs ownership interest in National Beef remained at 15.0729%. In conjunction with its sale of ownership interests, NBPs members, including USPB, received proportionate special distributions and tax distributions from NBP. At December 28, 2019 and December 29, 2018, the Company had receivables of less than $0.1 million due from unitholders and associates. At December 28, 2019 and December 29, 2018, the Company had payables of less than $0.1 million due to unitholders and associates. |
8. Legal Proceedings
8. Legal Proceedings | 12 Months Ended |
Dec. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | NOTE 8. Legal Proceedings As of December 28, 2019, USPB is not currently involved in any litigation. However, because its ownership interest in NBP is USPBs largest asset and because of the cattle procurement and distribution relationship between USPB and NBP, litigation involving NBP may impact USPB. NBP is a defendant in two class action lawsuits in the United States District Court, Minnesota District alleging that it violated the Sherman Antitrust Act, the Packers and Stockyards Act, the Commodity Exchange Act, and various state laws (the Antitrust Cases). The Antitrust Cases are entitled In re Cattle Antitrust Litigation Peterson et al. v. JBS USA Food Company Holdings, et al Thornton v. Tyson Foods, Inc., et al. Lucero v. Tyson Foods, et al NBP is a party to various other lawsuits and claims arising out of the operation of its business. Management believes the ultimate resolution of such matters should not have a material adverse effect on NPBs financial condition, results of operations or liquidity. USPB is not able to assess what impact, if any, the actions described above will have on NBP or USPB. |
9. Quarterly Results (Unaudited
9. Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | NOTE 9. Quarterly Results (Unaudited) Selected quarterly financial data for fiscal years 2019 and 2018 are set forth below (dollars in thousands, except per unit data): Operating Net Basic and Diluted Earnings Per Net Sales Loss Income Class A Unit Class B Unit 2019 quarterly results: March 30, 2019 $ – $ (1,809 ) $ 10,538 $ 1.43 $ 12.56 June 29, 2019 – (891 ) 24,748 $ 3.37 $ 29.49 September 28, 2019 – (822 ) 41,350 $ 5.62 $ 49.27 December 28, 2019 – (1,574 ) 41,365 $ 5.63 $ 49.27 $ – $ (5,096 ) $ 118,001 2018 quarterly results: March 31, 2018 $ – $ (1,445 ) $ 9,201 $ 1.25 $ 10.96 June 30, 2018 – (1,092 ) 27,788 $ 3.78 $ 33.11 September 29, 2018 – (816 ) 28,928 $ 3.93 $ 34.47 December 29, 2018 – (1,135 ) 20,671 $ 2.81 $ 24.63 $ – $ (4,488 ) $ 86,588 |
10. Subsequent Events
10. Subsequent Events | 12 Months Ended |
Dec. 28, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10. Subsequent Events USPB has evaluated subsequent events through the date the financial statements were issued and determined there were no such events to report. |
2. Basis of Presentation and _2
2. Basis of Presentation and Accounting Policies (policies) | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation 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. |
Fiscal Year | Fiscal Year The Companys fiscal year ends on the last Saturday in December. The Company files annual reports for each 52 week or 53 week period ended on the last Saturday in December. |
Use of Estimates | Use of Estimates The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, using managements best estimates and judgments where appropriate. These estimates and judgments affect the reported amounts of 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December 28, 2019 and December 29, 2018, the Companys balance sheet reflected Cash and cash equivalents of $77.9 million and $88.4 million, respectively. |
