v3.26.1
Accounting Policies (Policies)
 6 Months Ended
Jun. 27, 2026
Accounting Policies [Abstract]  
Accounting for Investment in NBP

Accounting for Investment in NBP. 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.

 
Disaggregation of Income Statement Expenses

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued authoritative guidance in Accounting Standards update 2024-03 – Disaggregation of Income Statement Expenses to disclose certain additional expense information including, among other items, purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each Consolidated Statement of Operations expense caption. The guidance is effective for annual reporting beginning after December 15, 2026, USPB’s fiscal year 2027, and interim reporting periods within fiscal years beginning after December 15, 2027, our fiscal year 2028. Amendments can be applied using either the prospective or the retrospective approach. We are currently evaluating the impact this guidance will have on disclosures in our consolidated financial statements.

 

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. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of June 27, 2026 and December 27, 2025, the Company’s balance sheet reflected Cash and cash equivalents of $2.1 million and $14.1 million, respectively. The cash is invested in the CoBank, ACB (“CoBank”) overnight investment account. Investments are not deposits and are not insured by the Federal Deposit Insurance Corporation or the Farm Credit System Insurance Corporation.

 
Treasury Securities

Treasury Securities. Treasury securities held for investment with original maturities greater than three months and remaining maturities less than one year are classified as current assets.

 

The following table sets forth our held-to-maturity treasury securities carrying values and fair values are based on quoted market prices or observable market inputs obtained from third-party pricing services, for the securities purchased in fiscal year 2026, as well as the held-to-maturity treasury securities carrying value and fair value as of December 27, 2025.

      
   Fair Value as of June 27, 2026
   (thousands of dollars)
   Carrying Value  Fair Value
United States Treasury  $24,997   $24,997 

 

   Fair Value as of December 27, 2025
   (thousands of dollars)
    Carrying Value    Fair Value 
United States Treasury  $24,735   $24,735 

 
Certificates of Deposit

Certificates of Deposit. Certificates of deposit held for investment with original maturities greater than three months and remaining maturities less than one year are classified as current assets.

 

The following table sets forth a summary of our held-to-maturity certificate of deposits purchased between April and May of 2026 from Edward Jones. There were no certificates of deposit as of December 27, 2025.

         
Certificates of Deposits as of June 27, 2026  
(thousands of dollars)  
Maturity Date Range   Interest Rate Range   Carrying Value  
August-December 2026   3.75%-4.30%   $ 9,993  

 
Accrued Expenses

Accrued Expenses. The Company accrues for expenses that have been incurred but have not been invoiced. As of June 27, 2026, and December 27, 2025, the Company had $0.1 and $0.1 million accrued respectively, the majority of which relates to accounting expenses. The accrued amount is included in Other accrued expenses and liabilities on the balance sheet.

 
Segment Reporting

Segment Reporting

 

USPB is not organized by multiple operating segments for the purpose of making operating decisions or assessing performance. USPB’s equity method investment is the operating segment of USPB. Accordingly, USPB has one reportable segment. The remaining activity of USPB relates to the corporate function of the Company. The total amount of investment in equity method investees is disclosed in the Company’s balance sheets above.

 

USPB’s CEO is the Chief Operating Decision Maker (“CODM”) for USPB. As the CODM, he is responsible for managing all of USPB’s operations. The Company’s primary business operation is managing its members’ investment in National Beef. An operating segment is defined as a component of an enterprise for which separate financial information is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. The segment participates in activities and derives income.

 

The CODM assesses performance of the segment based on equity in earnings of National Beef for purposes of allocating resources and evaluating financial performance as presented on the statement of operations. The CODM uses this measure in the annual budgeting and monthly forecasting process and to evaluate income generated from segment assets to distribute cash to unitholders. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

 

Significant segment expenses regularly provided to the CODM are the financial statement line items of National Beef, as disclosed in the tables below.

