U. S. Premium Beef (USPB) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 26, 2022	Apr. 30, 2022
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 26, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
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]
Entity Common Stock, Shares Outstanding		735,385
Class B Units [Member]
Entity Common Stock, Shares Outstanding		755,385

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Current assets:
Cash and cash equivalents	$ 61,204	$ 130,400
Accounts receivable	173	48
Due from affiliates	110	58
Other current assets	21	3
Total current assets	61,508	130,509
Property, plant, and equipment, at cost	243	243
Less accumulated depreciation	225	222
Net property, plant, and equipment	18	21
Right of use assets, net	154	168
Investment in National Beef Packing Company, LLC	223,141	213,290
Other assets	1	2
Total assets	284,822	343,990
Current liabilities:
Accounts payable - trade	38	14
Due to affiliates	80	7
Accrued compensation and benefits	1,024	2,106
Lease obligations	54	54
Other accrued expenses and liabilities	1,555	1,110
Distributions Payable	0	833
Total current liabilities	2,751	4,124
Long-term liabilities:
Lease obligations	100	114
Other liabilities	7,534	7,480
Total long-term liabilities	7,634	7,594
Total liabilities	10,385	11,718
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	274,437	332,272
Total members' capital	274,437	332,272
Total liabilities and members' capital	$ 284,822	$ 343,990

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - shares	Mar. 26, 2022	Dec. 25, 2021
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
	Mar. 26, 2022	Mar. 27, 2021
Net sales	$ 0	$ 0
Costs and expenses:
Cost of sales	0	0
Selling, general, and administrative expenses	1,677	1,485
Depreciation and amortization	3	3
Total costs and expenses	1,680	1,488
Operating loss	(1,680)	(1,488)
Other income:
Interest income	3	2
Equity in income of National Beef Packing Company, LLC	62,606	36,559
Other, net	118	56
Total other income	62,727	36,617
Net income	$ 61,047	$ 35,129
Class A Units [Member]
Income per unit:
Basic and diluted	$ 8.30	$ 4.78
Outstanding weighted-average Class A and Class B units:
Basic and diluted	735,385	735,385
Class B Units [Member]
Income per unit:
Basic and diluted	$ 72.73	$ 41.85
Outstanding weighted-average Class A and Class B units:
Basic and diluted	755,385	755,385

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Cash flows from operating activities:
Net income	$ 61,047	$ 35,129
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3	3
Equity in net income of National Beef Packing Company, LLC	(62,606)	(36,559)
Distributions from National Beef Packing Company, LLC	52,755	21,402
Changes in assets and liabilities:
Accounts receivable	(125)	(14)
Due from affiliates	(52)	(57)
Other assets	(17)	18
Accounts payable	24	(8)
Due to affiliates	73	145
Accrued compensation and benefits	(1,028)	(808)
Other accrued expenses and liabilities	445	1,661
Net cash provided by operating activities	50,519	20,912
Cash flows from financing activities:
Member distributions	(119,715)	(46,463)
Net cash used in financing activities	(119,715)	(46,463)
Net decrease in cash	(69,196)	(25,551)
Cash and cash equivalents at beginning of period	130,400	76,769
Cash and cash equivalents at end of period	$ 61,204	$ 51,218

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Mar. 26, 2022
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 25, 2021. 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	3 Months Ended
	Mar. 26, 2022
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 in NBP, 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 61.2

Noncompetition Agreements

Noncompetition Agreements	3 Months Ended
	Mar. 26, 2022
Noncompetition Agreements
Noncompetition Agreements	(3) Noncompetition Agreements The 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 March 26, 2022 and December 25, 2021, the Company had accrued $ 0.3 0.3 Schedule of non-compete amounts March 26, 2022 December 25, 2021 (thousands of dollars) Current non-compete $ – $ – Long-term non-compete 326 323 Total non-compete $ 326 $ 323