Investment in National Beef Packing Company, LLC | Investment in National Beef Packing Company, LLC USPBs 15.0729% investment in NBP 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. he table below summarizes the changes to USPBs investment in NBP. December 28, 2019 December 29, 2018 (thousands of dollars) Beginning Investment Balance $ 143,361 $ 140,030 Purchase of ownership interest 23,692 — Equity in net income 121,464 89,610 Distributions (156,731 ) (86,279 ) Ending Investment Balance $ 131,786 $ 143,361 For fiscal years 2019 and 2018, USPB conducted an evaluation to determine if its investment in NBP was impaired as of the end of the fiscal year in accordance with Auditing Standards Codification (ASC) 323 Investments Equity Method and Joint Ventures On June 10, 2019, the members of NBP acquired 100% of the ownership interests in Iowa Premium, LLC (Iowa Premium) from Sysco Holdings, LLC for $153.2 million in cash after customary working capital adjustments. The cash utilized by NBPs members for the acquisition was distributed from NBP and immediately upon closing of the acquisition, each of the members of NBP contributed all its Iowa Premium ownership interests to NBP. The distribution, acquisition and contribution transactions were governed by several related agreements that resulted in NBP, in substance, acquiring 100% of the Iowa Premium ownership interests. On November 29, 2019, Jefferies Financial Group, Inc. sold its remaining ownership interest in NBP to a combination of NBM US Holdings, Inc., a Delaware corporation owned by Marfrig Global Foods S.A.; NBPCo Holdings, LLC; and TMK Holdings, LLC. USPB elected to not participate in the acquisition and, as a result, USPBs ownership interest in National Beef remained at 15.0729%. In conjunction with the sale, NBPs members, including USPB, received proportionate special distributions and tax distributions from NBP. |
Property, Plant and Equipment | Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Property, plant, and equipment are depreciated principally on a straight-line basis over the estimated useful life (based upon original acquisition date) of the individual asset by major asset class as follows: Machinery and equipment 2 to 15 years Furniture and fixtures 3 to 5 years Trailers and automotive equipment 2 to 5 years Normal repairs and maintenance costs are charged to Selling, general and administrative expenses, as incurred. A summary of cost and accumulated depreciation for property, plant, and equipment as of December 28, 2019 and December 29, 2018 follows (thousands of dollars): December 28, 2019 December 29, 2018 Machinery and equipment $ 19 $ 24 Furniture and fixtures 147 147 Trailers and automotive equipment 72 29 Total property, plant, and equipment, at cost 238 200 Accumulated depreciation 195 183 Property, plant, and equipment, net $ 43 $ 17 Depreciation expense was less than $0.1 million for fiscal years ended December 28, 2019 and December 29, 2018. |
Distributions Payable | Distributions Payable USPB utilizes a controlled disbursement account to fund cash distribution checks presented for payment by the holder. Checks that have been issued but have not cleared are reflected on the balance sheet as a reduction in cash. Amounts for checks that have not yet been issued are included in distributions payable and the change in the related balances are reflected in financing activities on the statement of cash flows. Distributions payable were less than $0.1 million as of December 28, 2019 and $5.7 million at December 29, 2018. |
Income Taxes | Income Taxes Effective August 29, 2004, the Company converted to an LLC, and under this structure, taxes are not assessed at the Company level as the results of operations are included in the taxable income of the individual members. Although income taxes are assessed to the individual members, USPB is required to withhold state income taxes from the cash distributions it makes to it members. As of December 28, 2019 and December 29, 2018, Other accrued expenses and liabilities on the Companys balance sheet reflected state taxes payable of $1.2 million and $0.4 million, respectively. |
Selling, General and Administrative | Selling, General, and Administrative Selling expenses consist primarily of salaries, bonuses, phantom unit option expense, trade promotions, advertising, commissions and other marketing costs. General and administrative costs consist primarily of general management, insurance and professional expenses. |
