Cover
Cover - shares | 6 Months Ended | |
Jun. 26, 2021 | Jul. 31, 2021 | |
Affiliate, Collateralized Security [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 26, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-26 | |
Entity File Number | 333-115164 | |
Entity Registrant Name | U.S. PREMIUM BEEF, LLC | |
Entity Central Index Key | 0001289237 | |
Entity Tax Identification Number | 20-1576986 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 12200 North Ambassador Drive | |
Entity Address, City or Town | Kansas City | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 64163 | |
City Area Code | 866 | |
Local Phone Number | 877-2525 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Class A Units [Member] | ||
Affiliate, Collateralized Security [Line Items] | ||
Entity Common Stock, Shares Outstanding | 735,385 | |
Class B Units [Member] | ||
Affiliate, Collateralized Security [Line Items] | ||
Entity Common Stock, Shares Outstanding | 755,385 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 62,484 | $ 76,769 |
Accounts receivable | 1,194 | 317 |
Due from affiliates | 40 | 55 |
Other current assets | 18 | 29 |
Total current assets | 63,736 | 77,170 |
Property, plant, and equipment, at cost | 243 | 243 |
Less accumulated depreciation | 216 | 210 |
Net property, plant, and equipment | 27 | 33 |
Right of use assets, net | 193 | 219 |
Investment in National Beef Packing Company, LLC | 188,692 | 131,494 |
Other assets | 2 | 12 |
Total assets | 252,650 | 208,928 |
Current liabilities: | ||
Accounts payable - trade | 15 | 17 |
Due to affiliates | 5 | 5 |
Accrued compensation and benefits | 1,338 | 2,243 |
Lease obligations | 52 | 51 |
Other accrued expenses and liabilities | 382 | 579 |
Distributions Payable | 1,220 | 2 |
Total current liabilities | 3,012 | 2,897 |
Long-term liabilities: | ||
Lease obligations | 141 | 168 |
Other liabilities | 6,024 | 5,621 |
Total long-term liabilities | 6,165 | 5,789 |
Total liabilities | 9,177 | 8,686 |
Commitments and contingencies | ||
Members' capital | ||
Members' contributed capital, 735,385 Class A units and 755,385 Class B units authorized, issued and outstanding | 243,473 | 200,242 |
Total members' capital | 243,473 | 200,242 |
Total liabilities and members' capital | $ 252,650 | $ 208,928 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - shares | Jun. 26, 2021 | Dec. 26, 2020 |
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. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Affiliate, Collateralized Security [Line Items] | ||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |
Costs and expenses: | ||||
Cost of sales | 0 | 0 | 0 | 0 |
Selling, general, and administrative expenses | 1,065 | 1,221 | 2,549 | 2,347 |
Depreciation and amortization | 3 | 4 | 6 | 9 |
Total costs and expenses | 1,068 | 1,225 | 2,555 | 2,356 |
Operating loss | (1,068) | (1,225) | (2,555) | (2,356) |
Other income: | ||||
Interest income | 2 | 7 | 4 | 158 |
Interest expense | 0 | 0 | 0 | (2) |
Equity in income of National Beef Packing Company, LLC | 103,198 | 102,385 | 139,757 | 115,484 |
Other, net | 202 | 37 | 257 | 96 |
Total other income | 103,402 | 102,429 | 140,018 | 115,736 |
Net income | $ 102,334 | $ 101,204 | $ 137,463 | $ 113,380 |
Class A Units [Member] | ||||
Income per unit: | ||||
Basic and diluted | $ 13.92 | $ 13.76 | $ 18.69 | $ 15.42 |
Outstanding weighted-average Class A and Class B units: | ||||
Basic and diluted | 735,385 | 735,385 | 735,385 | 735,385 |
Class B Units [Member] | ||||
Income per unit: | ||||
Basic and diluted | $ 121.93 | $ 120.58 | $ 163.78 | $ 135.09 |
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. 26, 2021 | Jun. 27, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 137,463 | $ 113,380 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6 | 9 |
Equity in net income of National Beef Packing Company, LLC | (139,757) | (115,484) |
Distributions from National Beef Packing Company, LLC | 82,559 | 7,853 |
Changes in assets and liabilities: | ||
Accounts receivable | (877) | (272) |
