Cover
Cover - shares | 3 Months Ended | |
Mar. 30, 2024 | Apr. 27, 2024 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 30, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-28 | |
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 | true | |
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
Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 34,396 | $ 58,481 |
Certificate of Deposit | 40,000 | 20,000 |
Accrued interest receivable | 297 | 37 |
Due from affiliates | 251 | 283 |
Other current assets | 1,207 | 1,675 |
Total current assets | 76,151 | 80,476 |
Property, plant, and equipment, at cost | 274 | 274 |
Less accumulated depreciation | 234 | 231 |
Net property, plant, and equipment | 40 | 43 |
Right of use assets, net | 270 | 283 |
Investment in National Beef Packing Company, LLC | 161,915 | 162,597 |
Other assets | 1 | 2 |
Total assets | 238,377 | 243,401 |
Current liabilities: | ||
Accounts payable - trade | 86 | 28 |
Due to other affiliates | 60 | 48 |
Accrued compensation and benefits | 1,920 | 3,225 |
Lease obligations | 57 | 56 |
Other accrued expenses and liabilities | 594 | 390 |
Distributions payable | 15 | 0 |
Total current liabilities | 2,732 | 3,747 |
Long-term liabilities: | ||
Lease obligations | 213 | 228 |
Other liabilities | 7,289 | 7,293 |
Total long-term liabilities | 7,502 | 7,521 |
Total liabilities | 10,234 | 11,268 |
Commitments and contingencies | ||
Members' capital | ||
Members' contributed capital, 735,385 Class A units and 755,385 Class B units authorized, issued and outstanding | 228,143 | 232,133 |
Total members' capital | 228,143 | 232,133 |
Total liabilities and members' capital | $ 238,377 | $ 243,401 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - shares | Mar. 30, 2024 | Dec. 30, 2023 |
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. 30, 2024 | Mar. 25, 2023 | |
Income Statement [Abstract] | ||
Net sales | $ 0 | $ 0 |
Costs and expenses: | ||
Cost of sales | 0 | 0 |
Selling, general, and administrative expenses | 1,038 | 1,245 |
Depreciation and amortization | 4 | 5 |
Total costs and expenses | 1,042 | 1,250 |
Operating loss | (1,042) | (1,250) |
Other income: | ||
Interest income | 853 | 900 |
Equity in net (loss) income of National Beef Packing Company, LLC | (682) | 7,600 |
Other income, net | 180 | 131 |
Total other income | 351 | 8,631 |
Net (loss) income | $ (691) | $ 7,381 |
Statements of Operations (una_2
Statements of Operations (unaudited) (Parenthetical) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Mar. 25, 2023 | |
Class A Units [Member] | ||
Earnings Per Share, Basic | $ (0.09) | $ 1 |
Earnings Per Share, Diluted | $ (0.09) | $ 1 |
Weighted Average Number of Shares Outstanding, Basic | 735,385 | 735,385 |
Weighted Average Number of Shares Outstanding, Diluted | 735,385 | 735,385 |
Class B Units [Member] | ||
Earnings Per Share, Basic | $ (0.82) | $ 8.79 |
Earnings Per Share, Diluted | $ (0.82) | $ 8.79 |
Weighted Average Number of Shares Outstanding, Basic | 755,385 | 755,385 |
Weighted Average Number of Shares Outstanding, Diluted | 755,385 | 755,385 |
Statements of Cash Flows (unaud
Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Mar. 25, 2023 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (691) | $ 7,381 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Depreciation and amortization | 4 | 5 |
Equity in net loss (income) of National Beef Packing Company, LLC | 682 | (7,600) |
Changes in assets and liabilities: | ||
Accounts receivable | (260) | 9 |
Due from affiliates | 32 | (175) |
Other assets | 469 | (17) |
Accounts payable | 58 | 22 |
Due to affiliates | 12 | 102 |
Accrued compensation and benefits | (1,309) | (2,290) |
Other accrued expenses and liabilities | 203 | 148 |
Net cash used in operating activities | (800) | (2,415) |
Cash flows from investing activities: | ||
Investment in certificate of deposit | (20,000) | 0 |
Net cash used in investing activities | (20,000) | 0 |
Cash flows from financing activities: | ||
Member distributions | (3,285) | 0 |
Net cash used in financing activities | (3,285) | 0 |
Net decrease in cash | (24,085) | (2,415) |
Cash and cash equivalents at beginning of period | 58,481 | 97,732 |
Cash and cash equivalents at end of period | $ 34,396 | $ 95,317 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Mar. 25, 2023 | |
Pay vs Performance Disclosure [Table] | ||
Net Income (Loss) | $ (691) | $ 7,381 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Interim Financial Statements
Interim Financial Statements | 3 Months Ended |
Mar. 30, 2024 | |