Noncompetition Payments | Noncompetition Payments The former CEOs employment agreement provided for him to receive noncompetition payments in connection with the Leucadia Transaction. During fiscal years 2019 and 2018, the former CEO was paid $845,897 and $844,938, respectively, in noncompetition payments. He will continue to receive noncompetition payments of approximately $845,000 per year during calendar years 2020 and 2021. The current CEOs employment agreement provides for him to receive noncompetition payments for a twelve-month period following his termination of employment with USPB. As of December 28, 2019 and December 29, 2018, the Company had accrued $1.9 million and $2.7 million, respectively, for the noncompetition agreements. The current and long-term portion of the accrued amounts are included in Accrued compensation and benefits and Other liabilities, respectively, on the balance sheet. The table below summarizes the current and long-term portions of the accrued non-compete amounts: December 28, 2019 December 29, 2018 (thousands of dollars) Current non-compete $ 848 $ 846 Long-term non-compete 1,089 1,843 $ 1,937 $ 2,689 |
Business Segments | Business Segments USPB is not organized by multiple operating segments for the purpose of making operating decisions or assessing performance. Accordingly, USPB has one reportable segment. |
Earnings Per Unit | Earnings 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, earnings per unit (EPU) has been presented in the accompanying Statement of Operations and in the table that follows. Basic EPU excludes dilution and is computed by first allocating 10% of net income or loss attributable to USPB to Class A units and the remaining 90% is allocated to Class B units. Net income or 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 Per Unit Calculation 52 weeks ended 52 weeks ended 52 weeks ended (thousands of dollars, except unit and per unit data) December 28, 2019 December 29, 2018 December 30, 2017 Basic and diluted earnings per unit: Income attributable to USPB available to unitholders (numerator) Class A $ 11,800 $ 8,659 $ 5,748 Class B $ 106,201 $ 77,929 $ 51,733 Weighted average outstanding units (denominator) Class A 735,385 735,385 735,385 Class B 755,385 755,385 755,385 Per unit amount Class A $ 16.05 $ 11.77 $ 7.82 Class B $ 140.59 $ 103.16 $ 68.49 |
2. Basis of Presentation and _3
2. Basis of Presentation and Accounting Policies (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Schedule of changes to USPB’s investment in NBP | The table below summarizes the changes to USPBs investment in NBP. December 28, 2019 December 29, 2018 (thousands of dollars) Beginning Investment Balance $ 143,361 $ 140,030 Purchase of ownership interest 23,692 — Equity in net income 121,464 89,610 Distributions (156,731 ) (86,279 ) Ending Investment Balance $ 131,786 $ 143,361 |
Schedule of Property Plant And Equipment Estimated Useful Life | Property, plant, and equipment are recorded at cost. Property, plant, and equipment are depreciated principally on a straight-line basis over the estimated useful life (based upon original acquisition date) of the individual asset by major asset class as follows: Machinery and equipment 2 to 15 years Furniture and fixtures 3 to 5 years Trailers and automotive equipment 2 to 5 years |
Schedule of cost and accumulated depreciation for property, plant, and equipment | A summary of cost and accumulated depreciation for property, plant, and equipment as of December 28, 2019 and December 29, 2018 follows (thousands of dollars): December 28, 2019 December 29, 2018 Machinery and equipment $ 19 $ 24 Furniture and fixtures 147 147 Trailers and automotive equipment 72 29 Total property, plant, and equipment, at cost 238 200 Accumulated depreciation 195 183 Property, plant, and equipment, net $ 43 $ 17 |
Summary of current and long-term portions of accrued non-compete amounts | The table below summarizes the current and long-term portions of the accrued non-compete amounts: December 28, 2019 December 29, 2018 (thousands of dollars) Current non-compete $ 848 $ 846 Long-term non-compete 1,089 1,843 $ 1,937 $ 2,689 |
