U. S. Premium Beef (USPB) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 25, 2021	Oct. 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	Sep. 25, 2021
Document Fiscal Period Focus	Q3
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	Sep. 25, 2021	Dec. 26, 2020
Current assets:
Cash and cash equivalents	$ 89,203	$ 76,769
Accounts receivable	898	317
Due from affiliates	51	55
Other current assets	11	29
Total current assets	90,163	77,170
Property, plant, and equipment, at cost	243	243
Less accumulated depreciation	219	210
Net property, plant, and equipment	24	33
Right of use assets, net	181	219
Investment in National Beef Packing Company, LLC	187,597	131,494
Other assets	2	12
Total assets	277,967	208,928
Current liabilities:
Accounts payable - trade	10	17
Due to affiliates	27	5
Accrued compensation and benefits	1,970	2,243
Lease obligations	53	51
Other accrued expenses and liabilities	742	579
Distributions Payable	917	2
Total current liabilities	3,719	2,897
Long-term liabilities:
Lease obligations	128	168
Other liabilities	7,395	5,621
Total long-term liabilities	7,523	5,789
Total liabilities	11,242	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	266,725	200,242
Total members' capital	266,725	200,242
Total liabilities and members' capital	$ 277,967	$ 208,928

Balance Sheets (unaudited) (Par

Balance Sheets (unaudited) (Parenthetical) - shares	Sep. 25, 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		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 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	2,658	4,011	5,207	6,358
Depreciation and amortization	3	4	9	13
Total costs and expenses	2,661	4,015	5,216	6,371
Operating loss	(2,661)	(4,015)	(5,216)	(6,371)
Other income:
Interest income	5	5	8	163
Interest expense	0	0	0	(2)
Equity in income of National Beef Packing Company, LLC	123,490	43,014	263,247	158,498
Other, net	186	343	444	439
Total other income	123,681	43,362	263,699	159,098
Net income	$ 121,020	$ 39,347	$ 258,483	$ 152,727
Class A Units [Member]
Income per unit:
Basic and diluted	$ 16.46	$ 5.35	$ 35.15	$ 20.77
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	$ 144.19	$ 46.88	$ 307.97	$ 181.97
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	9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020
Cash flows from operating activities:
Net income	$ 258,483	$ 152,727
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9	13
Equity in net income of National Beef Packing Company, LLC	(263,247)	(158,498)
Distributions from National Beef Packing Company, LLC	207,144	126,285
Changes in assets and liabilities:
Accounts receivable	(581)	(333)
Due from affiliates	4	(121)
Other assets	28	49
Accounts payable	(7)	(14)
Due to affiliates	22	3
Accrued compensation and benefits	1,501	2,533
Other accrued expenses and liabilities	163	(953)
Net cash provided by operating activities	203,519	121,691
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	(191,085)	(113,199)
Net cash used in financing activities	(191,085)	(113,199)
Net increase in cash	12,434	8,486
Cash and cash equivalents at beginning of period	76,769	77,909
Cash and cash equivalents at end of period	$ 89,203	$ 86,395

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	Sep. 25, 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	9 Months Ended
	Sep. 25, 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 operational at the present time and its operations have been 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 . 89.2 Distributions Payable . 0.9 0.0

Noncompetition Agreements

Noncompetition Agreements	9 Months Ended
	Sep. 25, 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. As of September 25, 2021, $ 0.2 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 September 25, 2021 and December 26, 2020, the Company had accrued $ 0.5 1.2 Schedule of non-compete amounts September 25, 2021 December 26, 2020 (thousands of dollars) Current non-compete $ 212 $ 849 Long-term non-compete 319 308 Total non-compete $ 531 $ 1,157

Employee Compensation Plans

Employee Compensation Plans	9 Months Ended
	Sep. 25, 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 September 25, 2021 and December 26, 2020, the Company had accrued $ 7.8 5.3 USPB provides its employees the opportunity to earn cash incentives and bonuses. As of September 25, 2021 and December 26, 2020, the Company had accrued $ 1.0 1.4