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 (U.S. GAAP) for interim financial information; therefore, they do not include all of the information and footnotes required by U.S. 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 30, 2023. 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. 30, 2024 | |
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 may be other than temporary. Such potential decreases in value, if deemed other than temporary, would 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. We believe the fair value of our investment in NBP exceeds the carrying value. Cash and Cash Equivalents 34.4 58.5 Certificates of Deposit . Schedule of certificate of deposit investments Investment Date Maturity Date Interest Rate Investment Amount 12/14/2023 6/13/2024 4.75 $ 10,000,000 12/21/2023 6/20/2024 4.60 $ 10,000,000 3/14/2024 9/12/2024 3.70 $ 10,000,000 3/21/2024 9/19/2024 3.70 $ 10,000,000 Accrued Expenses 0.1 |
Noncompetition Agreement
Noncompetition Agreement | 3 Months Ended |
Mar. 30, 2024 | |
Noncompetition Agreement | |
Noncompetition Agreement | (3) Noncompetition Agreement 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 30, 2024 and December 30, 2023, the Company had accrued $ 0.3 0.3 |
Employee Compensation Plans
Employee Compensation Plans | 3 Months Ended |
Mar. 30, 2024 | |
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 30, 2024 and December 30, 2023, the Company had accrued $ 8.7 9 Schedule of accrued liabilities March 30, 2024 December 30, 2023 (unaudited) Current phantom unit $ 1,730 $ 2,075 Long-term phantom unit 6,921 6,972 Total phantom accrual $ 8,651 $ 9,047 USPB provides its employees the opportunity to earn cash incentives and bonuses. As of March 30, 2024 and December 30, 2023, the Company had accrued $ 0.2 1.1 |
Delivery Right Lease Income
Delivery Right Lease Income | 3 Months Ended |
Mar. 30, 2024 | |
Delivery Right Lease Income | |
Delivery Right Lease Income | (5) Delivery Right Lease Income As of March 30, 2024, USPB realized Delivery Right Lease income of $ 0.2 |
Earnings Per Unit
Earnings Per Unit | 3 Months Ended |
Mar. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Unit | (6) Earnings Per Unit Under the LLC structure, earnings of the Company are to be allocated to members 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 period ended March 30, 2024 and twelve-week period ended March 25, 2023, 10% of USPB’s net income was allocated to the Class A units and 90% to the Class B units. 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. Schedule of reconciliation of earnings per unit (Loss) Income Per Unit Calculation 13 weeks ended 12 weeks ended (thousands of dollars, except unit and per unit data) March 30, 2024 March 25, 2023 (unaudited) (unaudited) Basic and diluted (loss) earnings per unit: (Loss) income attributable to USPB available to members (numerator) Class A $ (69 ) $ 738 Class B $ (622 ) $ 6,643 Weighted average outstanding units (denominator) Class A 735,385 735,385 Class B 755,385 755,385 Per unit amount Class A $ (0.09 ) $ 1.00 Class B $ (0.82 ) $ 8.79 |
Investment in National Beef Pac
Investment in National Beef Packing Company, LLC | 3 Months Ended |
Mar. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in National Beef Packing Company, LLC | (7) 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 over NBP, but does not have financial or operational control. The table below summarizes the changes to USPB’s investment in NBP for the thirteen-week period ended March 30, 2024 and twelve-week period ended March 25, 2023 (unaudited) (thousands of dollars): Schedule of Investment roll forward Investment at December 30, 2023 $ 162,597 Equity in net loss for thirteen-week period (682 ) Distributions – Investment at March 30, 2024 $ 161,915 Investment at December 31, 2022 $ 179,556 Equity in net income for twelve-week period 7,600 Distributions – Investment at March 25, 2023 $ 187,156 The difference between USPB’s percentage ownership share of NBP net loss or net income and the recorded amount of Equity in net loss or net income of NBP is attributable to the amortization of a basis difference related to the purchase accounting for NBP’s acquisition of Ohio Beef in 2019. Below is a summary of the results of operations for NBP for the thirteen and twelve-week periods ended March 30, 2024 and March 25, 2023 (thousands of dollars): Schedule of operations for NBP 13 weeks ended 12 weeks ended March 30, 2024 March 25, 2023 (unaudited) (unaudited) Net sales $ 2,830,002 $ 2,583,524 Costs and expenses: Cost of sales 2,752,743 2,472,292 Selling, general, and administrative expenses 37,372 24,630 Depreciation and amortization 34,538 29,581 Total costs and expenses 2,824,653 2,526,503 Operating income 5,349 57,021 Other income (expense): Interest income 41 37 Interest expense (9,111 ) (4,960 ) Net (loss) income before taxes (3,721 ) 52,098 Income tax expense 195 (676 ) Net (loss) income $ (3,526 ) $ 51,422 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (8) 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 its members. As of March 30, 2024 and December 30, 2023, Other accrued expenses and liabilities on the Company’s balance sheet reflected state taxes payable of $ 0.5 0.3 |