Due from affiliates | 15 | 26 |
Other assets | 21 | (164) |
Accounts payable | (2) | 47 |
Due to affiliates | 0 | (29) |
Accrued compensation and benefits | (502) | (775) |
Other accrued expenses and liabilities | (197) | (522) |
Net cash provided by operating activities | 78,729 | 4,069 |
Cash flows from investing activities: | ||
Capital expenditures, including interest capitalized | 0 | (6) |
Net cash used in investing activities | 0 | (6) |
Cash flows from financing activities: | ||
Member distributions | (93,014) | (50,129) |
Net cash used in financing activities | (93,014) | (50,129) |
Net decrease in cash | (14,285) | (46,066) |
Cash and cash equivalents at beginning of period | 76,769 | 77,909 |
Cash and cash equivalents at end of period | $ 62,484 | $ 31,843 |
Interim Financial Statements
Interim Financial Statements | 6 Months Ended |
Jun. 26, 2021 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | (1) Interim Financial Statements Basis of Presentation The accompanying unaudited 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 Financial Statements and Notes to 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 26, 2020. The results of operations for the interim periods presented are not necessarily indicative of the results for a full fiscal year. |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 26, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies | (2) Accounting Policies Accounting for Investment in NBP 15.0729 Operating losses, diminished cash flows, economic and industry events, pandemics, such as coronavirus disease (COVID-19), and a variety of other factors may result in a decrease in the value of the investment, which is other than temporary. Such potential decreases in value, if deemed other than temporary, will cause the Company to record an impairment charge, which may have an impact on the trading values of USPB’s Class A and Class B units. However, NBP’s plants are all operational at the present time and its results of operations are highly profitable, as reflected in Note 6. As a result, we believe the fair value of our investment in NBP exceeds the carrying value. Cash and Cash Equivalents 62,484 Distributions Payable 1,220 2 |
Noncompetition Agreements
Noncompetition Agreements | 6 Months Ended |
Jun. 26, 2021 | |
Noncompetition Agreements | |
Noncompetition Agreements | (3) Noncompetition Agreements The former CEO’s employment agreement provided for him to receive noncompetition payments in connection with the Leucadia Transaction. He will receive noncompetition payments of approximately $ 0.4 The current CEO’s employment agreement provides for him to receive noncompetition payments for a twelve-month period following his termination of employment with USPB. As of June 26, 2021 and December 26, 2020, the Company had accrued $ 0.7 1.2 Schedule of non-compete amounts June 26, 2021 December 26, 2020 (thousands of dollars) Current non-compete $ 424 $ 849 Long-term non-compete 315 308 Total non-compete $ 739 $ 1,157 |
Employee Compensation Plans
Employee Compensation Plans | 6 Months Ended |
Jun. 26, 2021 | |
Retirement Benefits [Abstract] | |
Employee Compensation Plans | (4) Employee Compensation Plans In September 2010, USPB’s Board of Directors approved a management phantom unit plan and subsequently awarded phantom units in fiscal years 2010 and 2013. As of June 26, 2021 and December 26, 2020, the Company had accrued $ 5.9 5.3 USPB provides its employees the opportunity to earn cash incentives and bonuses. As of June 26, 2021 and December 26, 2020, the Company had accrued $ 0.7 1.4 |
Earnings Per Unit
Earnings Per Unit | 6 Months Ended |