Schedule of Income Per Unit Calculation | There are no potentially dilutive Class A or Class B units outstanding. Income Per Unit Calculation 52 weeks ended 52 weeks ended 52 weeks ended (thousands of dollars, except unit and per unit data) December 28, 2019 December 29, 2018 December 30, 2017 Basic and diluted earnings per unit: Income attributable to USPB available to unitholders (numerator) Class A $ 11,800 $ 8,659 $ 5,748 Class B $ 106,201 $ 77,929 $ 51,733 Weighted average outstanding units (denominator) Class A 735,385 735,385 735,385 Class B 755,385 755,385 755,385 Per unit amount Class A $ 16.05 $ 11.77 $ 7.82 Class B $ 140.59 $ 103.16 $ 68.49 |
9. Quarterly Results (Unaudit_2
9. Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of selected quarterly financial data for fiscal years | Operating Net Basic and Diluted Earnings Per Net Sales Loss Income Class A Unit Class B Unit 2019 quarterly results: March 30, 2019 $ – $ (1,809 ) $ 10,538 $ 1.43 $ 12.56 June 29, 2019 – (891 ) 24,748 $ 3.37 $ 29.49 September 28, 2019 – (822 ) 41,350 $ 5.62 $ 49.27 December 28, 2019 – (1,574 ) 41,365 $ 5.63 $ 49.27 $ – $ (5,096 ) $ 118,001 2018 quarterly results: March 31, 2018 $ – $ (1,445 ) $ 9,201 $ 1.25 $ 10.96 June 30, 2018 – (1,092 ) 27,788 $ 3.78 $ 33.11 September 29, 2018 – (816 ) 28,928 $ 3.93 $ 34.47 December 29, 2018 – (1,135 ) 20,671 $ 2.81 $ 24.63 $ – $ (4,488 ) $ 86,588 |
1. Description of Business (Det
1. Description of Business (Details Narrative) | Dec. 28, 2019 |
National Beef Packing Company, LLC [Member] | |
Equity method percentage owned | 15.0729% |
2. Basis of Presentation and _4
2. Basis of Presentation and Accounting Policies (Details - Changes to USPB’s investment in NBP) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Accounting Policies [Abstract] | |||
Beginning Investment Balance | $ 143,361 | $ 140,030 | |
Purchase of ownership interest | 23,692 | 0 | |
Equity in net income | 121,464 | 89,610 | $ 61,056 |
Distributions | (156,731) | (86,279) | |
Ending Investment Balance | $ 131,786 | $ 143,361 | $ 140,030 |
2. Basis of Presentation and _5
2. Basis of Presentation and Accounting Policies (Details - Useful lives) | 12 Months Ended |
Dec. 28, 2019 | |
Machinery and Equipment [Member] | |
Property and equipment useful lives | 2 to 15 years |
Furniture and Fixtures [Member] | |
Property and equipment useful lives | 3 to 5 years |
Trailers and Automotive Equipment [Member] | |
Property and equipment useful lives | 2 to 5 years |
2. Basis of Presentation and _6
2. Basis of Presentation and Accounting Policies (Details - Property schedule) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Property, plant and equipment, gross | $ 238 | $ 200 |
Accumulated depreciation | 195 | 183 |
Property, plant and equipment, net | 43 | 17 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 19 | 24 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 147 | 147 |
Trailers and Automotive Equipment [Member] | ||
Property, plant and equipment, gross | $ 72 | $ 29 |
2. Basis of Presentation and _7
2. Basis of Presentation and Accounting Policies (Details - Current and long-term portions of the accrued non-compete amounts) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Accounting Policies [Abstract] | ||
Current non-compete | $ 848 | $ 846 |
Long-term non-compete | 1,089 | 1,843 |
Total non-compete | $ 1,937 | $ 2,689 |
2. Basis of Presentation and _8
2. Basis of Presentation and Accounting Policies (Details - Income (Loss) calculation) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Class A Units [Member] | |||
Basic and diluted earnings per unit: | |||
Income attributable to USPB available to unitholders (numerator) | $ 11,800 | $ 8,659 | $ 5,748 |
Weighted average outstanding units (denominator) | 735,385 | 735,385 | 735,385 |
Per unit amount | $ 16.05 | $ 11.77 | $ 7.82 |
Class B Units [Member] | |||
Basic and diluted earnings per unit: | |||
Income attributable to USPB available to unitholders (numerator) | $ 106,201 | $ 77,929 | $ 51,733 |