Long-term Debt and Loan Agreeme
Long-term Debt and Loan Agreements | 3 Months Ended |
Mar. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Loan Agreements | (9) Long-term Debt and Loan Agreements On July 13, 2020, USPB and CoBank entered into that certain Credit Agreement (Credit Agreement), Amended and Restated Revolving Term Promissory Note (Promissory Note), and an Affirmation of Pledge Agreement (together, the New Loan Agreements). The New Loan Agreements replace, amend and restate the arrangements between CoBank and USPB contained in that certain Master Loan Agreement, Revolving Term Loan Supplement to the Master Loan Agreement, Pledge Agreement, and Security Agreement dated July 26, 2011, as amended. The New Loan Agreements provide for a $ 1 June 30, 2025 1 0.00 USPB was in compliance with the financial covenant under its Credit Agreement as of March 30, 2024. |
Members_ Capital
Members’ Capital | 3 Months Ended |
Mar. 30, 2024 | |
Members Capital | |
Members’ Capital | (10) Members’ Capital The following table represents a reconciliation of Members’ Capital for the thirteen and twelve week periods ended March 30, 2024 and March 25, 2023 (unaudited) (thousands of dollars). Schedule of reconciliation of members’ capital Balance at December 30, 2023 $ 232,133 Net loss for the thirteen-week period ended March 30, 2024 (691 ) Member distributions Class A ($0.45 per Class A unit) (330 ) Class B ($3.93 per Class B unit) (2,969 ) Balance at March 30, 2024 $ 228,143 Balance at December 31, 2022 $ 263,941 Net income for the twelve-week period ended March 25, 2023 7,381 Balance at March 25, 2023 $ 271,322 |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | (11) Legal Proceedings As of March 30, 2024, USPB is not 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 (i) five putative class action lawsuits in the United States District Court for the District of Minnesota alleging that NBP violated some combination of the Sherman Antitrust Act, the Packers and Stockyards Act, the Commodity Exchange Act, and various state laws and (ii) putative class action lawsuits in the Supreme Court of British Columbia and the Superior Court of Quebec for the district of Montreal alleging that it violated the Canadian Competition Act and various provincial laws (the “Beef Class Actions”). The Beef Class Actions 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. Specht v. Tyson Foods, Inc., 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. Associated Grocers, Inc., et al. v. Cargill, Inc., et al. Giant Eagle, Inc. v. Cargill, Inc., et al. Sysco Corporation v. Cargill, Inc. John Soules Foods, Inc. v. Cargill, Inc., et al. Associated Grocers of the South et al. v. Cargill, Inc., et al. The Kroger Co. et al. v. Cargill, Inc., et al. ; Kraft Heinz Food Company v. Cargill Inc. et al. Aramark Food and Support Services Group., Inc. v. Cargill Inc., et al. ARCOP, Inc. v. Cargill, Inc., et al. CKE Restaurant Holdings, Inc. v. Cargill, Inc., et al. Sonic Industries Services Inc. v. Cargill, Inc. et al. Restaurant Services, Inc. v. Cargill, Inc., et al. Whatabrands LLC et al. vs. Cargill, Inc., et al. v. Cargill, Inc., et al. v. Cargill, Inc., et al. v. Cargill, Inc., et al. v. Cargill, Inc., et al. v. Cargill, Inc., et al. v. Cargill, Inc., et al. v. Cargill, Inc., et al. v. Cargill, Inc., et al. v. Cargill, Inc., et al. v. Cargill, Inc., et al. v. Cargill, Inc., et al. In re: Cattle and Beef Antitrust Litigation In addition to the antitrust litigation, NBP is subject to an investigation by the United States Department of Justice (“DOJ”) and approximately 30 state attorneys general regarding fed cattle and beef packing markets. NBP has responded to the federal and state requests for information and cooperated 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 defendant in a putative class action lawsuit entitled Brown, et al. v. JBS USA Food Company et al. NBP is a party to various other lawsuits and claims arising out of the operation of its business. Management of NBP 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. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | (12) Subsequent Events USPB has evaluated subsequent events through the date the financial statements were issued and determined there were no such other events to report. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 30, 2024 | |