Jun. 26, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Unit | (5) Earnings Per Unit Under the LLC structure, earnings of the Company are to be allocated to unitholders based on their proportionate share of underlying equity. Earnings 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 USPB’s net income or net loss to Class A units and the remainder is allocated to Class B units. For the thirteen and twenty-six week periods ended June 26, 2021 and June 27, 2020, 10% of USPB’s net income was allocated to the Class A’s and 90% to the Class B’s. The net income allocated to the Class A and Class B units were 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. Reconciliation of earnings per unit Income Per Unit Calculation 13 weeks ended 26 weeks ended (thousands of dollars, except unit and per unit data) June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Basic and diluted earnings per unit: Income attributable to USPB available to unitholders (numerator) Class A $ 10,233 $ 10,120 $ 13,746 $ 11,338 Class B $ 92,101 $ 91,084 $ 123,717 $ 102,042 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 $ 13.92 $ 13.76 $ 18.69 $ 15.42 Class B $ 121.93 $ 120.58 $ 163.78 $ 135.09 |
Investment in National Beef Pac
Investment in National Beef Packing Company, LLC | 6 Months Ended |
Jun. 26, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in National Beef Packing Company, LLC | (6) Investment in National Beef Packing Company, LLC USPB’s 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. The table below summarizes the changes to USPB’s investment in NBP for the twenty-six week periods ended June 26, 2021 and June 27, 2020 (thousands of dollars): Investment roll forward Beginning Investment at December 26, 2020 $ 131,494 Equity in net income for twenty-six week period 139,757 Distributions (82,559 ) Ending Investment at June 26, 2021 $ 188,692 Beginning Investment at December 28, 2019 $ 131,786 Equity in net income for twenty-six week period 115,484 Distributions (7,853 ) Ending Investment at June 27, 2020 $ 239,417 Below is a summary of the results of operations for NBP for the thirteen-week and twenty-six week periods ended June 26, 2021 and June 27, 2020 (thousands of dollars): Schedule of Operations for NBP 13 weeks ended 26 weeks ended June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Net sales $ 2,948,388 $ 2,677,697 $ 5,264,003 $ 4,863,046 Costs and expenses: Cost of sales 2,210,339 1,947,262 4,233,893 3,995,881 Selling, general, and administrative expenses 22,052 20,859 40,917 39,233 Depreciation and amortization 28,004 26,795 55,673 53,323 Total costs and expenses 2,260,395 1,994,916 4,330,483 4,088,437 Operating income 687,993 682,781 933,520 774,609 Other income (expense): Interest income 12 56 98 137 Interest expense (2,396 ) (2,323 ) (4,796 ) (6,571 ) Income before taxes 685,609 680,514 928,822 768,175 Income tax expense (952 ) (1,250 ) (1,616 ) (2,004 ) Net income $ 684,657 $ 679,264 $ 927,206 $ 766,171 NBP's net income attributable to USPB $ 103,198 $ 102,385 $ 139,757 $ 115,484 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 26, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (7) 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 June 26, 2021, Other accrued expenses and liabilities on the Company’s balance sheet reflected state taxes payable of $ 0.3 |
Long-term Debt and Loan Agreeme
Long-term Debt and Loan Agreements | 6 Months Ended |
Jun. 26, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Loan Agreements | (8) Long-term Debt and Loan Agreements On July 13, 2020, USPB, and CoBank, ACB (“CoBank”), entered into a Credit Agreement, Amended and Restated Revolving Term Promissory Note (“Promissory Note”), and an Affirmation of Pledge Agreement. The Credit Agreement and Promissory Note provide for a $ 1.0 June 30, 2025 1.0 |
Members_ Capital
Members’ Capital | 6 Months Ended |
Jun. 26, 2021 | |
Members Capital | |