Employee Compensation Plans

Employee Compensation Plans	3 Months Ended
	Mar. 26, 2022
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 March 26, 2022 and December 25, 2021, the Company had accrued $ 7.9 7.9 Schedule of Accrued Liabilities March 26, 2022 December 25, 2021 (thousands of dollars) Accrued compensation and benefits $ 645 $ 707 Other liabilities 7,208 7,157 Total accrued liabilities $ 7,853 $ 7,864 USPB provides its employees the opportunity to earn cash incentives and bonuses. As of March 26, 2022 and December 25, 2021, the Company had accrued $ 0.3 1.4

Earnings Per Unit

Earnings Per Unit	3 Months Ended
	Mar. 26, 2022
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-week periods ended March 26, 2022 and March 27, 2021, 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 (thousands of dollars, except unit and per unit data) March 26, 2022 March 27, 2021 (unaudited) (unaudited) Basic and diluted earnings per unit: Income attributable to USPB available to unitholders (numerator) Class A $ 6,105 $ 3,513 Class B $ 54,942 $ 31,616 Weighted average outstanding units (denominator) Class A 735,385 735,385 Class B 755,385 755,385 Per unit amount Class A $ 8.30 $ 4.78 Class B $ 72.73 $ 41.85

Investment in National Beef Pac

Investment in National Beef Packing Company, LLC	3 Months Ended
	Mar. 26, 2022
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 thirteen-week periods ended March 26, 2022 and March 27, 2021 (thousands of dollars): Investment roll forward Beginning investment at December 25, 2021 $ 213,290 Equity in net income for 13-week period 62,606 Distributions (52,755 ) Ending investment at March 26, 2022 $ 223,141 Beginning investment at December 26, 2020 $ 131,494 Equity in net income for 13-week period 36,559 Distributions (21,402 ) Ending investment at March 27, 2021 $ 146,651 Below is a summary of the results of operations for NBP for the thirteen-week periods ended March 26, 2022 and March 27, 2021 (thousands of dollars): Schedule of Operations for NBP 13 weeks ended March 26, 2022 March 27, 2021 (unaudited) (unaudited) Net sales $ 3,023,754 $ 2,315,615 Costs and expenses: Cost of sales 2,554,700 2,023,555 Selling, general, and administrative expenses 21,371 18,865 Depreciation and amortization 29,436 27,669 Total costs and expenses 2,605,507 2,070,089 Operating income 418,247 245,526 Other income (expense): Interest income 27 87 Interest expense (1,476 ) (2,400 ) Income before taxes 416,798 243,213 Income tax expense (1,443 ) (665 ) Net income $ 415,355 $ 242,548 NBP's net income attributable to USPB $ 62,606 $ 36,559

Income Taxes

Income Taxes	3 Months Ended
	Mar. 26, 2022
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 March 26, 2022 and December 25, 2021, Other accrued expenses and liabilities on the Company’s balance sheet reflected state taxes payable of $ 1.4 1.0

Long-term Debt and Loan Agreeme

Long-term Debt and Loan Agreements	3 Months Ended
	Mar. 26, 2022
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	3 Months Ended
	Mar. 26, 2022
Members Capital
Members’ Capital	(9) Members’ Capital The following table represents a reconciliation of Members’ Capital for the thirteen-week periods ended March 26, 2022 and March 27, 2021 (unaudited) (thousands of dollars). Schedule of Reconciliation of Members' Capital Balance at December 25, 2021 $ 332,272 Allocation of net income for the thirteen-week period ended March 26, 2022 61,047 Member distributions Class A ($16.16 per Class A unit) 11,888 Class B ($141.64 per Class B unit) 106,994 Balance at March 26, 2022 $ 274,437 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