Earnings Per Unit

Earnings Per Unit	9 Months Ended
	Sep. 25, 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 thirty-nine week periods ended September 25, 2021 and September 26, 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 39 weeks ended (thousands of dollars, except unit and per unit data) September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Basic and diluted earnings per unit: Income attributable to USPB available to unitholders (numerator) Class A $ 12,102 $ 3,935 $ 25,848 $ 15,273 Class B $ 108,918 $ 35,412 $ 232,635 $ 137,454 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 $ 16.46 $ 5.35 $ 35.15 $ 20.77 Class B $ 144.19 $ 46.88 $ 307.97 $ 181.97

Investment in National Beef Pac

Investment in National Beef Packing Company, LLC	9 Months Ended
	Sep. 25, 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 thirty-nine week periods ended September 25, 2021 and September 26, 2020 (thousands of dollars): Investment roll forward Beginning Investment at December 26, 2020 $ 131,494 Equity in net income for thirty-nine week period 263,247 Distributions (207,144 ) Ending Investment at September 25, 2021 $ 187,597 Beginning investment at December 28, 2019 $ 131,786 Equity in net income for thirty-nine week period 158,498 Distributions (126,285 ) Ending investment at September 26, 2020 $ 163,999 Below is a summary of the results of operations for NBP for the thirteen-week and thirty-nine week periods ended September 25, 2021 and September 26, 2020 (thousands of dollars): Schedule of Operations for NBP 13 weeks ended 39 weeks ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Net sales $ 3,202,208 $ 2,236,299 $ 8,466,211 $ 7,099,345 Costs and expenses: Cost of sales 2,328,716 1,901,384 6,562,610 5,897,265 Selling, general, and administrative expenses 22,797 20,728 63,714 59,961 Depreciation and amortization 29,148 27,142 84,821 80,465 Total costs and expenses 2,380,661 1,949,254 6,711,145 6,037,691 Operating income 821,547 287,045 1,755,066 1,061,654 Other income (expense): Interest income – 201 99 337 Interest expense (1,563 ) (1,012 ) (6,359 ) (7,582 ) Income before taxes 819,984 286,234 1,748,806 1,054,409 Income tax expense (698 ) (868 ) (2,314 ) (2,872 ) Net income $ 819,286 $ 285,366 $ 1,746,492 $ 1,051,537 NBP's net income attributable to USPB $ 123,490 $ 43,014 $ 263,247 $ 158,498

Income Taxes

Income Taxes	9 Months Ended
	Sep. 25, 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 September 25, 2021 and December 26, 2020, Other accrued expenses and liabilities on the Company’s balance sheet reflected state taxes payable of $ 0.7 0.5

Long-term Debt and Loan Agreeme

Long-term Debt and Loan Agreements	9 Months Ended
	Sep. 25, 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	9 Months Ended
	Sep. 25, 2021
Members Capital
Members’ Capital	(9) Members’ Capital The following table represents a reconciliation of Members’ Capital for the thirty-nine week periods ended September 25, 2021 and September 26, 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 Allocation of net income for the thirteen-week period ended September 25, 2021 121,020 Member distributions Class A ($13.30 per Class A unit) (9,777 ) Class B ($116.48 per Class B unit) (87,991 ) Balance at September 25, 2021 $ 266,725 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 Allocation of net income for the thirteen-week period ended September 26, 2020 39,347 Member distributions Class A ($8.60 per Class A unit) (6,323 ) Class B ($75.34 Class B unit) (56,911 ) Balance at September 26, 2020 $ 242,251

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 25, 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 and one single plaintiff lawsuit 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 class action 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. Winn-Dixie Stores, Inc. and Bi-Lo Holding, LLC v. Cargill, Inc., 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 also subject to an investigation by the U.S. House of Representatives Select Subcommittee on the Coronavirus (the “Subcommittee”) in the impact of the coronavirus pandemic on workers in the meatpacking industry. As part of this investigation, NBP received an information request on September 15, 2021. NBP is cooperating with this investigation and is working with the Subcommittee to provide the requested information. 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	9 Months Ended
	Sep. 25, 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)	9 Months Ended
	Sep. 25, 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 operational at the present time and its operations have been 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 . 89.2
Distributions Payable	Distributions Payable . 0.9 0.0