Members’ Capital | (9) Members’ Capital The following table represents a reconciliation of Members’ Capital for the twenty-six week periods ended June 26, 2021 and June 27, 2020 (unaudited) (thousands of dollars). Schedule of Reconciliation of Members' Capital Balance at December 26, 2020 $ 200,242 Allocation of net income for the thirteen-week period ended March 27, 2021 35,129 Member distributions Class A ($6.32 per Class A unit) (4,646 ) Class B ($55.36 per Class B unit) (41,817 ) Balance at March 27, 2021 188,908 Allocation of net income for the thirteen-week period ended June 26, 2021 102,334 Member distributions Class A ($6.49 per Class A unit) (4,777 ) Class B ($56.92 per Class B unit) (42,992 ) Balance at June 26, 2021 $ 243,473 Balance at December 28, 2019 $ 202,837 Allocation of net income for the thirteen-week period ended March 28, 2020 12,176 Balance at March 28, 2020 215,013 Allocation of net income for the thirteen-week period ended June 27, 2020 101,204 Member distributions Class A ($6.81 per Class A unit) (5,008 ) Class B ($59.67 per Class B unit) (45,071 ) Balance at June 27, 2020 $ 266,138 |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 26, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | (10) Legal Proceedings USPB is not currently involved in any litigation. However, because its ownership interest in NBP is USPB’s 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 four 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 In re DPP Beef Litigation, Erbert & Gerbert’s, Inc. v. JBS USA Food Company Holdings, et al. Thornton v. Tyson Foods, Inc., et al. Lucero v. Tyson Foods, et al In addition to the antitrust litigation, NBP is subject to investigations by the United States Department of Justice and approximately 30 state attorneys general regarding industry cattle procurement practices. NBP is cooperating with these investigations and is working with the Department of Justice and the relevant states to provide information requested in connection with the investigations. NBP believes it has meritorious defenses to any potential claims that might arise out of these government investigations, although there can be no assurance as to the outcome of these investigations or the impact on NBP’s consolidated financial position, results of operations and cash flows. 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 NPB’s 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 26, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | (11) Subsequent Events USPB has evaluated subsequent events through the date the financial statements were issued and determined there were no such events to report. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 26, 2021 | |
Accounting Policies [Abstract] | |
Accounting for Investment in NBP | Accounting for Investment in NBP 15.0729 Operating losses, diminished cash flows, economic and industry events, pandemics, such as coronavirus disease (COVID-19), and a variety of other factors may result in a decrease in the value of the investment, which is other than temporary. Such potential decreases in value, if deemed other than temporary, will cause the Company to record an impairment charge, which may have an impact on the trading values of USPB’s Class A and Class B units. However, NBP’s plants are all operational at the present time and its results of operations are highly profitable, as reflected in Note 6. As a result, we believe the fair value of our investment in NBP exceeds the carrying value. |
Cash and Cash Equivalents | Cash and Cash Equivalents 62,484 |
Distributions Payable | Distributions Payable 1,220 2 |
Noncompetition Agreements (Tabl
Noncompetition Agreements (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Noncompetition Agreements | |
Schedule of non-compete amounts | Schedule of non-compete amounts June 26, 2021 December 26, 2020 (thousands of dollars) Current non-compete $ 424 $ 849 Long-term non-compete 315 308 Total non-compete $ 739 $ 1,157 |
Earnings Per Unit (Tables)
Earnings Per Unit (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of earnings per unit | Reconciliation of earnings per unit Income Per Unit Calculation 13 weeks ended 26 weeks ended (thousands of dollars, except unit and per unit data) June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Basic and diluted earnings per unit: Income attributable to USPB available to unitholders (numerator) Class A $ 10,233 $ 10,120 $ 13,746 $ 11,338 Class B $ 92,101 $ 91,084 $ 123,717 $ 102,042 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 $ 13.92 $ 13.76 $ 18.69 $ 15.42 Class B $ 121.93 $ 120.58 $ 163.78 $ 135.09 |