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 may be other than temporary. Such potential decreases in value, if deemed other than temporary, would 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. We believe the fair value of our investment in NBP exceeds the carrying value. |
Cash and Cash Equivalents | Cash and Cash Equivalents 34.4 58.5 |
Certificates of Deposit | Certificates of Deposit . Schedule of certificate of deposit investments Investment Date Maturity Date Interest Rate Investment Amount 12/14/2023 6/13/2024 4.75 $ 10,000,000 12/21/2023 6/20/2024 4.60 $ 10,000,000 3/14/2024 9/12/2024 3.70 $ 10,000,000 3/21/2024 9/19/2024 3.70 $ 10,000,000 |
Accrued Expenses | Accrued Expenses 0.1 |
Accounting Policies (Tables)
Accounting Policies (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of certificate of deposit investments | Schedule of certificate of deposit investments Investment Date Maturity Date Interest Rate Investment Amount 12/14/2023 6/13/2024 4.75 $ 10,000,000 12/21/2023 6/20/2024 4.60 $ 10,000,000 3/14/2024 9/12/2024 3.70 $ 10,000,000 3/21/2024 9/19/2024 3.70 $ 10,000,000 |
Employee Compensation Plans (Ta
Employee Compensation Plans (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of accrued liabilities | Schedule of accrued liabilities March 30, 2024 December 30, 2023 (unaudited) Current phantom unit $ 1,730 $ 2,075 Long-term phantom unit 6,921 6,972 Total phantom accrual $ 8,651 $ 9,047 |
Earnings Per Unit (Tables)
Earnings Per Unit (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of earnings per unit | Schedule of reconciliation of earnings per unit (Loss) Income Per Unit Calculation 13 weeks ended 12 weeks ended (thousands of dollars, except unit and per unit data) March 30, 2024 March 25, 2023 (unaudited) (unaudited) Basic and diluted (loss) earnings per unit: (Loss) income attributable to USPB available to members (numerator) Class A $ (69 ) $ 738 Class B $ (622 ) $ 6,643 Weighted average outstanding units (denominator) Class A 735,385 735,385 Class B 755,385 755,385 Per unit amount Class A $ (0.09 ) $ 1.00 Class B $ (0.82 ) $ 8.79 |
Investment in National Beef P_2
Investment in National Beef Packing Company, LLC (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investment roll forward | Schedule of Investment roll forward Investment at December 30, 2023 $ 162,597 Equity in net loss for thirteen-week period (682 ) Distributions – Investment at March 30, 2024 $ 161,915 Investment at December 31, 2022 $ 179,556 Equity in net income for twelve-week period 7,600 Distributions – Investment at March 25, 2023 $ 187,156 |
Schedule of operations for NBP | Schedule of operations for NBP 13 weeks ended 12 weeks ended March 30, 2024 March 25, 2023 (unaudited) (unaudited) Net sales $ 2,830,002 $ 2,583,524 Costs and expenses: Cost of sales 2,752,743 2,472,292 Selling, general, and administrative expenses 37,372 24,630 Depreciation and amortization 34,538 29,581 Total costs and expenses 2,824,653 2,526,503 Operating income 5,349 57,021 Other income (expense): Interest income 41 37 Interest expense (9,111 ) (4,960 ) Net (loss) income before taxes (3,721 ) 52,098 Income tax expense 195 (676 ) Net (loss) income $ (3,526 ) $ 51,422 |
Members_ Capital (Tables)
Members’ Capital (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Members Capital | |
Schedule of reconciliation of members’ capital | Schedule of reconciliation of members’ capital Balance at December 30, 2023 $ 232,133 Net loss for the thirteen-week period ended March 30, 2024 (691 ) Member distributions Class A ($0.45 per Class A unit) (330 ) Class B ($3.93 per Class B unit) (2,969 ) Balance at March 30, 2024 $ 228,143 Balance at December 31, 2022 $ 263,941 Net income for the twelve-week period ended March 25, 2023 7,381 Balance at March 25, 2023 $ 271,322 |
Accounting Policies (Details)
Accounting Policies (Details) | 3 Months Ended |
Mar. 30, 2024 USD ($) | |
Investments [Member] | |
Schedule of Investments [Line Items] | |
Investment date | Dec. 14, 2023 |
Maturity date | Jun. 13, 2024 |
Interest rate | 4.75% |
Investment amount | $ 10,000,000 |
Investments 1 [Member] | |
Schedule of Investments [Line Items] | |
Investment date | Dec. 21, 2023 |
Maturity date | Jun. 20, 2024 |
Interest rate | 4.60% |
Investment amount | $ 10,000,000 |