Noncompetition Agreements (Tabl

Noncompetition Agreements (Tables)	9 Months Ended
	Sep. 25, 2021
Noncompetition Agreements
Schedule of non-compete amounts	Schedule of non-compete amounts September 25, 2021 December 26, 2020 (thousands of dollars) Current non-compete $ 212 $ 849 Long-term non-compete 319 308 Total non-compete $ 531 $ 1,157

Earnings Per Unit (Tables)

Earnings Per Unit (Tables)	9 Months Ended
	Sep. 25, 2021
Earnings Per Share [Abstract]
Reconciliation of earnings per unit	Reconciliation of earnings per unit Income Per Unit Calculation 13 weeks ended 39 weeks ended (thousands of dollars, except unit and per unit data) September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Basic and diluted earnings per unit: Income attributable to USPB available to unitholders (numerator) Class A $ 12,102 $ 3,935 $ 25,848 $ 15,273 Class B $ 108,918 $ 35,412 $ 232,635 $ 137,454 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 $ 16.46 $ 5.35 $ 35.15 $ 20.77 Class B $ 144.19 $ 46.88 $ 307.97 $ 181.97

Investment in National Beef P_2

Investment in National Beef Packing Company, LLC (Tables)	9 Months Ended
	Sep. 25, 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 thirty-nine week period 263,247 Distributions (207,144 ) Ending Investment at September 25, 2021 $ 187,597 Beginning investment at December 28, 2019 $ 131,786 Equity in net income for thirty-nine week period 158,498 Distributions (126,285 ) Ending investment at September 26, 2020 $ 163,999
Schedule of Operations for NBP	Schedule of Operations for NBP 13 weeks ended 39 weeks ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Net sales $ 3,202,208 $ 2,236,299 $ 8,466,211 $ 7,099,345 Costs and expenses: Cost of sales 2,328,716 1,901,384 6,562,610 5,897,265 Selling, general, and administrative expenses 22,797 20,728 63,714 59,961 Depreciation and amortization 29,148 27,142 84,821 80,465 Total costs and expenses 2,380,661 1,949,254 6,711,145 6,037,691 Operating income 821,547 287,045 1,755,066 1,061,654 Other income (expense): Interest income – 201 99 337 Interest expense (1,563 ) (1,012 ) (6,359 ) (7,582 ) Income before taxes 819,984 286,234 1,748,806 1,054,409 Income tax expense (698 ) (868 ) (2,314 ) (2,872 ) Net income $ 819,286 $ 285,366 $ 1,746,492 $ 1,051,537 NBP's net income attributable to USPB $ 123,490 $ 43,014 $ 263,247 $ 158,498

Members_ Capital (Tables)

Members’ Capital (Tables)	9 Months Ended
	Sep. 25, 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 Allocation of net income for the thirteen-week period ended September 25, 2021 121,020 Member distributions Class A ($13.30 per Class A unit) (9,777 ) Class B ($116.48 per Class B unit) (87,991 ) Balance at September 25, 2021 $ 266,725 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 Allocation of net income for the thirteen-week period ended September 26, 2020 39,347 Member distributions Class A ($8.60 per Class A unit) (6,323 ) Class B ($75.34 Class B unit) (56,911 ) Balance at September 26, 2020 $ 242,251

Accounting Policies (Details Na

Accounting Policies (Details Narrative) - USD ($) $ in Thousands	Sep. 25, 2021	Dec. 26, 2020	Sep. 26, 2020	Dec. 28, 2019
Entity Listings [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 89,203	$ 76,769	$ 86,395	$ 77,909
Distributions payable	$ 917	$ 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	Sep. 25, 2021	Dec. 26, 2020
Noncompetition Agreements
Current non-compete	$ 212	$ 849
Long-term non-compete	319	308
Total non-compete	$ 531	$ 1,157

Noncompetition Agreements (De_2

Noncompetition Agreements (Details Narrative) - USD ($) $ in Thousands	Sep. 25, 2021	Dec. 26, 2020
Noncompetition Agreements
Noncompetition payment payable year one	$ 200
Contractual Obligation	$ 500	$ 1,200