Investment in National Beef P_2
Investment in National Beef Packing Company, LLC (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment roll forward | Investment roll forward Beginning Investment at December 26, 2020 $ 131,494 Equity in net income for twenty-six week period 139,757 Distributions (82,559 ) Ending Investment at June 26, 2021 $ 188,692 Beginning Investment at December 28, 2019 $ 131,786 Equity in net income for twenty-six week period 115,484 Distributions (7,853 ) Ending Investment at June 27, 2020 $ 239,417 |
Schedule of Operations for NBP | Schedule of Operations for NBP 13 weeks ended 26 weeks ended June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Net sales $ 2,948,388 $ 2,677,697 $ 5,264,003 $ 4,863,046 Costs and expenses: Cost of sales 2,210,339 1,947,262 4,233,893 3,995,881 Selling, general, and administrative expenses 22,052 20,859 40,917 39,233 Depreciation and amortization 28,004 26,795 55,673 53,323 Total costs and expenses 2,260,395 1,994,916 4,330,483 4,088,437 Operating income 687,993 682,781 933,520 774,609 Other income (expense): Interest income 12 56 98 137 Interest expense (2,396 ) (2,323 ) (4,796 ) (6,571 ) Income before taxes 685,609 680,514 928,822 768,175 Income tax expense (952 ) (1,250 ) (1,616 ) (2,004 ) Net income $ 684,657 $ 679,264 $ 927,206 $ 766,171 NBP's net income attributable to USPB $ 103,198 $ 102,385 $ 139,757 $ 115,484 |
Members_ Capital (Tables)
Members’ Capital (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Members Capital | |
Schedule of Reconciliation of Members' Capital | Schedule of Reconciliation of Members' Capital Balance at December 26, 2020 $ 200,242 Allocation of net income for the thirteen-week period ended March 27, 2021 35,129 Member distributions Class A ($6.32 per Class A unit) (4,646 ) Class B ($55.36 per Class B unit) (41,817 ) Balance at March 27, 2021 188,908 Allocation of net income for the thirteen-week period ended June 26, 2021 102,334 Member distributions Class A ($6.49 per Class A unit) (4,777 ) Class B ($56.92 per Class B unit) (42,992 ) Balance at June 26, 2021 $ 243,473 Balance at December 28, 2019 $ 202,837 Allocation of net income for the thirteen-week period ended March 28, 2020 12,176 Balance at March 28, 2020 215,013 Allocation of net income for the thirteen-week period ended June 27, 2020 101,204 Member distributions Class A ($6.81 per Class A unit) (5,008 ) Class B ($59.67 per Class B unit) (45,071 ) Balance at June 27, 2020 $ 266,138 |
Accounting Policies (Details Na
Accounting Policies (Details Narrative) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 | Jun. 27, 2020 | Dec. 28, 2019 |
Entity Listings [Line Items] | ||||
Cash and cash equivalents | $ 62,484 | $ 76,769 | $ 31,843 | $ 77,909 |
Distributions Payable | $ 1,220 | $ 2 | ||
National Beef Packing Company, LLC [Member] | ||||
Entity Listings [Line Items] | ||||
Equity investment ownership percentage | 15.0729% |
Noncompetition Agreements (Deta
Noncompetition Agreements (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Noncompetition Agreements | ||
Current non-compete | $ 424 | $ 849 |
Long-term non-compete | 315 | 308 |
Total non-compete | $ 739 | $ 1,157 |
Noncompetition Agreements (De_2
Noncompetition Agreements (Details Narrative) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Noncompetition Agreements | ||
Noncompetition payment payable year one | $ 400 | |
Contractual Obligation | $ 700 | $ 1,200 |
Employee Compensation Plans (De
Employee Compensation Plans (Details Narrative) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accrued compensation and benefits | $ 1,338 | $ 2,243 |
Management Phantom Unit Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accrued liabilities | 5,900 | 5,300 |
Cash Incentive And Bonus Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accrued compensation and benefits | $ 700 | $ 1,400 |
Earnings Per Unit (Details)