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 26, 2022
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 antitrust lawsuits in the United States District Court, Minnesota District, and four single plaintiff antitrust lawsuits in United States District Court, Minnesota District, the United States District Court, Southern District of Florida, the United States District Court, Connecticut, and the United States District Court, Northern District of New York. In addition, NBP is a defendant in class action antitrust lawsuits in the Supreme Court of British Columbia and the Superior Court of Quebec, Montreal District. These lawsuits all allege that NBP violated the Sherman Antitrust Act or the Canadian Competition Act and some of the lawsuits allege that NBP violated the Packers and Stockyards Act, the Commodity Exchange Act, and various state or provincial laws. The class-action 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. Giang Bui v. Cargill, Incorporated, et al. Sylvie De Bellefeuille v. Cargill, Inc. et al. Winn-Dixie Stores, Inc. and Bi-Lo Holding, LLC v. Cargill, Inc., et al. Cheney Brothers, Inc. v. Cargill, Inc., et al Subway v. Cargill, Inc. et al. Amory Investments LLC v. Cargill, Inc. et al. In addition to the antitrust litigation, NBP is subject to an investigation 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 NBP’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	3 Months Ended
	Mar. 26, 2022
Subsequent Events [Abstract]
Subsequent Events	(11) Subsequent Events On March 29, 2022, USPB received distributions totaling $60.5 million from NBP. On March 31, 2022 and April 5, 2022, USPB made distributions totaling $38.1 million to its members. 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)	3 Months Ended
	Mar. 26, 2022
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 in NBP, 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 61.2

Noncompetition Agreements (Tabl

Noncompetition Agreements (Tables)	3 Months Ended
	Mar. 26, 2022
Noncompetition Agreements
Schedule of non-compete amounts	Schedule of non-compete amounts March 26, 2022 December 25, 2021 (thousands of dollars) Current non-compete $ – $ – Long-term non-compete 326 323 Total non-compete $ 326 $ 323

Employee Compensation Plans (Ta

Employee Compensation Plans (Tables)	3 Months Ended
	Mar. 26, 2022
Retirement Benefits [Abstract]
Schedule of Accrued Liabilities	Schedule of Accrued Liabilities March 26, 2022 December 25, 2021 (thousands of dollars) Accrued compensation and benefits $ 645 $ 707 Other liabilities 7,208 7,157 Total accrued liabilities $ 7,853 $ 7,864

Earnings Per Unit (Tables)

Earnings Per Unit (Tables)	3 Months Ended
	Mar. 26, 2022
Earnings Per Share [Abstract]
Reconciliation of earnings per unit	Reconciliation of earnings per unit Income Per Unit Calculation 13 weeks ended (thousands of dollars, except unit and per unit data) March 26, 2022 March 27, 2021 (unaudited) (unaudited) Basic and diluted earnings per unit: Income attributable to USPB available to unitholders (numerator) Class A $ 6,105 $ 3,513 Class B $ 54,942 $ 31,616 Weighted average outstanding units (denominator) Class A 735,385 735,385 Class B 755,385 755,385 Per unit amount Class A $ 8.30 $ 4.78 Class B $ 72.73 $ 41.85

Investment in National Beef P_2

Investment in National Beef Packing Company, LLC (Tables)	3 Months Ended
	Mar. 26, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment roll forward	Investment roll forward Beginning investment at December 25, 2021 $ 213,290 Equity in net income for 13-week period 62,606 Distributions (52,755 ) Ending investment at March 26, 2022 $ 223,141 Beginning investment at December 26, 2020 $ 131,494 Equity in net income for 13-week period 36,559 Distributions (21,402 ) Ending investment at March 27, 2021 $ 146,651
Schedule of Operations for NBP	Schedule of Operations for NBP 13 weeks ended March 26, 2022 March 27, 2021 (unaudited) (unaudited) Net sales $ 3,023,754 $ 2,315,615 Costs and expenses: Cost of sales 2,554,700 2,023,555 Selling, general, and administrative expenses 21,371 18,865 Depreciation and amortization 29,436 27,669 Total costs and expenses 2,605,507 2,070,089 Operating income 418,247 245,526 Other income (expense): Interest income 27 87 Interest expense (1,476 ) (2,400 ) Income before taxes 416,798 243,213 Income tax expense (1,443 ) (665 ) Net income $ 415,355 $ 242,548 NBP's net income attributable to USPB $ 62,606 $ 36,559

Members_ Capital (Tables)