Employee Compensation Plans (De

Employee Compensation Plans (Details Narrative) - USD ($) $ in Thousands	Sep. 25, 2021	Dec. 26, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued compensation and benefits	$ 1,970	$ 2,243
Management Phantom Unit Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued liabilities	7,800	5,300
Cash Incentive And Bonus Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued compensation and benefits	$ 1,000	$ 1,400

Earnings Per Unit (Details)

Earnings Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 25, 2021	Jun. 26, 2021	Mar. 27, 2021	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Sep. 25, 2021	Sep. 26, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Income attributable to USPB available to unitholders (numerator)	$ 121,020	$ 102,334	$ 35,129	$ 39,347	$ 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)	$ 12,102			$ 3,935			$ 25,848	$ 15,273
Weighted average outstanding units (denominator)	735,385			735,385			735,385	735,385
Per unit amount	$ 16.46			$ 5.35			$ 35.15	$ 20.77
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)	$ 108,918			$ 35,412			$ 232,635	$ 137,454
Weighted average outstanding units (denominator)	755,385			755,385			755,385	755,385
Per unit amount	$ 144.19			$ 46.88			$ 307.97	$ 181.97

Investment in National Beef P_3

Investment in National Beef Packing Company (Details - Investment rollforward) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020
Equity Method Investments and Joint Ventures [Abstract]
Beginning Investment Balance			$ 131,494	$ 131,786
Equity in net income	$ 123,490	$ 43,014	263,247	158,498
Distributions			(207,144)	(126,285)
Ending Investment Balance	$ 187,597	$ 163,999	$ 187,597	$ 163,999

Investment in National Beef P_4

Investment in National Beef Packing Company (Details - Summary of operations) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020
Other income (expense):
NBP's net income attributable to USPB	$ 123,490	$ 43,014	$ 263,247	$ 158,498
National Beef Packing Company, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Net sales	3,202,208	2,236,299	8,466,211	7,099,345
Costs and expenses:
Cost of sales	2,328,716	1,901,384	6,562,610	5,897,265
Selling, general, and administrative expenses	22,797	20,728	63,714	59,961
Depreciation and amortization	29,148	27,142	84,821	80,465
Total costs and expenses	2,380,661	1,949,254	6,711,145	6,037,691
Operating income	821,547	287,045	1,755,066	1,061,654
Other income (expense):
Interest income		201	99	337
Interest expense	(1,563)	(1,012)	(6,359)	(7,582)
Income before taxes	819,984	286,234	1,748,806	1,054,409
Income tax expense	(698)	(868)	(2,314)	(2,872)
Net income	819,286	285,366	1,746,492	1,051,537
NBP's net income attributable to USPB	$ 123,490	$ 43,014	$ 263,247	$ 158,498

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	Sep. 25, 2021	Dec. 26, 2020
Income Tax Disclosure [Abstract]
State income tax payable	$ 700	$ 500

Long-term Debt and Loan Agree_2

Long-term Debt and Loan Agreements (Details Narrative) - Co Bank [Member] - Revolving Credit Facility [Member] $ in Thousands	9 Months Ended
	Sep. 25, 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						9 Months Ended
	Sep. 25, 2021	Jun. 26, 2021	Mar. 27, 2021	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Sep. 25, 2021	Sep. 26, 2020
Affiliate, Collateralized Security [Line Items]
Beginning balance	$ 243,473	$ 188,908	$ 200,242	$ 266,138	$ 215,013	$ 202,837	$ 200,242	$ 202,837
Allocation of net income	121,020	102,334	35,129	39,347	101,204	12,176
Ending balance	266,725	243,473	188,908	242,251	266,138	$ 215,013	266,725	242,251
Class A Units [Member]
Affiliate, Collateralized Security [Line Items]
Allocation of net income	12,102			3,935			25,848	15,273
Member distributions	(9,777)	(4,777)	(4,646)	(6,323)	(5,008)
Class B Units [Member]
Affiliate, Collateralized Security [Line Items]
Allocation of net income	108,918			35,412			$ 232,635	$ 137,454
Member distributions	$ (87,991)	$ (42,992)	$ (41,817)	$ (56,911)	$ (45,071)