Earnings Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 26, 2021 | Mar. 27, 2021 | Jun. 27, 2020 | Mar. 28, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Income attributable to USPB available to unitholders (numerator) | $ 102,334 | $ 35,129 | $ 101,204 | $ 12,176 | ||
Class A Units [Member] | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Income attributable to USPB available to unitholders (numerator) | $ 10,233 | $ 10,120 | $ 13,746 | $ 11,338 | ||
Weighted average outstanding units (denominator) | 735,385 | 735,385 | 735,385 | 735,385 | ||
Per unit amount | $ 13.92 | $ 13.76 | $ 18.69 | $ 15.42 | ||
Class B Units [Member] | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Income attributable to USPB available to unitholders (numerator) | $ 92,101 | $ 91,084 | $ 123,717 | $ 102,042 | ||
Weighted average outstanding units (denominator) | 755,385 | 755,385 | 755,385 | 755,385 | ||
Per unit amount | $ 121.93 | $ 120.58 | $ 163.78 | $ 135.09 |
Investment in National Beef P_3
Investment in National Beef Packing Company (Details - Investment rollforward) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Beginning Investment Balance | $ 131,494 | $ 131,786 | ||
Equity in net income | $ 103,198 | $ 102,385 | 139,757 | 115,484 |
Distributions | (82,559) | (7,853) | ||
Ending Investment Balance | $ 188,692 | $ 239,417 | $ 188,692 | $ 239,417 |
Investment in National Beef P_4
Investment in National Beef Packing Company (Details - Summary of operations) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Other income (expense): | ||||
NBP's net income attributable to USPB | $ 103,198 | $ 102,385 | $ 139,757 | $ 115,484 |
National Beef Packing Company, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | 2,948,388 | 2,677,697 | 5,264,003 | 4,863,046 |
Costs and expenses: | ||||
Cost of sales | 2,210,339 | 1,947,262 | 4,233,893 | 3,995,881 |
Selling, general, and administrative expenses | 22,052 | 20,859 | 40,917 | 39,233 |
Depreciation and amortization | 28,004 | 26,795 | 55,673 | 53,323 |
Total costs and expenses | 2,260,395 | 1,994,916 | 4,330,483 | 4,088,437 |
Operating income | 687,993 | 682,781 | 933,520 | 774,609 |
Other income (expense): | ||||
Interest income | 12 | 56 | 98 | 137 |
Interest expense | (2,396) | (2,323) | (4,796) | (6,571) |
Income before taxes | 685,609 | 680,514 | 928,822 | 768,175 |
Income tax expense | (952) | (1,250) | (1,616) | (2,004) |
Net income | 684,657 | 679,264 | 927,206 | 766,171 |
NBP's net income attributable to USPB | $ 103,198 | $ 102,385 | $ 139,757 | $ 115,484 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) $ in Thousands | Jun. 26, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
State income tax payable | $ 300 |
Long-term Debt and Loan Agree_2
Long-term Debt and Loan Agreements (Details Narrative) - Co Bank [Member] - Revolving Credit Facility [Member] $ in Thousands | 6 Months Ended |
Jun. 26, 2021USD ($) | |
Line of Credit Facility [Line Items] | |
Credit line maximum borrowing capacity | $ 1,000 |
Credit line expiration date | Jun. 30, 2025 |
Credit line, remaining borrowing capacity | $ 1,000 |
Members' Capital (Details)
Members' Capital (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 26, 2021 | Mar. 27, 2021 | Jun. 27, 2020 | Mar. 28, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Affiliate, Collateralized Security [Line Items] | ||||||
Beginning balance | $ 188,908 | $ 200,242 | $ 215,013 | $ 202,837 | $ 200,242 | $ 202,837 |
Allocation of net income | 102,334 | 35,129 | 101,204 | 12,176 | ||
Ending balance | 243,473 | 188,908 | 266,138 | $ 215,013 | 243,473 | 266,138 |
Class A Units [Member] | ||||||
Affiliate, Collateralized Security [Line Items] | ||||||
Allocation of net income | 10,233 | 10,120 | 13,746 | 11,338 | ||
Member distributions | (4,777) | (4,646) | (5,008) | |||
Class B Units [Member] | ||||||
Affiliate, Collateralized Security [Line Items] | ||||||
Allocation of net income | 92,101 | 91,084 | $ 123,717 | $ 102,042 | ||
Member distributions | $ (42,992) | $ (41,817) | $ (45,071) |