Investments 2 [Member] | |
Schedule of Investments [Line Items] | |
Investment date | Mar. 14, 2024 |
Maturity date | Sep. 12, 2024 |
Interest rate | 3.70% |
Investment amount | $ 10,000,000 |
Investments 3 [Member] | |
Schedule of Investments [Line Items] | |
Investment date | Mar. 21, 2024 |
Maturity date | Sep. 19, 2024 |
Interest rate | 3.70% |
Investment amount | $ 10,000,000 |
Accounting Policies (Details Na
Accounting Policies (Details Narrative) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Cash and cash equivalents | $ 34.4 | $ 58.5 |
Accrued accounting expenses | $ 0.1 | |
National Beef Packing Company LLC [Member] | ||
Equity investment ownership percentage | 15.0729% |
Noncompetition Agreement (Detai
Noncompetition Agreement (Details Narrative) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Noncompetition Agreement | ||
Contractual Obligation | $ 0.3 | $ 0.3 |
Employee Compensation Plans (De
Employee Compensation Plans (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Retirement Benefits [Abstract] | ||
Current phantom unit | $ 1,730 | $ 2,075 |
Long-term phantom unit | 6,921 | 6,972 |
Total phantom accrual | $ 8,651 | $ 9,047 |
Employee Compensation Plans (_2
Employee Compensation Plans (Details Narrative) - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Accrued compensation and benefits | $ 1,920 | $ 3,225 |
Management Phantom Unit Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Accrued Liabilities, Current | 8,700 | 9,000 |
Cash Incentive And Bonus Plans [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Accrued compensation and benefits | $ 200 | $ 1,100 |
Delivery Right Lease Income (De
Delivery Right Lease Income (Details Narrative) $ in Millions | 3 Months Ended |
Mar. 30, 2024 USD ($) | |
Other Income [Member] | |
Delivery Right Lease income | $ 0.2 |
Earnings Per Unit (Details)
Earnings Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Mar. 25, 2023 | |
Class A Units [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
(Loss) income attributable to USPB available to members | $ (69) | $ 738 |
Weighted average outstanding units | 735,385 | 735,385 |
Earnings Per Share, Basic | $ (0.09) | $ 1 |
Earnings Per Share, Diluted | $ (0.09) | $ 1 |
Class B Units [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
(Loss) income attributable to USPB available to members | $ (622) | $ 6,643 |
Weighted average outstanding units | 755,385 | 755,385 |
Earnings Per Share, Basic | $ (0.82) | $ 8.79 |
Earnings Per Share, Diluted | $ (0.82) | $ 8.79 |
Investment in National Beef P_3
Investment in National Beef Packing Company, LLC (Details - Investment rollforward) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Mar. 25, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Beginning investment balance | $ 162,597 | $ 179,556 |
Equity in net income loss for the period | (682) | 7,600 |
Distributions | 0 | 0 |
Ending investment balance | $ 161,915 | $ 187,156 |
Investment in National Beef P_4
Investment in National Beef Packing Company, LLC (Details - Summary of operations) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Mar. 25, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Net sales | $ 2,830,002 | $ 2,583,524 |
Costs and expenses: | ||
Cost of sales | 2,752,743 | 2,472,292 |
Selling, general, and administrative expenses | 37,372 | 24,630 |
Depreciation and amortization | 34,538 | 29,581 |
Total costs and expenses | 2,824,653 | 2,526,503 |
Operating income | 5,349 | 57,021 |
Other income (expense): | ||
Interest income | 41 | 37 |
Interest expense | (9,111) | (4,960) |
Net (loss) income before taxes | (3,721) | 52,098 |
Income tax expense | 195 | (676) |
Net (loss) income | $ (3,526) | $ 51,422 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Income Tax Disclosure [Abstract] | ||
State income tax payable | $ 0.5 | $ 0.3 |
Long-term Debt and Loan Agree_2
Long-term Debt and Loan Agreements (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Jul. 06, 2023 | |
Line of Credit Facility [Line Items] | ||
Interest rate percentage | 0% | |
Co Bank [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit line maximum borrowing capacity | $ 1 | |
Credit line expiration date | Jun. 30, 2025 | |
Credit line, remaining borrowing capacity | $ 1 |
Members' Capital (Details)
Members' Capital (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Mar. 25, 2023 | |
Beginning balance | $ 232,133 | $ 263,941 |
Allocation of net income loss | (691) | 7,381 |
Ending balance | 228,143 | $ 271,322 |
Class A Units [Member] | ||
Member distributions | (330) | |
Class B Units [Member] | ||
Member distributions | $ (2,969) |