Members’ Capital (Tables)	3 Months Ended
	Mar. 26, 2022
Members Capital
Schedule of Reconciliation of Members' Capital	Schedule of Reconciliation of Members' Capital Balance at December 25, 2021 $ 332,272 Allocation of net income for the thirteen-week period ended March 26, 2022 61,047 Member distributions Class A ($16.16 per Class A unit) 11,888 Class B ($141.64 per Class B unit) 106,994 Balance at March 26, 2022 $ 274,437 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

Accounting Policies (Details Na

Accounting Policies (Details Narrative) $ in Thousands	Mar. 26, 2022USD ($)
Cash and Cash Equivalents, at Carrying Value	$ 61,200
National Beef Packing Company, LLC [Member]
Equity investment ownership percentage	15.0729%

Noncompetition Agreements (Deta

Noncompetition Agreements (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Noncompetition Agreements
Current non-compete	$ 0	$ 0
Long-term non-compete	326	323
Total non-compete	$ 326	$ 323

Noncompetition Agreements (De_2

Noncompetition Agreements (Details Narrative) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Noncompetition Agreements
Contractual Obligation	$ 300	$ 300

Employee Compensation Plans (De

Employee Compensation Plans (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Retirement Benefits [Abstract]
Accrued compensation and benefits	$ 645	$ 707
Other liabilities	7,208	7,157
Total accrued liabilities	$ 7,853	$ 7,864

Employee Compensation Plans (_2

Employee Compensation Plans (Details Narrative) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued compensation and benefits	$ 1,024	$ 2,106
Management Phantom Unit Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued Liabilities, Current	7,900	7,900
Cash Incentive And Bonus Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued compensation and benefits	$ 300	$ 1,400

Earnings Per Unit (Details)

Earnings Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Income attributable to USPB available to unitholders (numerator)	$ 61,047	$ 35,129
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)	$ 6,105	$ 3,513
Weighted average outstanding units (denominator)	735,385	735,385
Per unit amount	$ 8.30	$ 4.78
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)	$ 54,942	$ 31,616
Weighted average outstanding units (denominator)	755,385	755,385
Per unit amount	$ 72.73	$ 41.85

Investment in National Beef P_3

Investment in National Beef Packing Company (Details - Investment rollforward) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Equity Method Investments and Joint Ventures [Abstract]
Beginning Investment Balance	$ 213,290	$ 131,494
Equity in net income	62,606	36,559
Distributions	(52,755)	(21,402)
Ending Investment Balance	$ 223,141	$ 146,651

Investment in National Beef P_4

Investment in National Beef Packing Company (Details - Summary of operations) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Other income (expense):
NBP's net income attributable to USPB	$ 62,606	$ 36,559
National Beef Packing Company, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Net sales	3,023,754	2,315,615
Costs and expenses:
Cost of sales	2,554,700	2,023,555
Selling, general, and administrative expenses	21,371	18,865
Depreciation and amortization	29,436	27,669
Total costs and expenses	2,605,507	2,070,089
Operating income	418,247	245,526
Other income (expense):
Interest income	27	87
Interest expense	(1,476)	(2,400)
Income before taxes	416,798	243,213
Income tax expense	(1,443)	(665)
Net income	415,355	242,548
NBP's net income attributable to USPB	$ 62,606	$ 36,559

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Income Tax Disclosure [Abstract]
State income tax payable	$ 1,400	$ 1,000

Long-term Debt and Loan Agree_2

Long-term Debt and Loan Agreements (Details Narrative) - Co Bank [Member] - Revolving Credit Facility [Member] $ in Thousands	3 Months Ended
	Mar. 26, 2022USD ($)
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
	Mar. 26, 2022	Mar. 27, 2021
Beginning balance	$ 332,272	$ 200,242
Allocation of net income	61,047	35,129
Ending balance	274,437	188,908
Class A Units [Member]
Allocation of net income	6,105	3,513
Member distributions	11,888	4,646
Class B Units [Member]
Allocation of net income	54,942	31,616
Member distributions	$ 106,994	$ 41,817