 

The operating results and assets of the Company’s reportable segment were as follows (in thousands):

                    
   13-weeks ended June 27, 2026
   Equity Method Investment in National Beef Packing Company, LLC and Subsidiaries (1)  Elimination of Unconsolidated Affiliate  Corporate and Other of USPB  Consolidated Total of USPB
Net sales  $3,748,080   $(3,748,080)  $–   $– 
Cost of sales   (3,714,652)   3,714,652    –    – 
Selling, general and administrative expenses   (14,179)   14,179    (656)   (656)
Depreciation and amortization   (45,050)   45,050    (4)   (4)
Interest income   5    (5)   238    238 
Interest expense   (9,780)   9,780    –    – 
Other, net   –    –    649    649 
Income tax expense/(refund)   (257)   257    –    – 
Net (loss)/income in National Beef   (35,318)   35,318    227    227 
Equity in loss of National Beef   (5,474)             (5,474)
Net loss of USPB                 $(5,247)
                     
Total assets  $2,265,105   $(2,265,105)  $206,466   $206,466 
Total liabilities  $(1,189,632)  $1,189,632   $(8,613)  $(8,613)
Capital Expenditures for segment assets  $(26,816)  $26,816   $–   $– 

 

(1) Amounts reflect those recorded in National Beef Packing Company, LLC and subsidiaries consolidated financial statements.

                     
   26-weeks ended June 27, 2026
   Equity Method Investment in National Beef Packing Company, LLC and Subsidiaries (1)  Elimination of Unconsolidated Affiliate  Corporate and Other of USPB  Consolidated Total of USPB
Net sales  $7,239,258   $(7,239,258)  $–   $– 
Cost of sales   (7,187,919)   7,187,919    –    – 
Selling, general and administrative expenses   (22,293)   22,293    (1,490)   (1,490)
Depreciation and amortization   (88,958)   88,958    (7)   (7)
Interest income   74    (74)   546    546 
Interest expense   (19,257)   19,257    –    – 
Other, net   –    –    831    831 
Income tax expense/(refund)   (683)   683    –    – 
Net (loss)/income in National Beef   (78,411)   78,411    (120)   (120)
Equity in loss of National Beef   (12,120)             (12,120)
Net loss of USPB                 $(12,240)
                     
Total assets  $2,265,105   $(2,265,105)  $206,466   $206,466 
Total liabilities  $(1,189,632)  $1,189,632   $(8,613)  $(8,613)
Capital expenditures for segment assets  $(45,820)  $45,820   $–   $– 

 

(1) Amounts reflect those recorded in National Beef Packing Company, LLC and subsidiaries consolidated financial statements.

 

                     
   13-weeks ended June 28, 2025
   Equity Method Investment in National Beef Packing Company, LLC and Subsidiaries (1)  Elimination of Unconsolidated Affiliate  Corporate and Other of USPB  Consolidated Total of USPB
Net sales  $3,263,256   $(3,263,256)  $–   $– 
Cost of sales   (3,216,822)   3,216,822    –    – 
Selling, general and administrative expenses   (25,501)   25,501    (811)   (811)
Depreciation and amortization   (42,707)   42,707    (3)   (3)
Interest income   7    (7)   630    630 
Interest expense   (12,855)   12,855    –    – 
Other, net   –    –    732    732 
Income tax refund/(refund)   (522)   522    –    – 
Net (loss)/income in National Beef   (34,100)   34,100    548    548 
Equity in net loss of National Beef   (5,290)             (5,290)
Net loss of USPB                 $(4,742)
                     
Total assets  $2,327,690   $(2,327,690)  $224,665   $224,665 
Total liabilities  $(1,347,645)  $1,347,645   $(10,076)  $(10,076)
Capital expenditures for segment assets  $(20,680)  $20,680   $–   $– 

 

(1) Amounts reflect those recorded in National Beef Packing Company, LLC and subsidiaries consolidated financial statements.

                     
   26-weeks ended June 28, 2025
   Equity Method Investment in National Beef Packing Company, LLC and Subsidiaries (1)  Elimination of Unconsolidated Affiliate  Corporate and Other of USPB  Consolidated Total of USPB
Net sales  $6,529,485   $(6,529,485)  $–   $– 
Cost of sales   (6,466,796)   6,466,796    –    – 
Selling, general and administrative expenses   (56,139)   56,139    (1,770)   (1,770)
Depreciation and amortization   (84,399)   84,399    (7)   (7)
Interest income   18    (18)   1,237    1,237 
Interest expense   (24,396)   24,396    –    – 
Other, net   –    –    767    767 
Income tax refund/(refund)   (1,041)   1,041    –    – 
Net (loss)/income in National Beef   (101,186)   101,186    227    227 
Equity in loss of National Beef   (15,553)             (15,553)
Net loss of USPB                 $(15,326)
                     
Total assets  $2,327,690   $(2,327,690)  $224,665   $224,665 
Total liabilities  $(1,347,645)  $1,347,645   $(10,076)  $(10,076)
Capital expenditures for segment assets  $(33,421)  $33,421   $–   $– 

 

(1) Amounts reflect those recorded in National Beef Packing Company, LLC and subsidiaries consolidated financial statements.