Weighted average outstanding units (denominator) | 755,385 | 755,385 | 755,385 |
Per unit amount | $ 140.59 | $ 103.16 | $ 68.49 |
2. Basis of Presentation and _9
2. Basis of Presentation and Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 29, 2019 | Dec. 30, 2017 | Dec. 31, 2016 | |
Cash and cash equivalents | $ 77,909 | $ 88,411 | $ 119,074 | $ 85,230 | |
Depreciation expense | 100 | ||||
Distributions payable | 50 | 5,687 | |||
State taxes payable | 1,200 | 400 | |||
Accrued Noncompetition Payments | 1,900 | 2,700 | |||
Former CEO [Member] | |||||
Payments for noncompetition agreement | $ 846 | 845 | |||
Noncompetition payment payable year one | $ 845 | ||||
Noncompetition payment payable year two | $ 845 | ||||
National Beef Packing Company, LLC [Member] | |||||
Equity method percentage owned | 15.0729% | ||||
Equity method impairment | $ 0 | $ 0 |
3. Long-Term Debt and Loan Ag_2
3. Long-Term Debt and Loan Agreements (Details Narrative) | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Remaining operating lease payments | $ 200,000 |
Dodge City, KS Office Lease [Member] | |
Remaining term of lease | 1 year |
Lease periodic term | monthly |
Lease periodic payment | $ 1,018 |
Kansas City, MO Office Lease [Member] | |
Remaining term of lease | 5 years 2 months 12 days |
Lease periodic term | monthly |
Lease periodic payment | $ 3,790 |
CoBank [Member] | Revolving Credit Facility [Member] | |
Credit line maximum borrowing capacity | 1,000,000 |
Credit line, remaining borrowing capacity | $ 1,000,000 |
Credit line expiration date | Jun. 30, 2020 |
Credit line interest terms | Base rate or LIBOR rate plus applicable margin |
4. Employee Options and Benef_2
4. Employee Options and Benefit Plans (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Accrued compensation and benefits | $ 2,260 | $ 2,158 | |
401K plan expenses | 100 | 100 | $ 100 |
Management Phantom Unit Plan [Member] | |||
Share-based compensation expense | 1,000 | 600 | 300 |
Accrued liabilities | 2,300 | 1,900 | |
Cash Incentive And Bonus Plans [Member] | |||
Accrued compensation and benefits | $ 1,400 | 1,300 | |
Class A Phantom Units [Member] | |||
Phantom units outstanding | 4,750 | ||
Class B Phantom Units [Member] | |||
Phantom units outstanding | 4,750 | ||
Additional Class A Phantom Units [Member] | |||
Phantom units outstanding | 1,500 | ||
Additional Class A Phantom Units [Member] | Management Phantom Unit Plan [Member] | Certain Members of Management [Member] | |||
Share-based compensation expense | $ 300 | $ 200 | $ 100 |
Additional Class B Phantom Units [Member] | |||
Phantom units outstanding | 1,500 |
5. Other Income (Details Narrat
5. Other Income (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Other income : | |||
Other non-operating income | $ 481 | $ 408 | $ 138 |
6. Income Taxes (Details Narrat
6. Income Taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense | $ 100 | $ 100 | $ 100 |
7. Related Party Transactions (
7. Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Accounts receivable from unitholders | $ 100 | $ 100 | |
Accounts payables to unitholders | $ 100 | $ 100 | |
National Beef Packing Company, LLC [Member] | |||
Equity method percentage owned | 15.0729% | ||
National Beef Packing Company, LLC [Member] | Cattle requirements [Member] | |||
Concentration percentage | 23.00% | 25.00% | 24.00% |
9. Quarterly Results (Unaudit_3
9. Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Net Sales | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Loss | (1,574) | (822) | (891) | (1,809) | (1,135) | (816) | (1,092) | (1,445) | (5,096) | (4,488) | (4,021) |
Net Income (Loss) | $ 41,365 | $ 41,350 | $ 24,748 | $ 10,538 | $ 20,671 | $ 28,928 | $ 27,788 | $ 9,201 | $ 118,001 | $ 86,588 | $ 57,481 |
Class A Units [Member] | |||||||||||
Basic and Diluted Earnings Per Unit | $ 5.63 | $ 5.62 | $ 3.37 | $ 1.43 | $ 2.81 | $ 3.93 | $ 3.78 | $ 1.25 | |||
Class B Units [Member] | |||||||||||
Basic and Diluted Earnings Per Unit | $ 49.27 | $ 49.27 | $ 29.49 | $ 12.56 | $ 24.63 | $ 34.47 | $ 33.11 | $ 10.96 |